The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-28

First of n Series of Hearings by the
Committees of the Two HOuses.

The Senate and House committees on In
surance met in Room L.. Statehouse. last
night to listen to views on the various in
surance bills that have been introduced. A
large number Of insurance men and their
attorneys were present. Senator La Fol-
lette said the joint had met 10
hear from those who had any views TO eX-
press on the bills under consideration by
the committee.
Mr.. VIM. of the State Life, talked on
House Bill 235, one o, the measures intro
duced at the instance of his company. 1t
amends the laws regulating assessment
companies. The other bill in which he is
interested provides for the deposit of So0,Vo0
with the auditor of state for the protection
of policy holders in assessment COM
panies. In reply to a question as to why
the deposit was not made 100000, he said
that so far as he was concerned 1T made no
difference, but he had fixed that figure at
the request of friends in the State who de-
sire to form companies. and who asked him
to not draw the bill SO it would freeze
them out.
the purpose of the bill seemed TO be TO al
low an assessment company 10 do an Old
line business without complying with the
old-line laws. The $50,UU deposit may pe
withdrawn. he said. If the company desires
to wind up its affairs, for the purpose of
paving claims, while premiums were con-
verted to the use of the company. lie re-
garded the deposits as affording not one
iota OF protection to policy holders, ana DIS
a mere advertising scheme intended TO win
the confidence of the people.
John A. Finch, chairman of the commit
tee appointed by the Commercial Club TO
investigate the insurance laws ana dTaiI
bills. explained the four bills introduced IN
the Senate last week by Senator New, after
reviewing the conditions OF noncompetltloh
in this city which brought about the APP
pointment of the committee. flndlng III
would be too much of an undertaking 10
attempt to codify all the laws of the state
tina the committee confined itself eXciu-
sively to fire insurance. The law Tor the
incorporation of stock companies, he ex-
planned. followed the old laws very cioseiy.
II was intended to foster home companies.
In this connection he said there was but
one stock company in the State, outside Oh
those operating under old charters.
AS to mutual companies the bill PROVIDES
do business in other States unless allowed
TO do so by the laws of those States Elk.
ceptions are made. however, IN FAVOR OF
class companies who confine their risks 10
one class of business, such as the Mlilers
Mutual.
Concerning farmers mutual companies he
said, after a conference with Governor
Mount. who is the president OF such a
company. the law had not been changed
except to require them to make annual re-
ports to the auditor of state.
William II. Brown, attorney for one OF
the mutual companies, opposed the Com
mercial Club bills because they were ad-
verse to the mutual companies. he said.
The requirements as to capital stock were
too severe. Others who spoke had the same
objections to offer. 1t is likely that further
meetings of the committee will be held IN
order to give others a chance TO speak on
the subject