New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-15
NEW INSURANCE BILL.
Mr. Dryden to Present Reused
Measure TO-DAY.

Washington, Jan. Ex-senator Dryden has re-
vised his bill for government control of insurance
and will reintroduce 1t in the Senate tomorrow
He expresses the belief that it will correct prac-
ticaIly all of the insurance evils exposed by the
New-York inquiry.
Publicity IS the Remote Of the BILL the provt-
sions for the detection of wrongdoing and the pun
ishment of offenders. The bill defines policies as
instrumentalites of commerce, and provides for
the regulation of the businessl through controller
of Insurance. along lines Of the control over ma
tional banks. The Senator says he believes this
will go far toward meeting the objections of those
who have questioned the constitutional possibilities
of federal regulation of insurance He says the
bill has the Endorsement of the President, admin
istration officials eminent constitutional lawyers
in and out Of Congress and others who are faInfl-
lar with its general features, coming nearer
TO meeting the demands of the situation than any
of the other numerous pending measures
Discussing the principal features of the bill Sen
ator Dryden to-day said;
The bill contains some fifty separate provisions
of which the first thirteen relate to the organiza-
Department Of Commerce and Labor. The bureau
is TO be in charge OF controller Of insurance, who
There is 10 be a deputy controller. who is also
to be a bonded officer. and an actuary. who is re,
required to be person of recognized professional
ability and experience All fees or other moneys
controller must make an annual report to Con-
gress.
tons associations or partnerships engaged in in
insurance business who make and de-
liver insurance contracts outside OF me stare OF
incorporation. or origin; or authority out nave no
application to fraternal societies or organizations
carried for the sole benefit of members and not
for profit. Such associations or societies may vol
unfairly take advantage of the act and, after com
plying with all ITS provisions, become duly author-
ICED by the controller to transact interstate insur
ance.
The Controller is required to establish rules ana
regulations and reasona BILE fees for conducting the
business OF insurance including annual ana other
reports to be made by companies. The penalty
for failure to make or transmit any report or
statement Of fact required IS 500 for each day OF
delay. The Controller is also required to have a
conservative valuation made Of the business or lire
companies or determine the reinsurance reserve
Of other companies, upon approved methods ana
tables and by such standard CT interest as may
IN his Judgment and discretion best serve the PUT
pose 70 determine and establish the true financial
condition and attendant liabilities of companies
Authority and power to inquire into the delalls
and facts of the management OF all corporations
trolIeT, and he may have the companies examined
by special examiners whenever necessary or eX-
pedient- To this end he may ask the aid OF any
court of the United States to require the attend
ance and testimony Of witnesses and the pro
ducton of books, papers and documents Failure
to obey such order of the court may be punished
companies may be investigated by the Controller
upon the complaint Of any State Commissioner OF
Insurance
Corporations transacting interstate foreign In
sUrance are specifically exempted from making
any other separate statements or reports, or
held be subject to any vtsitorial powers OF ex-
by the Controller of Insurance or by the proper
authorities Of the State of incorporation or origin
Corporations engaged in the business Of fnsur-
in more than one State must file q copy or
their charter other documents Of local au-
thority, and annually publish list OF their stock
holders or trustees. They are required TO make 9
insurance or with the proper official of the State
OF Incorporation or origin