Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1899-10-29
THE NEW YORK LIFE WINS
pFuSsian Government Decides TO
Readmif the Company.

Berlin. Oct. 2S.-The New York Life
Insurance company on the recommen-
dation of the minister of the interior,
/ has been readmitted to transact busi-
ness 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 this evidence of a closer CONNER
cial sympathy between Prussia and
/ the United States, which must inevita-
/ bly, lead to better feeling among the
business interests of both countries.
New York, Oct 2S-President Nc
! Call of the New York Life Insurance
company when interviewed in New
York today, said on the subject of the
readmission of the company to Prus-
sia: Negotiations had been pending
for year or more. In 1895 the Ameri-
can companies. with the exception OF
the Germanla Life were compelled py
the rigorous exaction of the Prussian
laws to withdraw or give up their con-
cessions for Prussia. It was believed
! at the time that the rules of the gov
eminent were severe and in conflict
with the methods followed in this
country. The dispute ended by TIE
enforced departure of the Prussian
companies authorized to transact bus
mess in New York
Last year I commissioned Second
Vice President Perkins, who is now in
Berlin, to secure a rehearing for US
and to assure the Prussian govern
ment that we were ready to comply
with their requirements in every re
spect. Acting on this request the min
lister of the interior appointed a 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 investigation of our
policy forms and returns and the liza
bility Hereunder, joined in the recon-
mendation. Vice President Perkins in
his cable to me states that the minister
of the interior today req krted on all
the facts to the Prussia5 cabinet and
that a unanimous vote for readmis-
sion followed.
The principal requirements from a
life insurance company under the
Prussian laws are: First, life in
surance company shall not hold stock
in a private corporation. Second, Il F.
life insurance company shall limit its |
total management expenditures to q
sum not in excess of the amount pro- |
vided for expenses in it's premium in /
come Third, a life insurance com
pany issuing policies in which a divis- |
ion of the surplus is deferred beyond /
the second year, shall so keep it's books
that it can know how much of its total |
surplus (socaned) is derived from the
policies issued in each year and those
amounts be shown as liabilities in its
reports to the Prussian minister of the /
interior.
I'VE 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 Payn of the insurance
department has rendered excellent ser
vice also, by permitting the royal COM
mission to have free access to his de-
partment record, and in urging bet
ter understanding between the author
tiles of this state and Prussia. Baron
Won Mum, imperial minister for Ger
many at Washington, has also render
ed efficient service 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 been sent to the
United States in behalf of a foreign
government and it contains a sugges-