Omaha daily bee., 1906-02-02
INSURANCE OFFICERS MEET
Thirty-Two States Represented at oOnvsn-
tion in sess on in Chicago,
ATTORNEY GENERAL MAYER SPEAKS
kew York Omcer Urges AdvisabiIity
of PostponinE Draft of New Law
UntII Armstrong Com
mittee Reports.

CHICAGO, Feb. Flour governors, rep
resenatives Of thirty-two states, members
of state commissioners conference on uni
form legislation and representatives OF the
National Underwriters association were
recognized as duly accredited delegates to
the national insurance convention called
by Insurance Commissioner Thomas X.
Drake at the instance of President Roose-
welt. which convened In the banquet hall
of the Palmer house today. Discussion OF
the deferred dividend system of life in
surance occupied the attention of the dele
gates and at the close OF the afternoon
session, that topic with number of other
subjects to come before the body, was re-
ferred to committee. No action of a
decisive nature was taken. The conven-
ton hopes 10 conclude its work tomorrow
night.
Thomas II. Drake Presides.
Thomas e. Drake, insurance commissioner
of the department Of District of Columbia,
presided at the opening and called the con-
vention to order. His remarks were as
follows:
The exposure of some of the methods of
some of the life insurance companies by
the committee Of the legislature Slr, o. d.t the
mined tho urgent necessity for better in
surance laws throughout the country. was
Inc principal TedSOl LOT NdlllllS tOECNhOl
the governors attorneys general, insur-
ance commissioners and others of so many
states and territories.
Cause of Meeting.
The meeting however. is the direct result
Of correspondence begun last November by
Governor Johnson OF Minnesota with the
president Of tho United States. 1t was felt
that in the general prevailing excitement
and deep feeling amongst policy holders
and the public in general there was great
ha var Legislatures about
10 convene might adopt drastic measures
which would not only he unreasonahly bur
densome and harmful to insurance eompa-
MES but also injurious to policy holders
After full consideration. the following
plan was agreed upon, and which has the
approval of the president and the com
lnssioners Of the District of Columbia:
A bill to be introduced in congress which
Insurance %r in the District of Columbia but
which. with necessary changes In form to
make i, applicable may be th enacted etn nS
uniform regulation of Insurance and
avoiding the vexatious and costly burden
incident TO difficult and often confusing
This meeting is considered Oxen 1ne Of r,t sGs
fhere nG 'f be- exceednsiy careful in the
preparation of proposed uniform bills 70
administer Justice and fairness to the
companies and at the same time erect
enduring safeguards for the policy holders.
Governor johnson Presides.
The convention elected Governor John A.
johnson OF Minnesota as chairman and
Frederick a. Nash Of Massachusetts as
secretary. The report of the committee on
permanent organization recommends that
g. committee of fifteen be appointed
to formulate bill or bills with a
view to the establishment of a uniform
system of statutory regula ton of legal re-
servo life insurance in the several states.
This committee of fifteen is to report at an
adjourned meeting of the present conven-
ton a n time and place to be hereafter de-
termined., The committee was instructed
to give particular consideration to the fol-
lowing subjects; Deferred dividends. rep
resentative form of government in mutual
companies publicity, limitation of age in
life insurance. investments, limitation of
expenses to loading and restrictions on cost
OF new business, limitation of amount of
business and assets, method of determining
loading. nonforfeiture provisions, invest
ments in individual states OF percentage
OF the reserve on the business in such
states reports in annual statements of divi-
dends credited or Professionally credited up-
der different forms of policies at the sew
eraI ages of entry. A motion by Samuel B
Davis. insurance commissioner OF Nevada
pointed by the chairman brought demand
from c. w. Scoville of Pittsburg, president
Of the National Association of Life Under
writer's for voice in the affairs of the
convention.
Mr.. Davis declared that he desired to
limit the voting powers to the state insur-
ance commissioners and attorneys general
Mr.. Scoville declared that he was present
by special invitation and possessed rights
equal to those of such state officials as
might be in the convention. Some trouble
had been anticipated on the question OF
representation and a wave OF subdued ex.
element came over the convention when II
was preached. Chairman Johnson an.
nounced the committee on credentials and
that body went into executive session al
once recess was taken pending the re-
port OF the committee.
A committee on resolutions was appointed
by Chairman Johnson, of which Governor
A. b. Cummins OF Iowa was chosen chair,
man,
Attorney General Mayer Speaks.
Attorney General Mayer of New York