Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1907-04-17

AS result OF the lnVeSClRatl0n maze
by commission appointed by resolu-
ton of the Thirty-First General AS
sembly, Iowa has practically rewritten
her life and fire insurance laws. Tween
ty-seven bills were introduced on this
subject and all but very few were
adopted into law. The bills passed
make many beneficial changes.
The salary of the state actuary is
raised from $4,000 to $1,000 a year.
Companies are required to take
vouchers for all expenditures in excess
Of 500.
An annual apportionment of the sur
plus of life companies is provided for
beginning not later than the end of
the third policy year. This is the an.
nual dividend bill.
Fraternal accident Insurance COM
panies are admitted to transact bust
ness in the state.
Assessment companies may have
their policies valued as term contracts
and may relncorporate as legal reserve
companies.
For uniform policy for fire insurance
to be used by all companies doing
business in Iowa.
Fraternal companies hereafter or.
ganlzed in Iowa must adopt rates not
less than prescribed by the national
fraternal congress table of mortality.
Providing for the establishment of
reinsurance reserve fund for state
and county mutnals to be applied only
to mercantile risks Known as the
chapter five act. ~
Providing that stock insurance com.
panies must pay for their stock in.
cash. Old law only demanded % per
cent. Of capital paid in cash and
balance In stock notes.
Compels the insured to give notice
Of removal of goods at risk whether
to more hazardous location or not.
Compels fraternal beneficiary socie,
ties to invest funds in securities
designated under direction of the all.
ditor of state.
Gives fluternnl societies right to ac-
quire real estate and erect buildings
for their own use.
Forbids the use of estimates and
Misrepresentation by companies in
competition for business.
Prohibits agents soliciting proxies
for officials and all proxies expire
with the meeting for which given.
Limits expense account of COM
panies to preliminary term saving
and percentage thereafter.
Remodelling the hailstorm insurance
provisions SO as to prevent excessive
expense of operation of companies.
Regulating Railroads.
From the first to the last day of the
session the legislators were busy with
railroad legislation and several in,-
portant acts were passed. Summed
up shortly the most important are:
The two-cent fare bill. Several
measures were before the legislature
on this question. The one enacted into
law provides for two-cent rate on
Classe "a" roads; two and one-half
cent rate Oh Glass "B" roads and a
three cent rate on Glass &c" roads.
The law goes into effect on July 4th.
The anti-pass bill. The bill de-
scriSes all persons to whom railroads
may issue free transportation and the
list includes practically no one outside
Of employees of the roads and their
families. A clash arose between the
two houses during the closing days on
this bill, the senate insisting on liber,
aliZing Its provisions so us to allow the
free pass privileges to two firms Of at
torneys In each County. The house
provided that but one attorney In a
county could be favored. After Il long
struggle In conference the house won
out and the bill now permits passes to
one attorney In each county and to
two at division points. All other citl-
Zens must pay or walk.
An old law which became lost in u
mysterious way when the code was
revised several years ago was re-
enacted. 1t provides that in case Of
serious accident where life is lost or
persons injured the roads must make
immediate reports to the. railroad conf