New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-11
PRICE FIVE CENTS.
EXPECT SLIGHT CHANGES
INVESTIGATORS PLEASED.
Insurance Committee Looked for
More Oppositior@Rogers Talks.
rsz telegraph to ne rrfbun.. 7


Albany March 10-Unless much more serious
opposition Is manifested to the insurance reform
bills than was brought out at the hearing yes
terday. the changes made IN the present form 0t
the bills will be unimportant. members OF the
Armstrong committee say to-day. The COM
nittee was greatly surprised that little OBJ
lection made TO the radical reforms intro
duoed by the measures. Technical objections
were expected and were desired. since the mem-
bers wished TO be fair 70 the Insurance COM
panies. and some OF the features relating solely
TO the internal conduct OF Insurance. affairs
doubtless will be modified.
AS whole. however. the bills were deemed
acceptable by the Insurance men. and members
OF the COMMITTEES to-day expressed their gratifi-
cation that little criticism had been made as
TO their work. Nothing will be done with the
bills. according TO the present understanding
until the hearings next week have been CON-
pleted. although Assemblyman Rogers at hrss
whnted to push ahead those bills 70 which no
objection had been offered. Senator Armstrong
thought. however that Il would be better 70
wait. as some one might come forward at tbs
last minute with protests. and consequently
prompt action might be construed desirs to
rush the bills through.
The section OF the general bill relating to ths
expenses Of new business. which bears sc heavily
on the agents. doubtless will be altered to Leave
the expenses incurred more az the discretion OF
the oompany's officers. While the bills were
being drafted there a disagreement IN ths
committee over this feature. practically the only
thing over which there serious differences OF
opinion. That the bills might be presented
speedily. however. those who wanted greater
freedom submitted to the others. against their
ideas. Now that the companies have ad-
vanced such weighty arguments against tbs
strctness Of this provision most OF the members
tha ms Of he Ori0f f7aII " AL
Another provision Of tho present measurs
which will be changed when the bills con-
sidered in committee is that compelling COM
panies chartered IN other states TO conform
literally TO the new methods in this state. Al
most every foreign company protested against
the injustice OF this. and the committee Is in
clined to agree with them. This probably viii os
changed so that company conforming to the
insurance laws Of it's own state and which meets
the requirements Of the insurance department OF
this state. may do business here without carry
ing out the technical provisions of the bills. Over
this question. too. there a disagreement in
the company
The advisability of changing the provisions
fixing the contingency reserve. or surplus. is the
gravest question before the committee. 1t vas
debated while the bills were being drafted, and
because of the arguments presented against il
by the insurance presidents and their actuaries
are advanced. The committee expects to hear
more arguments the question next week.
when naturalization will be taken up.
On the matter OF limiting business, no doubt
exists The provision will be allowed to stand
just as it is The testimony of Mr.. McClintock
that years ago he favored the limiting Of busl-
in the Mutual only confirmed the commit
tees Judgment that the provision was a good
thing. Deferred dividends still continue moot
zd OiD brf+t tba al 4ba
committeeman seems TO be that excellent cause
will have to be shown why the bill should be
changed before any alteration is made. Some
slight disposition to modify the measure to a
five year term. with annual accounting there
after. has been manifest.
ASsemblyman Rogers chairman OF the Assem-
bly, Insurance Committee. said to-day that all
the investigators were much pleased that no
more serious points had been raised against the
bills Some changes undoubtedly would Be
made he went on. but none which would affect
the reform tendency Of the bills.
IAN these technical points about which ths
actuaries kicked were debated long IN the COM
mittee," said he. About many an honest differ
ence Of opinion existed and realized that We
being laymen. might be going trihe too far In
the direction OF pasternalism-fo forcfble regulating
OF the companies affairs In all such cases,
however. We decided with the view that the pol
lCyhOlderS WeIIaTe ana the SaICJy or the general
public should be the first consideration. and that
1t would be better to trife the side OF
strictness. We knew that on the hearings We
should receive ample enlightenment from the IN
surance officials all such points Some Of
the provisions as they stand now may be nodi-
fed slightly. but none OF the basic principles
of the bills as the committee drew them ara
likely to be changed
Senator Armstrong did not care to comment
the arguments presented at the hearing or
the effect they might have the bills. Assem-
blyman Prentice thought probably the Limitation
of expenses would be altered and possibly ths
contingency reserve
The hearings next week Will be the last public
ones on the bills. The enforced naturalization
of the companies and the retirement OF the
stock of stock corporations viii be the impor-
tant subject. Samuel Cntermyer win be one OF
the speakers The hearing will begin a . o. m
Thursday. and will be continued al night and
all Friday.