The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-02-02
DISCUSS REFORM
IN INSURANCE
Meeting of State Officials From AL
Over the United States in
Windy City.
HASTY ACTION DEPRECATED
JOHNSON OF MINNESOTA ELECT
ED CHAIRMAN.

Chicago. Feb. More than 100 state Of
hClalS, including governors. commission
ers of insurance, attorneys general ana
were present at the opening session to-
day OF the national convention called 10
discuss measures Of control OF insurance
companies in the various states.
Thomas E. Drake, insurance commits
sicner Of the District OF Columbia pre-
sized at the opening and called the con-
yeEuon to order. His remarks were as
Stirring Address.
.'The exposure of some of the methods
OF some OF the life insurance companies
b. the committee Of the legislature OF tpe
state Of New York which is clearly dem
insurance laws throughout the country
was the principal reason for calling to-
gether the governors. attorneys general,
insurance commissioners and others OF so
many states and the attorneys. The meet
ing, however, is the direct result or cor
respondence begun last November py
president of the United States. Tt was
felt that IN the general prevailing exciIe-
meut and deep feeling among policy
holders and the public in general, there
was great danger that the various leg1s-
latures about to convene might adopt
drastic measures which would not only
be unreasonably burdensome and harm
full to insurance companies, but also IN
furious to policy-holders.
Plan Formulated.
After full consideration the following
plan was agreed upon, and which has the
approval Of the president and the com
n1ik.sioners OF the District Of Columbia,
but which the necessary changes In form
to make it applicable may be enacted by
the states and territories, thus making
uniform regulation Of insurance and
avoiding the vexatious and costly burden
incident TO differing and often conflicting
This meeting is considered one of the
most important that has ever taken place
in the interests Of insurance Let us,
therefore. be exceedingly careful in the
preparation Of the proposed uniform bill
to administer justice and fairness TO the
companies and at the same time erect en-
during safeguards for the policy holders ,"
johnson Elected Chairman.
The convention elected Governor John
A Johnson Of Minnesota as chairman,
and Frederick H. Nash of Massachusetts,
as secretary. The report OF the commit
lmended that G committee of fifteen be ap-
pointed by the chairman of the commit
tee to formulate bill or bills with 2
view TO establishing uniform system OF
statutory regulations of legal reserve life
committee of fifteen is to report at an
adjourned meeting of the present conven-
ton at a time and place to be hereafter
determined The committee was instruct
ed to give particular consideration to the
following SUBJECTS:
Subjects to Be Considered.
Preferred dividends representative form
OF government in mutual companies, pu-
blicity, limitation of age in life insurance,
investments, limitation Of expenses 70
loaning and restrictions on cost Of new
business, limitation Of amount of business
and assets method of determining loan
ing non-forfeiture provisions invest
ments in individual states of a percent
age of the reserve on the business in such
states and reports in annual statements
of dividends.
commissioner of Nevada, that a commit
tee on credentials be appointed by the
CHAIR. brought out demand from G. W.
Scoville of Pittsburg, president Of the Ma
for a voice in the affairs of the 'conven-
ton Mr.. Davis declared that he desired
Ito limit the voting powers TO the state
insurance commissioners and attorneys
Present by Invitation.
Mr. scoviiIe declared. that he was pres
emit by special invitation and possessed
rights equal to those of such state Off
Icials as might be in the convention.
II! Some trouble has been anticipated on
1.-THE question of representation and q
wave of subdued excitement came over
| the convention when it was preached
chairman Johnson announced the com
llmittee on credentials and that body went
Unto executive session at once. A recess
was taken pending the report Of the com
mittee
The committee on credentials submit
/ ted its report which was adopted. This
! recommended that each state or territory
! represented be entitled to one vote. q
b c. w. ScoviHe,' representing the life IN
| derwriters association, announced thai
his Organization had voluntarily waived
the right TO vote simply to obviate any
/ Notwithstanding on the part of the
public that might grow out of such rep
resentation.
Mr.. Mayors Speech.
Julius NJ Mayer, attorney general Of
New York, spoke in part as follows:
mo opportunity should be lost to make
clear to the people, that. Notwithstanding
all that has been disclosed, the great
companies which have been subjected tC
searching investigation are absolutely
solvent.
! st think that we all believe that in
! Continued on Page 2.