The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-01
MINNESOTA LEADS FOR
INSURANCE REFORMS
JOHNSON DIRECTS
CHICAGO COUNCIL
Conference Of State Officials Seek
ing Life Insurance
Reform.

Chicago, Feb More than 100
state officials including several govern
ors, commissioners of Insurance, attor-#
ney generals and representatives of in
surances companies, were present at the
opening session today of the national
convention called to discuss matters soft
control of insurance companies, in the
various states. q -
Credit to Governor johnson.
Commissioner Of Insurance Thomas
E. Drake of the District of Columbia,
in calling the meeting to order, spoke
in part as follows;
The exposure of some of the meth
DDS of some of the life insurance com
panies by the committee of the legisla-
ture of the state Of New York, which so
clearly demonstrated the urgent neces-
sity for better insurance laws thruout
for calling together the governors, at
| torneys general, insurance commission
ers and others of SO many states and
| territories.
6 The meeting, however, is the direct
result of correspondence begun last No
vember by Governor Johnson Of Min
nesota with the president of the United
/ States. It was felt that in the gen
eral prevailing excitement and deep
] feeling amongst policy FOLDERS, and the
public in general, there was great dan
j ger that the various legislatures about
! to convene might adopt drastic meas
/ ures which would not only be unrea-
sonably burdensome and harmful to
insurance companies, but also injurious
to policyholders.
Plan for Legislation.
After full consideration the follow.
y III
s approval of the president and the com
q missioners Of the District of Columbia
4 A bill to be introduced in congress
4 which shall be code for the regula,
4 ton of insurance in the District of Co
lumbia, but which with necessary
4 changes in form to make it applicable
81 may be enacted by the states and terri
/. tories, thus making a uniform regula
q ton of insurance and avoiding TIT
yexatious and costly burden inciden
to differing and often conflicting
q local legislation.
This meeting Isl considered one o.
the most important that has ever takei
s place in the interests of Insurance Lie
us, therefore, be exceedingly careful il
4 the preparation of the proposed uniform
q bill TO administer justice and fairness
q to the companies. and at the same tim,
i erees enduring safeguards for the policy
holders. - *-z---E. #z +.
Governor johnson Chairman. =
The report of the committee on per
. manent organizati zion was presented b.
A. l. Voreye of Ohio, making Governo
:, ] ohm A. johnson Of Minnesota as chain
man and Frederick H. Nash of Masss
chusetts as secretary. The report wa
adopted unanimously. -, -. e.
Governor johnson in taking the chat
e,,o 1oria homo
the action Of the convention might hav
\ the effect of restoring confidence IN, RI
llation to insurance matters turnout tn
4 country.
UIf we shall place one wise law upo
the statute books of this union, on
wise law, that. will inure to the. commo
good,'' he said, "this meeting will ne
i have been held in vain.'
The report of the committee on pc
manent Organization recommended tn;
a committee Of fifteen be appointed b
the chairman Of the convention to TO
mulate a bill or bills with view to tt
establishment of a uniform system
statutory regulation of legal reserve Ii:
t. insurance in the several states. In
! committee of fifteen is to report {
10 adjourned meeting Of the present co
~ vention at time and place to be her
n after determined.
er In Framing a Plan.
i The committee was instructed to gi
20 particular consideration to the folio
Il, ing subjects: Deferred dividends, re
er resentative form Of government in n
ps tual companies, publicity, limitation
age in life insurance, investments, Ii
a. itation of expenses to loaning, and
in strictions on cost Of new business, liz
ry tation of amount of business and
L., sets, method of determining loanil
C. non.forfeiture provisions, investme,
ut in individual states of a percentage
the reserve on the business in su
. states. reports in annual statements
dividends paid, credited or parovisi'
ally credited under different forms
poiicies at the several ages OF emit