New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-23

| sort to the courts.
| Forms of policies.
Publicity and State supervision
| Penalties.
Jority OF its directors approved by its stockhold
ers and approved by the State Superintendent OF
insurance. and the poncyholders holding
least slOo Of insurance each at q meeting called
tired under this plan by the payment of an amount
Ia.!y determined to be the present value thereof
lowed by law and the eventual right if any. of
poration. '-0'is % '--'
The section of the bill limiting new business
that any company having outstanding insurance in
excess OF 100000 can write new insurance in any
+ sss than ans not more than 50 per cent
than per cent; from $780, 100000 to 6OOOO0OOO not
n noae IMAM ~ per cent; from S600O00000 TO $780,
Of 81 10000 more than si56O00.0oo of new in
Where bs sha be Issued There no limitation
had BUSHES ns does not apply to any COMPANY which
more than two-thirds Of the OUTSTANDING insurance
carried Irtsr BY 2yr 1t on December 81, 1896.
greater loading to the premium for each $1,000
Sa any Rina OF insurance than the loading the
NE policy in the case of limited payment en-
be made for alter the 996ng er 3s
limited payment This additional loading shall be
the policy. 'N
no LIE insurance company doing business in this
sor commissions on first year premiums or for
anng Of new 0pnS I'd. with the OBJ
amount IN excess OF the total margins OF an preri-
that year No such corporation shall incur except
anont af expenses in excess of the aggregate
year taken together with the margins for the first
year OF insurance.
RESTRICTING AGENTS COMMISSIONS
No company shall allow an agent or broker for
procuring an application for insurance or collecting
thereon
that determined in advance and II such oompensa-
centage Of the commission S2a1h4 IT shall Be fxed per
ance. and not greater in amount for any 81 900 of
fbS1 a ar the same age on any plan than shall
PTiey: Bonuses prizes rewards, salaries or com
any policy or the 0 pasea upon the amount OF
pT0niDIted: cornnissions shall not be paid save
not exceed in any year after the first year an
an Ordinary Whole 10 per r Gent Of the premium upon
ReF Ts1sT,a soliciting 1o INSURANCE prOhbed
year in one case must be eut6orizoss fSSO@
majority vote of the directors and shall be for one
to any member Of his family after death are pro-
No company shall make q disbursement OF 500
or Or, moro unless the same shall be evinced by a
LIMITATIONS ON INVESTMENTS.
Life insurance companies doing business in this
State after June l. 1906. shall be limited IN their
scope OF investments. They prohibited from
investing in the shares Of stock Of any corporation
except public stock Of municipal CORPORATIONS or
bonds which are secured by the pledgs mortgage
Of shares OF stock 10 the extent than ono
third Of the value Of the entire security therefor AL
stock held contrary to the provisions prescribed
must be disposed Of within five years from December
81 1906 All investments must hereafter be authorized
by the board Of directors. q committee thereof.
Insurance companies prohibited from partici-
pating in underwriting for the purchase sale
OF securities or property or from entering into any
transaction FOR suc purchase or sale jointly with
any Otner person, nrIn or corporation
In addition TO other investments allowed by law
town village or school district bonds. and IN mort
cent OF It's valuation.
First, an ordinary life peoyi second limited pay.
ment life policy; tnFd an end0wment poAGy, and
drafted the forms. Hereafter the State supeftn-
forms as STANDARD polcies Il is made lawful FOR any
corporation issuing exclusively non-parucipating
provision that the policy shall be non-participat-
Mutual and stock Life insurance companies issuing
participating policies are prohibited from issuing
participate in the acouInuatons of the corporation.
Detailed provision is made for the information
to the State SUPERINTENDENT Of insurance. Among
ston n nropertv fncidn cost aS ,sa ysI1e
existing loans upon real estate and securities all
commissions connected with loans and real estate
transactions and legal expenses; all expenditures
in connection with legislation giving dates amounts,
proceeding in connection with which the payments
were made; the list or off1cers and directors and
statistics connected with the annual election; the
salaries, conpensations and emoluments received
by the officers and directors and by all other per-
sons whore the amount exceeds 5000; the largest
balances carried in each bank trust company In
each month the year; all death claims resisted
or compromised; complete statement of the profits
and losses, and much other statistical information
The StaSs Superintendent OF Insurance is prohib-
Tied from licensing cooperative assessment in
surance companies after June l. 1906 He is also
prohibited from permitting similar corporations
from other States coming into this State to trans
act business after that date, with the execution of
secret fraternal societies having subordinate coun-
ellis or lodges.
Article X Of the insurance law is repealed
SEVEN COMPANION BILLS
There are seven companion bills What is prob |
ably the most important is act providing for |
the election Of directors in mutual insurance
corporations. Every domestic mutual life insur-
ance company in this State shall elect new board
Of directors on November Is next. and elections |
which would otherwise occur between now and that |
date postponed until that time. The elections |
are to be held under the supervision OF the State
Superintendent Of Insurance. who shall appoint at
least three poicyholders OF each corporation 10 be
inspectors. No vote shall be cast any proxies !
executed prior TO July l. 1906. and all proxies |
executed heretofore declared void. The board |
OF directors shall Immediately elect new officers |
and shall divide themselves into two classes
vacancies in each class be filed biennialy
There is amendment to the legislative law |
which will completely revolutonize the method OF |
promoting and opposing all forms of legislation in |
this State This bill affects not only insurance
panies, but likewise all classes Of private and |
quasi-prisate corporations. The measure provides
that ed oysd nv