Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1899-10-29
The NEW YORK LIFE WINS.
Prussian Government Decides to Permit the
COMPANY to Do business There


Company to DO business There.
BERLIN, October 2S.-The New York
Life Insurance Company, on the recon-
mendation of the Minister of the Inter-
ior has been re-admitsed to transact
business in Prussia. The report of the
royal commission appointed TO visit the
United States and examine the COM
pany Was very favorable to it. Great
satisfaction is expressed at this evil
dence Of a closer commercial sympathy
between Prussia and the United States,
which must inevitably lead to better
feeling among the business interests
of both countries.
NEW YORK, October 2S.-President
Mccall, of the New, York Life Insur-
ance Company, when interviewed in
New York to-day said, on the subject
OF the re-admission of the company to
Prussia, that negotiations had been
pending for year or more In 1895
the American companies, with the ex-
ception of the Germania Life, were
compelled by the rigorous exactions of
the Prussian law to withdraw or give
up their concessions for Prussia II
was believed at the time that the rules
OF the government were severe and III
conflict with the methods followed in
this country. This dispute ended by
the enforced departure OF the PrussiaE
companies authorized to transact bust
ness in New York. Last year l COM
missioned Second Vice President Per-
kins, who is now in Berlin, to secure a
re-hearing for Us and to assure the
Frussian government that we were
ready to comply with their require
ments in every respect. Acting on this
request, the Minister of the Interior ap-
pointed royal commission to examine
our affairs and standing in the United
States, and the investigation was made
this year. The royal commission made
favorable report, and the government
actuaries, after a thorough investiga-
ton of our policy forms and returns
and the liability Hereunder, Joined in
the recommendation. Vice President
Perkins in his cable to me states that
the Minister of the Interior to-day re-
ported on all the facts to the Prussian
Cabinet, and that unanimous vote for
our re-admission followed.
The principal requirements from a
life insurance company under the Prus-
sian law are:
!. A life insurance company shall not
hold stock in a private corporation.
2. A life insurance company shall
limit its total management expenditure
to a sum not in excess of the loading
provided for expenses in its premium
income.
3. life insurance company issuing
policies in which division OF surplus
is deferred beyond the second year,
shall so keep its books that it can know
how much Of its total surplus (so-call-
ED is derived from the policies issued
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.
Superintendent Payne, of the Insurance
department 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
ICA uuQCi DCl6CSA llC uQtlOl
titles of this State and Prussia.
Baron Won Mumm, imperial minister
for Germany at Washington, has also
rendered efficient service, and has been
most interested in securing 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 it contains sugges-
ton with regard to commercial ques-
tons that arise between governments
so far reaching that the President OF
the United States quickly recognized
the possible significance CT it, and re-
peatedly expressed his deep interest in
the issue of the commissions work. 1
believe that the precedent thus estab
lished in the action OF the Prussian gov
eminent will show the way to better
method of settling all commercial diff
ferences, and in securing additional and
valuable privileges for American bust
ness interests the world over.