Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1906-02-03
NdtiOndIInSuPdnCGCORvGRtiOI
Completes Its Work.
RESOLUTIONS CONDEMN
DEFERRED DIVIDEND PLAN
Work Of Organization Entrusted to
Executive Committee of Fifteen.
Purpose Accomplished,

Chicago, Feb. 2.TDelegates to the
National Insurance convention embod-
led today the results OF their two days
of deliDeration in set of compre-
hensive resolutions which was sub
slribed to by the convention as a
whole. Six states voted against the
adoption of the resolutions and 23 vo-
ted in the affirmative. The state of
New York, which was represented, did
not vote, its delegates declaring that
they did not care to express an opin-
ion on a matter recommending legis-
lative action until after the presenta-
ton of the Armstrong committee re-
port.
The future policy of the states and
territories represented in the conven-
ton was committed to a committee of
fifteen members, the power being Civ
en- to the committee, however, to en-
large its membership as it deems
proper. This committee is to prepare
4 report which will be submitted at
meeting which will be held at the
same time as the next meeting of ma
tional insurance commissioners, whicn
win be sometime in September. e. NJ.
Wolf Is a member of the committee
In one resolution adopted the sys-
tenn of life insurance commonly known
as the deferred dividend plan was
condemned and declared to be unjust
in operation. An annual accounting
Of the surplus funds hn the hands Of
Insurance companies was endorsed,
and the convention declared for plan
for the government IN mutual insur-
ance companies whereby each policy
holder shall use a more direct voice
in the management Of the affairs of
the company The matter of invest
ment Of the funds belonging to policy
holders and in the hands Of the insur-
ance companies cannot in the opinion
of the convention, be reduced to q
uniform basis, and must be governed
with reference to conditions. stand
ard form of insurance policy to the
exclusion of all other forms, to be
adopted by state legislatures, was de-
clared advisable.
on the other matters referred -
the committee on resolutions action
was deferred for further considera-
ton
After adjournment of the conven-
tion, Insurance Commissioner Drake
of the District of Columbia. at whose
instance the convention was called,
said that everything that could be de-
sired had been accomplished. "At
best he said, "all that could be hop
ed for at this gathering was work of
a preliminary character, and that has
been done.
at the adjourned meeting 7 feel
confident the fruits of our sowing will
be reaped. I consider the outcome
very satisfactory"
California, Colorado, Oklahoma.
Washington, Wyoming and Hawaii
were among those who voted for the
resolutions and the vote of Kansas
was negative.
Immediately after the adoption OF
the report the convention adjourned
to meet at a time and place to be de-
teumined by the executive committee
of the national insurance commission
ers, the convention to be held at same
time as the convention OF the national
| insurance commissioners. The time
and place of the latter convention is
now set for Washington in September,
but both time and place are subject to
change.
The committee OF fifteen which is to
prepare the report on proposed
changes in present insurance methods
will report at the meeting to be held
hereafter