Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-05-12
An INSURANCE DEAL ON
Future Destiny Of the Southwestern
Insurance Company to Be De.
cidsd Monday.
Policy Holders May Vote to Merge
Company With Kansas City
Life, Of Missouri.
New Iowa Stipulated Premium Law
IL Responsible For Whatever
Change Occurs.

The fate and future policy Of the
|Southwestern Life Insurance Associa-
ton will be decided Monday, when the T
policy holders will meet in annual con-
lsvention and determine what course to
pursue with regard to the coming man
agement OF the business, now that
IIowa's new stipulated premium law has
changed the affairs Of that character.
The last legislature of Iowa, which
convened during the late winter months,
Twill be remembered to have passed a A
livery stringent stipulated premium law,
which makes II next to an impossibility
K for stipulated premium companies to-
carry on a paying business In Iowa.
4 There are eight or nine companies in the
state, and among the largest of these is
the Southwestern of this city. Some of
Ilthesa stipulated premium companies of
4 the state are seeking to reorganize into
old line companies. while Others are
\ thinking Of moving from Iowa into 9th
Ter states. where the laws concerning
companies OF this character are more
q friendly.
The question OF the policy of the
a Southwestern will therefore be submit
4 ted at a meeting OF the policy holders,
n all OF whom have a vote, on Monday
I. ImorniEg Mt 10 O'clock. Whether the
Southwestern shall reincorporate under!
q the present Iowa stipulated premium
laws. whether 1t shall be changed into
& an assessment company, or whether 1t
shall be merged into another company,
in another state, are the qeustions that
s viii come up.
1t is notHln the Jurisdiction Of the
\, officers Of the company TO say much of
} the affair at present. Secretary Halberr
was seen this morning, but preferred not
Z Ito say much until after the meeting
: Monday. He did say, however, that in
Z whatever way the AFT airs OF the compa-
! ny We're adjusted as to future policy, the
2 policy holders would not suffer. nor lose
3 lone cent.
IL 1t should be that the Southwestern
. be merged with the Kansas City Life. OF
: Kansas City, Mo.,Fof which Mr.. Halbert
] is president the transfer Will not be in
I the nature OF selling out. but because
i Mr.. Halbert thinks that the Interests Of
e 1.-THE policy holders can best be retained
: by that plan. II the company can be
Z iplaced In friendly state, subject TO
i lfriendly laws, the company claims TIE
a can be retained at the same rates. on
; the other hand. IL the company incor-
! porates under the new stipulated pre-
! MUM law in Iowa, or is changed to the
& assessment plan. or even to an old line
!. company, the rates will be accordingly
I higher.
y missouri has a very efficient stipulated
: premium law. us has also Wisconsin and
:. Nebraska. IL 1t is the will OF the policy
q holders in the Southwestern to consoll-
5 date with the Kansas City Life. the
z headquarters OF the company will be II
!. Kansas City, but an office. Mr.. Halberl
!. says, will be maintained here.
! The life of stipulated premium com
: Ipanies in Iowa is apparently in
!, jeopardy and they all claim that they
:, cannot possibly make money under thu
!, new law. Altho Marshalltown woulr
: hate to see the headquarters of ths
company moved. this city will not be
the only one to suffer, as the law at
fects all the others the same. Th.
Southwestern has grown here from 1T.
!. infancy and its branch offices havs
: been extended to many surrounding
states. II has maintained an office II
:, Kansas City for several years, ant
should the company be merged witt
:, the Kansas City Life the branch oftic,
I, there would accordingly be abandoned
!, The stipulated premium companies
- In Iowa are charged By the old lin
!. companies with being assessment com
y panies. which fact the companies deny
The object Of the law which was sough
I, Ito be passed at The recent legisiativ
8 session was to put them on basis 0
=, protecting their policies by a reserv
= fund, deposited with the auditor 9
= state which, they claimed, would pro
q tect each and every policy holder. TIL
y difficulty has been, In some cases, Wit
IL the old contracts, or to put them on
n new basis.
81 1t Is expected that there will be con
20 siderable interest manifested at TIL
Il meeting Monday on the part Of tn
G policy holders. Many Of them hay
"a been in the company many years an
= |are now beyond lnsurable age. so tina
q every theory possible to bring matter
n to satisfactory adjustment for tn
i benefit OF the policy holders will be ad
- vanced.
IL y. NEW RAILS FOR THIRD STREET