Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-03-17

It down. to a net result to be submitted
to the full committee probably on Fri
day in New York.
A. L. Dickinson Of the Public Account
ants Association, the first speaker at to-
days session, said he was delegated by 4
committee representing practically all of
the accountants of the United States to
appear in opposition to the manner in
which the statements are required to be
filed with the state superintendent OF in
surance.
Harvey s. Chase and William II. Bracte
also representing the accountants, advo-
Gated the more general use of the public
accountant in the affairs OF the larger
life insurance companies.
Harry D. Williams of Buffalo said he
represented the assessment insurance in
terests and the Masonic Life Association.
I'VE see in this proposed legislation" he
said. the wiping cut of assessment in
surance."
Darwin p. Kingsley, one of the vice
presidents of the New York Life Insur-
ance CO., confined himself to the proposed
new section 9s." THE passage of this
law" said Mr. Kingsley. would tear
down the magnificent structure which has
been built up by this company"
J. l.. English. vice president Of the
Aetna Life of Hartford, and Frank f.
McMullen of Rochester, representing the
same company. argued against the bills
Mr.. English prophesying retalatory leg
islation by other states il the measure
were enacted
Assemblyman f. A. Merritt. Jr. of st
father and himself. both polcyholders ir
the Equitable and the Washington Life
expressed the belief that the bills should
be amended so as not to imply, as he
thought they did now, that the owner.
OF stock of 4 life insurance company had
rights in the surplus. The question Of
such rights was now in the courts. hG
said, and the new legislation should MOI
conplicate the matter.
II. c. Lippencott of the Penn Mutual Of
Philadelphia. said his company had at al
times tried to deal fairly with its policy
holders
During all this turmoil and excitement
over the disclosure of insurance crimes,
said Mr. Lippencott, '1ess than 20 out Of {
total Of about 10000 poicyhclders asked
mept of our company. The law YOU pro
pose IS revolutionary and l am afra Il
We would be compelled to withdraw from
your state in the event Of its passage.
William McMultrie Speer of New Yorl
was the final speaker, praising the worl
of the committee describing the propos
ed legislation as very moderate and con
sentative. THE statement made here
yesterday by Andrew Hamilton" said he
certainly substantatcd the finding o.
your committee that for many years til.
insurance companies have been practi
cally drafting and controlling the insur
ance legislation of this and other states
He raised the question whether the ir
surance officials who had been guilty o
or responsible for corrupt or imprope,
acts should not be debarred from evel
again holding office of trust in the life in
sura1ce companies.
The Senate insurance committee today
reported favorably Senator Bracket.
bill repeating the famous Section &C. Of
the insurance law. which requires thu
participation or at least the consent o.
attorney general in actions against insur
ance companies.
The repeal of Section IS is one of The
recommendations of the Armstrong com
mittee.