The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-10-29
PRESIDENT MCCALL TALKS.

New York Oct, 2S.-President Mccall
of the New York Life Insurance Com
pany, when interviewed in New York
today, said on the subject of the read
mission of the company to Prussia, that
negotiations had been pending for a
year or more. In 1895 the American
companies, with the exception of the
Germania Life, We're compelled, by the
rigorous actions of the Prussian laws,
to withdraw or give up their conces-
sions for Prussia 1t was believed at
the time that the rules of the govern
ment We're severe, and in conflict with
the methods followed in this country.
The dispute ended by the enforced
departure of the Prussian companies
authorized to transact business in New
York.
Last year I commissioned Second
Vice President Perkins, who is now in
Berlin, to secure a rehearing for us,
and to assure the Prussian government
that we were ready to comply with
their requirements in every respect.
Acting on this request, the minister of
the interior appointed a royal commits
sion to examine our affairs and stand
ing in the United States; and the inves-
tigation was made this year.
The royal commission made a IA
vorable report and the government ac
tuaries, after a thorough investigation
Of our policy forms and returns, and the
liability Hereunder, Joined in the rec
ommendation.
Vice-President Perkins, in his cable
to me, states that the minister of the
interior today reported on all the facts
to the Prussian cabinet, and Chat a
unanimous vote for our readmission
followed. The principal requirements
from life insurance company under
the Prussan law are:
l. A life insurance company shall
not hold stock in a private corporation.
2. A life insurance company shall
limit its total management expenditures
to a sum not in excess of the loading
provided for expenses.
8. A life insurance company issuing
policies in which a division of surplus
is deferred beyond the second year,
shall 50 keep it's books that it can
know how much of it's total surplus
| (so-called) is derived from the policies
reissued in each year, and those
amounts must be shown as liabilities
in its reports to 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 Prus-
sian insurance matters, Secretary Of
| State Hay and Ambassador White at
! Berlin have aided very materially. Su-
| perintendent Payn of the insurance de-
partment has rendered excellent ser
vice also by permitting the royal com
mission to have free access to his de-
partment records, and in urging a bet
| ter understanding between the authori-
| ties of this state and Prussia
Baron Won Munam, imperial minister
| for Germany at Washington, has also
| rendered efficient service, and has been
most interested in securing a settlement
| of all difficulties.
President Mccall further said This
| is the first instance in which such a
commission has ever been sent to the
United States in behalf of a foreign
government. and 1t contains a sugges-
ton with regard to commercial ques-
lions that arise between governments
| so far-reaching that the president of
the United States recognized the pos
sible significance of it, and repeatedly
| 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 a better method of
settling all commercial differences and
in securing additional and valuable
privileges for American business inter-
ests the world over.