The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-05-30
THE CRAIG BILL
AND INSURANCE
Commissioner Young Writes
a Letter.
NO CAUSE FOR SCARE
MEANT 10 RtGULAIE SUnS IN COURT
there is no Disposition 10 Deal tarhy With
insurance c mpanies Ia Norh Cro'i-
ns. More Companies
omeS' Gated"

| Yesterday at noon a conference was
held in the State TreaSurers office at
which the Craig Bill and its effect on
the insurance business Of the State we've
discussed. There were present Insurance
Commissioner Young, Attorney General
WalSer, State Treasurer Worth and
Secretary of State Thompson
The provisions, of both the Craig and
Willard bills We're examined and il was
the opinion Of the Attorney General that
the two acts contlicted in no way what
ever and one does not repeal the other.
At the end OF the conference NJ.
Young drafted a circular letter. which
he will send out to all Insurance mpl
making inquiry as to the Craig Bill In
it he says:
Il. That it is generally understood |
that the oiojeCt of the W-makers in
thus demonstrating the foreign corpo-
rations covered by the Craig bill, was
solely to coniine them to the use of our
State courts and prevent removal by
them of cases from the State to Federal
cOuI Is, and that there was 10 intention
of getting them where they could be
to bear new burdens of taXa-
ton or interference with their Internal
management. There is no decision of
our courts in the past that would cause
them to fear to trust them in the future
or any action of our legislature hat
would raise amy grounds for expecting
unjust taxation or interference.
~. Again there are no unjust burdens
in the present insurance laws. nor Is
there any intention on the part of the
State to place the companies whore they
can be unjuStly dealt with and yet be III
such position that they canont help
themselves.
Under our present laws Il corporation
forfeits its charter by non-use or by
failure to pay any franchise tax.
II have consulted the Attorney Sen
eral. Secretary of State and State
Treasurer and am authorized to say mat
they concur in this letter.
The scare about the Craig Bill,
started by interested attorneys and
newspapers hostile to the intent Of the
act having subsidized, the insurance com
panies are now becoming ''domesticatcd'
as fast as they can get the proper papers
here.
Yesterday the following companies
complied with the provisions of The law
and are now home corporations:
Union Assurance Society. London; T..
T. Hay. Raleigh. State agent.
Royal Exchange Assurance. London;
C. \. G. Butt Charlotte, State agent.
British America Assurance Company,
Toronto, Canada; w. w. Smith, State
agent.
Western Assurance Company. Of Can
ada; w W. Smith. State agent.
Westminster Fire Insurance Company,
of New York; Walker Taylor, Winning
ton, State agent.
Queen Insurance Company, of .Ameri-
ca. New York; Walker Taylor. Winning
ton, State agent.
Orient Insurance Company. Hartford.
Conn: VIM. III. McCabe, Durham, State
agent.
Northern Insurance Company, Now
York; no agent yet appointed.
United States Fire Insurance Com
pany. New York; J. =. Albright, Rur-
lington, State agent
Eastern Insurance Company, New
York No agent yet appointed.
Michigan Mutual Life Insurance Com
pany. Detroit; Jno. w. Hinstnle, Raj
eigh, State agent.
Bankers Guarantee Fund, Atlanta;
Jno A. Sims, Concord, State agent.
The Mutual Life of New York, win
ston Bresee. Charlotte, State agent, will
today comply with the law. a telegram
yesterday announced that the papers
were on the way here.
The Aetna Life 81. -. Boushall, Raj
eigh. State agent, announces by letter
that it will at once comply with the
law.
The Phoenix of Brooklyn (B. G. Cow
per. Raleigh, State agent, sent It's pa
pers yesterday but they were not prop
ly authenticated. They have been re
turned for correction.
Up to last night just thirty four ,nsllr-
ance companies had compiled with the
law and become North Carolina corporal
tons. Quite a number of others have
attempted to do so, but have failed ior
lack OF having the papers sent properly
proven.
When some actors attempt to sing