Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-03-13
INSURANCE N[N FIGHT
Going to Give Remley and His
Bill Lots Of Fun For His
Money.
Blandly Suggest He Knows Nothing
About Insurance Experts
Heard.
Minority Stockholders Bill Passes
House-Insurance Taxation
Problems.
Special to Times Republican.


Special to Tmes-R Republican.
Des Moines, March 1S.-Iowa insur- |
ance companies had their hearing last I
night in response to the attack made /
upon them by Attorney General Rem
Hey thru bill which he prepared and
which he induced Senator Craig TO in
troduce. CYRUS Kirk for the Equitable
sydney a. Foster for the Royal Union,
A. H. McNey for the Northwestern Life
and Savings, c. II. Starnes for the
Northwestern Life and Trust, and one
or two Others We're heard. Some of the
facts brought out were conclusive in
showing that the Iowa insurance COM
panies are doing a legitimate business
and furnishing as good insurance and
as safe as any outside companies. IT
was shown That only nine states have
non-forfeiture laws and only one re-
l'quires non-forfeiture in less than three
years. All the insurance experts We're
agreed that up to three years the COM
rpany had not got its money back on
the cost OF securing and maintaining
\ the policy. Mr.. Foster declared that
every insurance man knew that no poll
| cy in a good company ever paid the
company or was seif-sustaining until 1t
was five years old
| Mr.. McVey took a shot at the attor-
ney general. He declared that the pub
i1ic prosecutor had undertaken 10 do
things and require things OF the nsur-
ance companies which he did not and
could not comprehend. and as evidence
of this he produced an actuarys book of
i tables and declared that If the attorney
general could even read it they would
Withdraw all objections, but inasmuah
las he could not, they thought it pre-
sumptuous for him TO come and dictate
llaws for the Insurance interests which
he did not understand. Air. NlcNey
said that where the proposed bill would
be injurious to outside companies it
4 would be destructive to Iowa compa-.
4 MES, because their business was so
largely in the state at the present that
7 lthey could not endure these hard condi-
!. tions on a large part of their business.
He claimed that the bill requires every
thing TO be divided except the reserve,
:. leaving no surplus to provide for con-
tingencies, and that the surplus was
something on which every good com
pany prided itself. and if it had no SUI
plus the attorney general would be COM
ing here and saying that the company
4 wass sinsolvent. He quoted recent New
York decision holding that the surplus
, should not be distributed. but must re-
main 10 meet contingencies; that if it
\ were distributed every year IL would
place In jeopardy every policy and
, would prevent the getting Of new busi-
nass haoaf,s,. such an exhibition of i'm
,,ro,.;den, ualicy vef,ld drive. eyary in
i v-ss,or - away from t.a company. Al the
| sna,le,.s ,e,read thar enf,ovn,e,,t jns,1r-
t anos co,,lt, no, be- written under this
rronoeed law
m ~ statad nv Mr. sta,nes and 9th
/ so ~, s,,cs ) i3,v wo,,ld encourage
:. la,,ses and ,hattba well man would
= ,anse while tbe sick man would STAY in.
! ana mat would ruin the company. They
j Inaie anvtbinp insi5a of ,hree Years
] WITHOUT taking meney away from the
acc,,,n,,lations az ofd pe1icv holders II
$ was sbnr-n tbat p,aficslF avs,,,ir,ation
a,.as ~ ip,nort,,n- in s,,t,o,,-,,,eI,t insl,r
e ar3ss beca,,sA a man in no0I. health
4 u,o,,,d n,,t fake mar character of insur-
4 I.ns.a vhich is ex,,Ansive hpt would
4 t.l.a ore,jra,v ijfs ,,.be,.e bAs v.nliifi NOT
g ba,.a "a nav so ,,,ns.b and ,youid stand q
!. bei.e,, ,,a,,ce of ,,.i,,ti,7. by diving In
/ o,. co,,nap, e ron ,.;si,s baa h,s,, yrit
~, ,,.itj,r,t q, ,ti,,.j -.,,,..i,, witch
,,se..is he,.s oos ,l,ss ,,,-,,.,:,,- ste nen 3.
. q y.a,. and & W., asn; on this su,r
q ,,.a.,l4 ,,,ora t,,,, nav All tf,e 35sses fhe
D, c,,,,,,,,,,. s,,,stsi,,sd N was s,,n,y,, tia,
A M. no,icies us,,iab are esneei,,liy AT
:. q, 49, ,,iii ,.,,s., ~. ~ e;,, ,a,,,,s