Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1905-12-07
Sun Life Assurance Company of
Canada.

Manager Sun Life Assurance Co.,
of Canada, Erie, Pa.
DEAR MR.. LUDWIG.
RE-THE CANADIAN SYSTEM OF LIFE AS
sURANCE SUPERVISION.
l note what you say of the agitation
about Life Assurance, and the unrest
caused by what is known as the Gin.
vestigation." l know that much has
been written of late regarding Federal
supervision, the prevailing opinion
being that the oversight of this great
trust should vest in officials amenable
directly to the Federal Government.
If that could be done so as to do
away with State inspection, as in Can
ada, and appointments were outside of
politics, and made permanent as here
certainly would be vast improve
ment on present conditions. Your sys-
TEN of changing the principal Govern
ment officials with change Of Govern
ment does not commend itself to us as
tending to thoroughness.
llt Stildtldu oN5btill Has bCSh IhISh
under review and has always been held
up as embodying safety and efficiency
with National Control--the most in
dependent supervision possible. 1t
gives general satisfaction.
The Insurance Act of Canada pro-
vides for superintendent of Insurance
appointed by the Governor in Council,
who is responsible to the Minister of
Finance, and who in turn is responsible
to Parliament The superintendent is
not allied to- and must not be known
to show leanings to either political
party. His office is permanent, and
held wholly on account of acknow-
lodged fitness for the position; the same
applies to the experts of his depart
ment
Extraordinary powers are given to
him to carry out yearly investigation
into the detailed workings, as we'll as
the financial standing ofthe companies,
and we know, from actual experience,
that his examinations are thorough
both the Superintendent and members
of his staff being duly qualified actuar.
les.
may here quote the section of the
Act which invests him with plenary
powers to unhesitatingly probe into
everything done by companies. 1t
says:
''For the purpose of carrying out the
provisions of this Act, the superinten-
dent of insurance is hereby authorized
and empowered to address any iuqnir-
les to any insurance company licensed
under this Act, or to the president,
manager, actuary or secretary thereof,
in relation to it's assets, investments,
liabilities, doings or conditions, or any
other matter connected with its busi-
nesss or transactions, and it shall be
the duty of any company so addressed
to promptly reply in writing to any
snch inquiries.n
The thoroughness with which the
provisions of the Insurance Act are en-
forced by the superintendent and his
staff, accounts in large measure fcl
the strength and reputation freely &C
corded to Canadian Life Companie,
wherever they do business. 1t un
doubtedly is most thorough
1t may further be stated that the In
surance Act requires the Superinten
dent once every five years, or oftener
at the discretion of the Minister of Fin
ance, TO value all the life policies O
companies, and if the liabilities of any
company are found to exceed it's as
sets, a report thereon must be lodgeC
with the Treasury Board which viii
promptly order Withdrawal of the Com
pany's license, and the same mad
public in the Official Gazette.
A careful watch is maintained by tn
Department to see that the investment
of the Life Companies are kept strictl
within the limits prescribed by the In
surance Act, any deviation therefrom
or what the department may think
deviation, is promptly dealt with il
correspondence with the company.
The fact that no policyholder ha
ever lost dollar through the failur
of a regular Canadian Life Company /
evidence that the Insurance Act is
vital force in Canada.
The Sun Life of Canada is, of course
under the supervision of the Canadia
Government and the Insurance De
partment, and although not the oldes
company, it yet can well claim to b
the leading Canadian company, as
glance at the Government Repor
shows. In 1904, it led the twenty othe
Canadian companies in the following
important items, Premium Income
Total Cash Income, Excess OF Incom
over Expenditure and Amount Of New
Policies Paid For.
The Sun Life Of Canada, has I'm
vitality that, may say, is character
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