Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-03-14
JOINT COMMITTEE LISTENS TO
CRITICISM AND EXPLANATION,
JUDGE MOVES OPENS CASE
Says Companies Were not Consulted
IN the Preparation OF the Bills
Would not Oppose Legitimate leg,
station-ssstern Aetuary Presents
Various Arguments,
Madison Mavh Is

Madison. Marvh Is.
| That the legislative insurance inveS,
ugatiug committee will not he seri,
ously Handicapped for The want OF
Especial counsel and expert actuartes
was developed at the first hearing on
the insurance bins, II was further
discovered that the actuaries which
come out OF the east will not awe or
| overcome on suhdue the determination
Iof the committee to meet the issue
sQuarcly, or the legislature IN It's Of,
! fort 10 enact wholesome legislation.
The first Joint meeting OF the sen.
| ate and assembly committees on
banks and insurance 10 hear argu.
mcnts on the insurance bills was
held last night, hearings being given
to representatives OF the companies,
Judge George H. Moves, Mtlwau.
lkce, Of the Northwestern Life msur
lance company in behalf of that instt.
tuition and the business generally
made an opening statement OF the
situation as Il has developed during
the past year in Wisconsin, He said
that there are Il bills before the pres.
lent legislature affecting life insur.
lance, covering al separate phases of
the business. rhirty-tour of these
hills affect foreign as we'll as domes
tic companies while II of them re-.
Hate only TO domestic companies, Of
(which there are but two in the state
| the Wisconsin Life and the North.
western. that "a of these bills have
emenatcd from the legislature inves'
| tigatinE committee, II are from the
Interstate committee ut fifteen and
10 miscellaneous. He declared that
Ihils which the Investigating commit
tee have introduced were prepared
without consultation with his company
or any other company, that he had
asked the committee 20 investigate
the question of taxation as II Is ap.
lnlied to the life insurance business
and that the committee had refused
Tor neglected to make such inyosu.
lgation, that he had asked tho Wiscou'
ain tax commission to make such an
investigation and finally obtained a
hearing but that the tax commission
lad failed up TO this date To make a
report of it's findings or conclusion
All this apparently by way of com.
lrlaint He cited the further fact that
during the past year the legislatures
of A states have met, that nearly all
of them have had insurance lcgisla.
ton under consideration and that of
Ian the laws that have resulted there
are none TO which the Northwestern
makes serious objection,
As TO the attitude of his compar ,
toward the proposed bills he would
ask the committee 10 consider care.
fully:
Is Legislation necessary?
! WIN the proposed Legislation ad.
versely affect the life insurance bust.
ness to The deriment Of the policy.
holder?
The question of expense which must
be considered, both In IT'S relation to
the state and to the benehciaries OF
insurance.
He declared that some Of the pro,
,rOsCd laws would transgTess the 20.
lice laws Of the state and that some
would interfere with the r.Hhf of con.
tract and would therefore be unconsti.
hhionaI.
In conclusion he declared nlat he
would not oppose Legitimate legisla.
ton.
Speaks for Mutual Benefit.
r. K. Rhodes special actuary Of the
Mutual Benefit Insurance company OF
Newark. n J.. spoke for his com.
irauy alone and called attention to
1.-THE features Of the proposed bills TO
which he Is opposed and said that II
these are enacted into laws the Mu.
tpal cannot do as well by It's policy.
holders as under the present laws.
He said that number G84a would abol.
ish the not policy valuation plan. 70
the disadvantage Of old poIlcyhoders.
He offered criticism Of that feature
Iof the proposed legislation which re.
lates 20 the forms Of policies and APP
Iplicatiou and characterized some OF
the features as abaurdities.
At the conclusion Of his remarks
| Assemblyman Ekern asked Mr..
Rhodes 10 tell the committee IN what
way the bin In question would do
away with net premium valuation
To this question and 10 others asked
by Secretary Of State Frear and by
| Mr. J.. A. Anderson of the insurance
commissioners Office he seemed large
nv al sea and from all appearances
worked himself into corner
BOARD WILL ADOPT
WASHINGTON RESOLUTION