New-York tribune., 1909-01-01
LIFE INSURANCE SHIFT
4 COMPANY ABSORBED.
Washington Life Policies Reinsured
bu Pittsburg Concern.

The Washington Life Insurance Company, which
had Offices at No III Broadway, discontinued bust
yesterday and announced that all of its pol
icy obligations hal been reinsured in the Pittsburg
Life and Trust Company, of Pittshurg. The books
OF the company were removed from the Offices oh
Wednesday night Otto Kelsey. State Superintend-
ent OF Insurance. heard OF 1t yesterday and or
dered investigation once. Late in the day he
issued the following:
II is stated by the Insurance Department in the
matter of the Washington Life Insurance CON-
pany and reports OF its removal from the st stale
thst the Washington Life Insurance Company
claims to have reinsured all its poicy oolsa5o ,
burg, an insurance company not AUTHORIZED to do
is being investigated by the Insurance Department
in connection with the Attorney Generals depart
ment at Albany.
Representatives of the Pittsburg Life and Trust
Company have assured the Insurance Department
fl~ authority 70 DO bIIsipess in the state of Nv
York and that the reinsurance is undertaken for
ington Life. The department taking all steps
necessary TO protect and conserve the interests Of
the pohcyhelders.
Mr.. Kelsey said that the company was in good
condition that there question regarding its
solvency. Henry A Rubino. counsel for the Pitts
burg company issued the following in explanation
OF the discontinuance OF the Washington Life:
The Pfttsburg Life and Trust Company, Of Pitts 81
the the d Washtngton Life Insurance Company Of
New York Al the details have been zen. cdri9G
% Tbs a% s DAY Lite on
anng in business during the last FEW s Do4
o5lgstions in another COMPANY: any, ,o,,,anv &c not
only a strong Company out its business has been
steadily increasing 1t is managed more eco
pany and its one aim is to secure the best results
Known f IN GiS the insurance world and Of Hnquestioned
integrity and ability; Pittsours is spendidy sltu-
pany and # is the aim of the management to make
fhe Pttsburg Life and Trust Company one of the
The management Of the Washinston Life s Insur, 7.
snce Company eff-cting this reinsurance had IN
mind solely the greater protection that Wouio en-
TO its policyholders- -
dmeaS9 he fGa aae asSSs Is 9G r. fhsouss is S
eon; INSURANCE in force s76ooG" tn The PtS
holders Among the two hundred legal reserve NE
United States there are but twenty one companies
% NTH agfG OF The washnEt6n LIE
Company to be reinsured in company as 2T@sTest st
Company
Mr Rubino said that the courts have held that
a life insurance company not insoIvont in q com
merciaI or insurance sense when doing losing
business and unable to continue without frther
loss may, by a contract made in good faith lot 'he
best interest pocyholders. sell out its busi-
ness to another corporation and cease 10 operate.
Nr- Kelsey said that IL he had known that the
hooks and securities we're TO be removed he would
have checked it. He sale that 1t seemed 10 him
that It was the taking from this state Of securities
which were Intended to back up insurance in force
here.
W . Baldwin. who the president Of the
Washington Life. sent word from Pt'sburs yes
terdav that the cash capital OF the Pttsburg Life
and Trust Company had been increased TO 100000
Nr Kelsey said that that would be enough 70 COM
ply with the insurance laws and permit the Pitts
burg company to so ahead with its plans. Tho
Washington Life had 32,06s policies outstanding OF
bei IN
so 10000. The total OF the outstanding policies
V as 81. .s5S.sE
The announcement Of the transfer OF control or
the company 70 Pittsburg interests which domi-
mated tho Pittsburg Life made on september
a About four years ago the control OF the wash