The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-29
THE NEW YORK LIFE WINS.
Prussian Government Decides to Per-
NIT Company to do Business There

Berlin, October 2S.-The New York
Life Insurance Company, on the recon-
mendation of the Minister Of the inia-
rior, has been re-admitted to ira lsd,t
business in Prussia. The report OF the
Royal Commission appointed 10 vi st tue
United States and examine the com
pany was very favorable TO 1t. Great
satisfaction is expressed here It tbs
evidence of closer commercial sym
pathy between Prussia and The Uni-ed
States, which must inevitably lead to
better feeling among the business inter
ests of both countries"
New York, October 2S.-President Nc
Call, of the New York Life Insurance
Company, when interviewed in New
York today said ON the subject of the
re-admission of the company to Prussia
that negotiations had been pending for
Il year or more I'm 1895 the American
companies with the exception of the
Germania Life were compelled by the
rigorous eXactions Of the Prussian laws
to Withdraw or give up their concessions
for Prussia. 1t was believed at the
time that the rules of the Government
were 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 | commissioned Second Vice-Presi-
dent Perkins, who is now in Berlin, to
secure Il re-hCaring for us and to assure
the Prussian Government that we were
ready to comply with their requirements
in every respect Acting on this re-
quest the Minister Of the Interior APP
pointed a Royal Commission to examine
our affairs and standing in the United
States and the investigation was made
this year. The Royal Commission made
Il favorable report and the Government
actuaries, after thorough investigation
of our policy, forms and returns and the
lia.--lty Hereunder joined in the recon-
mendation. Nice-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
that a unanimous vote for our re-admis-
sion followed. The principal require
ments from a life insurance company un-
der the Prussian law are:
u. \ Life Insurance Company shall
not hold stock in private corpora
ton.
-. \ Life Insurance Company shall
limit its total management eypendi-
lures TO u sum not in excess Of the
leading provided for expenses in its
premium income.
-. \ Life Insurance Company issuing
policies in which a division Of surplus
is deferred beyond the second year
shall 50 keep its books that it can know
how much Of its total surplus (so-called)
is derived from the policies issued in
each year and these 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 Prussian
insurance matters, Secretary of State
Hay, and Ambassador White at Berlin,
have aided very materially. Superin-
tendent Payn, of the Insurance Depart
ment has rendered excellent service also
by permitting the Royal Commission to
have free access to his department rec
ords ard in urging Il better understand
ing Between the authorities of this State
and Prussia. Baron Won Mumm, I'M
peral Minister for Germany at Wash
ington. has also rendered efficient SER
vice and has been most interested in
securing a settlement of all difficulties.
President Mccall further said:
This is the first instance in which
such commission has ever bean sent
to the United States in behalf of
foreign Government and it contains
suggestion with regard to comme 'cial
questions that arise between Govern
ments 50 far-reaching that the President
of the United States quickly recognized
the possible significance of it and re-
pcatedly expressed his deep interest
in the issue of the commissioners work.
| believe that the precedent thus estab-
lished in the action of the Prussian
Government will show the way 10 bet
ter method of settling all commercial
differences and in securing additional
and valuable privileges for American
business interests the world over"