Omaha daily bee., 1906-02-02

made the principal speech OF the afternoon
session. lie said in part:
1t will not be long before the Armstrong
report will be ready for submission to the
1t seems to me that the other states OF the
union may earnestly consider the wisdom
Of refraining from action until they have
had an opportunity to know and consider
the recommendation of this committee.
am entirely ignorant OF. what these rec
concentrations Will be. Necessarily they
will be worthy of serious elaboration by
the legislatures and the officials of the
various states 1t would be unfortunate
because Of a delay Of only two or three
weeks any definite conclusions were reached
by the officials of other states which would
result in harmonious legislation so that
life insurance legislation would be localized
instead of being broad and uniform.
1 may say that / think the managers OF
would better be the subject OF little in
CURRY by the policy holders. for In many
Instances it is not unlikely that they are
Cupation and salary will be gone Just as
soon as we can arrive at normal conditions
Mr.. Mayer concluded his report with the
following recommendations:
F1rst-That he believed official action by
other states should await the coming In OF
tho Armstrong report.
second-That the insurance corporations
and their directors have the power to bring
every action to recover wasted FUNDS
which the people of the state of New York,
through the attorney general. could bring
Third-That such actions as may be neces-
sary and proper should be brought by the
directors and their responsibility should not
be shifted.
Fourth--That II such course is not sin
cerely and thoroughly pursued the state
may be depended upon to act.
insurance Commissioner X. 4. FOLK OF
Tennessee led the discussion following the
reading OF Attorney General Mayors paper
He offered a resolution providing that it
be the sense of the convention that in
all deferred dividend contracts now ex-
listing there shall be annual accounting
to each policyholder and that further
issue OF deferred dividend contracts be
prohibited.
Governor Cummins Speaks.
Governor Cummins of Iowa, on rising
to address the convention said:
So far as l am concerned and so far as
my influence will go | shall not only at
tempt to secure enactment in our general
assembly that will insure annual distribu-
ton. but will insure standard and UNIFORM
forms of insurance. ] think that the legiti-
mate forms of life insurance contracts can
be numbered on the fingers of both hands.
| do not believe that there should be
more than ten forms of contracts permitted
in the country.
I have no sympathy with the theory that
we are interfering with the personal lib
erty when we restrict the forms of insur-
ancc contracts. An ideal situation would
not permit any dividend. Insurance com
panies should not take from policyholders
/ cent more than is necessary to carry
out the contract entered into. The ten
denCy OF all legislation should be to limit
the Investment feature and enlarge the
indemnity.
W. y. Vandiver of Missouri declared
that his experience with deferred dividend
policies showed that not one policy ever
received within three -fourths of the esti-
mate Of dividends made by the companies
Mt the time of writing the risk.
Upon motion of Commissioner B. r. Car
roll of Iowa the entire program prepared
for consideration by the convention was
referred to the committee on resolutions
with instructions to them to report at 10
o'clock tomorrow. Pending their delihera-
ton no night session of the convention was
held.