The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-12-26
Compulsory Investment Legislation.

The action Of the law and legislation
committee Of the Commercial club on
Thursday last in defeating the compul-
sory investment Of life companies In Utah
securities. seems 10 have found general
favor among those who claim To have
watched the operations OF a similar law
in tho state of Texas. IN that state The
legislature. some three OF four years ago.
enacted a law which caused ALI the i'm
portsnt life insurance companies, twenty
six In all. To withdraw from The state.
The act is known the Robertson
law, and was claimed by The represen
tAtives Of insurance companies 10 con
tain numerous drastic features, chief
among which Was the one compelling life
companies 10 invest in Texas securities
80 per cent OF the reserve. accumulated
and TO be accumulated on policies writ
ten on tho lives of persons residing with
IN the state.
The reasons given by those who favored
the law were: The better security for
the policy holders of tho state" and
that the money received from the citi-
zens OF that state should be invested
in the state"
enactment was bssod upon misconcep
tion as 10 the facts concerning the opera
tions OF life companies. In the first
place they say IT, s not a. fact that all
the premiums collected on life policies
are turned into the home office as many
assume 10 be tho case. They assert
that the lie companies are constantly
returning into the state where premiums
are collected, large amounts in death
claim is endowments, surrender OF values.
dividends, loans TO policy holders and
ad illustration expenses. The amounts
SO paid. it Is argued. are far in excess Of
the yearly amount OF premiums collected
from any one state. IL is also claimed
fourteen leading life insurance companies
OF the country have investments worth
more Uhan twice the reserves on all
policies outstanding in those states. Then
again the loss TO tho state OF Texas in
the collection OF taxes on premiums, the
opponents OF the Robertson law" say,
/ have been very considerable, amounting
in three years TO over $3.50. 900. Texas Is
said 10 'pe the only state where tho COM
pusorY investment law exists. though
legislatures OF five other states. but
were defeated. II is not believed that
any further attempt will be made To get
the forthcoming legislature to pass such
Il law
Vocational Training Advocated.
President Edmond j. James of the
! University OF Illinois discussed "Voca-
| tional Training at one Of the sessions of
! the conference Of insurance presidents in
| Chicago last week. and showed how uni
Versitles had progressed from mere graces
/ OF mental training 10 equipping young
/ mon for practical and even manual pur-
suits. He said that he had advocated the
| teaching OF life insurance In the univer-
stiles twenty five years ago and claimed
that il at that time large body OF
| educated men. trained In the history in
| the practice, in the study OF insurance
and insurance problems the United
States might have been saved thousand
times what il would have cost to estab-
| llsh and develop school which should
! be center for the study OF these prob
lens. The country lie said. lis CON
tinually bambooZled by rotten insurance
schemes because at bottom the number
OF men in the community who understand
insurance. who have any conception OF
the real problems underlying it. is very
/ small The public opinion upon the ques
is
uncducated unframed and we have not
a sufficient number OF trained men 10
leaven The whole
Money Goes AS Directed.
The court OF appeals at Grand Rapids
Mich. has decided a long draw out fight
over the disposition of insurance left by
Father Byrnc. 81 Catholic priest. who lcf,
his estate TO various Catholic institutions
WAS in the Catholic Mutual Benefit asso-
citation for $1,000. made payable TO Fa-
ther Byrne's estate. The insurance was
taken out in 1855 and subsequent 10 that
time the Benefit association adopted 2
rule that insurance money should only
be payable to those directly dependent
Byrnc died in 1907 some of his heirs
objected TO the payment Of the policy tc
the estate. on the ground That the prizes
had not made legal designation Of 6
court held that the rule Of the Benefit
association adopted subsequent TO thu
issuance OF the policy could not apply t'
cordngly paid into the estate for distri
button among tho institutions named by
tho insured during his lifetime.
To Test Montana Law.
The commissioner OF insurance for tn,
state Of Montana has requested the at
torncy general To make test Of the ac
providing for disability for miners. rh,
law requires mine owners tn pay ] pei
cent per ton on all coal mined for com
merciaI purposes into a fund from which
payments to be made TO disabled
miners. Some mluing companies hav'
not complied with the law on the grount
that IL Is unconstitutional. and suit will
bring this question 10 an issue
Insurance Notes.
The dominant note OF the life presi
dents meeting just concluded at Chi
cagu was how TO best utilize the power
and influences of the life insurance com
panias for the beitnrmeDt OF policy hold
-rs and the public al larSe.
Twenty life insurance cou,pauics Ina NJ