The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-03-06

Says He Will Make Some "Sugges-
tons" to the Continental
Insurance Men.
CAN REVOKE THE LICENSE
ENEMIES OF TYREE AFTER HIS
SCALP AND CONTRACT

>
and then 1 will probably make some
communications to the company"
This was the announcement made by
Secretary of State c. s. Tingey yes
terday on the report made to him by
Colonel George 3. Squires and c.. a.
Glazier criticising the management of
the Continental Life Insurance G. In
veStment company and especially the
acts of Hiram Tyree, its president.
Under the insurance law of Utah an
insurance company is practically COM
PEELED to give heed to suggestions"
which the secretary of state may
make, for. as insurance commissioner
he is clothed with broad powers to re-
woke the license of any company do
ing business in the state.
What the Law Says.
Following is the provision of law on
the subject:
Whenever the secretary of state
shall deem It best for the interest of
the public so TO do, he shall publish the
result of such investigation in one or
mere newspapers of this state; and
whenever it shall appear to the said
secretary of state, from such examina-
ton. that the assets and funds OF any
company are reduced or impaired by
the liabilities of said company to an
ul-safe extent or that it is conducting
its business Illegally or i'm violation of
its articles of Incorporation or bylaws,
or is practicing deception upon it's
members or the public or is pursuing
plan that is injurious to the inter-
ests of the public, he shall notify its
directors or managers, and if it shall
not Immediately amend its course or
nut Sc - e. ,-sex I.
shall revoke the certificates of author
ity granted TO the agents of such COM
psny, and shall cause a notification
thereof TO be published in some news
paper of general circulation in the
state. and the agent or agents of such
company are. after such notice, pro-
hibited from the issuing Of any new
policy or the renewal of any policy
previously issued. In the case of a
corporation organized or existing under
the laws of this state which shall fail
to comply with the demand of the sec
rotary of state as aforesaid, 1t shall
also be the duty of the secretary of
state to communicate the fact to the
attorney general, whose duty it shall
then become to apply to the district
court or to one of the judges thereof,
for an order requiring said company
to show cause why it's business should
not be closed, and the court or judge,
as the case may be, shall thereupon
proceed to hear the allegations and
proofs of the respective parties; and in
case IL shall appear to the satisfaction
of said court or judge that the assets
and funds Of said company are not
sufficient as aforesaid, or that the in
teTests of the public require it, the
said court or judge shall decree dis
solution OF said Company and a dis
tribution of fits effects; the said court
or judge shall have the power to refer
the application of the attorney general
to referee, to inquire into and re-
port upon the facts stated herein
After Tyree's Scalp.
What the enemies of the present
management Of the company wish Mr.
Tingey to do is to serve notice on the
company that Mr.. Tyree must be de-
posed as president, and that the con-
tract with the Western Agency COM
pany, which Tyree controls. must be
cancelled. Under the terms of that
contract the agency company is given
the exclusive right TO do all policy
writing for the insurance company, and
is given heavy compensation for do
ing so.
The examiners recommend to Secre-
tary Tingey that an actuary be called
IN 10 determine W0eLneG OF not the con-
tract is for the benefit of the company
and Mr.. Tingey may send east for an
actuary in compliance with the recon-
mendation.
Want Concerted Action.
The foes of Mr.. Tyree hope to secure
concerted action among the insurance
officials OF the five states in which the
Continental does business, to compel
the cancelling Of the agency company
contract as a condition precedent TO
it's being allowed to continue in busi-
ness. F. NJ. Ra ff, the San Francisco
man who was the star witness in the
criminal prosecution against Tyree, de-
clares he intends TO bring a suit to re-
strain the Western Agency company
from doing business I'm California Mr.
Raft has returned to California with
the avowed intention of making Mr.
Tyree all the trouble possible.
Judge G. 3. Diehl will not render his
decision in the criminal proceeding
against Mr.. TyTee until the latter, who
is out on bail, returns from California
He is charged with a felony. and I'M
der the law must be present in court
when the decision is rendered. He is
expected back shortly.
WALL PAPER-PAiNT.