New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-30
MAY TAKE RISKS IN NEW-YoRh'
PERMISSION GIVEN PRUsslAN lNsof'''~N O
PAN1Es TO TRANSACT BUSINESS IN
THIS STATE.


THIS STATE.
,u.,, Nov ae-Louis F. Payn. superintendent
~ Insurance. has granted the application Oh '''1
Aachen and Munich Fire INSURANCE |o"pa"! w
+ho prnss,an Natioral Insurance Company LOT per-
tlie .rarsact business in the State Of New
York. -.o.ao,d
Ar,ar dwelling at some length on the correspond
,oo dealing with the general subject OF rulihs
,r,oricap companies out OF Prussia which passed
between the State Department and the Department
AZ washington, the Superintendent says;
u ,s thus manifest that the governments az " ASH.
inston and Berlin have treated the subject pood
soiicitous care, and that eaGh nss ~ drerences
offices to the end th't pa'i''"''o" "
may Dc he unmindfu of these facts and In so
o., came as me law of the State permits 1t Is my duty
70 extend all proper facilities for the trans gora
Of 6usine Ss his IS not ALL The Prussian Govern
ment very recently admitted the newer o ncpo
ss5 tBs GqSany of sOvency and
ment OF that company issued by this DepaI re- he
In{tod states has definitely stated that It does not
choose to enter the Pr1ss Sa admitted in Prussia
pending before the Insurance Department Oh 'h"'
Government ,,. .ho, fbo az
called retaatory act Of the NewYork legislature I
of 1896 passed at the instance OF me lie Insr
ance Company Of -. New-York and the Equitaole
Assurance Society. .
One of these corporations has been duly adnilte o
TO the foreign country upon my certilcate, oiie
declines to go to Prussia and the thrd na a I'a "a
an application for readmissloD That is penuInh az"
undecided, and which, we must assume VIII Do
granted. -, t.ahto on
Neither the New-York Life nor the EquIapIe ~
poses the application OF the Prusslan coinpat n
In fact the representatives OF the former or
two domestic corporations appeared IN PEI - No
this Department upon the public hearing OIL No-
vember H. 1899 and urged their ADMISSION, v,-,.h
My duty upon the undsputed facts Is pld am Wv
the governments at Washington ana berhn a. ~
in unison in an effort to end the dispute win t,ro
New-York Life and the Germania holding my re
tifcates each doing business In Prussia WIN tS
Mutual Life seeking permission to reenter Wh Gn
cannot in fairness be refused and whicn VIII, ~ ~
doubt be granted In due course or proceduIe anu ~
view Of the power vested in this Department ny
the Insurance law. there is but one way open . .
The State OF New-York cannot aHoru 10 act n
churish part In the face Of such considerations
Her people are generous and fair. and they 90 not
expect or desire narrow and iiberal actloh OH inc
part of their administrative officers. ,,
I am satisfied that those conditions or discrlmnna-
tion against and exclusion Of our companies whlcn
alone can make the OF 1896 operative DC not now
exist and that statute cannot be invoked 10 war
rant or sustain denial Of the application now
made to me. A.. .A.
I shall therefore issue certificates TO the Aachen
and Munich. the Prussian National insurance ana
the Magdeburg Insurance companies. autnorlzng
each Of them 10 transact their business OF lnsur-
ance in this State under Section or the insurance
laws.