The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-17

straight assessment life and casual+.,
companies find themselves at the Drasa'-r
oiille, Pr9ctlcaIiy every new corporation
organized conducts its business uno1
what Is known as the fraternal or lodge
plan, this being true both as regards lie
and accident insurance
o me business Of the various life and
accident associations, exclusive of fra
ternals. materially decreased in AIinneso-
Ia curing the year ending Dec 81 1gO0
As As against over S1.06J.00O in force at
panies had $9,SOOC0O
NEW LEGISLATION.
On the subject of new legislation the
commissioner says:
Two important enactments relating n
me insurance were passed by the recent
session of the legislature of this stat
me more important, in my opinion being
chapter l43, Laws of 1901 amending Ger
tam sections Of chapter rs Laws OF
1870, enabling assessment life insurance
companies TO reincOrpOrate upon the old
nne or legal reserve plan It's law We
enacted at the instance of the Rarlye,.e.,
Life Association of st. Paul. a cOrD0ra
tlon organized and CONDUCTING it's b,isi
ness upon the cooperative or assessment
pan In view of this enactment he so-
called stipulated premium law known az
chapter ITS, Laws of 1901 is not of "a
much importance at it otherwise would
nave peen to the interests of life insur-
ance III the State of Minnesota Thee is
really only one sound plan of insura nee
No matter by what name if Is called H.
Is lRaj winch provides for the payuwIt
10y une pollcy holders of a sufficient sum
winch shall remain level or uniform dur
ing the ltte of the policy as will M. ct
the certain mortality, as wei as he nee
esSary expense cost Of the company
MANY HAVE DROPPED OUT.
1t appears that there have been during
the last years a total Of $40 companies
authorized to transact business I'm Mime
sofa, OF which number but lS3 still re
main.
BY classes, the following data sbo,,s
number that have been authorized since
organization Of department. and number
stlll remaining; also shows final dispo5i-
tlOr or the companies;
OLD LINE LIFE.
Total number authorized, 81.
Number still licensed, Az.
The records of the department show
that of the number retired Is failed and
retired permanently from business: Is re-
insured their business. and s withdrew, or
did not report.
OLD LINE OR STOCK CASUALTY
COMPANIES -.-
Total number authorized, Ga.
Number still licensed, 80
or those retired 10 failed, or license re-
fused; Z reinsured their business with
other companies, and S Withdrew.
ASSESSMENT LIFE Associations
AND SOCIETIES.
Total number authorized, 176.
Number still licensed, IS.
ASSESSMENT ACCIDENT ASSOCIA-
TIONS.
Total number authorized 100.
Number still licensed, o.
or the number retired the records Of
the department show that II have failed,
y reinsured, 10 withdrew and 46 made no
report, and shortly after permanently re-
tired from business.
FRATERNAL SOCIETIES.
Total number authorized, g.
Number still licensed, 81.
Of this number the records show that
q did not report and ceased business, 3
reinsured their business, license re-
refused, 4 withdrew, changed their cor
pOratc names.
Out of the 337 companies that have thus
retired from Minnesota, it is safe to say
that not to exceed 7 per cent are still I'm
existence. The vast majority of them
have been wound up through the hands
of receivers although a great many vol
unfairly ceased writing business and re-
insured the outstanding policies upon
their books in some other company.
1t Is a somewhat startling fact that out
of nearly 200 assessment life insurance
associations or. to be exact, 176. only 10
per cent are still in the state, or IT is safe
to say, even in existence.