The Oskaloosa herald., 1906-01-18
WOULD REGULATE
LIFE INSURANCE
REVISED MEASURE ron FepaH.
Al SUPERVISION.
PUBLICITY is THE KEYNOTE.
Al Corporations 10 be Under Control
Of Bureau - Fraternai insur.
anee, However, Not
Affected.

Washington, Jan. i~6.-senator Dry.
den has revised his bill contemplating
government control OF insurance, and
will r~olntroduco II in tho senate To-
day. He has followed very closely the
Investigation being conducted BY the
New York legislative committee, and
this has aided him In perfectlng his
measure, until nov he expresses the
belief that Il will correct practically
all OF tho insurance evils exposed by
the New York inquiry.
Publicity the Keynote.
Publicity IL the keynote OF the bill,
and coupled with this are safeguards
for tho detection OF wrong doing and
tho punishment OF those 20 offending.
II deines policies, or insurance con
tracts, as instrumentalities OF com.
merce, and provides for tho regulation
OF tho business through tho medium of
q comptroller OF insurance and along
lines similar TO the control exercised
v national banks. The author says
he believes this will 90 far toward
meeting the objections Of those who
have questioned the constitutional pos
sibilities Of federal regulation OF In.
surance.
Strongly Endorsed.
The senator says tho bill has th
enforcement OF the president, admins
tration officials, eminent constitutional
lawyers In and out Of congress and
others who are familiar with it's gen.
eral features 40 coming nearer "a
meeting tho demands OF tho situation
than any OF the other numerous pend.
Ing measures. Senator Dryden has
long been a champion OF federal regu.
Iation.
Tho bill contains some 80 separate
provisions, OF which tho first 10 relats
20 the Organization OF tho proposed
bureau OF insurance in tho department
OF commerce and labor. Tho general
supervision and control OF tho bureau
IN under the direction Of tho secretary
% commerce and labor, and all fees On
other monies collected are required 70
DO paid into the treasury. The comp.
troIler must mako On annual report u
congress, including the details OF al
examinations made OF companies dur
ing the year, together with n oompiets
statement OF tho receipts and disburse.
ments OF the bureau.
EratsrnaE Insurance Not Affected,
The provisions OF the act apply 70
all corporations, associations or part.
nershiDg engaged In interstate insur.
ance business, or who make and de-
liver insurance contracts outside Of
the state Of incorporation On origin, on
authority, but have no application for
fraternaI societies or organization
carried on for tho gole benefit OF mem
bers and not for profit. Such associ1
tons or societies may voluntarily
take advantage OF the act and, after
complying with all Us provisions, be-.
come duly authorized By tho comptroL
Ter 70 transact interstats insurance.
Power 20 Examine.
Authority and power 20 inquire inte
tho details and facts OF tho manage.
ment Of all corporations engaged IN
interstate insurance 10 given tho comp.
troiIer, and he may have the compa,
mics examined by special examiners
whenever necessary OF ~expedisnt. TO
this end he may invoke the aid Of any
court ~ the United States, 70 require
the attendance and testimony o. wit.
negses ami the production OF books
papers and documents Failure 20 obey
such order OF the court may be pun.
ished AZ a contempt thereof. II II
also proyl1ed that companies may be
Investigated By the comptroller upon
the complaint Of any state commits.
sioner OF insurance
Safeguards Strengthened,
Commenting on the measure Sen.
atcr Dryden gaygt ny this bill the
business OF insurance II made a ma
tioDal interest. and national laws are
hereafter 10 govern insurance con.
tracts and the conduct or management
OF insurance corporations IN add
ton thereto me companies will BE- sub.
Ject 10 supervision and regulation By
the government Of the state, territory
or district, OF Incorporation, or origin
The needless, expensive and dangerous
method OF over supervision, oyer,1eg
~islatioD, and o%yer4axstlon by some 81
State or territorial governments vii
come 20 an end The comptroller Of
insurance viii be a responsible ON
Ger, appointed by the president, sDe
ciaiIy charged with the duty and
clothed with ample power 20 properly
and securely safeguard the interest,
OF the poIlcyholders and Of the pubiit
generally"