New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-04

tory enactment rather lhan 4 UePdI lLHeII'al 4'''
REINsURANCE-There seems to be no good nor
not be required under the law to maintain the same
proportion Of premium liability as is Teq1S4 % me me
same strict accountability as IN the case OF tHe az
not be Questioned As a matter Of fact this neces-
sity is so great that several large COMPANIES a
thoTized to transact business In THIS state are con
Quoting nothing but reinsuring business nese
on account Of unearSed premiums an amount less
than would be charged against them If they were
LIMiTATfoN OF RTsK-This section now recog-
nzes tie right Of an o any 0ST sae of the
United States doing business in this state to eX-
pose itself without the state to a loss on any one
risk hazard TO an amount exceeding 10 per cent
OF its capital and surplus |1lle IN tlg otIe "a
New York it IS only permitted to assume s 16
risk hazard to amount representing ~ per
ton has been called to this feature OF the law in
with the business of surety corporations
inc Of business are Of the opinion that these
panies should he RESTRICTED at an p0nt o q S ' 9
partment that amendment of this character to
' HU FSSR5 II fne aT 9sf assid received
at the department indicate growing demand t1r
protection OF this character. II seems to be the
desire Of some of the insurance underwrlttrS 10
from the following hazaTds: Personal accident to
the owner personal accident TO his engineer or any
Injured by his car property damage to the car by
damage to another Or vehicle by reason OF
coll'sio with car insured ,, 49, -,
Al Of these hazards properly fall under the 6qfi Isl
ness OF casualty insurance Personal injury 70 tIe
owner may now be provided for under SUBDIVISION r
Of section 70 to his employe or any othel person
under subdivision g. The various subdivisions OF
ing a property damage hazard except as property
may be damaged incident TO burglary plate
ppiosiona II may be desirable by express provision
in the law to recognize damages 10 property in
coonection with the running of automobiles The
privilege should certainly be limited 10 the use or
@ b. a the oa2 G pr oyr prope 10 hoHd Be-
distinctly provided for in new subdivision Of sec
Identifying against personal accident, employers,
use of automobiles, ne corporation issuing such
contract should be compelled 70 have the capiteI-
SECTION n for three lines Of Business This con-
se15nIated liTa Of nsuIance is of such hazardous
character as TO require proper safeguards as 10
Capitalization and deposit. Under the existing law
II this suggestion were acted upon favorably' two
policy contracts would have 10 be written. The
policy to embrace the risks specified in subdivisions
nity against property damage Incident 10 the use Of
CONTINGENCY REsERvB.-It is recommended
that this section be so amended as to provide that
the contngenfy reserve snaI oe nTeo age
aggregate market value margin in excess of par OF
sha o n0 be reqpifed to apPoron or dstrbut the
surplus, except such part thereof IS may be In
ELECTION OF DIRECTORS. -. To create
Sv its pocyhoiders scattered throughout the entire
world is undertaking. Of such magnitude and diff
work In the plan devised by which policyholders
or declare for change Of administration many
provisions have been found Indefinite and condi-
lions have developed WHICH could net have been
ment is the first election of its kind I and thers
here GondgTed Is Ge 90s to The o9snE Of the
rate review may he desirable when. the canvass
shall have been finished and the facts relating
the procedure for fling lists Of policyholders
nominating candidates furnishing policyhGlders
return Of ballots has been so Construed and en-
nomTIicatons a in the Work, although receiving
criticism for defects Of supposed omission in the
sible IN aid of certain nominees. The Legislature
may deem It best to allow the present section to
risks further clauses which might unsettle rath-
practice II, however amendments to be sub
United. experience suggests among modihcat tons
practical operation the following:
II is questionable II TegIa Ions for Ming and
ghoud reman S n the present. FORM OS
relating to the application Of Section o. to eieos
ton Of directors In domestic stock life insurance
corporations.
Voting by proxy should be eliminated II the
feature Of Voting by mail is retained stain - .
one address and in sealed envelopes.
mated pubIic ofcer should co-operate in or control
the receiving Of ballots by mall and their custody
until delivered to the inspectors of election the
IF the ballot received by mail is executed in con-
formity the statute; the vote OF the policy
Endorsement upon the envelope or wrapper incios-
< definite date should be fixed as the first when
Appointment as inspector of election should not
be restricted 10 poliCyholders Of the company.
in attendance or ballots are offered. provisions
cept all ballots then awaiting an opportunity TO
The law should state whether the number Of the
policy must be inserted in the ballot by policy
Prevsion should be madefor removing the name
candidate against HIS Will. when improperly
printed thereon as nominee .,..,,. 49,. 49,.
principle OF minority representation upon every
ticket should be acceded TO-
STANDARD FORMS OF POLICIES.
In conformity with provisions OF this section the
four standard life insurance policies set forth there
in were amended prior TO October l. 1906. and were
promulgated that day.
The section makes provision for the approval OF
forms OF policies other than those mentioned there
mitted by committee OF actuaries, members OF
the Actuarial Society Of America, and by certain
New York Office Of the department December
2, 1906 at Ii o'clock a IN. OF tho various policy
forms presented AZ this hearing, the following,
which general in their nature and needed
meet the legitimate demands of the insuring pub
lie, have been approved: Life annuity, temporary
annuity, deferred annuity, last survivor annuity,
surviVorship annuity. sub-standard forms Of ordl-
nary life, limited payment life and endowment;
paid-up life insurance, paid-up endowment, pure
endowment. yearly renewable term. and ordinary
Joint life insurance.
BUSINESS ASSESSMENT ASSOCIATIONS
While the legislation OF 1906 has made it impos-
sbe organize additional assessment associations
In this state TO authorize such associations from
other states to transact business in New York tha
department is confronted by situation Of difficulty
In supervision and which VIII result in considerable
loss to the inEuring public. Article VI the law
codifying Chapter 175 of the Laws of 1883 con
tempated that associations Of this character should
issue a contract in the nature of an endowment
policy or that they should featurze dividend pay
ments. Within the last year certain associa tons
this article