The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1906-01-19
DRYDEN HAS new
Insurance BILL
NEW JERSEY SENATOR SEEKS TO
HAVE GOVERNMENT CON-
troll BUSINESS.
Publicity the neutrality-suspicious.
to Be Under Control of Bureau
Fraternal Insurance Will Not Be
Affected.

Washington. Jan. Ex-senator Dry
contemplating government control of
insurance, and will reintroduce in the
senate. Publicity is the keynote of
the bill, and coupled with this are
safeguards for the detection of wrong
doing and the punishment of those SO
offending. 1t defines policies, or insur-
ance contracts, as instrumentalities of
commerce. and provides for the regu-
lation of the business through the
medium Of a comptroller of insurance
and along lines similar to the control
exercised over national banks. The
author says he believes this will go
far toward meeting the objections of
those who have questioned the consti-
tutional possibilities of federal regula-
ton of insuI ance.
Strongly Endorsed.
The senator says the bill has the
endorsement of the president, admins
tration officials, eminent constitutional
lawyers in and out IF congress and
others who are familiar with it's gen.
eral features
The bill contains some so separate
provisions, Of which the first 13 relate
to the organization of the proposed
bureau of insurance in the department
of commerce and labor The general
supervision and control of the bureau
is under the direction of the secretary
of commerce and labor, and all fees or
other monies collected are required to
be paid into the treasury. The comp
troller mus. make an annual report to
congress, including the details OF all
examinations made of companies dur
ing the year, together with complete
statement of the receipts and disburse-
ments of the bureau.
Fraternal Insurance Not Affected.
The provisions of the act apply to
all corporations, associations or part
nerships engaged in interstate insur-
ance business, or who make and de-
liver insurance contracts outside of
the state Of Incorporation or origin, or
authority. hut have no application for
fraternal societies or organizations
carried on For the sole benefit of mem
bers and not for profit. Such assocla-
lions or societies may voluntarily
take advantage of the act and, after
complying with all its provisions. be-
come duly authorized by the comptrol-
Ter to transact interstate insurance.
Authority and power to inquire into
Of hn Op
ment of all corporations engaged in
interstate insurance is given the comp
troller, and he may have the compa-
MES examined by special examiners
whenever necessary or expedient.
Safeguards Strengthened.
Commenting on the measure Sena-
tor Dryden says: BY this bill the
business of insurance is made a ma
tional interest, and national laws are
hereafter 10 govern insurance con-
tracts and the conduct or management
of insurance corporations. In addi-
ton thereto the companies will be sub
ject to supervision and regulation by
the government of the state, territory
or district, of incorporation, or origin.
The needless, expensive and dangerous
method Of cver-supervision. over-leg-
islation, and over-taxation by some so
state or territorial governments will
come to an end. The comptroller of
insurance will be responsible OFF,
Ger. appointed by the president. spe-
cially charged with the duty and
clothed with ample power to properly
and securely safeguard the interests
of the policyholders and Of the public