Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-01-18
INSURANCE MEN
LIKE SMITHS BILL
----------------------y-----
Senate Measure for State De-
partment of Insurance
Proves Popular.
WOULD ENFORCE DEPOSIT.
some Agencies Believe Companies
should Invest Part OF Their Funds IN
Each State Where They do Business.

1t seems to BIO the destiny u Titan
n have many commissions. Yesterday
the senate committee on Insurance
took up the proposition TO create an
insurance commission. to be PROVIDED
with headquarters in the capitol
Today another committee has taken
hold Of o bill to create a medical COM
mission. to supervise medicinal prac-
tise ia Utah, also to have rooms In
The capitol. Both bills have powerful
backing and come TO the senate well
maturcd
THAT the insurance measure Is just
in it's infancy lis the prediction OF many
insurance men today. They believe
that it VIII emerge from the COM
,nittees for anal passage mnch
strengthened and much more VICE
reaching than at present
The insurance companies do not or
Iect TO the bill They know that the
assurance that their business ts sta pic.
and solvent, which will como from
the appointment of commissioner
will be source OF strength and VIII
serve TO relieve the agents from the
necessity of explaining away many
apprehensions Nearly all the regu-
lations provided In the bill are already
guaranteed under the laws. but the
overworked secretary OF state has the
carrying out of the laws, and they
do not get the close attention they
should.
TO COMPEL DEPOSITS.
Col. George b. Squires has been on
duty for this work, and II Is pos
sible that he viii be picked as insur-
ance commissioner, should the bill
become law, The most important
of the proposed new clauses Is one 10
compel every company doing business
here to deposit in the state certain
specified sum of money, II Is pointed
out that one state now requires q DEE
posit within the state of $4,000 and
another requires q bond OF $4,000.
This is to prevent the withdrawal OF
companies from one locality after SUI =
fering loss there. which occurred
among some of the San Francisco
''welchers,"
SOME INSURANCE VIEWS.
speaking of this change in the bill
A. l.. MacDonald of Heber ]. Grant
& co. said today The bill is good
one. and ought TO go further. A de~
post of money in the state Is only q
fair guarantee that the company
means to do business on legitimate
basis. Wildcat companies. that ar.
NIL too frequent. would be stumped
by a requirement of this kind and
safely driven out of the community
For the firm of Smedley and Wake
ling Mr.. Wakeling declared that nv
favored any measure meant to pro-
tect the policyholder as II also pro
tects legitimate concerns from the
wildcat company.
John ID. Spencer OF the New York
I'm m rqn
his friends I'm the Insurance business
have long hoped for such a department.
i'm the state government, and are glad
that the time seems ripe to create It,
It means, he says, that the state Is
growing until the insurance interests
need attention, and that the endorse
ment to good companies from n state
Inspector viii facilitate their business
very much
AFTER WILDCATS.
C. Il. Raybould OF the Sherman
Wilson company says that while Col
Squires has done excellent work In
looking over the Insurance companies
he can do much better with com
mission and an insurance department
10 surround him "The bill" he said
will do away with wildcat companies
and that certainly is move in favor
of legitimate insurance"
Carl Scheid, manager of the boar6
of Underwriters said that he did no
feel competent to discuss the bill, al
he had not gone over ID carefully, bu
that the general proposition 10 create
an Insurance commission was "a bull,
good thing" and would have his sup
port.
A number OF other insurance mel
were equally demonstrative In thei
opinions, and nowhere could evidence
be found that the agents would worl
N-ision