Omaha daily bee., 1902-09-25
INSURANCE MEN CONVENE
Address by John A. Mccall of the New
York Life IL the Principal
Feature.

COLUMBUS. o., Sept 24.-At today's
session OF the state insurance commits
sioners' convention, the report OF the COM
mittee on laws and legislation was pre-
sented by Hon. H. d. Appleton OF New
York.
Tie report which was adopted, embodied
the resolution recommending legislation to
the effect that all deposits OF insurance
corporations held by fiscal ofhcers Of any
state should be for tho protection OF all
policy holders excepting those held on ac-
count of foreign corporations or of other
countries when they should be held for tho
protection OF policy holders in the United
States only.
The report of the committee on unauthor-
ized insurance companies was read by Hon.
J. V. Barry of Michigan. He submitted
a list of ninety nine names OF wildcat
companies collected by the committee from
the insurance department records of the
various states 1t was decided to call tho
roll OF states in order that the commissions
ers might have the opportunity to explain
the presence and operations OF the question
able concerns in their respective jurisdic-
tions.
The whole matter was laid over for the
day. letter directed to the postmaster
general was adopted AMI ordered forwarded
| TO Washington. It requested that the postal
department exclude from the mails the
fraudulent matter sent by these COM
panies as advertising or solicitation.
This afternoon John A. Mccall. president
OF the New York Life Insurance company,
delivered an address. He said:
When one contemplates the formidable
! array of supervisory statutes and consid-
J ers how much more is left TO the discre-
| tion of insurance officials in enforcing the
/ la1v inns . n a
| ones faith in state supervision.
| Notwithstanding the defects OF state su-
| pervisiOn, the expense and annoyance Il inn
| poses upon the companies and it's liability
| to be abused, l believe the evils of no SUI
pervision at all would be infinitely greater.
! The evils of supervision are such as are
| inherent In all government; the evils OF
| nonsupervision are the evils of anarchy.
Human nature Is the same--or perhaps a
| little more assertive--when acting behind
| the screen OF a corporation as when act
| ing on individual responsibility.
| 1t would appear that an amendment to
| the constitution is necessary TO secure ma
tional supervision and control OF insur-
| ance companies. Pending such an amend
ment, IL is suggested that the members of
! this association should cooperate with the
commissioners OF the several states ap-
! pointed to secure uniform laws for taxation
and other purposes. in order that policy
holders may be protected against the crude
posed in some OF the states.
The public Of itself, and without super
vision, Is helpless with respect 10 IT'S equi-
1
| than helpless IN respect Of any quick test
| OF solVency. The liabilities OF n rfe insurs
| ance company are OF such a character that
| none but an expert mathematician can cal.
| culate them and chiefly 80 long deferred
| that a company without supervision might
| be hopelessly insolvent for years and still
| continue to pay all its demand liabilities
presenting TO the public the appearance Of
| prosperity.
II. D. Appleton of New York presented
the report OF the committee on laws and
legislation, and Hon. A. /. Vorys OF Ohio,
the representative OF the committee Oh
fraternai insurance. On recommendation OF
the former committee. a resolution was
adopted declaring It to be the sense OF the
convention that the laws OF the various
states be amended so that all general de-
posits OF insurance companies held By hs-
cal officers OF any state should be held for
the protection OF all policy holders except
ing those held on account OF the foreign
corporations OF other countries, when they
should be held for the protection Of policy
holders in the United States alone.