Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-06-10
. Letters Sent to Certificate Hold
ers of National Life and
Trust Company
PROTECTION UNDER IOWA LAWS
State Auditor Carroll Declares 1t Will
Never Be Removed So Long as Ger
tifcate Holders Desire it-Assresate
Life Insurance Increase of s4s,ooo,o 900
Is Iowa,s Record for 1902.
Special to Times-Republican.


one year is the record for 1902 in Iowa
The aggregate Dec. 81 last was $751;
751.699, as against an aggregate of
$534,394,495 the year previous The
number of companies doing business
decreased but the increase in number
OF policies in force was $33,09S. The
business was divided up among the diff
ferent classes of insurance companies
for 1902 as follows:
Iowa life companies, 10; policies in
force Dec. 81, 1902, 1880: amount of
policies in force Dec. 81, S36.972..257; to-
tai amount paid during year to policy
holders and beneficiaries. s197,591.
Non-Iowa life. companies, So: pol
fcies In force, III ,70S: amount OF poll
icies, sa62, 1S4.sSO; paid to beneficiaries,
s1.526344
Assessment associations, 16; number
Of policies, S2,073; policies in force,
k61446,292: paid out $S7l,414.
Assessment accident associations g.;
policies, HOS; amount of policies,
f1e.156,4T0; paid out. $37.077.
Fraternal beneficiary associations. 90,
policies, 196.910: amount of policies,
t3o2, 991 800; paid out, s1,I66,i5I.
Total 1913 companies: number Of pol
}cies, 415.759; amount of policies in
lorce, S5S2,751,6 500: total paid bene
6ciaries, s3,S9S,949.
The report of State Auditor Carroll
6led yesterday with Gov. Cummins on
The business of the life companies of
all kinds shows also that the aggre-
gate net value of the outstanding pol
icies of the forty-six level premium
legal reserve life insurance companies
doing business In Iowa on December
81 last was s1,632, 412,241.79.
There We're at the close of the year
of the Iowa companies doing. business
6 joint stock companies. 4 mutual level
premium companies, assessment life
associations, 5 assessment accident
associations, and II fraternal bene-
ficiary associations.
State Auditor Carroll also last even
ing made public the following letter
which he is sending TO the $4,000 GER
tificate holders of the National Life
and Trust company, recently sold to
The National Life of Chicago, in which
he sets forth the details of the recent
sale and states plainly the attitude
OF the auditor toward the deal. He
makes 1t plain that where a business is
got by reason of the protection of the
Iowa laws he will see to it that this
protection is never removed so long
as the certificate holders desire 1t. The
letter follows:
state of Iowa. Auditors Office. In
surance Department. Dear Sir: on
the 18th of May, 1903 the National Life
and Trust Company of this city. sold
all of its interests to the National Life
Insurance Company, of the United
States of America, whose principal
place of business is in Chicago, I'll. The
former company. in compliance with
the laws of this state, had on deposit
with the auditor of state, approved Sc :
curities in an amount equal to the net
cash value of all of it's insurance and
Investment contracts, bonds and poll
icies; and being Of the opinion that the
said securities should remain with this
department for the benefit of the policy
and contract holders of the National
Life and Trust Company, whether the
holders of such policies or contracts
resided in Iowa or elsewhere, the aud
itor of state required the National Life
Insurance Company Of the United
States of America to enter into an
agreement with the National Life and
J Trust Company, and also with the State
of Iowa, that it will not only continue
such deposit, with the auditor of state
of the state of Iowa, in an amount suf-
ticient to cover the net cash value of
all policies or contracts of the National
Life and Trust Company in force upon
the said 18th day Of May. 1903. but that
it will from time to time add to such
deposit such other securities as may be
necessary to keep such deposit equal
to any increased value of such policies
or contracts. Such agreement has been
fully entered into by the National Life
Insurance Company of the United
States of America. both with the Ma
tional Life and Trust Company and
with che state of Iowa; and it has been
further agreed that the National Life
Insurance Company of the United
States Of America will be governed
and controlled with reference to said
deposit, in all respects as though it
were organized under the laws of the
state of Iowa In short, the said nam
ed company undertakes and agrees to
carry out, according to the terms of the
contracts all the obligations of the Ma
tionM Life and Trust Company.
I'm consequence Of the transfer of.
the interests Of the National Life and
Trust Company to the National Life
Insurance Company of the United
States Of America, the policy or con-
tract holders OF the former company
will doubtless be given an opportunity
to exchange such policies or contracts
for policies issued by the latter COM
pany. This department does not de-
sire to express any opinion either for
or against such exchange, but only to
say that 1t is left entirely to the option
of the policy or contract holder. So
long as the contracts or policies re-
main contracts of the National Life
and Trust Company. the National Life
Insurance Company of the United
States Of America will be required to
keep on deposit with the auditor of
state of the state of Iowa securities in
an amount sufficient to cover the net
cash values of all such policies or con-
tracts, but when any of them are taken
up by the National Life Insurance
Company of the United States of Amer
lea and policies of the said last named
company are issued in lieu thereof
they cease to be policies or contracts of
the National Life and Trust Company,