The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1909-03-11

ance Commissioner, it furnished INN
with duplicate record OF each secu-
rity, one of which is receipted by the
Commissioner and returned to the
company, end the other is kent by
the Commissioner in his safe in his Of
fee. The securities are properly Ia
beied, bundled and deposited in safety
boxes in the vault of bank in the
city. of Raleigh, the Commissioner
having no vault or safety box III his
department The Commissioner In
addition to these records has been
keeping record in a book 4x1 inches,
containing $50 pages of good paper
durably bound. The entries in this
book have been made in pencil. This
size book has been adopted because
the Commissioner thought it deslr-
able to keep it locked in the vault III
his safe and large one could not he
kept in that way Many OF the ELI
tries i'm this book are made i'll the
vault, where the actual securities are
kept and checked up, and cannot well
be made i'm the Office away from the
securities.
While this is "A full record OF such
securities, we do not think it Is OF
the character of permanency contem-
plated by law. 1t ought not to beln
pencil, and ought to be in a book OF
the size and binding generally used
for ledgers and we recommend that
in future the record be kept in a book
of that character, and be made in
ink. The Auditing Committee crltl-
cises the department for failing to
put in permanent book form record
of the Commissioners proceedings in
the official examination OF all com
panies. The committee does not be-
lieve that the law contemplates this,
and if it does. is impracticable to be
compiled with. Files are made and
kept complete of each examination,
thereby constituting the record we
think the statute calls for.
The Auditing Committee reports
that the statute, section 1923, re-
uuires the Insurance Commissioner
to collect a tax of 1-5 of 1 per cent.
of the gross premium receipts OF fire
companies to defray the expenses OF
investigating suspicious fires and re-
quires that a special account OF all
money disbursed under this section
be kept and included in the annual
report. They report that this sec
tion has not been complied with. We
find i'm the Office of the Insurance
Commissioner full. complete and de-
tailed accounts of the receipts and
disbursements Of this fund. but the
disbursements are not set out in his
annual report.
The Auditing Committee reports
that since their examination certain
insurance companies have replaced
and substituted further and addition
al securities which meet their approx
al. This committee finds that dur
ing the time that the Auditing Com
mittee was examining the Insurance
Commissioner Office there were
number of changes in the securities,
Just as there are changes in securities
At all times during the year, and es-
pecially at the beginning Of the year.
An instance was brought to our at
tention in which additional securities
or change of securities was made by
reason of the action of the Auditing
Committee.
Respectfully submitted,
J. II. CURRIE, Chairman.
R. A. DOUGHTON.
H. W. STUBBS.
G. W. SMELL.
w. T. LEE,
GEO. L. MORTON,
w. C. DOWD,
J. C. MILLS. Chairman,
VIM. M. LEE,
J. L. SCOTT. JR.
E. L. TRAVIS,
J. A. LONG.