The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-09-19

Reau f. Folk. state Treasurer of
Tennessee, and an elder brother of the
Governor of Missouri will be elected
president of the National Association
of Insurance Commissioners at It's
farewell meeting to-day. With the
election of officers and the selection
OF the next place of meeting, the con-
yentlon will conclude its work. Ihere
will be a luncheon at the Jefferson
this afternoon and a carriage drive
later. the commissioners leaving Tor
The jamestown Exposition tomorrow.
Along with Treasurer Folk. who Is /
insurance commissioner eS-oificio OF
hts State, State Auditor B. +. Carroll,
OF iowa. candidate for Governor. Will
be named as vice-president. Secretary
J. J. Brinkenhoff. of Illinois, Will be
reelected. Very probably the conven-
zion will decide between Denver and
Breton Woods y. H.. these two cities
having extended invitations to meet
there next year.
The program of work was split into |
three parts yesterday. There were
number OF addresses and several
reports, the most important Of the I
latter coming from the Committee on
Assets of Insurance Companies. and de-
rlaring that uniformity of legislation
RS to Investment of assets is not prac-
teal, due to the reason that one class
OF securities might not be good in
all States. The committee said that
assets should be confined to certain
class of bonds. leading off with those
of the government.
The night session was devoted to
consideration of the report OF the com
1nittee on blanks, all of which was
technical With slight changes and
amendments the convention approved.
The Morning Session.
Several commissioners arrived yes
terday, including Otto Kelsey, of
New York. and B. F. Carroll, of
Iowa. While the proceedings were
highly important 10 members OF
the association, they We're of no par
ticular interest to outsiders, as moth
ing of startling nature developed
during the day.
Colonel Frederick l.. HOFFMAN, sta-
tistician of the Prudential Insurance
Company, delivered the first address OF
the day his subject being Government
Regulation of Insurance in Germany.
and the laws We're rigidly enforced.
the management of the business being
vested in a commission named by the
government. One Interesting feature
in Germany the thief is treated alike,
whether he steals the funds of policy
holders or the pittance OF the ppor by
highway robbery methods. Much OF
his address was statistical.
AS to lfrRternal Insurance.
The Functions of !Actuaries in state
Supervision, was discussed IT lengln
the question OF fraternal insurance Mr.
Dawson said that such companies
could furnish the public with good
line of insurance. He showed that
many countries did not deal with them
in the same manner as with old line
companies. What he most earnestly
advocated however, was revision oil
n,,alN.a
would be put eGl- the same basis with
the old. It...wax his opinion that a
good object iesson was provided in the
attitude of some States in permitting
societies 10 readjust the business with
out actually adjusting ii. Mr.. Dawson
declared that all objections to frater-
nal insurance would be Withdrawn II
new members should be charged like
the old adding that the system was
cruelty unfair TO the old as now prac-
ticed.
The Matter Of Assets.
Commissioner Folk, of Tennessee, for
the committee on assets OF insurance
companies, submitted the following re-
port. which was adopted
The committee on assets OF Insurance
companies has had under consideration
the report made by ths committee to
the last convention, and gives its en-
dorsement to that report. We recognize
that 1t is not practicable that uniformity
OF legislation as 70 assets OF insurance
companies be had, for the reason that
one character of securities might be
good in one State, whereas. for local
reasons, the Same character of securities
might not be considered in another
stare Hence there might with safety
To assets be divergent laws on this sub
tect. There are, however, general lines
OF safety within which the investment
OF assets of Insurance companies should
be kept, and enumerate the various
classes to which in our judgment. the
investment OF funds of an insurance COM
pany should generally be confined, as
follows:
/. United States bonds.
2. Bonds OF various States OF the
Union and foreign countries.
3. Bonds OF various counties, incorpo-
rated cities, Incorporated towns and IN
cerporated Villages and school districts
throughout the country.
4 Mortgage bonds Of steam and cleo
trio railroads, worth al least par on the
open market
g. Loans on bonds and mortgages,
guaranteed by the security OF real estate
pledged not TO exceed fifty per cent Of
actual value,
9. Loans on collateral Of above secur-
ties.
Z, Loans on policies.
8. Real estate for home Office purposes
only.
Your committee Is further OF opinion
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