The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-03-31
INSURANCE COMMITTEE HEAR
INC

The insurance committee Senator
McGovern of Hartford chairman, had a
hearing this afternoon on the bill in
troduced by Representative William HI.
Webster of Berlin, abolishing the safe,
| ty fund of the Hartford Life Insurance
company and providing that the fund
shall be divided pro rata among the
contributing policy holders.
The Hon. Lewis Sperry appeared as
counsel for the company and the Off
GERS present included President George
E. Keeney and Secretary Charles II.
Bacall. Insurance Commissioner The
ron Epson and Actuary Hughes of the
Insurance department were, also at the
hearing. a.s
Mr.. Webster said that he introduced
the bill under the impression that the
state of Massachusetts, and New York
had taken measures against the trans.
action Of the kind Of business covered
by the bill. He thought the same ac-
tion had been taken by Connecticut. He
had no fault to find with the style of
insurance carried ON by. the Hartford
Life. He had come to the conclusion
that the bill before the committee on
account of the contract existing be-
tween the policy holders and the COM.
pany. He added that policy holders of
the company have substitute bill
was in the hands of Charles H. Dress
er of Hartford. The bill proposed by
these policy holders provides for the in
PREVENTION of the superior court in be-
half of the policy holders, now $4,000 in
round numbers. There had been a fall
ing off of 1900, members in the past
eight years. The assessments have
nearly doubled in that time. He want
ed relief through the Judiciary commit
tee Of the state.
In reply to a question from Mr.. Sper-
ry Mr.. Dresser acknowledged that his
chief complaint was that the company
had ceased transacting assessment in
surance.
President Keeney said in answer to
Mr. Dresser's statement that every
policy holder has right now to go to
the courts against the company. Not
one in a hundred of the policy holders
in the safety fund wants the course
taken that Mr.. Dresser asks for, said
General Keeney. -.
Robert Stanley of Manchester, G. W.
Barnes of Windsor, Henry McCleary of
Southington, and f. o. Davis of POM
fret expressed the grievance that the
assessment assurance of the company
had not been kept up, the dropping of
that line of business becoming hard
ship to the policy holders 1t appear
ed that the average age of the policy
holders under the safety fund is fifty
five years. In answer to. Gen. Keeney
Mr. Barnes said he wanted to get his
share of the safety fund.
W. II. Squires of Meriden wanted it
determined who are the owners Of the
safety fund. In answer to Mr.. Sperry
Mr. Squires said that he had no inter-
est in the safety fund except that it is
guarantee that his policy will be paid
at maturity. The income of the fund
is used in paying dividends to the poll
cy holders. This reduces the premiums
as was brought out by Mr.. Sperry's in
quiries. Mr.. Squires in answer to Mr..
Sperry concerning hostile legislation in
many states against assessment insur-
ance and the failure Of assessment COM
panies that he would have had the
Hartford Life continue in the assess
ment business at a loss Mr.. Sperry
said the company was driven out of
Massachusetts on account of the Dewey
law with regard to assessment insur-
ance and out of New York state be-
cause of the stipulated premium plan.
The Hartford Life could not go on with
assessment insurance except at a loss
which would become more and more
each year.
General Keeney said he has $4,000
of insurance under the safety fund of
the company. There is $4,000 of this
kind of insurance in his family. He
said the Hartford Life could not have
gone on with taking new assessment
assurance at the time the discontin-
uance was decided on in 1899. The
mortality would have gone so high
that the company's business would
have been wrecked
In reply to House Chairman Marvin
of the committee President Keeney said
there is no power on earth that can
L.