The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-02-19
A COMMISSIONER
OF INSURANCE
Mr.. D2EWnY THINKS ONE OUGHT TO BE
APPOINTED.
Reasons for Opposing Proposition to Give
insurance Control 10 Railroad
Commission.

To the Editor: A bill is nov, beng
prepared to be presented to the Iegis-
lature which puts the insurance com
panies under the control of the Rail
road Commission. Such course would
in my humble opinion work great in
jury to the people of the State and the
companies doing business here. What
do these gentlemen know abour the in
surance business? Nothing. Would it
be wise to place an insurance man or
the Supreme Court bench or at the head
of the Agricultural Department? Ger
tainly not, and | don't think any rea-
sonable man would for a moment con
tend for such a proposition Why. then.
put lawyers and farmers or railroad
men in full control of the insurance
business? These gentlemen would
doubtless be honest and upright. yet in
their zeal to do something. they might
innocently take a false step which would
result In harm to every policy-holder in
the State. They are unskilled in even
the documentary principles which UNI
derlie and govern the insurance business
Is it reasonable. then, to suppose that
they could regulate this great business
which touches every man, woman and
child in North Carolina. without making
mistakes? There is nothing in com
mon between railroads and insurance
companies. The basic principles which
regulate and support these two great
branches of commercial and industrial
life. are separate and distinct The in
surance business is one of the most
complicated affairs known to man. and
it takes almost a life time of careful
thought and study TO master it in all
of its details. | ask you therefore, in
serious candor. would it be right and
gust to place business of such vast
Importance and such gigantic proper
tons under the absolute control of three
gentlemen who don't know ANYTHING
abort it? The insurance companies and
their agents have always been among
the most loyal law-abiding citizens. We
pay in taxes to the State nearly $780,
000 annually. No business can show
record for fair dealing which surpasses
that of the insurance companies. We
invite inspection and supervision. be-
cause we do not believe that any bust
( ness can be cited, which is conducted
upon broader principles of right and
equity or upon a higher plane of Chris
tan benefcence than ours, but we do
feel that this inspection and supervision
ought to be done by a man possessing
some knowledge of the business which
he supervises. We believe that this is
necessary in order to protect the rights
OF the people, and at the same time avoid
an almost certain wrong being done the
companies and the agents in this State
\ business which promotes thrift pref
serves estates, perpetuates homes, averts
want and economies industry and self
reliance. should be the last to be singled
out and hampered with unjust restric-
lions. We are now paying heavy tax
to the State of 2 per cent on gross in
comes. but yet we would even prefer
10 see this burden increased rather than
be placed at the mercy of men who have
never been trained in the ethics which
permeate the insurance business. Near
~ every important State in the Union
has an insurance department.. Why
not have one in North Carolina for the
protection and education of our people
along insurance lines, and make the
companies pay for it? If the business
is not of sufficient Importance for that,
leave it where it is with one of the
State officials. 1t will be impossible for
the Railroad Commission to give proper
attention to the insurance business, and
the State will lose revenue and the
protection of the people will be jeopar-
died. Besides the proposition is so
radical and is. in my humble opinion.
fraught with such ill-results that it will
injure us very materially outside of the
State. No new companies will want
to come to this State under such con
ditions. as they will think they see in
this movement disposition TO disre-
gard the rights of insurance companies
and lack of proper appreciation for
correct business conditions.
| am satisfied that there is no such
disposition on the part of the gentlemen
who are moving in this matter, and /
am convinced that they are actuated by
pure and patriotic motives, but not being
versed themselves in the principles
which enter into insurance they have
fallen into the common error of suppos