Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-02-23

! special inducements based on the size OF
pollcies or on the aggregate OF insurance
written should be prohibited. All COM
| missions should be definitely agreed ON
In advance and should be a fixed percens-
age OF the premium of each 100 OF in
surance. II Is also recommended that re-
newa commissions should be limited TO
| four years and to certain per cent. say
! 10 per cent OF the first years commissions,
so that the general restrictions placed on
/ the first years expenses should not be
evaded. Loans and advances to agents
should be prohibited.
The committee recommends that the law
! be SO amended that a minimum standard
should be established; and so that pre-
liminary terms in the valuation OF policies
/ issued after 1906 should not be permitted.
( The superintendent of insurance should
be required to fix legal minimum stan
Tsie shoid ba ana GOi
/ reserve not only equal to the proceeds of
one death or disability assessment. but
| also at least equal to the cost of Insurance
! for two policies in accordance with the
| experience table or mortality until the
the articles of association or bylaws or by
I the contracts with the members of any life
/ INSURANCE company should be charged as
liability in accordance herewith.
The law as to rebates is sufficiently strn-
| recommended that the penal code be
! receiving rebate should be equally guilty
with the one who gives It,
! with regard To the new policies the pro-
visions of the statutes should he liberalized
and the insurance in the absence of notice
/ from the pOl1CN1Ol0er SnOul0 DE auto
maticaly continued for it's full amount as
long as the reserve upon his, policy will
| Justify.
Tho committee recommends an annual ac-
counting and annual distribution; the
companies protecting themselves against
| fluctuations in values by the accumulation
ana retention of a reasonable contingent
! fund The maximum Of this fund to be
based on a percentage of the net values
| OF outstanding policies
| The committee believes that mutual COM
p1nics and stock companies chartered 20
| transact business on the mutual basis Of
| holding themselves out as transacting bust
ness on this basis should be forbidden
from writing nonparticipating policies.
Remedies of Policy Holders.
Assuming that the funds belonging to
| policy holders through the opportunities af-
| forded by deferred dividend contracts have
been wasted through lax and corrupt adj
shares of profits for policy holders been
| demanded by secret and arbitrary methods
Of computation, but that the policy holders
| have been denied an opportunity to seek
| relief in the courts, the committee recon-
mends a repeal OF the existing law which
eral should be n condition precedent to an
order, Judgment or decree for an account
ing and that the matter should be left sub
ject to tho general provisions of the articles
of the code relating to actions against cor
porations.
of standard forms of policies, simple In
form and in clear and concise language. to
be approved by the superintendents of in
surance and that the issue of other poll
! cies than those thus provided for should
| be prohibited. The recommendation as to
compulsory issue of standard forms does
not extend to policies issued by assess
ment or cooperative associations or fra
| The companies should be required to set
forth in their annual statement apart from
those matters which the superintendent
| Nf hnRN
First-The real estate held by the com
pany. the dates of acquisition, the names
which it is carried on the company's
books, the market value. the amounts ex-
pended during the year for repairs and inn
provements, the gross and net income from
each parcel and If any portion of the same
be occupied by the company the rental
value thereof, statement OF any certih-
cate issued by the superintendent extend
ing the time for the disposition thereof
and any and all transactions in real estate
since the last annual statement.
Second-The amount of it's existing loans
on the security of real property, stating
the amount loaned on property In each
state and county.
Third-Tbe moneys loaned by the COM
pany to any person Except to answer upon
the security of real property above men,
toned. the actual borrowers. maturity and
rate of interest, the securities held there
for and the same particulars with refer tI.
ence to any loans made or discharged since
the last annual statement.
As to Holdings.
Fourth-Au other property owned by the
company dncluding all securities), whether
vestments the dates of acquisition, from
whom acquired, the actual cost the value
at which the same are carried on the
dividends received thereon and also the
movements of securities and property
other than real estate acquired and dis
posed of during the year. setting forth all
such property purchased or sold during the
year, with the names of purchasers ana
ceived and outlays made in connection;
Fifth-A statement Of all commissions
paid to any persons IN ,e eon az sny prop
erty giving the dates of payments and the
names of payees
Sixth-A statement of all payments Tor
legal expenses. giving dates and names
and address OF the payees' s
pended in connection with matters of legis-
iation giving the dates legislative measure
or proceeding in connection win the pay
ment was made, the interest OF the COM
pany therein, amounts of payments ana
the names and addresses Of the payees.
directors of the company. the proceedings
at the last annual election. giving the
names of candidates and the number of
votes cast for each and whether IN per
son, by proxy or by mall.
Salaries to he Public.
Ninth-A statement of all the compensa-
ton and emoluments received by any OF
ficer or director of the company or by any
person whose compensation is more than |
IS 900 year, with a statement of the time
and the authority by which the same was
fixed.
Tenth-A statement of the largest bal |
ance carried in each bank or trust COM
pany during each month of the year.
Eleventh-All death claims resisted or |
compromised during the year, with particu.
lars as to sums insured, sums paid and |
reasons assigned for resisting or comprom- |
Using the same in each case.
TWelfth-A complete statement or the |
profits and losses on the business trans |
acted during the year and the sources OF
such gains or losses and a statement snow
ing separately the margins upon premiums |
for the first year of insurance
Thirteenth-A statement separately show
ing the amount of the gains of the COM
pany for the year attributable to policies |
written after December 81, 1906
Fourteenth--A statement showing the
rates of annual dividends declared during |
the year for all plans of insurance and all
durations and for ages at entry 70, 30, 40
and So, and the price methods which SUCH
dividends have been calculated.
Fifteenth-A statement showing the rates
of dividends declared on deferred dividend
policies completing their dividend periods
for all plans Of insurance and the precise
method by which such dividends have been
calculated. |
Sixteenth-A statement showing any and
all amounts set apart or Professionally as
certained or calculated or held awaiting
apportionment on policies with dlNluehd
81 "A |