The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-07-25
rIr1. INSURANCE. COMPANIES
Legislative Committee A~pssSintcd o
Examine Into Their business AMI
Affairs for the Benefit 81 Policy
Ilnldcr~-Action OF tho LEGISLATURE
Caused n Sensation.

Albany. -. Y. July .o-There will
life insurance business as carried on
In This state both by New York cor
porat"ns and BY those If other states
doing business within this state. This
Investigation will lie made by = sue-
ciai joint committee with ample DOW
eTs. OF which the Chairman viii be
Senator William w. Armstrong. OF
Rochester. The ether senators on the
committee viii be wiiiiarn j. Tuily. Of
Corning (r-pubIicanl and Daniel j.
RsordaE. Of New York City tdcmo-
oratl. The five assembly members OF
the committee Will be named by
Speaker Nixon within the next day OF
two.
The Institution OF the committee fol-
lowed hard upon O raessagc of Gov
error Higgins to the legislature. which
came as a complete surprise. IN
message VAS received in the Senate
after conclusion uf the Hooker case.
and was no. read in the Assembly un-
til late IN the afternoon session Its.
effect may be described as sensational.
IL calling the attention OF the lcgis-
lature to The insurance matter. the
eoveinor IN his message said.
Il egislation Il nc panacea for the
ills of the todv petite that rise from
a liSordered moral sense The malti-
pn. atlon OF penal statutes does not d.
n,.iiish the spirit CT lawl-ssness. but
is rather a SYMPTOM % its growth
iSut IL Is apparent that DIR Insurance
law IS N some particulars aosolets
and Inadequate AMI that the
rnent Of the funds OF these great COM
p&n:os is not sufficiently saTeguardcd-"
The governor therefore requested
an n~vestrPation OF the operations %
life insurance companies for the pur-
pose OF PREPARING legislation to com
pei life insurance 10 con-
duct a safe. honest and oDen business
Tor the benefit of their policy holders"
Senate Armstrong added Il rcsolu-
tiCn providing for the appointments OF
a ioint committee 10 investigate and
examine into the business ana affairs
of life Insurance companies doing
business in the State OF New York.
with reference to The investments of
sale COMPANIES. the relations of the
officers thereof to uch investments.
the relations of such companies 10
SUDSl'lidfS cOfDOr tlioDS. inc govern
lnent ami conditions Of SAID coInDa
lies. The contractuai relations Of said
| companies to their policy holders.
the cost of life insurance.. the exDen-
| SEES of StiG companies and any other
| phases of The life insurance business
| deemed In be proper. for the purpose
of drafting and reporting TO the hex
session OF the legislature such Il rcvis-
ior tf the laws regulating and relating
to life inurance in this state as said
| committee may deem proper.
This was dopted bv 10Th houses
with an appropriation OF $4,000.
Washington. July 20.-Thos +.
RYAN. who arrived here today from
New York tonight gave out the inter
view Of Governor Higgins message
concerning n Joint commission Ia in
vesti.ate l.fe insurance business in the
state.
Governor Higgins has acted WISE
] III "dering III investigation Of all the
insurance companies. \ thorough in
v~estication will be made for the policy
holders n that is the great question
-nvc.Ved. lis action will greatly aid
Mr.. Morton IT. cleaning up the Euuit-
abie and reforming its management"