The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1907-01-10

VII.
AuiitorA ARNOLD c. scherr's insur.
ance report. one Of the most import.
ant of all the State documents, is now
being distributed. The report covers
every detail of the Insurance business
done in this State besides many other
important features.
Several important recommendations
for new insurance laws are made by
Auditor Scherr, who says that the
present laws were enacted many years
ago when the questions at issue ap-
peared tc be OF small significance. The
records Of the auditors office show
that s5,oo0,0OO a paid during 1905
by the people of West Virginia to the
companies reporting to his department.
Owing to the great amount involved
II for no other reason. Auditor Scherr
believes that the interests of the in
surfing pablo should be well safe.
guarded and he suggests to the gov
ernor that he recommend in his mes.
sage to the Legislature that a commit
tee of at least three members be ap.
pointed to consider the insurance bills.
The States revenue from insurance
companies amounted to $4,000 for the
fiscal year ending September 80, 1906.
This is a large increase compared to
former years and 1t is predicted that
revenue from this source will increase
from year to year.
Auditor Scherr recommends that an
Insurance department be created and
put under the supervision Of a compe.
tent person. The commissioner, says
Auditor Scherr, should be vested with
power to pass Upon all matters affect.
ing the welfare OF the insuring public
and to require satisfactory credentials
from all companies seeking to do bust.
ness in the State.
Auditor Scherr gives a detailed ac.
count of the meetings held by audi.
tors. insurance commissioners and at
tcrney generals for the purpose of Sc
curing remedial and uniform legisla-
ton. Auditor Scherr attended these
meetings and recommends the bills
adopted to the Legislature Of West
Virginia.
Following is a synopsis of the bills
in question:
First. That every life insurance
company conducted on a mutual plan
or in which policyholders are entitled
TO share in the profits or surplus, shall
make an annual apportionment and &C.
counting of the Invisible. surplus to
each po~llcyholder, beginning on or be.
fore the end of the second policy year.
on all participating policies. and each
such p~olicyholder shall be entitled to
such a proportion of the entire divi-
s'ble surplus as has been contributed
thereto by his policy.
Second. That no insurance COM
pany or association doing business in
this State shall directly or indirectly
pay OF contribute or agree to pay or
use any money or property in the in
terest OF n political Office or for the
benefit Of any political party.
Third. To regulate the investmen.
of the funds of life insurance compa.
MES.
Fourth. To adopt standard forms
OF life insurance policies or standard
provisions, to be used by all life in
curance companies doing business in
this State.
Fifth. To prohibit officers. direc-
tors or agents OF life Insurance COM.
panies. from issuing circulars or state
ments of any sort, disappearing
the terms of any policy issued by such
company, or advantages promised
thereby.
Sixth. That no life insurance CON-
rany doing business in this State shall
make or permit any discrimination in
faovr of individuals of the same class
in the amount or payment OF premiums
or rates charged for policies of insur-
ance or In the dividends or benefits
payable thereon. Nor shall such agent
make any contract or agreement as TO
sach contract. other than Is plainly ex-
pressed in the policy issued.
Seventh. To provide for and regu.
late the election of directors of mu
tual life Insurance companies.
Eighth. To regulate the salaries of
officers and agents of domestic life in
surance comnanies
Ninth. That no domestic life insur.
ance company shall disburse more
than one hundred dollars unless the
same be evidenced by q voucher, sign.
ed by or on behalf of the person, firm
or corporation receiving the same.
Tenth. That all life insurance COM
panies doing business in this State be
required to keep invested in real es-