New-York tribune., 1906-08-23
ADOPT INSURANCE CODE.
T5co Sections Pass Committee of
Chicago Conference.

ST. Paul, Aug. 22-Two sections OF the Uni
form Insurance Code. which is under consider
alton of committee appointed a conference of
governors. attorney generals and insurance COM
mssioners in Chicago. March %. were adopted at
the first session of the committee to-day in the
Senate Chamber Of the State capitol T. d. o Brisn.
Insurance Commissioner OF Minnesota. called the
meeting to order and commissioners representing
fifteen states began at discuss the sections
OF the proposed code.
Reau q. Folk OF Knoxville. Tenn. chairman of
the committee prohibition Of political contribu-
tiOns, read report covering this subject which
was adopted. providing that no funds shall be con-
tributed by the agents of insurance companies to
political parties. The section passed follows:
No insurance company doing business in this
any money or property In aid OF any political party
committee or organization, for the reimburse
erty so used Any oficer director stOckhdldeT.
attorney or agents Of any corporation which vio-
and punisha5le by imprisonment and fine of not
The license Of any company or association found
guilty Of violating this section may be suspended
missioner.
This section. which is drawn up along the lines
OF the New York law, also provides that person
shall be excused from testifying producing any
books. papers other documents before any
magistrate upon the ground that the testimony
required OF him may tend to convict him Of crime
or TO subject him TO penalty forfeiture.
There was some discussion over whether the IL
cenSe or a company should De revoked, ~ being
maintained by Commissioner a. Y. VOrys. OF Ohio,
that II unfair TO visit the crime OF
psny's servant the company itself. and that
indirect injury done the pOlicyhOlders by revOk
ing .he license OF a company. The report
modified leave this phase 20 the discretion
OF the insurance commissioner.
The other section adopted provides THAI every
disbursement OF 500 more be made on q voucher
setting forth expressly an iteulized account
In addition TO adopting these two sections OF the
code proposed for adoption by the various state
legislatures. the commissioners took under
sderatiOn the report OF the committee on salaries
OF officers The report recommended the incOr-
pOratfOn OF provision providing that any salary,
compensation or emolument 20 any employe OF the
company. amounting in any year 10 more than
$1,000. shall be fixed by the board OF directors and
not for longer period than one year n. d. Had
ley, Of Michigan. said that this would prevent the
officers of the companies from making renewal con-
tracts with their agents. and that ts passage would
seriously handicap the operations OF the company 8
business
This section also provides that pension shall
be granted TO any officer director, and provides
that no agreement shall be made whereby an en-
plOye shall receive q salary for longer period
than year. The legal committee viii report
whether this act prohibits renewal contracts; an6
& Il does. an amendment will be Incorporated TO
allow the making of repewal contracts.
Other sections will be taken up later