The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1907-02-21
Provisions Of
The Bill.

Through the Senate, West Virginia
Win have, according to statements OF
THOSE well posted, insurance laws
that are second to none in the coun-
try The bill providing for a general
revision Of the insurance code and
Strengthening 1t in many particulars
was adopted in both houses and tho1e
acted upon in the Senate yesterday
are supplemental.
To Auditor Arnold G. sehetr be.
longs a great deal Of the credit for
fthe Improvement In the insurance
laws. During the past year he has
attended several conventions Of au.
ditors and insurance commissioners
and had the opportunity to exchange
ideas with the best posted men in the
United States. 5f p f
AT one of these meetings he was
appointed a special committee to
write bills to be presented to the leg.
islatares In all the States. The pri.
mary object in all the legislation is
to better safeguard the insuring pub.
lie and to prevent the practices that
have caused the numerous scandals
among the big companies.
AS these bills are Of a technical
nature very few of the Senators were
able, because of many other duties,
to thoroughly master them and they
relied upon the Judgment of Auditor
scherr. Several o. the Senators
took occasion to pay him high com.
pliments in speaking of the bills.
Because OF this feeling of conf.
dence and for the further reason
that the Senators have a high regard
for his ability as an insurance com.
missioner, six bills were enacted by
the Senate yesterday afternoon with.
out a single amendment being male.
This is truly a wonderful record.
Senator McKown had charge of
the bills Al chairman of the commit.
tee on insurance. There has been
perfect accord between the auditor
and this committee and the result
Of this was apparent yesterday after.
noon. Senator McKown reported the
action Of the Senate to the House
and it is expected taat the bills will
be taken up there before the day is
over.
Probably the most important Of
the six bills is No. 1923. which was
sought to be amended. This bill
requires an annual apportionment
and accounting Of surplus OF life In.
surance companies as to policies
heretofore issued. The question of
the constitutionallty OF this measure
WAS discussed. Senators Kidd AMI
Marshall Stating will not hold
good In the courts.
Following is the important feature
of the bill:
Sec. 1. Every life insurance com.
pany doing business In this State con
Quoted on the mutual plan or iii
which policy holders are entitled to
share in the profits or surplus shalt,
on all policies Of life Insurance here
tofore issued, under the conditions Of
which the distribution of surplus is
deferred to a fixed or specified time
and contingent upon the policy being
IN force and the insured living at
that time, annually ascertain the
amount OF surplus to which all such
policies as a separate class are en-
titled, and shall annually apportion
to such policies as a class the amount
OF surplus SO ~ascertained. and carry
tile amount of such apportioned sur.
pas, plus the actual interest earn.
ines and the accretions OF such fund,
es Il distinct and separate liability to
such class of policies on and for
which the same was accumulated,
and n company or any of its officers
shall be permitted to use any part
OF such apportioned surplus fund for
any purpose whatever other than for
the express purpose for which the
same was accumulated. Every com.
panS taFlng IN force n such de-
ferrcd dividend policies, shall also at
the same time OF the mailing of tae
annual premium notice. furnish to
each such policy holder an annual
statement. showing the contingent
surplus accumulation to the credit
OF tho policy at the beginning of the
nrecedinp wear tina rate NJ intaras+
earned on the accumulation, the
amount of interest and amount of
saving and profit contingently ere
dited on said policy during the pre-.
ceding year, with a showing of the
total amotnt DE- surplus accumuIa.
ton then conttngentiy credited to the
policy.
The above bill regulates policies
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