New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-02
PLAN INSURANCE BILL.
mn ENACT UNIFORM LAWS.
state officials Meet an National
Contention at Chicago.

,.,,,qo Feb Discussion Of deferred divi-
p.e insurance policies and organization
go the time at to-dsy's session OF tho
o..sn.l Insurance Convention. called by In
&c commissioner Thomas E. Drake OF the
s.-..,cr Of Columbia with the approval Of Pres
p -. poosevelt No action Of decisive nature
i'-. .aEen. all questions Of policy being referred
committee. which viii report later The
.,,or. hopes to conclude it's discussions to-
morrow ..
=. -snresented by it's Governor. Insurance
,..-r,ssioner Attorney General or other au-
$40 delegate be entitled 10 one vote and
-. discussion bs open TO ali State representa-
.nd delegates Of the National Underwriters
ASSOCIATION.
commissioner Drake. in calling the convention
. order said. In part.
.v,,s,re Of some OF the methods Of some OF
hs e .isfu-e OF the state of Nev-York. which so
ne ' demonstrated the urgent necessity Tor bet-
s insurance laws throughout the country. Vas 1le
Ig n l, reason FOR calling together the cove
~" Attorneys General, Insurance Comu1i ssloieIS
iro e.ns' Soverer is the direct result OF CORE
hs-5s5oe begun last November by Governor join
- ~ Minnesota with the President OF me CiN'eo
states ,e that in the general prevailing excite
zen ~ n ceneral here was great danger mat
~ ,ysrious Iee slatures about to convene Tnlsht
II I-asffr measures which would not Only DC
aoopl o. s5I hur6ensorne and harmful TO insur-
- companies put also Injurious 10 he po4lGS
h. .,sr fiu crrside-stion. the following plan.
Sicb has th- approval ~ the fresldehl aI'o ras
N1-,,r,tseian.rs ~ the District OF columbia was
as'e sl ~ r. Introduced in Congress which shall be
Aoss s,r tl-e equation OF insurance IN the DIS
8 COO % = ii-of,--fiP but which. with necessary
stsnres IN form 90 make II aPphcao!e, ma! oS e'
'a5 ~ TIE states and Territories. thus LnaklL4s
ass1-r regulation Of Insurance and aNoioins iLle
,srstious and costly burden incleeht 10 o'l1eIlis
sS5 often conflicting local legislation
The report Of the committee on permanent
examination. naming Governor John a Johnson
n, Minnesota, chairman. and Frederick H Nash.
n Massachusetts secretary, was adopted.
After the report Of the Committee on CTeden-
,ss was read. Attorney General Mayer Of New
YORK addressed the convention. He said II
ss,,ld be made clear 10 the public that the in
sursnce companies that have been investigated
$40 solvent He urged uniformity Of insurance
ANS in the various States. he thought that the
o.ber States might well await the Armstrong
report 70 the New-York Legislature before TAX
,ng action ~ regulate life insurance
In the course Of a long address the Attorney
General said in part
Since rhe controversies IN the Equitable Life
Assurance Society first became public have re-
csysd letters from all over this country and from
1ios has been prolific and just before ] started
fgr the West 7 receiE ed somewhat typical letter
from the manager Of pohCyhooers' association
which consisted mainly of abuse Of most Of the
public officers throughout the country. with not
one suggestion Of practical value.
Aner tl.e Prick and Hendricks reports were pub
Nshe6 II seemed 10 ne that II was my ouiy 20
tle Life Assurance Society.
since The beginning OF this action the testimony
before The Armstrong COMMITTEES has disclosed
various acts q officials Of other companies which
likewise require redress and remedy.
Insurance Commissioner r. Z. Folk Of Ten
nessee erered g resolution providing that il
be the sense o. the convention that in all de-
ferred dividend contracts now existing there
shall be an annual accounting TO each policy
holder. and that further issue Of deferred divi-
dend contracts be prohibited. He regarded he
SAID The deterred dividend system as being the
root Of the greater part Of the evils and abuses
brought TO light in The life insurance system.
The deferred dividend arrangement. he declared.
constituted gambling contract which he con-
Sidered opposed 70 public policy
Nce-Presdenr r ~. Weeks, Of the New York
LIE Insurance Company. defended the deferred
dividend system as "a reward for persistence"
=. Voc. = Sew-York. attorney for the
AeT-York Life Insurance Company. said:
Ihe deferred dividend policy is the hes, contract
LT ZION the standpoint Of the policyholder or
oi1laif- irsrf Is no objection 10 The annual
.lend po.og from INC compsuy's point OF view
-sfsa 10 one annual dividend policy
On motion n Commissioner S. T. Carroll Of
iowa the entire programme prepared for con-
SaeTaron tv the convention was referred TO
us committee on. resolUtions. with instructions
70 Il TO report tomorrow