Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-08-06
IOWA INSURANCE
Auditor Carroll. Annual Report is
Conservative, But Recommends Leg.
isIation = Thinks FraternaI Rates
Should Be Higher to Be Safe.

\ LES MOlllcS, AUG. VI
State Carroll has issued his annual re-
| port covering the life insurance sit
| uation in Iowa, but it disappoints those
who had expected Iowa to follow New
! York, Wisconsin, and other states in
| developing a sensation relative to this
subject
| Auditor Carroll makes a number OF
radical recommendations relative to life
| insurance legislation and discloses con-
siderable interesting information rela-
! tive to Iowa companies in advance OF
the report of the legislative insurance
commission, which will begin to write
the results of it's investigation of the
subject covering the last four months
about September /. But nothing SEN
sational and scandalous is revealed by
the report of the auditor.
The auditor is profoundly convinced
that fralernal beneficiary associations
for the interests of whose members and
policy holders he has the most loyal
regard should increase their rates to
the national fraternal or American
mortality tables.
policy as bad institution but would
allow companies to reserve contin-
gent surplus of from to 20 per cent,
issuing an annual statement to policy
holders showing the amount and dis
tribu ton on the hooks and requiring
the fund to be carried as constant
liability.
He would abolish the discrimination
which exists between what are known
as participating and nonparticipating
policies.
He would require all life insurance
policies to embody the complete and
detailed contract without reference to
any other document or article.
A law fixing the minimum rate for
assessment insurance would preclude
the necessity Of law eliminating this
class of companies.
The auditor believes that companies
should be required to publish full an
nual statements, but he does not be-
lieve it wise to require the publication
of the reports of state examination of
the companies, except at the discretion
of the department.
The auditor would require frequent
accounting by life companies to stop
the practice of making extravagant es-
Inmates, the chief evil in the procure
ment Of business.
Vouchers for expenditures amount
ing to more than 500 should be re-
quired of all companies.
Salaries of officers receiving more
than $4,000 should be published annu-
ally
Proxy giving should be stopped.
Auditor Carroll gives qualified sane
ton to the idea of the establishment
of an insurance department instead of
the combination of the department with
the office of the auditor as depart
ment thereof.
The investment Of the s20,O00,000 of
life companies on deposit with the au-
ditor of state in the form Of securities,
is highly commended by the auditor.
In brief the condition. of the life in
surance business in Iowa for 1905 is
given by the auditor of state, as fol-
lows:
No. companies doing bust
ness ................... 1os
Insurance in force Jan 1. .$645, 200,562
Paid policy holders in year. 4,347,471
Iowa companies doing bust
ness
Premiums received by Iowa
companies ............... 2,s7o,ss1
Insurance carried by Iowa
companies .............. s2,ss7, 347
Increase over 1904 ..,..... 11e25.O
Total insurance paid Iowa. 4,347, All
Surplus of Iowa companies. S63,376