The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-05-23
HUGHES 70 INSURANCE MN.
ufts WIvfs No. SfDD ~ 'OWg
IRDH Wv IHS


.Usflrs y tttehrs ~ = afrt' ta,wr'inn
tito Uprsf eyeH itst risht N ih- s1vry
I.tny tEe fite Y r,infy fi,ra' tarelsilpn
..H yuk e bprpf y ihm Stsrfivn
.rr " tlw nptupHi afgrnisstiou
mos nirirsi Utr Ina.irtrr, assnti tho
. CO.,, h7yc HiTr.si rrs' frru tho
,tr., Iis,uHirrs %inrt~si ~ their
... ,r.t W. ltirhrs VS. intrViio~t and
s b,r mrtios c%iupfri him 'atin
anil ,s,rp Nr H1ahrs Fta quite unpr~'
...I t,r the lrrr,n.trattpn awi ,howed
...rIv rbti be- st- dcsply sfr't'-i ~ w.
ur Ufynra Itiut nince wuriN tIn
.r... though IT, told them plainly
t., b would Il" absurd and fatunis fot
...r. tr Rehi.nminui thr drnpnd by Tho
DO. for co municnl mana srn"u' ~ N"
a, ,.rta MOS Ne expressed ti~ Rrrato~t
.. rHIorcr In what N" companies would
.Uc ~ du f,r The policyhuldrrr under
r,v tnsuRuor crd".
t, declared also that tho New York
s,.,o] companies had nothing to fear from
connecting companies which are not under
,l. jurisdiction " the new laws enacted by
,. LEGISLATURE. He believes that the new
c.rc viii win on it, merits alone and that
,,r,r jurisdictions will be compelled 70
pdnpt reform laws along the same lines.
Nr Hughes was interrupted repeatedly
With Applause.
sr.nklrg Of the work OF the Legislature
~ rrrcrrucc 10 legislative expenditures
J., the itfe conn anies. Mr., Hughes sIid;
n has i,rrn snIeh; to divorce the life
ir-uranrc business from politics. There Ia
no reason why the life Insurance. companies
.h,uIl be- banded together In a systematic
effort 20 control a large part OF the leglsla-
ton II this state or Of other States. There
il no reason why for fear of misChiefthrough
legislation. there should be an oblique APP
troach to legislators. There is no reason
why efforts should be made by political
contributions or by the purchase Of those
who are supposed to have influence in
|IontiCal affairs.
The policyholders do not require IL at
their hands. No institution il better sit
uated. 80 far as proper presentation OF it's
needs to the Legislature is concerned.
IF the Legislature insists upon passing
laws that are inimical to the life insurance
business let the unjust and injurious results
be disclosed. Why should the manage
meut representing the poiicyhoiders seek by
indirect and improper means to prevent the
disclosure The observation OF the work
ing of an unjust law will do more to pro-
cure its repeal than any amount OF effort
can possibly do in the direction in which
il has hitherto been expended.
Il hone a precedent has been established
in the last few months for honorable deal
ing with the Legislature. | hope the prec-
edent will be regarded in the future not
only by the insurance companies but by
other corporations whose interests may be
affected by adverse Legislation.
IF there is one thing more than another
that business men should appreciate, 1t Is
that any attempt to obtain favors from de-
partments Of government through indireo-
ton is a stroke at the foundations OF ousi-
ness stability
Turning to the question Of economy in
the management Of the life companies MIR.
Hughes said:
Now, gentlemen; these people 1.-THE
poicyholdersl demand and will insist upon
economic administration. The interests OF
the life insurance agents must square with
the just rights Of the pohcyholders' Inc
cost Of obtaining new pushes must be
measured by what reasonably can he ex-
pended for that purpose.
AThe people demand it, and that reform
mas come 10 stay. puO i I'LL ~ "'' -
found that the conservative agent who
writes business that remains upon the
books, the man who has the confidence
of his constituency, will be the gamer and
not the loser by the legislation that has
been enacted.
In many resp ects,' continued Mr..
Hughes, "the legislation that was enacted
was limited in its effect TO our New York
companies. 1t was thought inadvisable,
where it was not imperatively necessary,
to compel or seek to compel companies
chartered in other States in all respects to
conform TO what the Legislature OF this
State deemed wise with reference to its own
companies.
1t was thought that the legislation, IL
sound, would win upon its merits, and that
is what 1 believe in. II we are 10 have, as
hope we shall have, substantial uniformity
in legislation upon these important ques-
tions in our various Jurisdictions, that uni
formity Is to be attained by having a pro-
gramme of such merit that 1t will deserve
and obtain respect.
But 1 believe, gentlemen, that the New
York companies have nothing to fear from
the fact that the legislation has been in
many respects limited to them. l believe
that under this legislation anda wise admin
istration Of the Insurance Department the
New York companies should be the best in
the world.
4 would rather take insurance in a New
York company compelled to transact bust
ness under these restrictions than in any
company not 80 restricted. And 1 believe
that will be the sentiment Of these United
States.
we wish nothing but good for tn COM
panies Of other States and for our "
companies. We wish no unfair advantage
for the companies that are chart
cred by New York State, but it has
been intended that the companies
which are chartered by this State,
where the State is responsible for the good
conduct Of their business, shall be COM
PEELED to do business under such restrio-
tons and on such conditions as shall pro-
tect the interests Of the policyholders.
And I believe that IL will be the general
sentiment, and that in the main there will
be similarity Of enaotments in ether juris-