Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-11-21
M'cURDY WAS FORCED TO TAKE
ACTION, SAY MISSOURI
OFFICIALS
VANDIVER STATES CASE
State Insurance Commission Declares
That He Is Not Trying to Destroy
the Life Insurance Business, But
Simply Wants to Reform and I'M
prove Methods.

JEFFERSON City, Mo-, Nov. 20.-Indi.
rectly 1t is learned that the Missouri
Insurance department has opened cor.
respondence with the Mutual Life of
New York and it Is thought that let.
ters from Commissioner Vandiver may
have prompted Mr.. McCurdy to cut off
half his salary. Mr.. Vandiver has
also opened negotiations with the Pru.
Dental.
The Insurance department has not
relaxed its efforts in the matter of
regulating insurance business in Mis-.
souri," said Mr. vandiver "The
temporary restraining order in
the New York Life case makes 1t i'm.
proper for me to discuss the legal
question while the case is pending In
the courts"
Mr.. Vandiver gave indications that
he felt confident that the courts will
not permanently interfere with the
program he has marked out.
Abuses Not All Brought Out.
There are many abuses of less
conspicuous character than those
brought OUT in the New York investi.
cation" continued Mr.. Vandiver. "Mis.
leading estimates of dividends, illus.
tration figures promising great returns
that are known to be impossible OF
fulflllment, special broad contracts
that are outside Of the policy, backdat.
ing of policies in consideration of
liens against them, large commission
rebates and other long standing
abuses, as well as some Of the more
recent invention, may not all be eradi.
Gated at once, as they are, perhaps, not
Illegal in a technical sense, and yet
condemned by the best insurance ex.
perts and am glad to note q healthy
sentiment Of reform and Improvement
among insurance. men themselves.
L intend to give that sentiment all
the encouragement can and back ii
up with all the authority vested in me
by the laws of the state.
Alive to Need Of Reform.
Every honest insurance man knows
that there is need for real, practical
reform in the business. Scores of
them have told me so. The trouble
Is that each one wants to begin on
the other fellows company. They are
manly, sensible business men, and
when they understand that I have
marked out course of action that
will be consistent and straightfor-
ward, the result of which will be to
help them in their effort to put the
whole business of insurance on a safer
and more economical basis thus re-
storing the confidence of the public
and giving the policy-holders assur-
ance OF square deal, am confident
that fully 80 per cent of insurance
agents themselves will indorse the
stand | have taken and the work |
am doing.
Il am not for destroying the busi-
ness, but for reforming it's abuses and
improving Its Methods | believe in
insurance and have been for MANY
years patron of both the life and
fire companies My purpose is not
destructive but helpful to all who
want to do an honest busin ,ss."
Roosevelt for Arbiter?
st. Paul, Mimi, Nov. 20. - Accord.
Ing to State Insurance Commissioner
O'Brien's report to Governor Johnson
made today on O'Brien's return from
trip to New York, and Washington
in connection with the troubles of the
big life insurance mpanies. Presi-
dent Roosevelt may be the chief arbit-
er in a cooperative effort of all the
states of the union to compel the large
life insurance companies to put their
business on safer and more econom-
ical basis.