Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1907-07-11
|FOR REFORMS IN
LIFE INSURANCE
SENATE FAVORS MEASURES OF
GREAT IMPORTANCE.
CONN0R DECIDES TIES
Presiding Officer Votes for Measures
on Which Senators Were Evenly
Divided - Absolute Abolition of
Proxies Provided for in an AIMED
ment Offered by Senator Owen.
Madison ,InIv 10

Madison, July 10.
The voting on the insurance bills
yesterday placed the senate on re-
! cord in favor of tvs of the most i'm
portant of the actuarial bills and the
Dill regulating the election in mutual
lie insurance companies in Wiscon-
sin in even preferable form to that
IN which the elections bill passed the
assembly. Senator Owen offered an
amendment to the elections bill which
abolished proxies altogether and re
stored the bill to practically the form
In which it was drawn by the orig
1nal life insurance investigating com
mittee. This amendment was adopted
by vote of II to II.
In brief the senate, so far as insur-
ance legislation is concerned, went on
record for:
1. The absolute abolition of the
prox1e system in mutual life insur
ance companies elections in Wiscon-
sin, and provisions for the protection
OF non-administration tickets in such
elections by the aid to such tickets
OF a cumulative system of voting
and with the opportunity given the
pol1cyholders supporting independent
tickets to have lists of the policy
holders of the company for. use in
their campaigns.
z. Limitations of expense so that
not more than one-third of the prem.
lum of life insurance policies can he
used for expense.
3. Limitations of the loading to
conform with the expense limitations
4. Limitations on the amount that
can be paid as compensation to any
life insurance officer or employe to
$4,000 a year.
5. Provision that an accounting
must be made by all companies which
nave written deferred dividend bust
ness in Wisconsin to policholders
holding semi-tontine contracts.
s. Providing in the future for the
annual apportionment and distribution
of the surplus and requiring reports
thereon.
Z. Giving legal definition to life
insurance phrase and words commonly
used in policies and thus protecting
the policyhOlder as to the meaning of
these words.
The only two propositions which
were defeated were the two actuarial
bills which were of minor Importance,
the valuation bill and the measure
providing standard provisions for all
policies. Of these provisions the most
important was the demand for the
expense limitation in the policy and
the table giving the exact cost of the
maintenance of the policy
The three test votes which best
showed the temper of the senate
were the vote on the Owen amend
ment to the elections or proxy bill
which resulted in II to II for the
amendment, the vote on the expenses
limitation bill, which was carried IA
to II, and the vote by which the
valuation was defeated IA to -.
The expense limitation bill was first
saveu by the vote of Lieut.. Gov. Con
nor, but later Mr.. Connor's vote was
not necessary because Senator
Wright voted for concurrence in the
bill.
The vote on the Owen amendment
to the elections biH which restored
the bill to the form it was given by
the Investigating committee and pro
Vld1ng for the absolute adjustment
of proxies was as follows:
For Owen Observation-Disclosures
Barker, Bishop, Browne Burns. Fridd
HazelWood, Husting, Lockney, Martin,
Morris, Owen, Pearson, Randolph.
Rummel, Sanborn, StondaH, Wilcox
IT.
ADMINISTRATORS Bird, Brazeau
Fairchild, Froemming, Page, Roehr
Smith, Stout, Whitehead, Wolff.
Wright-1l.
The vote on the bill to limit the
expense of maintaining insurance to
one-third of the premium was as fol
lows:
For the Senators Barker. Bis
mop, Browne, Hardwood, Husting,
Lockney, Martin. Owen, Pearson.
Randolph, Rummel, Stondall, Wilcox.
Wright-14
Against the bill-Senators Bird, Bra
zeau, Burns. Fairchild Froemming.
Morris, Page. Roehr, Smith, Stout.
Whitehead, Wolff-12.
The vote by which the valuation
bill was killed was as follows:
Against the bill-Barker. Bird,
Brazeau, Fairchild, Froemming, Nor.
ris, Page, Roehr, Smith, Stout, White
head, Wilcox, Wolff Wright-14.
For the bill-Bishop, Browne,
Burns, Hazelwood, Husting, Lockney.
Martin, Owen, Pearson, Randolph,
Rummel, StondalI-12
Incidentally the senate concurred
in the Ingram taxation bill which pro-
vides for The taxation of the NortY
western Mutual Life Insurance cor
DanV uDOn its ragarya