Evening star., 1898-01-26
NEW INSURANCE LAW
Hearing Given Today Upon a Propos-
ed Measure.
SUNDRY AMENDMENTS SUGGESTED
Managers of Insurance Companies
Object to Amount Of Fee.
KIT OF THE Bill L

L T. X L y b Il IL II b II Il
The District Commissioners today gave
hearing on the proposed bill to regulate
the insurance business in the District, the
measure having been prepared by the
board of fire underwriters as the resul. of
conferences with the Commissioners and
Assessor Trimble. The bill is printed be-
low.
At the hearing today MIR. F. H. Smith Of
the board of fire insurance underwriters
briefly explained the provisions of the bill,
and stated that the board favors it, al
though he suggested that the first section
should be so amended as to provide that
the assessor of the District shall have DO
connection with the proposed division of
insurance. and that the Commissioners
shall have authority to appoint superin-
tendent of insurance for the District. Mr..
Smith stated that the object of the DILL is
first of ali TO protect the public by reduc-
ing the too numerous solicitors of insur-
ace, a result which would mean lower
rate of insurance The bill is also design
ed, said iir. Smith, to provide for such
governmental supervision of the Insurance
business as will prevent fraud and dcccp-
ton and protect the business Interests
Mr. l.. G. Fouse, president of the Pru-
Dental Life Insurance Company of Phila-
deiphia. said he is in favor of a close su-
pervision of the insurance business. but
thought that the tax should only be large
enough to provide for such supervision. be-
lieving that the bill should not be u reve-
nue. measure.
The Tax Unfair.
Mr.. Allen c. Clark, representing an in
dustrial insurance company, thought the
tax of 500 would be unfair to companies
like his, who pay their solicitors by COM
mission. He suggested that license fee
of 81 would be enough for solicitors of life
insurance. Mr.. NJ. B. Homer of Newark,
N. j., also protested in behalf of the in
dustrial insurance companies against the
license fee of 500.
Mr.. c. w. Howard said 1t seemed to him
the bill had been properly considered, and
he expressed some doubt to the power
to tax solicitors, fearing that If such power
existed it would restrict the business OF
agents and companies. Commissioner
Wight explained to him, however, that the
bill would not prevent salaried employees of
agents or companies from soliciting, pro-
vided they received no extra compensation
therefor.
Mr. W. Clarence Duvall suggested a
number of amendments, tending to improve
the bill, and Mr.. c. D. Judson suggested
that the license fee of 800 should be
sliding one instead He called attention t.,
the fact that real estate licenses are but
$50 year, and saw reason why in
surance licenses should be just double.
He said the bill, If it becomes a law in it's
present shape will yield an income to the
District annually of not less than $4,000
While the expenses of the department of
Insurance will be but 5000. He said, too,
that Insurance rates here are not only high
now, but that the bill will be taken here
after as an excuse for keeping them high.
The Commissioners took the bill under
Amusement, and stated that they will be
glad to receive written statements from all
interested.
The Bill.
A ball to regulate insurance in the Dis
trict of Columbia, and for other purposes.
Be it enacted by the Senate and House of
Representatives of the United States of
America in Congress assembled, that there
be, and is hereby, established in the Office
of the assessor Of the District of Columbia,
and under his direction, division of in
suranoe. In addition to his other duties
said assessor shall eX officio act as insur-
ance commissioner for said District and as
such commissioner said assessor shall have
supervision of all matters provided for in
this act subject only to the general super
vision of the Commissioners of said Dis
trict That, for the purpose of carrying
out the provisions of this act, the said
Commissioners be-, and they are hereby.
authorized and directed to appoint an as
sistant to said assessor, whose title shall
be first assistant assessor of the District
of Columbia, whose duty 1t shall be to act
for and perform the duties of the assessor.
by exis ting law, and as provided in this
act, during the absence or disability of
said assessor, and whose salary shall be
$500 per apnum and the said Commis
sioners shall also appoint two clerks, one
at a salary of 81 800 per annum and one at
a salary of $1,000 per annum: Provided,
That said first assistant assessor, and said
clerks, may also be assigned by the asses
sor to other duties in his Office
Sec. 2. That it shall be the duty of said
assessor to see that all laws of the United
States relating to insurance or insurance
companies or associations doing business
il the District of Columbia are faithfully
executed; to keep on file in his office copies
of the charters, declarations of organiZa-
ton, or articles of Incorporation, of every
Insurance company or association. includ-
ing, life, fire, accident, plate glass, steam
boiler burglary, cyclone, casualty, live
stock, credit and maturity companies or
associations doing business in the District
of Columbia; and before any such insur-
ance company or association shall be
licensed to do business in said District 1t
shall file with said assessor copy of It's
charter. declaration Of organization, or ar
ticles of incorporation, duly certified in ac-
cordance with law by the insurance COM
missioner or other proper insurance officer
of the state, territory or nation where
such company or association was organ
ized, also a certificate setting forth THAT
1t is entitled to transact business and as
sumo risks and issue policies of insurance
therein, and shall also appoint some suit
able person. resident in the District of Co
lrmbia, as it's attorney, upon whom legal
process may be served.
Sec B. That the assessor of said District
shall furnish in December of each year. to
every such company or association herein
before mentioned, or its agent or attorney
in the District Of Columbia, the necessary
blank forms for the annual statements for
srch company or association, which shall
be duly returned to the assessor on or be-
fore the first day of March in each year
signed and sworn to by the president and
secretary of the company or association
making such statement. showing its true
financial condition upon the next preceding
31st day of December, which shall include
detailed statement of its assets and LA
bilities on that day. the amount and char
acter of business transacted and money re-
ceived and expended during the year, and
such other information as the said assessor
may deem necessary. Such annual state
ment shall be printed in at least one news
paper published in the District of Column
bia not later than March 1 In each year.