New-York tribune., 1908-01-16
VIEWS ON INSURANCE
Changes Advocoted in La7cs Go1ern-
ing Their Business.

That the insurance laws drafted a result Of
+he Armstrong investigation are in many parucu-
lars unsatisfactory, and that they need prompt
revision and amendment was the opinion express6d
generally yesterday by insurance offlclals IN thS
cf+v in commenting on the criticisms made by
Darwin P Kingsley, president Of the Ne" Aork
Life Insurance Company
Tin.ren4 men held different views as TO the
points which the laws were defective but theS
we're unanimous in saying that revision was an-
soluteIv necessary If the insurance companies OF
eev York State were 10 compete with OUTSIDE
companies
The possibility Of insurance men combining ana
asking the LEGISLATURE for new insurance leg1sla-
+io1 vas hfnred at Tt the general opinion II
would not be done this year, because the n1erhorF
Of the investigation vas as yet too green III tli7
minds of the people and any legislation asked pS
insurance men would be regarded with suspicion
and with opposition nE botl ll'S -
and the people
James McKeen. counsel for the Mutual LAte IN
Elrance Company said he thought the Hughes n
srIrarce legislation was all things cohsldefed' -
,,s .bI1, good hut that there was need for re-
vision MANY Of NJ Kingsleys criticisms said
he "a-e well founded. Some of the insurance
legislation OF 1876 extremely drastlo- Drastlc
legislation vas demanded at that time by both the
LEGISLATURE and the people Under these clfCuil-
stances II would be surprising If some mistakes
- o+ rean mad, q, the whole I surprised
+ba+ more ware not made. and I am inclined 10
think that II would be wiser to wait year or Two
longer and give the laws a further tryout before
attempting 70 change them
..1 concur with Nj Kingsley n thinking that two
cr three amendments are Of imperative importance
think the restriction on OF surplus which
\ company can acquire ought 70 be removed This
restriction would have disastrous in the re
cent manic but for the saving clause which lett OK
is7ir e7,r,,,,s natected. The trustees Of COM
many can determine much better than the Legs
ia+r-e what surplus il ought TO have. A deficit is
much more dangerous than a surplus and while the
,oficvhoIders desire TO get all they in the way
If dividends vet they desire above al the as
sIrance Of the company's sound financial condition
II do not agree with his views about limitation
70 eroVth Of q corporation 1 think that section
* good I think there Is 100 great tendency ["
ra+ernaIsu in some phases of the Armstrong
legislation Amendments Of the sections relating
10 investments also needed without delay
Charles A PEABODY president CT the Mutual Life
7,,-a,ca con1pany and George Edward ide
r-esident of the Home Life Insurance company
believe that there should be some careful REVISION
Of certain sections of the insurance laws
Archibald c Haynes. president of the Mutual Re
serve Life Insurance Company said J nave Fta'-
Mr. Kingsley's statement in regard 70 the III
-o-oe laws 7 do not agree with him in all his
views but l DO in many OF them mink uAefe
should be some change in regard 70 the surplus
limit II ought either 10 be increased OF tle
,o+Iod of valuation made more elastic / think
there should be careful revision Of the insurance
| laws generally
t3en-v Nofr. actuary of the Provident Savings
Life Assurance Society. who has been mentone'
~ beiner likely 10 be its next president, advocates
| 2 hoard TO be appointed either by the governor
or the Legislature 10 investigate the operation oi
the present laws. and TO advocate amendments 10
.ben1 AS q matter OF fact said he our ln-
s,,rance laws are not as good those Of a dozen
| .L.r states They need revision and amendment
| baa1y hut this should be done with deiberation
| mt hastily"