The commonwealth. (Greenwood, Miss.) 1896-1923, 1904-05-21

Q 49, h'AAN HFNNA q -" Val g. bia6i
80 assume gigantic proportions an'
became too large I0r an adjunct o
another department, making ii neces
sary 70 create a department for til,
exclusive handling Of this business
Hon W q. Cole, who had the hand
Ing oG the insurance department dur
ing his term Of four years as auditor
Was elected 10 the Office and is nov
| performing the functions Of the same
Believing that not one man in a dozer
In the State at large has a clear con
eeptinn Of the duties and responsible
Ties Of the office, and the benefits to
rived by the people. this article is Of,
be derived by the people, this article
IS offered as a partial statement OF
facts concerning 1t, Too much space
would be required to take the matter
up ana handle in detail. but a few OF
the most important points will be
given.
Mtssisslppians pay annually for the
different kinds OF insurance the enor.
nus sum Of over FIVE million dol
lars, This is in excess of the amount
tf-'N ~ 'H@lN ~ al hlIlNSt anu tI8
need Of protection for those who In.
sured had been felt for some time.
There are thousands of victims who
eau bear testimony TO the lax meth.
DDS in vogue IN the past. Wildcat and
irresponsible concerns had the same
privileges As those that were on a firm
financial basis and were Just as free
10 send their solicitors into the State
and take the peoples money without
the hope Of ever returning a CEN if
loss should occur. The principal duty
Of the insurance commissioner is to
thoroughly investigate every
Offering to do business in the State
and ascertain its undoubted RESPONSE
btlity before granting a license. He
Is empowered to visit the home office
and demand any proof that he may
see nj to satisfy himself as to the alb.
reliability of the concern. After
his mas been done to his perfect salts
faction there are other laws and reg,l.
that must be complied with be-
a license Is issued. The protec.
lion to legitimate companies is also
item, as 1t prevents Legitimate
1nes from coming in and doing bust
less at a rate impossible to be met
)y those who ere compelled to pay
oSses; then, too, the failure of a com.
}any 10 make good its losses promptly
>reJudices the people against all in
france companies and decreases The
10 some extent. On the other
the commissioner stands be-
Ween the companies doing business
n his State and losses from incen.
.laIE fires by the insured for fraud.
lent purposes. Where there is sus-
lcl0n attached he is compelled to in
estlgate and determine as far as DOS,
IDLE the guilt of the accused. All
gents for insurance concerns doing
u5iness in the State must have a Ii,
and the commissioner must ace
lat the law is strictly enforced along
lls line. Too many cases in the past
ave proven that parties without this
cense were soliciting insurance. and
lere was no n to look after the
tates interests. The insurance com
.lssioner, then, Is a mediator between
Ne companies and the people who in
Ire. and his duties are to see that
side Is imposed upon.
Another question uppermost In the
inds Of the people who have given
.e subject a thought is how is he
lid and from whose pocket does it
me! Not unlike everything Of this
.laracter, it comes from the pockets
those who desire protection and
ttrontze insurance companies. But
e State Of Mississippi has been pay.
& Tor this protection all along.
neither it was gotten or not. Neigh.
ring States have for years main
med such an office and the rates in
lsslSslppi We're on a par with the
ties in those States. The rate mere {
s not been increased more than in
so our people are paying moth.
g additional for their protection.
Since the creation Of this office the 5
revenue from insurance com |
MES and agents han more than c
ubled. -Four years ago the amount '
aeived was only $45 900, which has
" increased to $125,0 900 and bids '
r to go far beyond that figure this .
1t Is just as we'll that the State |
TINS revenue, as she Is entitled to q
n the policy holders pay no more q
before the office was created I
i might prove interesting to some I
give a few statistics with regard p
insurance in Mississippi during the =
st year, As was stated in the be- a
ming, the total amount paid in pre- d
lms on life, fire, accident and mis- v
laneous insurance was over 5000. q
l. The amount returned for losses
$ about one-half that. Old line life II
npanies collected in premiums ST.. II
,519.39 and paid in losses $7t6,91o.- p
Fraternai orders collected in as. II
sments for 1902 t1903 figures not D
compiled, s703, 9O7.9t, and paid o
for losses 6S4,775.15. Fire COM v
lies collected In premiums St,G72.. 81
on, and paid in losses 1852. 5T9.Ai. al
liability, steam boiler and "
er miscellaneous companies col. Ia
ed in premiums $3.50, 400. &c, and II
i in losses $62, 2S8. 40. pI
rom the above figures IL will be 81
II hAAht it ialtS VIAL ecu nY ora line ~
and fire insurance companies is NJ
high by far, but it is not in the OF
vince of the insurance commits tr
Ter to regulate these rates. Some ST
the ~fraternal orders have their ly
IS too low, as will be seen by a e
of the assessments and ST
les of the Woodmen of the World. M
CHI collected sl60,2tt.45 and paid la
loses S2l4,S52. The Endowment oil
TX, knights Of Pyth.as. collected oil
},5S2,o7, and paid In losses st0a.. pc
The Knights Of Honor collected ht
t,325.7l and paid in losses St47,5r0. sp
li
City has her sell up to catch ST
breeze of an additional railroad. ga
route IL being selected for an. ~
n line running south from that ~
n with Jackson as the objective "
L. One new road Is Just being ~,
pleted into this progressive town, On
here comes another, ~,