The Minneapolis journal., 1905-08-03

T. D. O'Brien, insurance commits
sioner Of Minnesota, favors a thoro in
vestigation Of the big life insurance
companies centering in New York city,
and Is indorsed in his ideas by Governor
John A. johnson.
Mr.. o 'Brien returned today from Chi
| cago, where he attended the conference
held Of a number Of state insurance
commissioners who considered the sub
ject. The result Of the conference is
that four Of the commissioners will meet
O'Brien Of Minnesota, Zeno M. Host Of
Wisconsin,, R. E. Folk, state treasurer
of Tennessee and ex-officio insurance
commissioner; and Henry r. Prewltt,
| insurance commissioner of Kentucky.
Other commissioners who may later join
in the New York investigation and who
were present at the Chicago conference
Illinois; James W. Barry Of Michigan;
R. F. Carroll Of Iowa; and j. J. Brinker-
hoff, actuary for Illinois.
| The companies the commissioners
want thoroly aired are the ..big three, !"
the Equitable, New York Life and Mu-
tual Life.
Said Mr.. O'Brien today:
vency Of any Of these big companies,
but they might be criticized for meth
DDS and plans pursued in the operation
Of their business; and this seems the
right time to regulate them. We are
Of the opinion that they ought to be
thoroly investigated, and the only way
to do it properly is thru joint exam
charged with that duty. There is SEN
timent among the commissioners who
! met in Chicago that examinations such
as we contemplate would put existing
rumors on a proper basis Of truth, and
would to a great degree restore public
confidence. The present state Of eriti-
cism and doubt is bad both for the
holders.
); "We are not all united as to what
methods are wrong in the operation Of
the big companies. Commissioner Host
!, of Wisconsin thinks all the great evils
/ result from lack Of having the com
panies each distribute their earnings
! annually; that they, should not be al
> longing to policyholders and not dis.
3 tribute the money. Another commits
( sioner believes great evil is in ex
4 cessive commissions paid agents fol
. business. And so it goes.
' eat the examination Of the New
t York companies, Actuary J. A. Harti
gan Of the Minnesota bureau will be
|
2 the interests of this state: I favor the
,, employment Of S. II. Wolfe Of New
York city for actuary in general charge
and supervision. The work in these
contemplated examinations is colossal
, and cannot possibly be accomplished il
:, less than ninety days. I think the in
g vii Willing T to take the Equitable's 'e exam IN
ination now going on for our examina
8 tion, simply verifying the figures, ant
= will thus simplify the work with tha
Z corporation.'
i Governor Approves Move.
o Governor John A. johnson said thi
/ morning:
e IT am heartily with Insurance Com
i missioner O'Brien in his action to pre-
t tect the policy holders in Minnesota o
j. the great New York Life insurance con
panies. Reports Of their extravaganza
have stirred the whole nation. Rumo1
Of the wrong application Il OF p1S3;a en1rm?u =;
q terests, properly guarded by public Of
e ficials, demand the close investigatio
u of corporations on whose welfare tn
l., future comfort and happiness Of thou
% ands Of people depend: In Minnesot
W fifteen millions Of insurance in force
the New York Life, about twenty-fv
N millions: the Mutual Life of New Yor
d some twenty-three millions. The thre
m corporations in all have about sixt,
s. three millions Of insurance in force
g. this state. Think of the widows, tt
d little children, the suffering, unprotecte
,e humanity of all ages that this va
1t amount Of insurance: has been taken OF
m to protect in future years. In view
Is this the examinations Mr.. O'Brie
thinks necessary, I heartily favor. H
"a is working for the interests of tt
!. masses thruout Minnesota. He is pla
ar ming to carry out the great work tn;
l with Mr.. O'Brien in every move ar
RI with him till the inish.' -
IS.