New-York tribune., 1906-04-18

i,,-,hI eN' VI insurance IN the District Of Co
very earnestly hope that the Copgress ~ ,bo
- opportunity will enact this hin into Ia NJ
/ have M exnat, ases as lts wisdom may indicate
put nave entire faith in the rigbt ,5!
,,sr,.o eLiInoed purpose of the Insurance con-
sv,nuoh Whlch met in Chicago and of the cor,,
nlttee Of that convention which formuiataS IN I'M
measure herein advocated We are Mt - t
oer @ II we fan to take every step in our
- 70 prevent the possibility of the renefitior
OF such scandals those which have occ,Is
az ~ connection with the insurance business as
'NioSeu py the Armstrong committee
IT. ,,,,.. THEODORE ROOSEVELT
The White House. April IL 1906
Inc Dill recommended was drafted by amend
ING 'he measure introduced in Congress bv Rem
esentatiNe Butler Ames, OF Massa chusetts 1t
provides for the establishment of an insurance
bureau in the Department Of Commerce and
Labor and for the appointment of a commits
sioher who shall have no official connection with
any insurance company. and who will not be in
uerested in the business of any company except
as a policyholder The commissioner is required
at least once in three years to examine all com,
pai'ies doing business in the District of Colum-
pa Forms are prescribed for the issuance of
annual statements, and the commissioner is
aulhorized 10 demand other information from
me companies If he believes 1t necessary.
- On examination the commissioner is of the
-, 'i mat any domestic insurance company is
ihsoivent or has exceeded its powers or is in
any manner transacting business contrary To the
Pio'lSlons Of the law, the bill provides the COM
'''Soiier shall lay the facts before the Attorney
d. who may apply to the Supreme Court
"a 'ie district for an Injunction restraining its
iu1er business. Under the same conditions he
. "utlorlzed to revoke the certificate Of a for
eigh insurance company.
iiiiiiinlum capital stock Of $4,000 is pro-
PoSeu lot accident companies 500 600 for DIa+e
@@iu elevator insurance and $500 900 for all
- 0o'Pahles 1t limits the investment of
SeocA- Companies may also be organ
ized on preliminary stock plan.
ieo'o'S are made liable for any illegal in
eStiieiilS' ana companies not permitted to
90 Doth participating and non-parttcipating
business Under the requirements for organ
-A@4oIS OF insurance corporations the capital
SoocA shaA De paid in within twelve months
t'ei 1'ie oa'e OF organization. but no policies
shaH De issued until the capital stock has been
paid in. The bill provides for the investment ~
the capital of domestic companies nractica1I,, az
is provided by the Ames bin -
Inc Dill contains plan whereby all policy
hoIdeFs snail be enabled to take parr through
proxies in the election Of directors at the an
nual meetings. The salaries of all officers and
agents over 5000 a year must he autborjze5 bI,
a vote OF the board Of directors of the insurance
corporation. Pensions cannot be voted TO
member Of the family of an officer after his
utdln, anu disbursements OF over Sl00 reuuire
properly itemized vouchers.
The bill prohibits rebatng of parts OF pre-
miums and discrimination between classes OF
insured. STANDARD forms Of policies are pre-
scribed A policy cannot be forfeited after the
payment IF two full annual premiums No in
surance company which issues a contract the
performance Of which is contingent upon the
payment of assessments made upon survivors
shall do business within the district.
Provision for fire marine casualty title
fidelity and surety insurance companies is made
bv the bill. All insurance companies, their off,
GERS or agents are prohibited from making po-
litcal contributions
In a letter commenting the bill Thomas Z.
Drake, superintendent Of the Department of In
surance for the District of Columbia saws that
II makes few changes from the general and or
dinary provisions Of law in force in the various
states.