New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-19
INSURANCE COMPANY REPORTS.
The American Association of Public Ac-
countants Wants Better Forms.

To -he Edttor % The Tribune
Sir: In the legislation proposed by the Armstrong
committee there IS no provision which viii make II
mandatory upon the State Insurance Department
% alter the present defective forms upon which II
requires the insurance companies to make their
annual reports
The American Association % Public Accountants
and the New-Yor State Society Of Certified Public
Accountants have. through 5oint committee begun
an agitation Tor the modification OF these forms
along practical, business lines and we bespeak the
assistance 81 The Tribune This committee he
AeFes iAat laws should be passed prescribing the
forms upon which sUcI reports should be made and
also requiring an examination Of the books Of each
insurance company hy public accountant Of al
least three years experience. such accountant 10
pe elected by the policyholIers al their annual
meeting ln the event Of failure 10 elect, the State
Superintendent shall appoint such public account
We submit FOR your consideration the following
facts:
First-The Armstrong bills remedial as they are,
increase The work Of the Insurance Department
which has shown itself utterly incompetent to per
form SIS present work satisfactorily.
secoud-Nhy provide for the correction OF the
present evils by extending the powers OF this de-
P aFlIaea9 without insisting upon form OF report
-lolsLlEs s15l prohibitions. and how they have
Ihtrc-The state Insurance Department has
LIS q r. Lte7eilae satisfactory forms for reports,
fo-Et1-LLs present form is defective in that II
.--1- assets or The CDWlUauieE
loi he recorded on their Iedgers BY this provision
~ INSURANCE department prevented itself from
ai--lLE he yellow dog funds campaign con
.-'.-N-'-s -.a- ln TACT. their COncealruent was
MADE possible 10y the form OF report.
rllfffle present form requires the cCr7-7arsas %
Iti-I' an accounting only Of their actual raceIpfs
e- os.-F~ urrltE- instead OF requiring cofnnIafs
T--le--eft oI income and expenditure Therefore
l- ~ company wishes 10 make an eEceDtf0DaIz- "a
N.aLl. eNo" ng, ~ would only be necessary Tor h
~ poie me payment OF ITS ob'iratinus n -lle
stt Iiiie making sueeia, effort 10 collect eve-,--
'-- .l91il. ila report requiring an account univ
Ni' t1l.a- cash paid Qua or collected yyi-77~r5-
e-' TO me "tlgaLlgls incurred or revenue ac-
TlAIl Any rransa CtiOus moreover which the com,
t--.E y. 45ii.- me surplus. Ice so r0arirI-
N--'--Et noH--elEer assets and lisblirfee-F' se
-l a.5 Wy TO affect the ledger ass4fsT Ifbos.
49, -t tt me books. ana viii never h. ~
ciCeea in The annual statement VT '- .-s-
-1---.--.-. re 'Nh mat tie experience ~ orbs-
T.r-- - .fh.n into COGsidars lion u 49,
~ $3.50. 800 rand Great Britain Australia "a
-a., "a proper form OF re7assa ---,.l-
1-er-s----- ~" aotnal income ana me- z.---e' .l
slso rs-rez % .e year IS required ArreBf.rr q
--- 10 me report regu red lr- +r'l So ~
lle Board ~ Railroad Comm fsef-5-e -'fs's Ok
rr--.l- commerce Commission F-r-- ~ lte
-1-- 10 ~ -I which are prepared r-unr o .-- '
----.t--l' ana eZreu"it-rrr and ..-t
- Low rs DICKINSON
t-AtlstS s LJDT.AW
Cr----r.--- HENRY II NJ f.lCE--'
- p-s-. IN insurance OF American Aez0-5.ifr-
new 0rA- March = rg--