Omaha daily bee., 1906-08-12
INSURANCE IN new ZEALAND
Government Control Works Wonders in the
Way of Saving.
POLICY HOLDERS PROTECTED ON ALL SIDES
Some Features of the Plan that Looks
Very Attractive 10 One who is
Accustomed to American
Methods.

One Of the deepest of the, many pleasant
impressions which New Zealand makes
upon the visitor is that in it's public affairs
it is a land of peace and prohity. The in
cessant clamor of investigation into the
conduct of public and semi-public business,
the dust and stencil of constant disclosures,
which have come TO be almost the normal
condition of life in the United States, are
practically unknown in that island colony
OF the southern seas. Such a national dis
grace as the insurance scandals, which
have so shocked and amazed the American
public, would be impossible there. The
methods of the government insurance de-
partment and the honesty and publicity
with which the Office is administered give
absolute confidence to the New Zealander
insured therein. In thirty-siN years there
has not been even suspicion of wrong
doing In the department.
Government life insurance has had a thor
ough test i'm the colony, but fire insurance
is one of it's recent experiments The life
insurance department began work in 1870
having been established because of the fail
ure Of two British companies I'm which
many New Zealanders held policies. 1t was
the result of a general public conviction
that there must be greater security in life
insurance and that their own government
was the likeliest place In which TO find 1t.
The act establishing the department was
passed by unanimous vote of Parliament
Government ms Competitor.
The government insurance Office does
business in competition with all the other
companies that wish TO enter its field, and
It has not only beaten them in the contest,
but is steadily gaining on their business
1t does Al per cent Of the entire life insur-
ance business of the colony. and now trans
acts the largest amount Of new business.
Ten foreign companies compete with it,
Six of these are Australian, two British
and two are American, the New York
Life and the New York Equitable. The two
latter have been I'm the colony nearly
twenty years, and hold together only 3,OO0
policies, assuring s. 10000 The big Aus
tralian Mutual Provident association is the
only foreign company thai transacts any
thing near the amount of the government
business. II has been in New Zealand more
than forty years and holds &c. 700 policies
assuring 100000. The government ONCE
has In force over 1900 policies, assuring
SIS, 600 600.
The utmost publicity is afforded by the
reports issued annually and triennially,
which give fun details Of the work and
progress of the office. An English insur-
ance expert has declared that in form and
contents it's annual report is well deserving
OF imitation by all of1ces that court public
inspection.
But the unique distinction Of this insur-
ance ONCE is that behind every policy
stands the government of New Zealand
guaranteeing lts payment No fears need
ever disturb the mind Of the poIicyholder
concerning his security.
Co-Operation.
The department Is cooperative and Is con-
Quoted on practically the same methods
used by private mutual life insurance com
panies II is entirely self-supporting, even
to its kilograms and postage, and the ex-
penses and taxes are horne by the policy
holders, who share the whole Of the profits
Its officials work for modest salaries COM
parable 10 what they would be>able TO com
mand elsewhere and these they endeavor
to earn by honest, efficient work and de-
yotion to their duties. The department