The Roswell daily record. [volume] (Roswell, N.M.) 1903-current, 1910-01-24

INSURANCE

Washington, Jan. 21.-Declaring
that expense is the only result to the
life Insurance policy holder from
the present great dissimilarity Of
state supervisory laws, John A. Harti-
gan Commissioners of Insurance Of
Minnesota, urged that the third an
nual meeting of the Association OF
Life Insurance Presidents today that
steps should be taken to obtain uni
formity.
Certain uniform insurance Law
exist in a number of states ana cer-
tain requirements are the same, as
for instance, the form of annual re-
port said Mr.. Hartigan, but the
multiplicity of other requirements is
as great, almost, as is the number of
states. This iack of uniformity Is ex-
asperating both to the departments
sni the companies.
The work of the department is in
crsased and the result of this work d.
finished ON account of the divorce
demands of different states A knowl
edge of the laws of the home state
must be supplemented by a thorough
familiarity witn the laws of all other
states, as companies are governed
sometimes by the laws of tine home
state and sometimes by those OF the
licensing state. A company comply
.ng strictly with the law of one CON-
nonwealth, may find itself, ON that
account, a lawbreaker in anotaer. As
iifferent state laws prescribe differ
ent standards for admitted assets,
he annual statements show a surpris-
ng divergence as published In differ
mt places. II for the annoyance cau-
sed by this diversity, there were CON-
pensating benefits to the policyhold-
rs, it might be tolerated. but to these
there are none. The only result to
the policy holder is increased cost OF
supervision which increase he must
bear"
After relating various efforts that
have been made to obtain uniformity
since the convention of insuranc.
commissioners was organized in 1871
and after stating that the greatest ac-
complishment in the Ene of uniformity
was the enactment within the last
few years in more than twenty states
Of the laws known as the Commit
tee of Fifteen Bills" the Commits
sioner said,
If the causes existing lack of uni
rornity have been property and cor
-ectly set forth, then the following
remedies ARE apparent action on
one subject at time: agreement be-
tween supervising officials and CON-
Dany representatives on proposed
laws and amendments to existing
laws: a central bureau in touch with
t1e legislatures; education of policy
holders and appeal for their support;
proper insight into the needs of the
business.
THE policy holder must Ie impress
sed with the idea that everything that
affects a company adversely affects
him in like manner. In considering
laws that may be uniformly ado pied.
Only such laws can be general en-
acted and retained as tend to the i'm
prove ment of the business as a whole
and any law that will have this effect
must receive the support of the com
panies, departments and policy hold
ers. Where laws are the same, inter-
pretations may vary. l think / can
assure you that the next convention
of insurance com nissioners will take
up the matter of uniform rulings and
Interpretation of existing laws. New
er before have the departments work
I'd so harmoniously together and the
outlook is bright for more complete
and more effective cooperation"