Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-08-29

session. acted adversely upon y renor
OF the Maine Tax Commission. which
| recommended an annual tax of one
ha'i OF one per cent upon the net re
serve Oh lie policies In my opinion
the Legislature acted wisely l do not
FAVOR excessive taxation of insurance
companies or policy holders and
"ould not advise any increase in th,
rate OF insurance taxes paid to the
state OF Maine; the State received dur.
ing the year 1868 in taxes and fees
from the insurance business. sum
more than ten times the total cost ot
the insurance department for that yeat
and for the year 1910 the total recejpts
OF the State from insurance companies
agents and brokers will probably
amount to s15o.OoOoo.
Unauthorized Fire Insurance.
| Information is continually coming to
tms department that large property
| owners IN various parts Of the State
nave been induced to cancel their fire
insurance policies in companies legally
authorized to do business in Maine, and
To take insurance with companies not
| authorized to transact business in this
state; the cheap rates offered by these
| unauthorized companies appear to be Il
sufnc1ent lnducement for the property
| owners. and they fail to realize that in
the end the protection afforded by
| many of these companies will be very
expensive. In case of loss and refu-
sal of the company to settle, the in
sured is at the mercy of the company;
he would find 1t difficult to sue them in
Maine and the ort, NJ
of this State has no control over such
company whatever. Under the laws
of Maine only special insurance brok-
ers, licensed by the Insurance Com
missioner. can legally write policies of
insurance in unauthorized fire insur-
ance companies and whoever, without
such license. assumes to act as such
agent or broker in procuring policies of
fire insurance on property in this State
in unauthorized companies. is liable to
the penalty of fire or Imprisonment.
provided in Section 100. Chapter 49, Re-
vised Statutes.
The Insurance Laws of Maine recog-
nize the fact that at times large prop
erty owners may be unable to procure.
in companies admitted to do business
in Maine, the amount of fire insurance
necessary to protect their property. and
way is provided by which such need
ed surplus line insurance may be pro-
cured legally and safely through spe-
cial insurance brokers. | am satisfied
that if property owners fully under
stood the matter there would be no fire
insurance placed by them in unautlor
lied companies. except through duly
licensed special insurance brokers.
Receipts and Expenditures.
During the year ending December
31st, 1909 the insurance department
collected fees. which the Insurance
Commissioner is required by law to
charge, amounting to the sum of $21,
$500: for the same period the depart
ment expenditures amounted to Sl3.-
042. IA. leaving a net surplus to the
State of $s,4S5S6; during the same pc
rod of time the Treasurer of State re
Ceived taxes from all insurance com
panies and special brokers amounting
to $117. SS5.f9. which together with the
fees collected by the Insurance Com
missioner makes a total of $139 4l3.49
received by the State from insurance
companies, agents and brokers for the
wear 1909, and total net surplus to
the State of $126.371.35 above the cost
of conducting its insurance depart
ment
The following new corporations
have filed certificates of incorpora-
ton at the Office of the secretary Of
State:
The Eastern Milling Co, organized
at Augusta. for the purpose of dealing
in foodstufs. with $4,000 capital stock
of which nothing is paid in Officers:
President, f. J. Pike of Augusta;
treasurer. M. M. F'arrar of Augusta.
Certificate filed Aug. u. 1910.
The Boston Fisheries Co., organized
at Portland, for the purpose OF con
Quoting general transportation bust
ness, with 100000 capital stock. OF
which 5000 is paid in. Officers: Presl-
dent. John II. Pierce of Portland:
treasurer John H. Ridge of Portland
Certificate filed Aug q, 1910.
The Carbon Products Co, organized
at Portland. for the purpose of deal
ing in carbon products. with $l0.O0o
capital stock, of which $500 is paid IN
Officers: President. John Fl. Pierce ut
Portland: treasurer. John II. Ridge or
Portland Certificate filed Aug. u,
1910.
The Brocktou Coal Manufacturing
Co. organized at Portland. for the pur-
nose of dealing in coal products. win
800. 900 capital stock, of which $500 is
Maid in officers: President, John tt.
Pierce of Portland; treasurer John H.
Ridge of Portland. Certificate filed
Aug. u. 1910.
The Multitype Co. organized at Au-
eusta. for the purpose of dealing III
machinery, with s1,5Oo,000 capital
stock of which nothing is paid in. Of
fcers: President. E. J. Pike of Au-
pusta: treasurer. M. M. Farrar OF Au-
pusta Certificate filed Aug. u. 1910.
nAH HnE