The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-29
NEW YORK LIFE WINS
Prussia Will Allow 1t to Do Bust
ness There

Berlin, October 2S-The New York Life
Insurance company, on the recommended
tion of the minister of the interior, has been
re-admitted to transact business in Prus-
STA. The report of ule royal commission
ito visit the United States ard examine the
company was very favorable to it. Greet
satisfaction is expressed here a. this evi-
dence of a closer commercial sympathy be-
tween Prussia and the United STATS, which
must inevitably lead 10 b5ler feeling among
the business interests of both countries
New York, October 2S-Pres.dent Mccall
of the New York Life Insurance company
when interviewed in New York today, said
on the subject of the re-admission of lie
company to Prussia 'llat negotiations had
been pending for a year or more In 1895
the American comp-nIes, with the eXcep-
ton of the Germania Lie, were compelled
by the rigorous exactions eff the Prussian
faws to Withdraw or give UP e-:eirs corces-
SONS for Prussia. 1t was believed at lie
time that tne rules of ,iha government were
severe and in conflict wIll ,le methods
followed in This country. The dispute ended
by 1.-THE enforced departure Gu the Prussi al
companies authorized to aran&uct In New
YORK. Last year l commissioned Vice
President Perkins, WHO is now in Berlin.
to secure re-hearing fer US. and to assure
the Prusslan government Liat We were
ready TO comply With their requirements in
every respect. Acting on This request, the
minister of the interior appointed a royal
commission to examine our affairs and
standing lin the United STAKES, and the in
VestigaItion was made this year. lie royal
commission made a favorable report and
the government actuarles, after thorough
investigation of our policy forms and re-
turns and the liability u1creunder Joined
IN the Recommendation. Vice President
Perkins, in It's cable to me. states that
uhe minister of THE interior today reported
on all the faoss to the Prusslan cabinet,
and THAT a unanimous vo.e for our re-
admission followed. The principal require
ments from a life insurance. company under
the Prussian law are:
l. A life insurance company shall not
hold in private corporation.
2 life Insurance company shall limit
its total management expenditures to a sum
not in excess of the loading provided for
expenses In its premium income.
g. A life insurance company issuing poll
cies in which a division of surplus is de-
ferred beyond the second year shall so keep
its books that it can know how much of
its total surplus (so-caled) Is derived from
the policies issued in each year, and these
amounts must be shown liabilities in its
reports to the Prussan minister of the
irterior.
We have agreed to carry out each and
every one of these requirements In bring
ing about the change in Prussian insurance
matters, Secretary of State Hay and Am
bassador White at Berlin have aided very
materially Superintendent Payn, of the in
surance department has rendered excellent
service also, by permitting the royal COM
mission to have free access to his depart
ment records and in urging a better un-
Outstanding between the authorities of tbs
state and Prussia.
Baron Won Mumm, imperial minister for
Germany at Washington, has also rendered
efficient service and has been most inter
ested in securing settlement of all iificu-
ties.
President Mccall further said: This is
the first instance in which such a commits
sion has ever been sent to the United
States in behalf of a foreign government,
and 1t contains a suggestion with regard to
commercial questions that arise between
governments so far-reaching that the presi-
dent of the United States quickly recognized
the possible significance of 1t, and repeated
ly expressed his deep interest In the issue
of the commissions work. ] believe that
the precedent thus established in the action
of the Prussian government will show the
way to better method of settling all COM
mercial differences and in securing addi-
tional and valuable privileges for American
business interests the world over"