Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-07-18
Madison. July tG.

Mdu4SJn july IL.
The big life insurance companies
| have decided to continue to operate IN
Wisconsin and will do business under
the reform actuarial legislation passed
by the legislature of 1907. BY add.
ing seven words to 6S6a, discomfort is
changed to content, and insurance au-
thorities which have opposed this and
other bills have announced that the
Ekern bills may after all be feasible
and not altogether harmful measures,
and accordingly efforts to induce the
governor to veto the actuarial bills
ceased. The insurance men declare
that by the addition CT the seven
words the possible construction of the
bill is left much clearer, and that its
ambiguity is taken away by the
amendment.
The phrase which nus wrought har-
to the fourth paragraph in which the
limitations of the expense and con-
tingencies for a policy year are p,o-
vided. The words amy policy year"
in the original bill are reinforced with
the clause, "as a measure for first
and subsequent years" The insur-
ance men Say that this insures the
limitations existing during the whole
life Of the policy and in this manner
lmalIes it possible for the companies 10
define their loading and to provide for
a certain basis for their premium
schedules.
The amendment was adopted yester-
day afternoon after the bill had been
recalled from the governor, and went
through without opposition. While
the legislature was amending this
bill it also took occasion TO correct
an error in the bin prohibiting the
voting OF proxies at company cleo
tions. 1t appears that at the time
Senator Owen offered his amendment
to this bill so as to cut out the pro
vision permitting the use Of proxies,
there was an error IN the section num-
bering SO that the amendment did not
affect the proxy section. The legis-
lature corrected the error, and the bill
will go to the governor in a form
which will accomplish what the legis-
lature intended should be accom-
plished, the abolition of the proxy in
| directory elections
The hearing before the governor
| yesterday was devoid of sensational
! features. Judge NOyes, general coun-
sci for the Northwestern Life Insur-
ance Co, read a resolution adopted
| by the executive committee in which
the veto Of the bills was asked. The
! judge discussed the meaning of the
veto power and asked the governor to
exercise it. When Judge Noyes had
closed his argument, William Fl.
OBrien, attorney for the New York
Life, reiterated the statement he has
made several times before, that if the
| bills became laws this company would
withdraw from the state.
Mr.. O.Brien wanted Mr.. Ekern to
'redunce to writing his construction of
! the two actuarial bills. Mr. Ekern
said that he had stated several times
what his belief was as to what tho
| bills would accomplish. Mr. O'Brien
then said that his company would in
woke the retaIiatory laws of other
states not only against Wisconsin IFS
insurance companies but also against
Wisconsin fire insurance companies.
Mr.. Olin then suggested the amend
ment which was adopted. Mr.. Ekern
was not at first inclined to accept
the amendment, but after careful con
sideration did accept it.
Others who spoke at the hearing
were James s. Norris, general manag-
er at Milwaukee for the Phoenix Mu-
tuaI Life Insurance Co, and Frank
White general agent in Wisconsin
for the Massachusetts Mutual Mr..
| White read his address which began
with an allusion to the leaning tower
of Pisa and ended with the state
ment that Governor Davidson would
be obtuse if he signed the bill.