Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-15
CONTROL OF INSURANCE
PROVISIONS FOR REGULATION
BY THE GOVERNMENT.
Senator Dryden Of New Jersey Dis
cusses the Features Of His
New Bill.

The bill for the government control of in
surance. that had been previously laid be-
fore the Senate by Mr.. Dryden, has been
revised and 1t was reintroduced today. The
senator says the bill has the Endorsement
of the President, administration officials
eminent constitutional lawyers in and out
Of Congress, and others who are familiar
with its general features as coming nearer
to meeting the demands of the situation
than any Of the other numerous pending
measures.
Discussing the principal features of the
bill Senator Dryden today said:
'The new bill providing for the regula-
ton and control of interstate insurance by
Congress follows in broad outlines my bill
of the last session, but with very import
ant notifications and additions, which l
believe meet all reasonable demands for
an effective. uniform and economical
method of government control of insurance
interests. The bill contains some fifty
separate provisions, of which the first
thirteen relate to the organization Of the
proposed bureau Of insurance in the De-
partment of Commerce and Labor. The bu-
reau Is to be in charge of controller OF
insurance. who is required to furnish a
bond of 100000.
Like National Bank Control.
'Tn nearly all essentials the bill, as far az
possible, conforms to the organic acts es-
tablishing other departments of the federal
government, but in particular the national
bank act. There is to be a deputy collector,
who Is also to be a bonded officer, and an
actuary who is required to be a person of
recognized professional ability and expert
ence. The general supervision and control
of the bureau is under the direction Of the
Secretary of Commerce and Labor, and all
fees or other moneys collected are required
to be paid into the treasury. The con-
troller must make annual report to
Congress. including the details Of all ex-
aminations made Of companies during the
year. together with complete statement
of the receipts and disbursements Of the
bureau.
1.-The provisions of the act apply to all
corporations, associations or partnerships
engaged in interstate insurance business,
or who make and deliver insurance con-
tracts outside Of the state Of Incorporation,
or origin, or authority, but have no appli-
cation to fraternal societies or organiza-
tons carried on for the sole benefit of men,
bers and not for profit Such association or
societies may voluntarily take advantage of
the act, and after complying with all Its
provisions become duly authorized by the
controller to transact interstate insurance.
Authority Of the Controller.
Authority and power to inquire into the
details and facts of the management of all
corporations engaged in Interstate insur-
ance is given to the controller, and he may
have the companies examined by special ex-
aminers. whenever necessary OF expedient.
To this end he may invoke the aid by any
court of the United States to require the
attendance and testimony of witnesses and
the production of books, papers and docu-
ments. Failure to obey such orders of the
court may be punished as contempt there
of 1t is also provided that companies may
be investigated by the controller upon the
complaint of any state commissioners of in
Surance'