The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1901-08-06
CHANGES ITS NAME
Bankers Life Becomes the Mime
sofa Mutual Life.
REINCoRPoRATES AS "oLD LINE"
the 30 Old Line Companies
in MinnesOta.

very important change took place in
insurance circles yesterday, when the
Bankers Life association of St. Paul,
passed out. Of existence as an assessment
company and reincorporated as a regu
lar or old line" company.
This change was result of the an
nual meeting of the members held at the
general Offices in the Fire and Marine
building. The meeting was well attended
and the articles of reincorporation,
which were embodied in a resolution
had, with the exception of one, the sup
port Of all members present.
The secretarys report for the fiscal
year ending July 81, showed assets over
and above all liabilities available for the
payment Of mortuary claims in the sum
OF $1,67T, ,224.32, being an increase over
the previous year of $101, ,955. Before ad-
1ournment resolutions were offered by
=. w. Durant, Of Saltwater, and Jacob
Stone. of Minneapolis, expressing conf
dence in the management and commend
ing the officers and board OF trustees for
the honest and able manner in which
the affairs of the association had been
conducted.
Under the articles Of reincorporation
the name of the company is changed to
the Minnesota Mutual Life Insurance
company, and is authorized to transact
the business CT life, accident, health and
According to the last financial report
filed in the office of the state insurance
commissioner, the assets of the company
as OF Dec. 80, 1900, amounted to 81, ,413,-
O1168 with liabilities including the
legal reserve, computed according to NOR
tality table, the same as required by old
line companies, to be maintained in the
sum Of $7S5, 1913, leaving a net surplus
over and above all liabilities of $627, ,288,
this being greater amount than shown
by thirteen o. the thirty-nine regular
companies reporting to and operating in
Minnesota as of that date. It also had
larger surplus than any old line COM
pany west of Pennsylvania with one ex-
ception.
President Palmer, when asked why
under such conditions his company had
made the change, said: Owing to the
failure of the various weak assessment
companies during the past few years,
there has been feeling of distrust
against all companies on this plan, and
which made it impossible for the better
class Of companies to secure new busi-
ness. The principle of assessment insur-
ance is undoubtedly correct, but from a
practical standpoint it has been proven
a failure If members were compelled to
pay their assessments as levied, as the
companies are required to meet their OBJ
legation, 1t would be an ideal plan" He
further stated 'that the transformation
process had been going in for over two
years, but owing to the absence of any
provision in the statutes were compelled
to wait until the legislature convened.
Before the resolution of reincorporation
was adopted the business of the com
pany was practically on level premium
or old line basis, as over 80 per cent of
the certificate holders realizing the me-
cessity of change, voluntarily sur
rendered fhpir n1d
cepted policies with increased premium
charges computed according to standard
tables OF mortality" He also stated that
the company for the present would write
only life and investment insurance
The refncorporation OF the company in
no way interferes with the rights of the
old moTtuary certificate holders and will
be continued on the same basis as here
tofore. Section 10 of the old articles of
incorporation, which pertained to the
guarantee trust fund, was in it's entirety
incorporated in the new articles In the
future the company will be compelled to
eliminate the emergency or assess
ment'' clause and will be required to
issue policies with fixed premiums, abso-
lutely guaranteeing that the cost shall
never be increased.
Clarence e. Secor will continue with the
new organization in the capacity of east
ern field manager, and former insurance
commissioner, j. A. O'Shaughnessy, will
have charge of the western field. A corn
of experienced agents are already en-
ployed and will commence Immediately
an active canvass for new business. The
business of the company will be extended
to every state as quickly as possible In
anticipation of the action taken yester-
day the officers and actuary of the com
pany have prepared a number of poll
cies with very attractive features, and in
addition to those all standard forms will
be written. This is the first company or
ganized under the old line laws of Mime
sofa, which is somewhat singular in view
of the fact that every other state of any
prominence has from one to ten life in
surance companies. The Minnesota Mu-
tual Life is therefore a distinctiyely
home concern, and will no doubt receive
its share Of the money which annually
leaves the state for the purchase of for
eign insurance.
The following are the officers of the
company: President, Timothy r. Palmer:
vice president, General John B. San
born; secretary, Douglas Putnam; treas
urer, c. H. Bigelow; medical director.
Charles l.. Greene. Board of trustees
Charles H. Bigelow, General John B.
Sanborn, Maurice Auerbach, Crawford
Livingstone and J. F. R. Foss.