Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-09-28
ABOVE THE CLOUDS.
Insurance. Commissioners Visit Sunni.
Of Mt. Washington.

Brctton Woods. y. H., Sept. .7.-Re-
ports OF committees were made. today,
| at the morning session of the national
convention of State Insurance Commits
| SiOnerS. They included statements
| from the committees on laws and leg
| islati,,.I. unauthorized Insurance and
| rates Of mortality.
Shortly before the meeting was OPEN
ed the secretary announced that plans
had been made for a trip to the sum
riit of Mourt Washington. Thereupon
! the convention was adjourned until late
! III III" afternoon and the delegates
| boarded cars on the mountain railway
| on which they assembled to the summit
The upper part Of the mountain was
found to be covered with snow. The
| delegates planned to cat lunch at the
! Summit House.
The trip up the mountain necessita-
| ted a change in the program Of the
convention. Frederick H. Nash, as
sistant attorney general for Massachu-
sets was to have read one of tn. prn-
| cipal papers of the convention at the
| early afternoon meeting ON the subject
| of Federal Supervision of Insurance
Companies Under the re-arranged
pOncd until tomorrow.
The feature of todays session of the
Nationel Convention OF State Insur-
ance Commissioners was the address
tonight. of Frederick II. Nash assist
ant attorney general of Massachusetts.
| Mr.. Nash discussed Federal Super
vision OF Insurance Companies and his
statements were frequently interrupted
by applause. The general tenor Of his
address was ill opposition to federal
supervision. although he believed that
insurance laws of the various state.
should be more uniform.
He believed that there was no lon
ger doubt of the advantage to the pub
lie and to tn" trustworthy companie:
from governmental supervision. The
only question is. which government
shall cX.rciSe the power.
Tho evils Of the present system arc
real Mir Nash declared, and are fell
not only Icy the companies which just
| ly complain Of too much government
| but also by the fifty state governments
themselves. The companies have Suf
| fcrCd from unScientific and oppressive
| taxation. and costly examinations and
| rom thc minor burden of making re
'orts to to many states. On the othe
land the pcople. who are citizens of tn
| United States as we'll as of their sew
raj states, are handicapped in regu
| lating this most important business by
| the territorial limitations Of eacl
states power.
| Mr. Nash expressed the opinion that
ne existing system of state supervision
,hOud continue. changed so as
| Grin; about faircr and better result
and that federal control would be un
wise as well as illegal. He believed
| that tho proposed law of Congress by
which insurance would be interpreted
Is commerce would be unconstitution-
al. He thought. however. that fed
.ral supervision should not be looked
Onward to either with hope or appre
;ension. The evils Of the present
| iystern seemed to him not unavoidable
| ! little comfy among tho states was
| II that was needed to stamp out the
evils Of wildcat" companies chartered
| ny one state and preying exclusively
| mon the Inhabitants of other states.
| Nnother evil the burden of licenses
nd privilege taxes which amount ever
! year to millions of dollars in excess
| he cost Of supervision rests upon tn
| olicynolders who should look to thei'
| interests in this respect.
| Mr.. Nash averred that the wisdom
| secretion and honesty, composite in
fifty Persons, chosen by fifty state
| ere more to be valued than the ex.
| ellencies of one person appointed
| Washington. Speaking of the lack O
harmony of the laws of the various
| states upon insurance questions. NJ
| Mach believed that the condition,
| might be remedied by careful revision
| of the laws by commission OF ex-
| lertS. -.
| Committee reports occupied the
| morning session of the convention
they included statements from th'
subcommittee on law and Legislation
| unauthorized insurance, and rate OF
| mortality.