Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-07-21

such CORPORATION and its books with
reference to it's business. Within the
scope of his authority, and the limits
of his time. the superintendent has per-
formed his duty with impartial tnor-
oughness. Although he has informed
me that by reason Of the statutory I'M
itations upon his inquisitorial powers
and by reason of the magnitude OF the
task imposed upon him. he would well
come the aid Of the legislative investi-
eating committee, ! have been OF the
opinion that he with his stan OF ex-
perts and with the authority vested IN
him to conduct Investigations at the
expense of the companies examined,
was we'll qualified to collect all neces-
sary evidence upon which to base new
legislation. and that no other fnvesti-
cation outside courts Of justice was
necessary or desirable, pending the In
vestigation now being conducted by
him.
1T is, however. of the highest impor-
lance that revision of the insurance law
should be enacted as promptly as is con-
sistent with thorough knowledge of the
subject 1t is proper and necessary that
the Legislature should determine for itself
how information upon which to base such
a revision may best be obtained. If in Its
Judgment an investigation conducted by
its own members and calculated to pro-
duct the most satisfactory results. such
an investigation cannot too speedily De De
gun.
In order that you may be free to con-
slider and act upon the subject at TINS
session, / therefore pursuant to the con-
stitution do hereby recommend for your
consideration the question OF appoint
ment of IL joint committee OF Senate ana
Assembly with the usual powers OF such
committees to investigate. after your adj
journmcnt, the operations of life inSur-
state, for the purpose of preparing and
recommending to the next regular seS-
sion of the Legislature such proposed leg
islation as may be adequate and proper
to restore public confidence and to com
pei life insurance companies to conduct
a safe, honest and open business for the
benefit of their p polls y13 Dc HIGGINS.
Senator Armstrong Immediately intro
duced the following resolution:
Whereas is appear from the prelimina-
Insurance on the Equitable Life Assur-
ance Society of New York. that the inter-
ests of the policyholders and their bene-
ficiaries in life insurance companies doing
business in the state of New York are not
properly safeguarded by existing laws,
and that revision of the insurance laws
of the state should be undertaken; and
Whereas, the inquistional powers OF
the superintendent Of insurance are lin
tied to the examination of the officers and
agents of the companies and their books
with reference to their business and with
a view to their solvency chiefly. and it is
expedient that as n basis for legislation
the operation of such life insurance COM
panies should be investigated rs fully
and as promptly as may be:
Resolved. if the Assembly concur. that
Ia joint commimttee be appointed, consist
ing of three members of the Senate and
five members of the Assembly, which
commimttee shall. after the adjournment
OF the extraordinary session. proceed to
investigate and examine into the bust
ness and affairs OF life insurance COM
panies doing business in the state of Now
York, with reference to the investments
of said companies, the relations of the Of
flcers there Of to such Investments. the
relation as such companies to subsidiary
corporations, the government and control
of said companies. the contractual rela-
tons of said companies to their policy
holders the cost of life insurance the OK
press of said companies and any othehr
phases of the life insurance business
deemed by the committee to be proper
for the purpose of drafting and report
ing to the next session of the Legislature
a provision of the laws regulating and
relating to life insurance in this state as
said committee may deem proper"
The Assembly adopted the resolution.