New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-19
REPORT on THE MUTUAL RESERVE.
THE SUPERINTENDENT OF INSURANCE
MAKES PUBLIC HIS FINDING on THE
EXAMINATION OF THE ASSOCIATION.

THE SUPERINTENDENT OF INSURANCE
MAKES PUBLIC HIS FINDING on THE
EXAMINATION OF THE ASSOCIATION.
ALBANY. Sept. 1s-Louis F Payn. Superintendent
Of Insurance made public to-day the report on
the examination Of the Mutual Reserve Fund Life
Association Of New-York. and transmitted the
same 10 the Attorney General for his action, under
Section 97 Of the Insurance law.
The report consists OF the findings OF the Super
intendent supplementing the examiners report
which shows $1,000 Of unpaid claims. in
crease Of S3s5 900 the previous examination.
antedating the present by sixteen months,
while the reserve fund has decreased about 10000
The membership has decreased over twenty-nine
thousand. This gives the association balance Of
funds on the above basis Of ss75,50 %. as against
81 531 9S1 81 on a similar basis on December 81. 1891
or decrease since then Of 1854 y
The superintendent criticises the acceptance of
slo4 900 Of bond statements in payment Of pre-
rniurns such bond statements having been held by
tho Uenart-rent 20 be without value and he holds
the use of the same be indefensble. he states:
The use Of any portion Of the associations funds
under the conditions proved Tor me redemption or
martial settlement OF a bond statement is not au-
statement in payment Of a premium or assessment
He continues that it was, apparently The inte1-
sre as 70 the true financial condition by recogniz-
ing bond statements, thus continuing ne deep,
statement was issued He objects TO the policies
issued as deceptive He calls attention 10 the fact
that the membership was rapidly decreasing. not
withstanding that every eHort was HHd1e - heeP
Ne criticises a contingent fund allowed the pres
tdert 10 be disbursed by him without accounting
"a the association. He states that the eXanlna-
ZION Of policy premium registers ana applGa-
49, for nolices has shown irregularities and IN
alifies-iD fact. that the premium rate schedue
~ The association is based upon Inequalities ne
5,scussed the Insurance law OF The STATE, Gaining
attention the defects therein contained req
iatnp assessments Of corporq tons, and 70 the IN
abtiifv ~ the Insurance Department 70 snow stat
utorv insolvency where actual insolvency exists
The association has issued statement TO It's
-,en,bers in which II SAYS that II unequivocally
denies that f. has erred technically in regard 20
.ha .,,atured bond statements" Of the fifteen year
Lass and states that 1T has discharged the con-
rats IN their spirit and relieved the members
holding them 10 the utmost possible extent OF the
burden Of necessary cost
II agrees with the Superintendent In concerning
,ba nresent State law regulating the assessment
system.
In conclusion the circular says; "A department
u,boss every official and employe parades his hos
,tii,v N the State law has been compelled 20 mo
- absolutely solvent The charges VIGOROUSLY cir
c,,iatsd nv DISCHARGED officers and employees nave
-, found unworthy Of notice. The examination OF
. dan9Ttroenr hostile 10 the system has revealed
~ minor matters for criticism. The mana cement
mas reduced the expenses during the present ytaIs
nearly S3n1 600 II has introduced new plans based
on The highest standard OF reserve known 10 lay"
II has discharged from position men VINO were IN
Ir,o,nnetent and unfaithfui In doing this IL has
;,curred their hostility. and they have sought IN
vain TO destroy the institution In revenge lor loss
OF place