Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-04-06

N2l. 1ss.22S
He says that the tax laws OF the state
need to be thoroughly amended to make
them uniform and fair. Some method,
he says. is necessary by which the in
visible personal property ESQ to term iO
such as notes. mortgages. stocks and
bonds. etc. can be placed on the tax
books. Under the present system only
a small part OF this valuable property is
returnedd for taxation.
Revision OF Insurance Laws
A thorough revision of the entire sys-
TEN OF the states supervision Of the
insurance business is imperatively need
ed.
The powers Of the insurance commits
sioner comptroller general, ex officio)
should be extended to authorize annual
examinations of the affairs of insurance
companies, and examinations at other
times whenever considered necessary.
The scope OF the commissioners author
fly. he says. should not be limited TO a
mere investigation of the company's SOL
vency, as - the case nows but should
be extended to empower the commission
er to inquire into the honesty and in
telligence of the management of the
company's affairs. The commissioner
should also be clothed with authority to
or revoke them whenever 1t is found
that the management OF any company is
dishonest or fraudulent.
The laws governing cooperative or as
sessment companies have proved made
quate, he says, for the protection of the
insurers i'm them, and need amendment.
All of these companies, he believes, not
purely local In the county where they
are organized, should be required to de-
post $4,000 with the state treasurer or
surety company in such surety as may
be approved by the insurance commits
sioner.
In many instances" he says, utter
" irresponsible persons have taken ad-
vantage Of the lax laws governing this
class Of business TO organize and operate
such business solely for profit to them
selves"
Insurance POpulra in Georgia
Defective in many respects are the life
insurance laws, also, he says. The in
surance department should be clothed
with wide discretionary powers in hand
ling life insurance matters. The mar
velous growth OF the insurance business
in Georgia during the last 20 years, the
premium receipts being $s.16S.0s4S in
ls0S. indicates the increasing popularity
OF life insurance in this state. This con-
dition OF the public favor. he says, has
encouraged the organization Of quite a
number OF mutual and cooperative or
assessment companies. These have in
many cases, he says, with no capital
stock TO support them until their in
come was sufficient to take care of their
expenses, been compelled Ito adopt
methods the wisdom OF which at least
has not been without criticism"
All surety companies alike, he says,
should be required 20 make deposits COW
ering the bonds they furnish. There is
no reason why only those furnishing Of
ficial bonds Of the state, counties. or
municipalities. should be required to
make this deposit.
He recommends that the license fee of
so for fraternal beneficiary organiza-
lions be increased.
He says that whatever tax may be
applied to insurance companies the pol
icy-holders must pay IT in the end, just
as the buyer of any article of merchan-
disc pay all costs on that article in ad-
dition to the profit. The tax laws of
Georgia, he says, are almost discrimin-
atory against Georgia companies,
though Georgia in other respects offers
superior inducements for the investment
OF capital In this class OF business. He
points TO the fact that Atlanta Is the
biggest insurance center south of New
York.
We should encourage by wise and
just legislation the investment OF Geor-
gia capital in Georgia Insurance bust
ness" he concludes.