Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-10-30
NEW YORK LIFE WINS.
Prusian Government Decides TO Permit The
Company to Do Business There.

Berlin. Oct. 2S.-The New York Life
Insurance Company, on the recon-
mendation of the minister of the in
terror. has been re-admitted 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 here at tiiiS
evidence of a closer commercial SYM
patty between Prussia and the ohl'eu
States, which must inevitably leau u
better feeling among the business III
terests of both countries.
New York. oct. 2S-President Nc
Call of the New York Life insurance
Company. when interviewed III Nc"
York, today, said on the subject OF III"
re-admission of the company to l'fus-
STA, that negotiations had been pcNdlilS
for q wear or more In 1893, the Amer
lean comnanies. with the exception of
the Gcrmauia Life, were compelled by
tho rioorous eyactions of the PruSsian
laws to withdraw or give up their con-
cessions FOR Prussia 1t was believed
at the time that the rules of the gov
ernroent were severe and in conflict
with tho methods followed in this coun-
trv The DISPUTE ended by the cnforc-
ed departure of the Prusslan companies
authorized to transact business in New
York Last year, | commissioned
Second Vice President Perkins. who is
now in Berlin, to secure rc-hcarinS
for us and to assure the Prussian gov
eminent that we were ready to com
NV with their requirements in every
respect.
Acting on this request. the minister
Of the interior appointed royal COM
mission to examine our affairs and
standing in the United States. and the
investigation was made this year. The
roval commission made Il Favorable
report and the government actuaries,
after Il thorough investigation of our
policy forms and returns and the liza
bility hereunder. joined in the recon-
mendation.
Vice President Perkins. in his cable
20 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-admission
followed. The principal requirements
from life insurance company under
the Prussian law are:
IA life insurance company shall not
hold stock in private corporation.
"A life insurance company shall
limit its total management eXpendi-
lures to sum not in excelsior of the
loading provided for expenses in its
premium income.
"a life insurance company issu
ing policies in which a division of sur
~, ;e- 4, SarnDI
shall so keep it's books that it can
know how much of its total surplus, 50
called. is derived from the policies is
sued in each year, and those amounts
must be shown as liabilities in its re-
ports to the Prussian minister of the
interior.
We have agreed to carry out each
ana 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
services also by permitting the royal
commission to have free access to his
| department records and in urging
| better understanding between the au-
|
Baron Won Mumm. imperial minister
for Germany at Washington. has also
rendered efficient service and has been
most interested in securing a settle
mcnt of all difficulties.
| President Mccall further said:
This is the first instance in which such
| q commission has ever been sent to
the United States in behalf of Il foreign
| government. and it contains SuGEes-
| ton with regard to commercial pueS-
| lions that arise between governments
| so far reaching that the President of
| the United States quickly recognized
| the positive significance of it, and re
pcatcdIy expressed his deep interest in
| the issue of the commissions work.
Il believe that the precedent thus cs-
| tablished in the action of the Prussian
| government will show the way TO a
| better method Of settling all CONNER
! cial differences and in securing add
! tional aud valuable privileges for
| American business interests the world
| over