The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-03-11
O BR|EN SUGGESTS
INSURANCE CHANGES
MINNESOTA MAN WORKS FOR
NEW CODE.
Committee Of Fifteen Soon to Meet in
Chicago Has Much Work Cut Out
Revision Of Life Insurance Laws I'm
perative and Outline Of Requirements
Will Be Prepared.

At the meeting Of the committee Of
fifteen Of the insurance commissioners
which committee is to
convene March 20 at the Palmer House,
Chicago, Thomas D. o 'Brien, Minnesota
commissioner, will without doubt be
central figure. His opinion, therefore,
on the subject matter to be considered
by the committee is Of Importance.
sstThe first thing which the commit
tee will probably consider said Mr..
o'Brien yesterday afternoon, "is the
Armstrong report, and in this connec
ton will have to be considered the leg
islation which the Armstrong report
proposes for the state of New York.
"Second, the, committee will doubt
less arrange for completion Of its own
report to the insurance commissioners
who will assemble in convention again
next September.
- Prepare New Code.
5"The committee may employ parties
to prepare a new insurance code, or.
may request the committee on uniform
laws to draft desirable laws, or may
subdivide the committee into divisions
and each division take up the drafting
| Of laws covering certain phase Of
the general subject in hand.
cit is my hope and belief that the
foundation may be laid, that the time
may be taken, to prepare code which,
as far as possible, will be ideal. Such
code when prepared, may not be
! adopted in all states, but there is no
reason why it should not be recon-
mended and presented to all legisla-
lures that each legislature may adopt
it in whole or in part, as it sees fit.
CIT seems essential that the commits
sioners should take what action they
can best to settle this matter in view
of the hundreds of insurance agents
whose livelihoods are actually impaired
by the present suspense of the public
mind and feeling of unrest relative to
the big insurance companies.
GAS to what the code of laws will
contain which the committee of ff.
teen will suggest, is of course problem,
atical, yet to my mind there are q
half dozen things which need attention
! in the way of uniform state Legislation
/ and which I favor recommending tt
' the legislatures of the various states
Some General Suggestions.
y "First, the institution of a system
). of annual dividends on policies ant
= adjustment of the deferred dividen'
icontract.
9 "Second, the creation of closer re
i lation between the policyholders an,
o the arrangements of the respective com
= panies. g.. -..--, .i
= .'Third, that investments be bette
IS distributed, that is, that there be NOR
~ investments made of the same amour
- of money, and that they be more seal
tered. .- r. .r. .-s.., -.
- "Fourth, that there be reformatio
. of the annual reports to include pc
. fected gain and loss exhibit, that thel
- be shown the salaries of officers, date
10 of purchases Of securities, etc.
IL "Fifth, prohibition Of ambiguo,
~ !, policies, and discontinuance of polio
y, contracts which cannot be fulfilled.
"a "a "Sixth, proper rating and class
III fication of fraternal and assessmel
ae insurance companies, in view of Il
- fact that there is great deal Of di
m ference between the ideal fratern
re company organized among men WI
ne have something in common beside Il
ne insurance, and fraternal companies o
OF ganized by a small coterie of me
* solely to sell cheap insurance"