Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1906-01-16
LEGISLATURE
INVESTIGATE
INSURANCE.
AssembIyman Martin introduced
Resolution Last Might Asking
for joint Committee.
IN LINE WITH NEW YORK
Matter Was Referred and LegiS-
IatOrs Will Not Talk on
the Subject.

TRENTON, Jan. 16:-Assembly-
man Martin. of Essex county, caused
something of surprise last night by
introducing joint resolution asking
for committee to Investigate insur-
ance in New Jersey. AS indicated in
the resolution, the investigation is
planned to follow closely the paths
made blythe one in New York. Both
assemblymen and senators were re-
ticent last night in expressing opin-
IONS on the resolution, and no line
whatever could be obtained as to its
fate. 1t was referred to the commit
tee on banking and insurance:
The resolution says:
Whereas, The recent investigation
of insurance companies in the state
of New York has caused doubts to
arise as to the conduct and man9 ge-
ment of such companies and allied
corporations, such as trust compan-
les, savings banks and state banks,
and the sufficiency of the supervision
and control of said companies and
the safeguards provided by law; and
Whereas, Some of the investments
permitted by law to be made b. in
surancc companies, trust companies,
savings banks and state banks have
been cahrged to be unsafe, and
Whereas, The State Department of
Banking and Insurance is limited in
its power to examine the officers and
agents of insurance companies, trust
companies, savings banks and state
banks, and il is eXpedient that as
basis for Legislation the operations
of such companies should be investi-
gated as fully and promptly as may
be; now, therefore, be it
Resolved CThe Senate concurring),
That q joint committee be appointed
consisting of three members of the
senate and five members of the gen
eral assembly With power and author
ity to investigate and examine into
the business and affairs of life insur-
snCo companies, trust companies, say
ings banks and banks doing business
in the State of New Jersey, the in
vestments of said companies, the re-
lGllOHS VI lilt OlIt~IS lutlcOi " SUM
investments, the relation of such
companies to subsidiary corporations,
the government and control of such
companies. the cost of transacting
business, the expenses Of said com
panies and other phases of the busi-
ness of each of said companies, in the
discretion of the committee, and also
to investigate and report the opera
tions of the State Department of
Banking and Insurance. its supervis-
ion and control of said companies,
and any other matter in relation to
the said department or companies
which the said committee may deem
proper, for the purpose of reporting
revision of the laws regulating the
business. authority and affairs of
said companies as said committee
may deem proper. And it is further
Resolved, that said joint-committee
be and hereby is authorized and en-
powered to sit during and after the
session of the legislature to require
and enforce the attendance of wit
nesses, the production of books and
papers, to administer oaths, to en-
poy counsel, stenographers, clerks
and such other employees as may be
necessary for the purpose of the in
vcstigation.