The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-29
One INSURANCE BILL PASSED
GOES THROUGH THE SENATE AND
is SENT TO THE ASSEMBLY.
IL LesIslates Out OF once the Directors OF
the Mutual and New York Life on
Nov. l5-The Nine Remaining Bills
TO BE Ready for Reporting Friday.

IL LeSlSiateS Out OF ONCE the Directors OF
the Mutual and New York Life on
Nov. l5-The Nine Remaining bills
TO he Ready for Reporting Friday.
ALBANY, March 2s.-It will be unnecessary
for the New York Life Insurance Company
and the Mutual Life Insurance Company to
hold their April and June meetings to elect a
portion of the membership of their boards of
directors. The Senate by a unanimous
vote to-day passed the bill recommended by
the Armstrong insurance Investigating COM
mittee extending the terms of office of the
present directors of mutual life insurance
COMPANIES until November 10 next, when
their SUCCESSORS are to be elected. The bill
was hurried to the Assembly as soon as it
passed, and was sent to the revision COM
mittee for comparison with the Assembly
bill. 1t will be substituted for the Assem-
bly, bill tomorrow, and it ia expected that
II will pass the lower house and be in the
Governors possession before the week IL
over.
The fact that there was no opposition to
the passage of this bill in the Senate sur
prised every one. In som quarters it was
said that to-day's action should not be taken
to indicate that the other insurance bills will
slip through so easily, especially that pre-
venting insurance companies from dealing
in stocks or being interested in the capital
stock OF trust companies and banks to an
extent sufficient to control them.
1t was asserted that the present directors
of the mutual life insurance companies
look with favor on the bill passed by the
Senate to-day because it wipes out all OF
the proxies secured by interests opposed
to the present management OF these COM
panies. The bill provides that no one can
vote on a proxy at the November election
if his proxy is dated prior to September l5,
1905, 1t is said that the present gee
ments Of the companies will be in a much
better position to get proxies through
their gents during the two months previ-
Gus to the November election than will
the outside interests which are trying to
GUST them.
Senator's Malby, Armstrong and Bracket
were the only ones who debated the bill.
Senator Malby thought it was unwise to
legislate all Of the present directors out
at one fell swoop, but Senator Brackett
insisted that no more harm could come
to the interests Of the policyholders through
d complete new management, even If mex
perienced, than they had suffered under
the corrupt management during the past
decade.
Senator Armstrong explained the neces-
sity for the immediate passage OF the bill.
He came to Albany to-day personally. to
urge its passage. He returned to New
York tonight. Tomorrow he expects
to return to Albany with the nine remain
ing insurance bills revised in the shape
desired for their passage.
The bills will be submitted to the insur-
ance committees of the two houses at a
meeting which is called for 4 o'clock to-
morrow afternoon. 1t is expected that
they will be reported to the two houses Of
the Legislature at the Friday morning
session.
The most material change in the bills
will be with respect to the agents. At
the hearing Mr.. johnson said the bill per-
mitted the agents only 20 per cent. conf
missions on the first years premium and
renewals for but four or five years. He
recommended that the agents get 45 per
cent. of the first premium and renewals
for fifteen years. The committee thinks
it has more than met Mr.. Johnson's sug-
gestions and the desires Of the agents
by providing that the minimum amount
that the agent shall get of the first years
premium shall be 45 per cent with in
renewal period shall be for eight and ten
years.