Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-01-15
INSURANCE COMMISSIONER.
Recommends Establishment of De-
partment of That Kind.

According 10 the report OF the secre-
tary Of state, ex-Officio insurance COM
missioner there was IN force in Utah
nj the, close Of the year 1905. insur-
anee aggregsting In round numbers
sl16,O0OO0O. This was divided into three
general classes, as follows:
Accident and casualty. SIG, 900, 600
Life Din legal reserve compa-
MES and one assessment
company .,...."....,....... SS.OOO.O 600
Fire OBSERVATION-DISCLOSURES. 62.O00.000
These totals do not include the large
amount of insurance carried by citi-
zens Of Utah In the various fraternal
societies.
These figures Indicate that a very
large insurance is carried in the state.
Indeed, statistics show that the amount
Of insurance In Utah is larger. In pro
portion TO its population. than In most
Of the states. This applies to both life
and fire insurance.
In nearly all the other states. the
work of supervising and examining the
Insurance companies doing business
therein Is placed in the hands OF an
Insurance commissioner. appointed for
mat express purpose, and required to
devote all his time to the work. In
utah. however, this work Is required
o. state Official who has all he can do
perform the other labors attached
10 MS Office. II has been demonstrated.
ana Is being emphasized every day, that
,ae secretary Of state cannot possibly
aeVote as much time to the supervision
Vi insurance companies as the import
Snce OF the work demands And II is
Vu' or the question for the state bank
examiner TO do It, as his time is fully
occupied IN the examination of the
state banks
iet there are particulars In which
insurance companies should be careful
supervised and examined as often as
thought advisable. In order that the
Nsl interests represented In the fig
mes ! nave Just quoted. may be safe
suatuea' Some Of these particulars
ne' solvency. equitable policy con-
FACTS licensing OF agents. unjust dis
uIu,hation. prompt payment of losses.
un,miholesome restrictions and techni-
s c rebating, Misrepresentation OF
~ NS".iaels' and maly others. / am safe
A. nsayilg that loss of thousands of
r,,isa Is visited every year upon the
v" ',-ens OF the state, from the various
,sa enumerated above. Strict exam
T., iS4u s and SUPERVISION would material
y .'duee this loss. or course, 1t is
impossible to avoid It altogether.
Il. w the above reasons would strong
sso mat you enact legislation pro-
~ "H"s ior department of insurance I'm
,a stae or Utah. II should provide
w. we appointment of an insurance
s g,,ul''n.lssoner whose duty II win be to
~ MS entire time to the supervision
a.. ue companies doing business I'm the
r,Sss including, II your judgment coin
sI,,I. WIN nine, building and loan ASSOC
y,sos Hs uol regularly under the super
bs III VI the pank examiner. He should
lbs to"ed slary commensurate with
h. hapottance Of his work, and should
ln, suose, Tor his ability and fearless
yapr tslally' ! am confident that IL
M honorable body shall provide for
NAM n department. the saving of ex-
itate u giu loss TO the citizens of the
trpenss. more than oounterbalance the
In ,h,s atlaehing to the office.
hend | sh connection, ] wish to recon-
Me s,tn al certain changes be made in
ghle fuls insurance laws OF the state.
YAratt,,aIn not In favor OF Imposing
,fage restrictions IN restraint of
sgsry w FAVOR the requirement. that
a,i nsohpany doing business I'm IJtnh
10 mes, lts solyency and Its ablll
lnrns,s' us claims, / also favor The
tb,Uns OF strict regulations apaina,
M inss ahd unjust Discrimination hv
sons 40 companies between na, az
Ne y ''o same age and expectancy OF
con ,nall be pleased 10 oon,o. ,,,,,