Evening star., 1902-01-02

streets, and is occupied Dy other DrancneS
of the District service The offices have
been completely furnished and all the rec
ords bearing on insurance matters in the
District for several years past were re-
moved today from the assessors office in
the District building where they formerly
reposed to the insurance department.
Superintendent Drake, who has the assist
ance of Raymond X Tongue as clerk, ex-
poets to be very busy during the next sixty
days. The laws Of the District require
that all insurance companies intending to
do business in the District shall be licensed
March /. So between row and the last day
of February the superintendent of insur
ance will have to look into the affairs and
condition of each company contemplating
the location maintenance of Offices in
Washington.
Mr.. brakes Former Service.
Before coming to this city to take charge
of the insurance department, Mr.. Drake
was deputy Insurance superintendent for
the state of Ohio. He was the executive
and technical officer of the department, the
superintendent, Mr.. Vorys, being a lawyer
and politician Mr.. Drake, who is forty
nine years old, has had over twenty-five
years experience in almost all lines of in
surance general and special agent for
Ohio and other states in the middle west.
He made a fine record as deputy superin
to Oblige Governor Nash and Mr. NOryS
and for the sake of the additional expert
eEce. He sees in the office here an oppor-
tunity to make a model department upon
the expectation that Congress will make
the legislation and the appropriations nee
essary. His special experience fits him to
begin the work without delay and to achieve
early success of it.
In providing for the appointment of
superintendent of insurance the new code
states that he shall have supervision of all
matters pertaining to insurance, insurance
companies and beneficial orders and asso-
Citations, subject only to the general super
vision of the Commissioners. The super
intendent is charged with seeing that all
laws relating to insurance companies and
organizations doing business in the District
of Columbia are faithfully executed. He
will keep on file in his office copies of the
charters of all the various companies and
orders. The superintendent will have
power to make such rules and regulations
subject, of course to the general supervi-
sion of the Commissioners, not incOnsiSt-
ent with law, as to make the conduct Of
each company in the same line of insur-
ance conform in doing business in the Dis
trict.
Annual Statements Required.
All of the companies doing business In
the District will be required to file an an
nual statement with the superintendent of
| insurance and copy of each statement
must be printed in daily newspaper in the
District. One of the most important pro-
visions of the new code In regard to insur-
ance companies. and one which vests great
power in the superintendent, is follows
''The superintendent of insurance shall
have power to make an official examination
into the affairs of any insurance company
or association organized under the laws
of the District of Columbia or having it's
principal office therein, at his discretion,
for the purpose Of ascertaining whether
such company is impaired or insolvent.'
Further Provisions.
mo fire insurance company, except mu-
tual fire insurance companies organized in
the District of Columbia under special act
of Congress or the general laws of said
District, or mutual companies Of other
states licensed to do business In the
capital of less than 100000. shall be per-
mitted to do business therein, and all life
or fire insurance companies associations
licensed to do business in said District
shall be required to maintain a re-insur-
ance reserve fund; and whenever any such
company association not excepted from
the operations hereof shall become insol-
vent or impaired to the extent of % per
centum of its capital stock, 1t shall be the
| duty of the superintendent to suspend its
| license, and unless such insolvency. or i'm
| pairment shall be made good within sixty
| days thereafter, it shall be the duty of the
superintendent of insurance to revoke its
| license to do business in the District
Insurance matters heretofore have been
| handled by the District assessor.