New-York tribune., 1907-08-29
BANKERS LIFE REPORT
Superintendent Kelsey Thinks Dis
trict attorney Should Investigate.

Albany. Aug IS (Specian-In his memorandum
accompanying the report of the condition OF the
Bankers Life Insurance Company, of New YORK.
which was made public tonight. Superintendent
Otto Kelsey Of the State Insurance Department
says he believes there were matters in connection
with the management Of the affairs OF the COM
pany during the year ended December 81. 19)4.
which needed investigation by the District At
tornev of New York County. Superintendent Ke-
sey says that the matters which have been trans
nitted 10 the District Attorney for prosecution
will not be made public for the present.
In his memorandum. after reviewing the tronole
between the department and the company over
the construction be placed on some of the com
panys contracts and the validity of some OF the
so-called contracts and the legal proceedings the
superintendent says that in the course OF near
ing IT asserted by the president Of the com
pany that evidence had been obtained to sho" 'Adt
the company was insolvent January I. 1875. A
letter sent to the department soon afterWard
setting forth The facts. and then Superintendent
Kelsey ordered investigation. Then the memo
randum goes on:
1R nd at once wit With
trict Attorneys office of the County of New York
a to in
and IN m making an oicai etatement Of its Imam
cial condition 10 the State Insurance Department men
for the year ended December 81, 1904 The supeTin-
tendent was advised that by reason of an immedi-
ate pressure of criminal business upon the Distc1
upon until the month OF September next when
The report Of the examneT far it relates
matters transmitted TO the District Attorney Tor
prosecution, will not be made pubIc lor tile
So much time having elapsed pending the settle
to show the financial condition Of the company at
a later date than that of December 81 last ano the
assistant actuary was instructed 10 ascertain such
condition as Of June % and md Tep0r his AnE
u submitted TO the department
The report Of Examiner vanderpool showed that
the assets Of the company on November 80. lsoo
were s1.470o3e - while the lab ties were sl52O-
557 90 In order have the financial condition or
the company d q later date than December 81 last
the superintendent instructed the assistant actuary
TO ascertain such condition Of June 30 and re-
port his findings. The examination was made by
David H. Keeper. and the report. with the por-
ton which was referred the District Attorney,
made public tonight. The report says:
The statement the presidents letter 10 the eff
feet that the of s5i 52S Il due TO the credit OF
in the list Of liabilities OF the Bankers Life
ance Company in the statement TO the Insurance
Department Of December 81, 1894 is true. and
the item of $1,000 Of dividends to policyholders,
declared and due but unpaid. was also omitted
last mentioned item stated by the president
at what he said he considered conservative esti-
mate. as no entries concerning II could be found
in any of the conpanys books. During my exam
ination however. papers which purported 10 be
tive committee were found in which the said item
said TO be about $1,000 s2S 900 the end OF
Thus it would appear that the statement that
The Bankers Life Insurance Company was not in
consequently could not legally declare a dividend
10 its policyholders, is substautiated by the
shown
Accompanying the memorandum are reports O!
| three examinations dated respectively January T.
July and August u. the last ascertain the
financial condition July /. showing the company
be in possession al that date of q surplus over
| all liabilities Of s3, $40 s..