Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-03-28
Disclosures in the Insurance
Affairs in United States
Causes Concern
MUST INCREASE GUARANTEES
Result May Be tho Withdrawal Of
Some of the American Concerns
From the Foreign FieId-An Inter-
estins Discussion in the House of
Lords-25o,o0o Britishers Interested.

London, March 2S.-The earl of
Granard, in behalf of the board of
trade, replied in the house Of lords
yesterday to the earl of Onslow, who
asked the government whether, in view
of the disclosures made regarding GER
tain American insurance companies, 1t
intended to compel foreign companies
doing business in Great Britain to keep
in this country sufficient proportion
Of their securities to cover the claims
of British policy holders.
The earl Of Granard said that the
suggestion of a guarantee to policy
holders on the part of foreign insur-
ance companies was not unreasona-
BILE. The government had carefully
considered the matter and had con-
cluded that the best way to meet the
request was by the appointment Of a
select committee, which he hoped he
would be able to move shortly.
In introducing the subject the earl
of Onslow spoke strongly Of the alleg-
ed practice Of the officers OF insur-
ance companies in advancing largo
sums to companies in which they were
personally interested and of the con-
troll of the three large American com
panies doing business in Great Britain.
He reviewed the evidence Of the Arm
strong committee, from which he con-
cluded that there was no guarantee
that British policy holders might not
awake some morning to find that the
assets had disappeared.
In England, Lord Onslow added, q
quarter Of a million people were inter-
ested in the affairs of the American
Insurance companies and the country
could not allow that the slightest risk
of loss should exist for those who had
invested their small savings in insur-
ance. He hoped the government would
introduce legislation such as had been
adopted elsewhere compelling the
companies to deposit approved assets
to meet their liabilities.
MutuaPs British Manager Quits.
The resignation Of D. C. Haldeman,
British manager Of the Mutual Life
Insurance Company Of New York, and
the earl Of Onslow's question in the
house Of lords, have revived interest
here in the affairs of the American
insurance companies. The Globe yes
terday in its financial columns said:
..why should not British policyhold-
ers cut adrift from the New YORK
company entirely? If Mr.. Haldeman
can devise means to organize them into
q new English company conducted on
safe and conservative lines, he Will
have done them substantial service"
This. however, is not the intention
of Mr.. Haldeman. 1t Is UNDERSTOOD eiia'
he took the step he did at the sugges-
ton of the larger policy holders, whose
proxies he will hold in the effort to or
ganize British policy holders to press
for reform. -.
N. v. Life Withdraw From England?
Mr.. Haldeman probably will go to
America when he retires from the
British management Of the Mutual Life
and ally himself with Stuyvesant Fish
and his associates in the appointment
of committees, with view to legisla-
ton.
A result Of the same agitation which
induced Mr.. Haldeman to resign has
been some talk of the New York Life
insurance Company and the Equitable
life Assurance Society withdrawing
from Great Britain, since the result Of
the disclosures Of the last year has
caused loss on business, and II the
legislation which has been suggested Is
carried out, this probably will be rea-
lized. The Mutual Life Insurance
Company Of New York, however, is too
largely interested in Great Britain to
take such step.