New-York tribune., 1906-12-11
FOR POLICYHOLDERS.
TaOnan Committee Would Curb
life Insurance Com panieS.

nasun. Wis, Dec 1O.-The report Of the
zEtve committee appointed 10 investigate
issuance companies doing business in Wis
z1 has been submitted to the Governor.
5Ehrsces the testimony taken by the COM
-E last summer, comments upon the evi-
zz and recommends the passage Of a large
ZsE q bills amending the Insurance laws
lie state in the interest Of policyholders.
n committee says the general examination
Is confined 10 three companies-the Wisconsin
u q Madison; the Northwestern Mutual Life.
Milwaukee, and the Union Central Life. OF
AzHnarL These were selected as representa-
m e al similar companies. The report says
Ign
Z te judgment Of the committee, no plan or
zen which permits proxy voting VIII enable
Paeyh0lders as against the activity Of Off
and agents 70 control the management Of
la company.
5s recommend that in all such companies the
s- 10 vote by proxy be abolished; that every
-oef oi The company, irrespective or the
lAt q Insurance carried by him, shall De
led 10 cast one vote for each trustee; that
slc1 mutual Insurance companies shall pub
= ~ states and counties in the states. in
-Aheacal order with postofflce addresses, the
-s q 81 p1liCyhOlders residing in SUCH
sa list u names and addresses OF such
yAoieers o. any state upon request OF such
!Aoloers and the payment 10 the company
sun not 10 exceed 81.
ne report cites several examples Of what
'Aa-s 10 be favo-iusm IN settling losses. espe-
-g n policies which may be avoided under
Suicidal clause.
'-= committee investigated rebating by agents
- northwestern Mutual, and says that each
"'eIa! policies Investigated was written
" 4 rebate. Il appears from the testimony.
'olialttee further says, that several foreign
Issee companies operating in Wisconsin
mace II common practice to contribute
- sums Of money as campaign contribu-
eha believes the state should condemn
practice
: committee states that from whatever
View the subject is examined It is
% The Inevitable conclusion that tontine
'i''-leis Of the EorthWe Western Mutual have
t'5auy Disseminated against and that
,,.,-.le lele been similar Determinations in the
i-1si si1 5'1 ~ Inc t9utlne funds in favor OF
49,. 1-'.aena policy holders in other COM
l,,o--,..p.y UT iec1mmends the repeal OF all re-
d .I-a"h' 1lt makes no recommendation
r. industrial or frateTnal insurance.
islav,-,..e ,,.eiias The passage OF bills providing
.ts ,s - .l.e terms used IN legislation relating
s1o.s - 80 aloe, regulating the election Of d.
,elsries.N trustees az domestic mutual life
o. ~. tis sppoiutment by the Governor
srsso-' =, 'o' al director upon the board; the
',ss ~, ~ ne Insurance companies OF other
cag a. ssilnlilng the writing Of both partici-
E oqr-.e .li- PARTICIPATING policies, requiring
1a1 ~ 80, i,.es 10 ascertain. determine and
s,,ys 80 f-s ScmrnlssI0Uer Of Insurance the re-
p IL urae-,t .s-5t ~ policvholders and stockhold-
~ reSrs- sAeQ surplus. amending the law
'l,g hi ~ 70 mo valuation Of policies, re-
ee,or s.s .Is Torn ~ policies and applications
taR. - prescribing certain standard pro-
-fst.ors -s-i-olns limitations Of premiums.
li,ir,r. - expenses. Limitations of eslaTies:
o,igjrsl 'eDdung and misrepresentation: for
i1ens r,s counting 10 classes Of deferred
sssfer 'sslgssAoiders an annual accounting
'-sr of - - q report thereof TO the Commis-
Ss1 Il A.. = aIloe, an annual accounting. 10
.'eaerts @ @ilinlssicner Of Insurance all dis
sEsllop mace IA opposing or promoting
Esf F.,-e, e. 10 keep an accurate account
80. snrnlt3 3lailhg the insurance retaliatoTy
'g1 pgrreal. reports of contributions for cam