The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1909-01-26

with othsr securities placed by the
companits for the protection of
their guaranteed capital. we also find
that tfe Insurance Commissioner
makes hs fiscal year end on March
31st, be hanged so as to end on No
vember pth. as does every other
State institution.
We fId a complete and accurate
record oil the investigation OF fires,
as he is required to keep.
Your caumittee desires to report to
your H~oiorable Body hat We have
carefully Examined the securities Of
the severil domestic me insurance
companies deposited by them with the
Insurance commissioner under Section
47SO Of b. Pevisal to secure the re-
serve of .aoiStered policies as provid-
ed for in said section. and we find
that sufi, ient securities have been de-
| posted tbere to protect the reserves
Of the cpnpanies taking OF
the proyi dons of this law
Your committee desires to say fur
Their thai they are Of the opinion that
| the sec,ir ties SO deposited must be of
| the same character and dignity as re-
| ouired ~ Section No. 4731 of the Re
visal and in that view OF the law some
of the GomDanies registering thelr
policies lave not fuiIV collplleu WIZ
the statute And your de-
sires TO ,eDort further that since we
examined these securities. some OF the
companies have replaced and substi-
tuted further and additional securities
which meet with our approval, anu
we have assurance from the ohi'ela
Of those companies who have not
complied with our requirements 'ia'
they Will do so at once.
Recommendations.
yonr ommi;tee feels it their iuty
Ia racomnana TO your Honorable BODY
the following: 90
Isl. TIE examination of the ac-
counts il the State treasury oePa'l1
ment disclose the fact that some OF
the State institutions We're not re
ouired to disburse their funds through
the Auditor and r~reasurer'S ONCE we
feel that II would be wise and proper
for a. cto+a TO reQuire that
all institutions supported Wnoiis ~
part by. appropriations from nm
state. shbula be required to dlspurse
their funds Trough this rms
would give the State more insight i1llt
and supetyisiou Owe these instltutlotis
and woulId be Of great beneft 70 each
2nd. VIE commend that az secu-
rities deIoeitel under section 4'so
Revisal df North Carolina: pc w shpn to-
eioner, san approve same peloie
hey are accepted. and that the sac
securiti* after acceptance, pc ait NV
by the Insurance Commissioner wiz
the Stat Treasurer who Snall tahS
his recA)t for same; our reason lol
making t.sis suggestion to your Hon
orable BODY. is because under n Ia"
he Insurance Commissioners OF Norti
Carolina ~ only required TO give {
bond in he sum OF $4,000 anu Inc
securities in his possession amount u
over $1,000, 100000, and we feel tina
he should not be purdened with TN!
responsibility upon him and that tn
state Trf,tturer should be the custo'
dian of slat funds which belong to tn
State. dinEl direct or in trust.
3rd. w committee learns thai
railed t~oFrcport their earnings to tht
State Treasurer. therefore we have n'
~ecord OF, same. We recommend tina
I StatuSu be passed requiring that thi:
We baE herewith to enclose tn
+nancial statement made by MI
smith showing receipts and disburSe
nents in the office of Insurance Com
missioner as per his report to US
which is attached to this report anf
made a bart of the same, all Of which
We respectfully submit to your Honor
1ble Body.
ROSCOE w. TURNER.
Chairman
~ 3. STICKLEY,
THOS. z. OWEN.