The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-15
INSURANCE IN INDIANA
CONDITIONS IN THIS STATE ATTRACT
ATTENTION OVER THE COUNTRY.
Meeting of Executive Committee of
National Underwriters Here To-
ACKNOWLEDGEMENT of Policies.

The executive committee of the National
Life Underwriters Association will hold its
midyear meeting in this city tomorrow,
and insurance men attach considerable IN
terest to this meeting at the present time,
as they regard Indiana the storm center in
insurance legislation and affairs. The action
of the tax commissioners in ordering the
assessment of life insurance policies, and
the subsequent overthrow of the ruling by
the Supreme Court, by vote of three TO
two, has occasioned much concern in insur-
ance circles, lest the next Legislature 80
cure or remedy the act as to make 1t valid.
The division in the Supreme Court has led
to this fear that the Legislature might ina
a way of assessing policies. If such an act
should be passed, there is a danger that the
ball would be set rolling over the country,
other States following the example or lndi-
ana. There are thirty-five members OF the
Underwriters Associations executive com
mittee r. II. Bowles of Milwaukee. is
president and Il. w. Christie, OF Cleveland,
is secretary. Both will be here.
Another condition in Indiana that is caus-
ing some anxiety among those who FAVOR
only conservative insurance, is the condition
growing out of lax insurance laws. Twenty
five or thirty assessment companies, pre-
tending to do business on the level premium
plan, have sprung up, it is claimed, since the
last session of the Legislature. A. number
OF these were organized In Indianapolis.
Cor sentative insurance men insist that
there should be a close supervision by the
state. else there will soon DO conditions
similar to those i'm the building ana loan
business. With the exception of New YORK,
It Is said the State OF Indiana receives a
larger revenue from life and fire insurance
companies than any other State in the
Union. 1t receives annually $2OO,OOO from
these companies and yet only spends $500
a year in supervision. The present insurance
commissioner finds his duties practically
confined to those of clerk, with little au-
thority or means to carry out a close super
vision. Missouri, with an insignificant reve-
nue. from the companies, eXpends $1,000 a
year in supervision.
The executive committee will be in ses-
sion all day Wednesday and in the evening
banquet will be rendered the visitors by
the Indiana Underwriters ut the Bates
House. Mayor Taggart will make the adj
dress of welcome and President Bowles VIII
reply. Among those who VIII respond 10
ISOLATION" Il. w. Christie: Ethics OF Life
Insurance." Rev. G. A. Christensen; Bust
ness Sense and Insurance; ,. +. Sneerm'
The Press ana insurance. NHdTles H. VIII
liams; civilization and Insurance., A. j.
Beveridge: THE Indiana Situation" y. j:
Shideler: state and National Supervision,
w. A. Flicke, insurance commissioner of
Wisconsin.
The Indiana Underwriters Association met
last night and made preparations for the
coming of the executive committee. 1t also
elected officers as follows for the coming
year.
President-B. +. Peck
Vice President-R. n. Merritt.
Secretary. +. Habbe.
Treasurer. j. Price.
Executive Cornmittee-E. G. Richie, L. 5.
Folsom and e. r. Swift.
j. Price ID. w. Edwards, G. 10. Newlin, ID.
f. Swain, E. S. Folsom, w. G. Van Arsdal
and &c G.. Richie.