The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1905-03-14

| There are ninety insurance compa-
MES licensed to do business in this Ter
| ritory, according to the report of Geo
E. Smithies, Deputy Insurance Com
| missioner, TO A J. Campbell (Treas-
| urer), Insurance Commissioner. Of the
total number, Sc are fire insurance
companies, % OF these being American
II marine insurance companies, none
of them American, and II life, acct
dent and surety companies, ii being
American.
summary of the total amount of
fire and marine insurance written for
the year ending December 81, 1903, and
also of life, accident and surety insur-
ance for six months ending December
81, 1903, contains the following figures:
Fire insurance-55 companies; insur-
ance written, $19,SSS, 471.92; net premi-
ums, 1864, 62S.51; losses and claims paid,
S153, 261.17.
Marine insurance-10 companies; in
surance written, S14, S54 ,254.71; net pre-
rniums, $97, 323.27; losses and claims
paid, $S72S.79
Life, accident and surety insurance
is companies; insurance written, &c.,
7S1,116; net premiums, $S1,04S16; re-
newal premiums, $371, 07768; losses and
claims paid, $50, PASS.
Grand totals insurance written, SAL
523,S42.63; net premiums s542, 999.94;
losses and claims paid, $252, 264.S4. Ad-
ding renewal to net premiums, the total
premiums on insurance paid in this
Territory-fre and marine one year,
and life, ETC., six months ending Dec.
IT.
The revenue of the Insurance De-
partment for the fifteen months ending
Dec. 81, 1904, was 3,049, almost equal
ly divided between fees and taxes.
Expenditures for the same period were
$61S.45. Nothing is charged to salary,
as the deputy is clerk in the Treas
urer's office. The estimated receipts
for the biennial period ending Dec. 81,
1906. are s31. 060, of which $4,000 is ex-
pected from fees and $25, 900 from taxes.
Taxes collected for three years prior to
1904 from insurance companies are thus
stated: 1901, $7039.29; 1902, S7900.S3; 1903,
$7S13.69.
Prior to the law of 1903 insurance
companies were taxed one per cent on
their gross premiums, whereas under
that law they are taxed two per cent
within the Territory. In explanation
of the fact that the new method yield
ed somewhat less than the DID, Com
missioner Campbell says that the APP
plication of the new law was necessari-
ly attended with the same disadvan-
tages and misunderstanding as ac-
company all new laws
The Commissioner recommends
amendments of the law to place GER
tain rulings he had made beyond any
doubt of their legality. One ruling in
question was against the custom that
had been in vogue ito consider cargoes
shipped from this port as risks located
without the Territory and therefore not
subject to the conditions of the Insur-
ance Act" Another point asked to be
established is that deductions for re-.
insurance should only be allowed when
such reinsurance is placed with Ii
censed companies"
1t is also recommended that our law
be made to conform with the insurance
laws of some States on the mainland
for the prevention. of what is COM |
monty called overhead writing''-that |
is, the placing of policies on risks 1ocat- |
ed within this Territory in companies
away from here, without being locally |
taxed, that are not licensed to do bust !
ness here and have no agents here. He !
points out that this places at a dis
the companies who are Ii !
censed here and pay taxes on the bust |
ness they do.