Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-10-29

NEW YORK. Oct. 2S-President Mccall.
OF the New York Life Insurance Company,
when Interviewed il New York to-day.
said ON the subject of the rcadmisston OF
the company to Prussia, that negotiations
had been pending Tor year or more. IN
1885, thu American companies. win The eX-
ception ut the Germania Life. We're COM
PEELED by the rigorous eNactiOnS Of the
PruSStau laws, TO withdraw or give up
their concessions for Prussia. 1t was be-
lieved at the time that the rules of The
government We're severe and conflict with
the methods followed Ill this country. The
dispute ended by the enforced departure
of the PruSslan companies. authorized 10
transact business i'll New York. Last year
| commissioned Second Vice President PeT-
kins, who IS row in Berlin. to secure :
rc!!earlnS Tor rs and tn assure TIE PruS-
sian government that We were rrad= To
comply with their requirements III every
respect. Acting on this request. the minis
ter Of the interior appointed L royal COM
mission To examine our affairs and stand
ing III the United States. and the inT-Stiga
ton was made this year. The rOya! com
mission made a favorable report and the
government actuarles. after a thorough IN
VeStigatiOn of our policy. forms and re
turns aud the liability hereunder, Joined
in the recommendation. Vice President
Perkins. in his cable to me. states that the
minister Of the interior Today reported on
all the facts 10 the PruSsian cabinet, and
that unanimous vote for our readm!ssion
followed.
The principal requirements from a life
insurance company under the PruSsian
law are:
.'First-A life insurance company shall
not hold stock i'll private corporation.
''Second-A life insurance company shall
limit lis tota! management expenditures
10 a sum not IN excess Of the loading
provided for expenses in it, premium i'll
come.
.-Third-A life insurance company issuing
policies in which = division Of surplus
is deferred beyond the second year shall
so keep its books that il can know how
much of its total surplus tSo-calledD is de-
rived from the policies issued in each year
ana those accounts must he shown as
liabilities in its reports 10 the Prussian
minister of the interior. We have agreed
TO carry out each and every one of these
requirements. In bringing about the
change in Prussian insurance matters. Sec
retary Of State Hay and Ambassador
White At Berlin. have aided very ma
terlally. Superintendent Payne. Of the in
surance department. has rendered ey4lent
service also, by permitting the roy 9com-
mission To have free access 10 his Mpart-
menI records. and in urging a better under
standing between the authorities OF this
state and Prussia.
Baron Von Mumm, imperial minister for
Germany At Washington has also rendered
efficient service ana has been most inter
ested In securing a settlement Of all diff
CultieS'
President Mccall further said:
rms Is the irSt Instance in which such
commission has ever been sent TO the
United States i'll behalf of a foreign gov
ernment and il contains a suggestion with
regard 10 commercial questions that arise
between governments 50 far reaching that
the president of the nited States quick
" recognized the possible significance OF
ii and repeatedly expressed his deep inter
est in the issue of the commissions : work
! believe that the precedent thus establish
ed IN the action OF the Prussian govern
ment Will show the way TO "A better method
of settling all commercial differences ard
in securing additional ana valuable priv
i!eses 10 American business interests the
world over"