The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-21
HAHNE s. CO., NEWARK, N. j.

value and to pass upon the sufficiency of the
notes composing the Sapital stock Of mutual n S;m
by the provisions Of a bill recently introduced
by Assemblyman Sears. The failures Of the
two compnIies referred to might have been
given him at the time of their Incorporation.
They certainly could not have secured charters
been given to make up their capital stocks. He
asks for authority to investigate these notes
urges tho Legislature to pass the Sears bill at
once. He says If necessary the, law should be
changed SO as 70 relieve al doubt OF ITS lnten.
ton OF charging a mutual fire insurance COM
pany with its capital stock as a liability.
Superintendent Payn says that last year was
the surplus of the companies at the close of tho
year had been increased by $ls,3sO,23 9 over
He then gives statistics of the business done
in this Stnte by the fire and fro marine com
panies and Of the Joint stock and mutual COM
The whole number Of companies reporting to
the department in 1897 was ISL, being n more
Insurance Department securities for the pro-
lection Of the policy holders Of the various In
surance companies agsregating Sl7,412,2shb :en
made to continue the organizing OF Lloyd's In
surance corporations by. utilizing the charters
eSt e1pects through a decision Of the courts to
stop the operations Of several of these organi'
cations now doing business.
Superintendent Payn discusses at some length
the bilI which he caused TO be introduced in the
Legislature providing for a new line OF safe,
cheap, life insurance on the stipulated premium
plan, which provides for the incorporation OF
fife companies. to operate In a field between
those covered by the old line life companies and
the assessment corporations. He says that the
passage of this law would force all assessment
companies that could comply with lis provis.
ionssto reincorporate underline now statute and
all other assessment, companies would ~" com
PEELED to go ont OF business. This Is what gu
perintendent Payn fs trying to accomplish,
Judging from the tone of his report in discuss
Ing tho shortcomings OF nearly all the existing
assessment companies.
minimum number of directors OF all insurance
corporations shall be equal to the number OF In.
corporators required, and that the department
be empowered to PASS upon the corporate title
of all insurance companies admitted 70 90 Dusl-
ness In this state to prevent tho use or the name
sembiing tho same. Tho report concludes:
"Whfle 1 am not prepared at this time to rec
omluend an amendment to the law requiring
stated examinations OF insurance companies,
yet ! am firmly impressed with the belief that
ali insurance corporations Of thissState should
Zone of the first matters to which ] gave my
attention on assuming control of the depart
emit was 10 ascertain when the various corpora
and / then learned that many. companies
organized under tho laws, of New York had not
been xaminod for o number of years. Some OF
these companies which had been transacting
business for periods exceeding ten years have
never been examined since the date of their or
ministration particular attention has been
given to examinations md the number made
during tho year has exceeded that OF any cor
responding period for many years past"