Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1906-03-17

lNaNhftNAa MNH
MEET ~ ALBANY.
Albany. ~ II. March e.-probably
never has a more remarkable gather
ing Of life Insurance men been as
aemhle0 under one single roof than
that which met today IN the state
capitol Ia connection with the hear
lngs on the pending amendments 90
the Insurance laws. The hearings on
the bills were held before the Joint
legislative investigating committee.
which drew upon Itself universal at
trntinn by ita exposures % The many
irregular conditions surrounding the
business OF life Insurance companies
IN this state Many radical changes
IN the state insurance law and IN
kindred statutes are proposed tn the
ten ton mltci i23f5 Gand when you
ten bills undor consideration,
Pull Particulars o. nln
Shortly after 1880 this forenoon.
Senator Armstrong. chairman 81 the
insurance Investigation committee 40.
pointed BY the state legislature. called
the committee TO order IN the assem-.
bly, chamber OF the capitol. 90 begin
the public hearing OF arguments for
and against The proposed insurance
legislation, as based upon the recent
report OF the Armstrong committee.
The hall was well Allied when the
session WA opened Besides q large
number nf senators and agaomblymon
there were representatives Of a score
OF insurance companies present. n con-
siderable % uhor OF lawyers. directly
or Indirectly concerned with insur.
a. HmnHHa. a.H
spectators from an parts 90 tho state,
who are interested In the subject to
Be conGiderod 40 the meeting Sena
tor Armstrong explalr ed the obis-tI
Of the session and gave an outline OF
the lines along which the hearing
will be conducted.
u was decided 10 conduct the hear
ing upon the following lines: Roatric.
ness; prohibition OF stock and col
lateral trust bond ownership. Each
ton of expenses; limitation OF bust
OF these topics he's ramincaiions which
extend 20 other subjects. which. taken
together, viii practically cover the
entire field. u is expected that the
public hearing viii continue for some
time. as every point Incorporated IN
the report of the Armstrong commit.
tee and IN the various bills introduced
Ia the legislature. since the report OF
the committee was submitted, will be
carefully discussed.
The large Insurance companies arc
we'll represented by their officials and
able lawyers and vii make a deter.
mined EFFORT 40 convince the commit.
tee that some OF the provisions Ia the
laws already introduced are absurd
and prohlbltlvo In their character and
would do a great injustice and injury
20 the insurance business IN this state
Particularly strong attacks viii be
made on the efforts 90 restrict the.
business OF the Insurance companies.
II viii be maintained that under the
recommendation of the committee. asI
Incorporated in the prupoeed laws, II
would Dc impossible Tor any 0f the
large Insurance companies 90 write
more than about $50 000. 900 90 new
business a year This would be- ruin.
GUS. as the total examinations by
dCath, maturity, etc. nggrcgato from
100000. 900 to el500uO,000 year
with the large companies. The result
would be- thar their oatiro business
would eventually boz wiped out IN a
few years
lt is believed that no opposition will
hc mPdc hy any of The large com
panics Co The recommendation that
the existing management of all the
mutual companies shall expire on No
yember 49, and that an existing pTox.
io8 be- void. also that all annual meet
ings seq Tor an earlier date be post.
poncd until after November T. 1nia
VIII DC away with the Lawson men.
ace which has ovcrhung the ne in.
suwnce situation IKE e. black cloud.
II also will give those trustees who
are anxious to retire cnanco tO
withdraw.