Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1906-02-08
PLAN UNIFORM LAWS
SEEK TO PROTECT POLICY HOLDERS.
wan Prepare Draft Of Model stat
ute Tor DIatriet Of Colombia
from which states
May Pattern.

chicago, FeD. 1.-MOre thau AVV
state oflcials, including governors,
commissioners Of insurance, attorney
generals and representatives Of insur-
ance companies were present at the
opening session Thursday Of the ma
tlonal convention called to discuss
measures Of control Of insurance com
panies In the various states.
Thomas e. Drake, insurance COM
missioner Of the District Of Columbia,
presided at the opening and called
the convention to order. His remarks
we're as follows:
1.-THE exposure Of some Of the meth
DDS of some Of the life insurance COM
panies by the committee of the legls-
lature Of the state Of New York which
SO clearly demonstrated the urgent
necessity for better insurance laws
throughout the country, was the prin-
cipal reason for calling together the
governors, attorneys general, insur-
ance commissioners, and others Of SO
many states and territories. The
meeting, however, is the direct result
Of correspondent begun last NO
venber by Gov. johnson, Of Minne-
sofa, with the president Of the United
States. 1t was felt that In the prevail
ing excitement and deep feeltns
amongst policy holders and the public
in general, there was great danger
that the various legislatures about 70
convene might adopt drastic measures
which would not only be PROFESSIONALLY
burdensome and harmful to Insurance.
companies, but also to policy holders.
After full consideration, the fol-
lowing plan was agreed upon, and
which has the approval Of the presi-
dent and the commissioners OF the
District of Columbia. A bill to be Ill
troduced in congress which shall be
a code for the regulation of insurance
in the District of Columbia, but which
with the necessary changes in form to
make it applicable, may be enacted
by the states and territories; thus
making a uniform regulation OF in
surance and avoiding the vexatious
and costly burden incident to differ
ing and often conflicting local legis-
lation.
The convention elected Gov. John A.
johnson of Minnesota, as chairman,
and Frederick H. Nash Of Massachu-
sets as secretary The report OF the
committee on permanent organization
recommended that committee Of 10
be appointed by the chairman Of the
committee to formulate a bill or bills
with vlewt to establishment of a uni
form system of statutory regulation
of legal reserve life insurance in the
several states, This committee OF 10
is to report at an adjourned meeting OF
the present convention at time and
place to be hereafter determinedJ
A committee on resolutions was APP
pointed by Chairman johnson of which
Governor A. B. Cummins Of Iowa. was
chosen chairman.
Governor Cummius of Iowa on rising
to address the convention said:
80 far as am concerned and SO
far as my influence will go, I shall
not only attempt to secure enactment
in our general assembly that will In
sure annual distribution. but will secure
standard and uniform forms of insur-
ance. think that the legitimate forms
of life insurance contracts can be num-
bered on the fingers Of both hands.
do not believe that there should be
more than ten forms Of contract per-
mitted IN the country.
81 have no sympathy with the theory
that we are interfering with personal
liberty when we restrict the forms Of
insurance contracts. An ideal situation
would not permit any dividend In
surance companies should not take
from policy holders one penny more
than is necessary to carry out the con-
tract entered into. The tendency of
all legislation should be to limit the
Investment feature and enlarge the in.
demnity."
w. d. Vandiver Of Missouri, de-
clared that his experience with defer
red dividend policies showed that not
one policy ever received within three
fourths Of the estimate Of dividends
made by the companies at the time