The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-21
INSURANCE NEWS AND
NOTES

scheme will then notify the companies that
they will pay only the rates named by
their official, and that il the concessions
asked are not granted the strikers will in
sure In other companies. IL is not reported
how many companies are Fastening to low
er their rates in Kalamazoo.
XXX
The Illinois insurance department has
applied to the courts for an order to re-
quire the wildcats in that State to show
their books and records The bill intro
duced by the department to enable IL 10
and does not leave any loophole for them
10 escape by the plea that they are not do
ing business in the State.
The recent tragedies at Buffalo have cost
the life insurance companies dearly. Z.
L.. Burdick, who was murdered. carried
$4,000 insurance. while Mr.. Pennell, who
was one of the attorneys in the case. car
REQ $1,000. OF which $4,000 was in the Trav-
elers, 10000 in the Equitable and $25, 900 each
In the New York Life and the Mutual Life
of New York.
The attorney general OF Illinois was de-
feated in the first round of the proceedings
at Belleville against the fire insurance
companies to prevent their combining to
regulate rates. The court held that the
business of insurance was simply that of
making contracts; that there was nothing
IN the petition to show any injury done to
any one, and that the right to execute con-
tracts was one open TO all.
XXX
Among the bills passed by the legisla-
lures of the different States was a valued
policy law In South Dakota, which allows
the plaintiff in any case against an insur-
ance company to recover an attorneys fee
as part of the costs; a resolution in the
connecticut Legislature authorizing the
S2,0oOV0 to 100000. A bill has been intro
duced in Missouri to make the declaring of
dividends annually compulsory.
XXX
The attorneys engaged by the Equitable
Life. which is being sued by the State of
Wisconsin for a distribution of dividends,
came before the court and agreed to dis
solution of the injunctions which they had
secured against the insurance commissioner
or the State TO stay his action requiring the
company to- show cause why it's charter
should not be revoked. 1t is understood the
new commissioner is not opposed to the
companies and that the action probably will
be dropped.
The Prudential has made an arrangement
whereby it offers inducements to its agents
to continue with the company. The regu-
lar commission is on a basis of fifteen times
the first weekly premium collected, but now
the Prudential will pay sixteen times to an
agent of one years standing, seventeen
times the third year, twenty times in the
fifth year, and so on. 1t is the general plan
of all companies TO provide inducements
for agents to remain I'm the service, and
very desirable contracts are offered by
some companies.
The Iowa anti-compact law is to be tested
soon in the Federal Court before Judge
Mcpherson, and since the same judge de-
cided that the Nebraska law, which is
founded on the Iowa law, was unconstitu-
tional. it is thought the decision in this
case will be similar to the one in the former
case. There have been efforts to get
test case up for some time, and several
field men organized local boards, but the
insurance department paid no attention to
them. The matter was laid before the
Union, but the movers were told that the
Union never began any litigation, though
often participating. Some twenty COM
panies, however, agreed to join in pro-
ceedings. which will be in the form of an
injunction restraining the auditor from ex-
ercising his power-which, by the way, he
has never yet exercised, but it is presumed
he Is obeying the law.