Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-02-08
RESOLUTIONS
ON INSURANCE
Delegates to the National
Convention Embody
Findings.
SIX STATES ARE OPPOSED
And Twenty Three Votes in Favor OF
Their ACKNOWLEDGEMENTS viii
Determine upon the Future Policy
of States and Territories.

Chicago, Feb. 2.-Four governors,
representatives of thirty-two states.
members Of the state commissioners
conference on uniform legislation, and
representatives of the National Under
writer's association were recognized
as duly accredited delegates to the
national insurance convention called
by Insurance Commissioner Thomas
E. Drake at the instance of President
Roosevelt, which convened in the ban.
quet hall OF the Palmer house here
yesterday. Discussion of the deferred
dividend system of life insurance oc-
cupied the attention of the delegates.
$50 far as my influence can go
intend to urge laws in Iowa demand
ing an annual division of surplus and
uniform life insurance contracts"
said Gov. Albert B. Cummins in an ad-
dress: Governor Cummins arose
at the psychological moment and car
ried the convention by storm. The
delegates had been listening for hours
to the protests and sophistries OF the
insurance magnates against tamper-
ing with existing conditions. Gov
ernor Cummins said he desired, first
of all, to protect the policy holders.
''It is a fact patent" he said, that
the man who deals with insurance
companies feels himself unable to
provide against the future. The pol
icy holder must have a square deal,
with no bubbles in the contract cal
culated to rob him of his just dues"
Chicago, Feb. 3.-Delegates to the
national insurance convention EN-.
bodied yesterday the result of their
two days of deliberation in set OF
comprehensive resolutions which
were subscribed to by the convention
as whole. Six states Votel against
the adoption of the resolutions and
twenty-three voted in the Affirmative.
The state Of New York which was
represented, did not vote, it's dele.
gates declaring that they did not care
to express an opinion on a matter
recommending legislative action un.
til after the presentation of the re,
port Of the Armstrong committee.
The future policy of the states ana
territories represented in the conyen-
ton was committed to a committee
Of fifteen members, the power being
given to the committee, however, to
enlarge its membership as it deems
proper. This committee is to pre-.
pare a report which will be submitted
at a meeting which will be held at
the same time as the next meeting of
the national insurance commissioners
which is now set for an indefinite
date In the month of September, in
Washington, d. G. The membership
of the committee as at present com.
posed is as follows:
H. r. Prewitt, Kentucky; r. E.
Folk. Tennessee: T. f. Drake, Dis
trict of Columbia; w. d. Vandiver,
Missouri; Z. NJ. Wolf, California; A.
l. Voryis, Ohio; B. F. Grouse, Mary.
land; T. d. O'Brien, Minnesota; 2. M.
Host, Wisconsin; B. F. Carroll, Iowa;
J. L. Pierce, Nebrc ska; E. T. Young,
Minnesota; ]. M. Mayer, New York;
George II. Adams. New Hampshire;
J. f. Bird Michigan.
Governors Beckham Of Kentucky,
Johnson of Minnesota, Davidson of
Wisconsin, Elrod of South Dakota,
Sarles of North Dakota, and Cum.
Minis of Iowa, who were present dur.
ing the convention, were made advis.
DRY members of the committee. In
the resolutions adopted, the system
Of life insurance commonly known
as the deferred dividend plan, was
condemned and declared to be unjust
in operation. An annual account.
ing of the surplus funds in the hands
of insurance companies was Endorsed
and the convention declared for
plan for the government of mutual
companies, whereby each policy hold.
er shall have a more direct voice in
the manage ent Of the affairs OF the
company The matter of investment
of funds belonging to the policy hold.
ers, and in the hands of the insurance
companies, cannot, in the opinion OF
the convention, be reduced to a uni.
form basis, and must be governed
with reference to conditions. A
standard for of insurance policy to
the exclusion OF all other forms, to
be adopted by state legislatures, was
declared advisable.
On the other matters referred to
the committee on resolutions, action
was deferred for further considerai.
ton.