The daily morning journal and courier., 1899-03-28
ANNUAL INSURANCE REPORT
SECOND PART ISSUED TO-DAY BY
 COMMISSIONER BETTS.

Dealing With Lifs, Accident, Casualty
 Fidelity and Society Companics-
 Statements of Amount of Business
 Done by Thesc Companies During the
 Past Year.
 | Part II of the thirty-fourth annual report of the state insurance commis- sioner, in life, accident, casualty, fidel- ity and surety companies, will be trans
 mitted to Governor Lounsbury to-day
 In his report Commissioner Betts has
 presented detailed statements of the
 conditions of the various companies of the class above mentioned, doing busi- ness in the state. In the introduction it is reported that during the year 1898
 twenty-eight companies transacted
 business on the legal reserve plan, and
 of them the total premiums during the
 year was SPAS, ,949,730, interest, dividends,
 rents etc., $66,514,401, total income
 $315, ,464,131. The increase in premium
 receipts was $11, ,756,002 over the amount
 in 1897. The increase in new business
 of the twentyeigh companies during
 1898 was $87, ,2S0, ,790. Other facts con-
 cerning these companies, contained in
 the report, are as follows: Dlsburse-
 ments during 1898, $217, ,S10,10S the in-
 come, exceeding assets, increased $11,-
 999,907; the difference showing an ap
 preciation of values of $17, SS4 dur
 ing the year. The percentage of gain
 in assets during the year was 7-10,
 5-10th of 1 per cent. greater than the
 gain during the proceeding year. The
 increase of liabilities was $S6775,974;
 the rate of increase being 9-10th per cent. less than the increase during 1897.
 The amount of business written dur
 ing 1898 was $1, 433, 166,529, the actual gain in outstanding insurance being $447, 1888, ,95s. The profits for the year amounted to $51, ,357S45, an increase of $3,S27,947 over 1897.
 Ten assessment life associations doing business in the state show a decrease in assets of $1,O34,05S, an increase of SS0S,119 in liabilities. The income de- creased $254, 1904, and disbursements ex- ceeded the figures of 1897 by $462,6 The amount of insurance outstanding at the end of the year was $130, ,430, 1S9 less than on December 31 1897, Con- necticut associations losing BPS, 716 964 of the above amount. Statements are also given in the report of the financial condition of accident companies. em- ployer's liability insurance, steam boil CT insurance, fidelity and surety insur- ance, plate glass insurance and miscel- laneous, including burglary, hail, credit, and automatic sprlnklers. An exhaus- tive summary of companies statements is given.
 complete report of the proceedings for the appointment of a receiver for the Connecticut Life Insurance com pany, closing with the granting of an injunction by Judge Shumway last week and the assignment of a hearing fo rreceivershiD to be held to-day, is given In concluding Part II of his re- port Commissioner Betts says:
 Under the head of general remarks the commissioner says: The year 1898 marked an important era in the history of life insurance in this country. A ten dency to which I called attention in my report last year, upon the part of policy or certificate holders in assessment asso- citations to protest against the failure to fulfill the promises made at their en- trance into the association, has resulted | In marked decrease in the number of | members now claimed by these compa- nies or associations, An inspection of | the outstanding insurance claimed by | this class of corporations shows an un- usually heavy decrease, which, viewed | In the light of past experience, indicates | Tn early dlsintegration. With view to | enabling assessment companies to rein | corporate as stipulated premium com oanies, two other states in the Union | passed laws looking towards this end I | nave never approved of this change, | ,eeling that halfway measure was ust as bad, if not worse. than the orig nal condition of affairs. The policy holder is led to believe that he is se- 'ured by ample and sufficient laws, l while in reality the reserve which Is re- luired to be maintained is insufficient to provide for the level premium, or guar lntee the holding of sufficient funds 'ear by year to prevent the necessity of ln extra assessment Unfortunately his department is powerless to furnish edress to the numerous compliments, vho, having paid their assessments Gin many cases too low) for many years, low find themselves unable to support he burden of abnormally large demands n the shape of extra assessments. Guch suffering will probably ensue rom the way in which these policy olders will be compelled to drop their insurance at the time of life when it is nost necessary, but the ultimate result lill be purification of the insurance tmosphere and realization that the nly possible way of maintaining a pre- lium level throughout life is to provide or that maintenance proper mathe- 1atical reserve.
 Nearly all of those companies opera ing under the legal reserve or "old line' ystem in this state show large gains in Il departments for the past year. The improved financial condition is due to revailing at the close of the year. This ondition of the financial market is a lear indication of the impossibility of ! aalizing a rate of interest in the future 1 Efficiently high to provide for the accu- ulation of the reserves on the present asis. It is gratifying to note that this let has been appreciated by many com anies, and an inspection of their state ( ents in the following pages will show T lat many of them have laid aside large s mounts to provide for a possible reduc- F