Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1906-02-22
Is Given to New
York Legislature
Today and
RECOMMENDATIONS MADE
Many improvements in Laws
Suggested Covering Meth
ods of Business.

Albany, N. Y, Feb. 22.-'-The report
of the Armstrong special insurance in.
vestigating committee was presented
in both the Houses of the legislature
today.
1t was accompanied by eight bills
designed to carry into effect, in detail,
the recommendations of the committee.
Armstrong made statement in which
he said counsel for the committee,
Messrs. Hughes, McKeen and himself
had worked upon the bill until four
this morning and had not then fin
ished their labors. He asked leave for
the committee to submit supplement
ary report which will make the pro-
posed forms of the STANDARD insur-
ance life policy to be prescribed by
law. He promised this report next
week.
Public Hearing.
There will be public hearing upon
the bills before the investigating com.
mittee itself on Friday March in as.
sembly chambers. In a statement to
newspaper men before the presenta-
tiOn Of the report, Armstrong said he
hoped to have it passed before April
18th the bill which will defer the an
nual elections in the mutual companies
from April 18th to November
This, it is believed, probably would
nullify all the proxies obtained up to
this time by Thomas Lawson and the
policy holders committee of state
governors and others, as well as those
which the management of the compa-
nies themselves have gathered through
their agents.
Contents Of Report.
New York, Feb. 22.-The report of
the joint committee of the Senate and
Assembly of the state of New York ap-
pointed to investigate the affairs of life
insurance companies covers a printed
pamphlet of 319 pages.
Matters demanding the consideration
of the legislature for the purpose of
remedying existing evils and estab.
fishing more securely the business of
life insurance in this state are grouped
under the following heads:
I. Organization of life insurance.
2. Control or right of policy hold
ers and election of directors
3. Retirement of stock.
4. Investment including syndicate
participations.
S. Limitation of new business.
6. Political contributions.
Z. Lobbying.
8. Limitation of expenses.
-. Valuation of policies.
10. Rebates.
'f@ IL. Surrender values.
l2. Ascertanment and distribution
of surplus.
l3. Remedies of policy holders or
right resort to courts.
IA. Forms of policies.
Is. Publicity and state supervision
l6. Penalties.
The committee recommends that ar
ticle II of the insurance law be so
amended as to permit the formation
Hereunder of mutual corporations
without capital stock to transact the
business of life insurance under limi-
tations.
Section 200, permitting the incorpor-
alton Of companies upon the co-opera.
tive or assessment plan, should be
amended so as not to permit such com.
panies to be incorporated in the fu.
ture and foreign companies of this
sort should not be permitted to enter
the state
Elections.
In regard to the so-called mutual
companies the following plan is rec
commended: At least five months prior
to the election, lists of policy holders
should be filed with the superintendent
of insurance and similar lists should
be open to inspection at the home of.
fee of the corporation.
Voting should be limited to those
who have been insured at least one
year before the election and whose pol.
icies are still in force when the elec-
ton is held The manner of making
nominations and holding the election
is provided for.
AS to stock companies the commit
tee recommends naturalization. On the
subject of investments of life insur-
ance companies, the committee after
declaring against the "syndicates"
makes recommendation for the amend
ing Of the law so as to provide for
the safe guarding of the money of the
policy holders.
Completed Copy. e
New York, Feb. Ex-senator Arm
strong, with completed copy Of the
report OF the insurance investigating
committee, left New York for Albany
today, He will submit the document