Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-01-14
wu,uvoy INSURANCE. DILL.

I
ton. and favorably reported yesterday
from the Committee on Propositions "h'
Grievances. proposing to prevent insu'
rance companies from making agreements
as 10 rates 10 be charged. Is OF iar'
rcach,ne Importance. II Is more than
nrohahlo that II IS aimed at the South
eastern Tariff Association. but 1t VIII
affect all other companies.
There are but four Virginia fre-insu-
rance companies In existence. and in the
opinion Of some OF their officers the Diu
would be very hurtful TO them
II n should become a law, and should
be sustained by the courts, it would be
followed. quite surely by the withdrawal
from the state Of many good companies.
They would not be willing to enter into
the rate-cutting war that would inevitably
ensue Indeed. we cannot see how any
rcliable company could continue TO take
large risks in Virginia without lodging
the law. Take the case Of the Gallego
mills. At this time we suppose at least
fifty companies have risks upon That
buildine. when il came TO renewing the
insurance upon that property where IS
the one company that would take the
whole risk. where the company That
would be justified in so doing unless 1t
could first make arrangements TO DIVIDE
its risk with other companies? But TINS
would necessitate a combination. and
IL would be unlawful Surely General
Wharton would not have the state go so
far as that. II not We hope he will have
his bin amended.
The Dispatch does not feel particularly
alarmed about the welfare Of the South
eastern Tariff Association. We are more
interested i'm our home companies; but
our greatest concern is for the insured.
Is this proposed law likely TO prove bene-
fetal to them? DO they ask its passage?
We have not heard so. As matter OF
fact. few people have read the bill. but
il is time they were doing so, so that they
NAY advise their representatives, in the
House how to vote.
We append the bill in full:
l. BE il enacted by the General Assem-
bly, of Virginia. That it shall be unlawful
for any hre-insurance company, associa-
ton. or partnership doing a iire-insurance
business in this State TO enter into any
compact or combination with other fire.
insurance companies, associations, or
partnerships or TO require their agents 10
enter into any compact or combination
with other insurance agents. COMPANIES,
associations or partnerships for the pur-
pose Of governing or controlling the rates
charged for fre-insurance charged on any
De- 1nl srf ~ n
thing herein shall prohibit one or more
of such companies from employing COM
mon agent or agents to supervise and adj
wise OF defective structure. or suggest i'm
to lessen fire hazard.
. That all fire-insurance companies, as
sociations. or partnerships doing a fire.
insurance business in this State. shall
cause to be filed on the first day Of March
i'm each year. with the Auditor OF Public
Accounts of this State, the affidavit OF
some officer or agent Of said company,
association, or partnership who resides
I'm this State. setting forth the fact that
the company Of which he is an officer or
agent has not in the twelve months pre-
vious TO date of the said affidavit entered
into any trust combination or associa-
tion for the purpose of preventing compe-
tition in insurance rates In this State.
The said affidavit shall be made before
some officer of this State authorized TO
administer oaths. and any false statement
made in said affidavit shall be deemed
perjury. and punished by a fine Of not less
than 500 nor more than $1,000. and by con-
fnement IN the peniteniiary for one year;
or. in the discretion of the jury by con-
fnement in Jail for a period Of not less
than thirty days nor more than twelve
months: Provided, further. that any at
tempt TO evade this act by agreeing upon
any one person, or number OF persons,
for the purpose OF making rates for all
such insurance companies. associations,
or partnerships, or by buying rate-books
made by any person or persons, shall be
deemed a violation of this act. and shall
be punished as herein provided.
g. The Auditor of Public Accounts, or
other official. to whom said companies,
associations, or partnerships are annually
required TO report in this State, shall
forthwith revoke and recall the license
or authority OF such company or compa-
MES, association or associations, partner
ship or partnerships, to do or to transact !
business in this State for any violation
of this act. and no renewal of authority
shall be granted TO il for three years |
after such official revocation; notice Of |
such revocation 10 be duly published for !
of the daily papers published in this State, |
and a fine Of not less than $500 nor more |
than $1,000 to be imposed on such com
pany, association. or partnership, such |
fine 60 20. one-half to the person or per- |
sons giving information Of such violation, |
and one-half to r. T.. Lee Camp, No. l, |
Soldiers Home, at Richmond.
T. 1t shall also be the duty Of the Attor- |
ney-General and commemorative Attor- |
ney of this state TO cause the provisions |
Of this act to be enforced.
g. 1t shall also be the duty Of the Audi |
tor Of Public Accounts, or other official |
now charged or TO be charged with the |
enforcement of the insurance laws Of this |
State, to require every fire-insurance COM |
pany, association, or partnership doing |
a hre-insurance business within this |
state to file, with the annual |
statement made TO him, a statement |
duly sworn TO by the manager |
or president of each company association. |
or partnership. legally admitted in this |
State that it has not in the year inter |
vening between the issue of its last Ii |
censc and that applied for violated the |
of this act.
6. This act TO be in force from July ], /
S9S. and all acts or parts Of acts inconsis- |
tent Herewith are hereby repealed.
n ~ ~.