Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-12-17

capital, surplus and promotion ex-
penses of this company
Fraternal Insurance. A uniform
bill has been adopted to be presented
to the various legislatures of the
states with a view OF placing the fra
ternal system on a sane and sound
basis, and by providing for better
business methods i'm the operation
and the introduction Of correct insur-
ance principles into the laws of these
organizations. This system Of insur-
anoe provides protection for seven
million members in q sum approxi-
mately nine billion dollars. The bill
carries with 1t the pledged support
of leaders of fraternalism as ex-
pressed through their national assoc
Citations, the National Fraternal
| Congress and the Associated Fra
ternities Of America, A committee
of these associations have been in
vited to meet with the insurance
committee on fraternal Insurance in
New York on December 14-f5, to ar
range for such detailed support of
the bill as the commissioners may de-
sire. II Is recognized that the bill
may not represent a perfect code Of
laws. but as presenting the best pos
sible in view OF existing conditions
and the magnitude of the Interest in
yolved.
The principal features of the bill
are:
1t prevents the organization of new
societies or the admission or new
unlicensed societies, unless their rates
are equal to those based on the Ma
tional Fraternal congress table.
Compels valuation Of policies to be
made on and after December ST,
1912. the result Of the valuations to
be printed and sent to each member,
beginning with that of December 81,
1913.
Compels societies that are not ac-
tiiarially solvent on December 81,
1917, to make good at least five per
cent OF the deficiency every three
years thereafter.
Provides that if o. society falls &C.
make good the five per cent IN any
given trieniel period, It must do SO
within a year or thereafter write an
It's bIsin. ss upon the National Fra
ternal congress rates and keop the
proce eds IN a fund by Itself.
Gives the superintendent OF insur-
power 70 close up any society
that in two successive trieniel periods
Hif0 W lhtAhA htNl Ailk lNiN i lttNt ti ]
deficiency as required.
Requires lodge system ana repre-
sentative government and requires
least two-thirds Of the supreme
body to be elected by district official
membership.
Compels societies TO retain clearly
and fully the right TO levy extra and
increased contributions If necessary
to pay CLAIMS ia fun.
Gives superintendent of insurance
full power OF supervision and re-
luires examination at least once in
years.
insurance, filing oil the complete
contract or sworn statement
the society with the insurance de-
)artment and the superintendent's
approval.
Fraternal Mystic Circle, Philadel-
)hia: A recent bulletin issued by
Insurance department OF Mime
0ota gives the following:
THE Fraternal Mystic Circle of
Philadelphia, which was refused a
icense by this department in 1908
las Just been examined by the de-
iartment of Virginia and the Caro- 4.
mas. The report shows an expense
alto Of 20.91 and the examiners
barge that the members of the So
iety have been deprived Of funds
aid to brokers for securing the
usIness of moribund associations"
This society has applied for admis-
into New Mexico.
Warning We desire to warn
one G. l.. Roach, who is So
business In the name or the :
Casualty company of De-
'oit, Michigan. This man does not
present this company in any man
err. The company will not issue any
olicies solicited by him, and they
re assisting this department in
very way TO a%pprehend him Ne
as swindled some people at Clovis
nd was last seen az Pennington. |
nybody solicited by him should Inn 4
Iediately notify this department.
National Life Association. Des 4
Iowa: An examination Of i
lis association as made by this de- \
showed a number of irreg-
hat they would have closer
in the future. Death claims
e paid with reasonable prompt
Companies admitted. =
Aegis Life Insurance Company,
anver. Colorado. Commenced husi-
IS January. 1910.
Flde1ity-Phenix Fire Insurance 4
'mpany, New York n. Y. Com 4
enccd business 1910. IN
North American Accident Insur- 4
Company, Chicago. Illinois. '
.mmenced business June IS. 1856.
sh capital. 5000. 900: surplus. A.
S6.413.6S. Il
Bonding Company. Baiti- 81
ore, Maryland. Commenced BUSH al
ss January l6. 1885. Cash cap "a
D. s750.O00; surplus. &7f7.f5t.95. -
Globe Surety Company. Kansas =
y, Missouri. Commenced business
U.s. %. 1910. Cash capital. $500 w
b. surplus. 500. 000. Deposited =
IN territory. $4,000 required 60 e.
ito official bonds. -
Southwestern surety Insurance -
mpany, Durant, oklahoma. Home