The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-03-31
Both Branches of New York
Legislature Have Passed
Stringent Measure.
PROTECTION OF POLICY
HOLDERS Is OBJECT
All Investments i'm Stocks by
Companies Will Be
Prohibited.

NEW YORK. March So.-The joint
finished their work upon the legislation
resulting from the insurance investign-
tion and the bills as finally recommended
by the special Investigating committee
VIII be reported In both Houses today and
sent down for printing.
Numerous Changes.
Al the close of the meeting Senator
Armstrong made statement substan-
TALLY follows.
Tho bills relative 10 lobbying, poltI-
cal contributions BY corporations, perjury,
falsiHcauon OF entries rebates and .he
acquisition OF real property by Insurance
companies stand substantially unchanged.
Amending General Law.
The bills establishing standard forms
OF policies and relative TO cooperative
and assessment companies have been con
soldated with the general bill amending
the Insurance law,
TIE most important amendments are
those relating to investments of insur-
anco companies and expense limitation;
Investments In stocks and In collateral
trust bonds are still prohibited, but the
companies are permitted to retain collat-
eral trust bonds now I'm hand.
CThese are said to amount Ia between
SO. coo coo and $4,000 O00).
They are still required to dispose or
their stock holdings as In the original
bill
Expenses Restricted.
As for section rs, to which the agents
so earnestly objected, a comDany's eN-
rense for first years business must not
exceed,
First the commission TO agents; second,
salaries paid exclusively for obtaining ne"
business, third, medical and Inspection
fees; fourth advances to agents. whicn
shall not exceed loadings and margins
originally allowed.
Allowances Made.
The bin originally provided that ex-
penses allowed must include every eX-
Dense, The allowance now is about so
per cent to new business TO agents on
ordinary life. Renewal allowances are
extended TO nine renewals at 71s per
cent, with 2l4 per cent collections lee iee
privilege TO commute renewals and pay
in three or more years, but lot more than
two-fifths on any year.
Affects Outside Concerns.
Generally speaking, the requirements es-
tablished are made applicable to New
York State companies only, except that
the restrictions on expense of new busi-
ness arc enforced upon outside coinDa-
nies by provision that any company
not doing its business within these limi-
tationS for domestic companies shall not
be permitted to do business within this
State
AS TO the contingency reserve, 1t Is
provided that after the total of assets
reaches SI5,00o000 a company may main
tain a per cent reserve with the pro-
viso that the Superintendent OF Insurance
may annually authorize company to
carry a large reserve II deemed neccs-
sary 10 meet special demands,
Otherwise, In all other essentials, the
bill remains us originally introduced. The
committee believes 1t has met all reason
able objections and that the concessions
made Will secure the speedy passage OF
the bills without important opposition
TO CURE A COLD IN ONE DAY
Take LAXATIVE BROMo oulnlns TnbletA
Druggists refund money II It falls TO cure
nle La m each