Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1906-12-19

Surance; an annual accounting TO
report to the commissioner of in
surance all disbursements made in
opposing or promoting legislation
and to keep an accurate account
thereof; repeating the insurance re
taliatory laws; annual reports of con-
tributons for campaign purposes.
The report Of the legislative com
mittee appointed to investigate the af-
fairs of life insurance companies
doing business in Wisconsin recon-
mends the passage of a number Of
bills amending the insurance laws of
the state in the interest of policy
holders The examination was CON
ined to three companies, the Wiscon-
sin Life Of Madison. the Northwest
ern Mutual of Milwaukee and the
Union Central Life Of Cincinnati The
evidence was to the effect that none
Of these. companies made any contri
button from the company's funds to
any campaign committee, or gave aid
in the election or defeat Of any can
didate for public Office, nor was there
any evidence that they have engaged
directly or indirectly in any syndi-
cate operations or that any officer
has any interest in such operations
There was no evidence of any mis-
appropriation of the companies funds
or manipulation of the companies
business for personal gain, except by
inference.
1t was the intention of the legisla-
sure to place the election of trustees
IN the hands of policyholders whose
personal interest in the management
Of the company should be measured
by a policy of insurance of at least
$1,000. This provision should have
been an efficient suggestion of the
.mpropriety of selecting men with alb
solutely no interest in the company
o cast over 10000 votes for trustee,
and the conduct of officers In placing
over 10000 votes in the hands of
such men is indefensible. declares
he committee.
Proxy System Weak.
The trustees select the officers and
fix their salaries. They employ the
assistants and clerks in the home Of
fee and prescribe their compensa-
lion In the judgment of the commit
tee no plan or system which permits
proxy voting will enable the policy
holders as against the activity of Of
ficers and agents to control the man
agement of mutual company.
The weakness of the proxy system
is strikingly manifested today by the
strenuous efforts Of certain great
New York companies through an
army of agents to control proxies in
favor of the administration tickets
of the different companies.
To the end that the policyholders
In mutual life insurance company
may have the opportunity to exercise
The right to participate in the cleo.
ton of the trustees We recommend :
| Recommendations.
That In all such companies the
right to vote by proxy be abolished;
that every member of the company
irrespective Of the amount OF insur
ance carried by him, shall be emit
tied to cast one vote for each trus
tee; that all such mutual insurance
companies shall publish by states
and counties in the states, in alpha
betical order with postoffice address
es, the names of all policyholders
residing in such state. and shall fur
nish to any policyholder a printed
list of names and addresses Of such
policyholders of any state upon re
quest of such polieyholders and the
payment to the company of a sun
not to exceed one dollar.
We recommend the enactment of 4
law authorizing the governor to ap
| rnfD& ono r,NiinvhnIaar nf each 10