The Barre daily times. (Barre, Vt.) 1897-1959, 1906-02-17
THE INSURANCE
REPORT READY
--------
All Completed Excepting the
Signatures
SOME RECOMMENDATIONS
Are Highly Sensational Presidents
Salary Is Limited to $5o,0O0---Not
More Than s15oooo,ooo New
Policies Annually.
SOME REC0MME

New York, Feb. Incomplete in its
essential features, the report of the joint
legislative committee on life insurance
was Thursday considered BY the mem
bers Of the committee for final adop-
ton. 1t was the first time majority
of the committee had seen the document,
and it was found that It's length nearly
eight hundred foolseap pages Of type
written matter precluded reading the
entire report at one sitting. 1t was es-
timated that the committe would be
obliged TO sit throughout the day and
yesterday before the signatures Of the
members could be affixed. Unless some
unforeseen contingency arises, the re.
port win be presented al the session
on Monday night or Tuesday morning.
The first action Of the committee was to
cat the report to about four hundred
pages. The recommendations now run to
ninety pages OF the fepot. There Is
every reason to believe that the report
will be adopted by the full committee
as it now stands, although ii is posi-
bic that one or more Of the important
recommendation may be modified slight
~ Some of the recommendations will
be found to be highly sensational yiew-
ed hi the light of the testimony taken
before the committee. Publicity, abso-
lutte fairness with poiicyholders, re-
trenchmeut, reform OF investments, iim.
tations Of salaries and annual volume
Of business, fair and public elections,
with opportunity for policyholders to
put up their own ticket. and the nboli-
ton Of the vicious, irresponsible proxy
feature, are the principal topics pro.
pounded, Standard forms of policies,
dethronement Of the agent abolition of
unapportioned deferred dividends, inhibi-
ton Of twisting" and offering bonuses
and rebates are also made features, while
the machinery of the office OF the SUI
perintendcnt Of insurance il not inter
tered with, although the superintendent
and his assistants are roundly rated for
their supineness and inellieiency. Fol
lowing is summary Of the report as
completed.
New policies may not be written by
4 life insurance company beyond $780,
100000 in a single year.
Limit Of salary for presidents OF life
insurance companies is placed al $50.
900 per annun, and must depend upon
the earnings of the company.
No attempt Is made to reorganize the
insurance department, OF to create new
officials, but superintendent Hendieks
and Chief Examiner Nanderpoel are Sc
ierely handled in the report.
Standard forms Of life insurance poll.
cies are provided, and a company can is
she but one style of policy, straight line
or conditional.
Offering Of rebates and bonuses is
made misdemeanor. Twisting" is also
made misdemeauor.
Agents are placed under strict super
vision, and must be paid straight salary
or commission, mixed compensation be-
ing forbidden.
Administration tickets to be voted for
ut the annual election must be filed with
the superintendent Of insurance twenty
days before election, and 100 policy
holders may by petition put up an in
dependent ticket. Proxies cannot be
used at more than one election. !.
Life insurance companies may not con.
troll subsidiary companies, nor hold more
than twenty per cent Of the stock in
such companies, and officers OF insurance
companies may not hold stock in such
subsidiary companies.
Section No. Sc Of The insurance laws
is repealed, and suit may be brought
against an insurance company precisely
the same as against any other com.
pany. Formerly suit could not be
brought save BY permission OF the at
torney general.
Deferred dividends of the unappor-
toned variety are prohibited. Surplus
above ten per cent must be divided an
nually among the polieyholders, and the
policyholders shall have discretion wheth.
er OF allow the same to remain under
interest or draw the same.
FTaternal societies may not hereafter
be chartered in this state.
Borrowing from his company by an
official is prohibited, and participation in
syndicates for the purchase and sale Of
securities is also forbidden. Infringe.
ment of this provision is made misde.
meanor.