Albuquerque evening citizen. [volume] (Albuquerque, N.M.) 1905-1907, 1906-03-09
Largest and the Most In
fIuentiaI Gathering in
Insurance History
COMMITTEE HOLDS HEARING
Maenates Oppose All Drastic
Measures by the Arm
strong Committee.
RESULT REMAINS IN UNCERTAINTY

Albany. N. Y. March 9.-Probably
never has a more remarkable gather
ing of life insurance men been as
sembled under one single roof than
that which met today In the state
capitol In connection with the hear
ings on the pending amendments to
the insurance laws. The hearings on
the bills were held before the joint
legislative investigating committee,
which drew upon itself universal at
tention by its exposures of the many
irregular conditions surrounding the
business of life insurance companies
In this state. Many radical changes
in the state insurance law and in
kindred statutes are proposed in the
ten ten mitci 12345 6and when You
ten bills under consideration.
Full Particulars Of Bill.
Shortly after 1880 this forenoon.
Senator Armstrong, chairman of the
insurance investigation committee ap-
pointed by the state legislature, called
the committee to order in the assem-
bly, chamber of the capitol, to begin
the public hearing of arguments for
and against the proposed insurance
legislation, as based upon the recent
report of the Armstrong committee
The hall was well filled when the
session was opened. Besides a large
number of senators and assemblymen
there were representatives of score
of insurance companies present, a con-
siderable number of lawyers, directly
or indirectly concerned with insur-
ance matters, and a large crowd of
spectators from all parts of the state,
who are interested In the subject to
be considered at the meeting. Sena-
tor Armstrong explained the object
of the session and gave an outline of
the lines along which the hearing
will be conducted.
J II was decided TO conduct the hear
ing upon the following lines: Restrier
| tion of expenses; limitation of busi-
ness; prohibition of stock and coll
lateral trust bond ownership Each
of these topics has ramifications which
extend to other subjects, which, taken
together, will practically cover the
entire field. 1t is expected that the
public hearing will continue for some
time, as every point Incorporated in
the report of the Armstrong commit
tee and in the various bills introduced
in the legislature, since the report of
the committee was submitted, will be
carefully discussed.
| The large insurance companies are
! well represented by their officials and
able lawyers and will make a deter
mined effort to convince the commit
! tee that some of the provisions in the
laws already introduced are absurd
and prohibitive in their character and
would do a great injustice and injury
| to the insurance business in this state.
Particularly strong attacks will be
made on the efforts to restrict the
| business of the insurance companies
IL will be maintained that under the
recommendation OF the committee, as
incorporated in the proposed laws, IL
would be impossible for any of the
large insurance companies to write
more than about $50,O00,000 of new
| business a year. This would be ruin
Gus, as the total examinations by
death, maturity. etc, aggregate from
! $4,000 900 to S15O000,000 a year
with the large companies. The result
would be that their entire business
would eventually be wiped out in a
few years.
1t Is believed that no opposition will
be made by any of the large com
panies to the recommendation that
the existing management of all the
mutual companies shall expire on No
vember 10, and that all existing prox-
les be void also that all annual meet
ings, set for an earlier date be post.
| poned until after November /. mis-
will do away with the Lawson men
ace; which has oyerhung the life in
surance situation like black cloud.
/ II also will give those trustees who
are anxious to retire chance TO
Z Withdraw