The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-15
O BRIEN RE URNS
FROM CONFERENCE.
STATE INSURANCE. COMMISSION
Err TELLS OF RESULTS.
Ctate Conlnission Favor Principle Of
Short Periods Of accounting and Dis
tribution Of Dividends, Safeguard
Against Improper Alliances and
Closer Relations Between Policy
holders and Managementa

{, T. D. O 'Brien, insurance commits
sloner OF Minnesota, returned TO st.
Paul from thte east this morning.
Mr.. 'Brien spoke freely Of the work
of the commissioners and the plans in
view, yet was very guarded when it
came to stating what connection Presi-
dent Roosevelt is having with the move
ment. y. II
We called on the president last
said M. o,Brien. ~ Those II sep in our par
ty were Commissioners Pierce of Ne
#braska, Prewitt Of Kentucky, Host of
Wisconsin, Cole Of Mississippi, Folk of
Tennessee, Carroll Of Iowa, Hardison
OF chusetts, Drake Of the Dis
trlct OF Columbia, and myself for Min
nesota. After our conferences with the
president, the proceedings Of which I
do not care to disclose, we went to a
hotel, where for the rest of the day and
part OF the day following, we discussed
the situation. ass !.
Dec: II we agreed that Commis-
s1oner Drake be requested to call a
meeting OF the governors, attorneys
general and insurance commissioners
Of the different states, to be held in
chicago, Feb. l. The call for the
meeting states that it il ito consider
desirable insurance legislation and 9TH
Ct think I may say the insurance
commissioners 60 4ss on, are. practically agreed
there are g three things needed in new
ana uniform legislation for insurance
companies IN the various states.
First-The establishment Of the
prlInclIp T: ct short periods Of accounting
| and distributions Of dividends. This
would decrease the cost Of insurance
and prevent the piling up Of an i'm
| mense surplus by each big company.
such accumnlations of wealth being 4
constant temptation to Extravaganza
and encouragement. = E
! oecond--A proper safeguard to pre-.
| vent improper alliances between insur.
| ance companies and trust companies or
slml Ia purpose organizations.
| S.Third-Some reasonable method bv
which poicyholders are brought more
closely in touch with the mana gem ent
OF the companies, that the com panies
1 the benefit of the policyholders.
The first of January will see the
eon q iI Of Legislatures, in seventeen
| different states It may be that every
| member of these legislatures has his
/ own plan for rearrangernent Of thu,
state insurance laws, yet ] hope AMI
believe the deliberations of the Chi
cago convention will have their effect
in the introduction Of uniform bills
bodies Id. VIZ
4 Mr.. O.'Brien was asked relative tc
4 the Developments Of the investigation OF
f the big New York companies by the
/ seeral states. a5.tg,s 4.
- The svtate examiners are aluing. the
4 policies and paper securities of The
i companies 4 are the appraisers finding
4 the companies haveal listed these hold
Il ings fairly2n asked the reporter.
i 81 Of course, in 4revaluing so many
where valuations Of great smagnitudt
!. are. .iinKolved, there Is beund. to be SOM
variation, !. but / cannot soy that til,
4 comparison is against the companies
!, In some instances the valuations by, th
| state appraisers are higher than thos
of the companies. = #. .s@sg j.