New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-10-03

Speaking. for. the five commissioners who are en-,
gagged in this inquiry it will not he their Pohsy 10
Of TTY@rk ' We shall Watch his action and il
he falls to bring suit for the ber nd noI 4
we believe have been taken improperly from the
polcyhoders. we shall ask the Attorney Generals
surance officials for restitution. It is extremely
improbable that We will take the licenses away
from the companies which doing business IN
States, because Of the improper acts of thelr
Of these wrongful acts The men who have Offend
ed will not be permitted TO continue In the man
power which bring to bear TO put an end
to their administration.
SENATOR DRYDEN IN THE WORLDS
WORK
In the current number of The Worlds Work
Senator John F. Dryden Of New-Jersey, president
of the Prudential discusses The Federal Regula-
ton Of Insurance" He declares that 1t would de-
crease the cost Of insurance and increase the secu
rty Of good companies. He promises to reintroduce
his bill of last session calling for federal super
vision Of all insurance companies, drawn. ne says
In the firm belief that federal statute regulating
insurance between the States and eliminating need
less State supervision would produce AN increase
in security; a decrease in the cost of insurance;
an increase in the returns to policyholders; de
crease in the burden OF taxation; dimlnutlon OF
clerical labor and a consequent decrease in ex-
pense: and the stamping out Of fraudulent or
spurious insurance concerns.
Senator Dryden says III par
Insurance companies, as State corporations. are
nronerlv subject to State supervision ana eglsHlNe
Agitation and control, but under our form OF GOV
ernment this power Of State supervisor on llt
mart ~ some fifty different State and lerrltorlai
Governments has become so much OF a pu5oen ON: aiiI
has resulted in many perplexlng ana serious
problems sometimes threatening the very existence
81 the companies that relief is sought in 1eQeraI
statute which would materially improve the sltua-
tion and eliminate needless friction ana expense
sheraton of public policy. and 1t is but proper MAJ
the companies should urge such a measure. nolu-
ing in this matter the position of public trustees
The object Ia do away with needless IrlCIoL'
needless expense, needless burdens, ana 10 SUD-
stitute more effective system OF supervision ana
control bv the federal government.
State sleprViSon has its advantages, ana IN many
respects the State departments have proved OF
great value in protecting public interests ana IN
fostering the development of a business so pre-
eminentfy entitled solicitude Of government
But the serious condition confronting the com
enies which is becoming of increasing Importance
and Territories intolerable burden ana very
considerable expense the policyholders.
All efforts in the direction Of uniformity in in
surance laws have failed. code TO this effect
was drafted by the first convention Of insurance
commissioners in 1871. but few practical results
have followed the numerous subsequent enorts 70
bring harmony into legislation and uniformity into
methods of supervision. While what has been ac-
-omplished in this direction is Of course desirable.
me conditions to-day are nevertheless intolerabe
and constitute a burden for which there is no
practical political necessity
President Roosevelt in his last annual message