The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1910-09-22
INSURANCE LAWS
SAID TO Be LACKING
Daniel Curry Recommends
Change In Statutes Gov
erning District.

Declaring insurance laws Of the
District are inadequate and II many
cases ambiguous. Daniel Curry, act
ing superintendent Of insurance rec
ommends immediate remedial legis-
iation in his annual report submitted
70 the Commissioners today.
Some OF the most essential require
ments IN the organization and opera
ton OF insurance companies are IN
provided for" says the report. "The
law as il stands does not provide
for maximum or minimum capital
stock for insurance companies. with
the single exception Of fire insurance
companies; and there is no law defin-
itely prescribing what the reserve
liability OF any insurance company
shall be. Thee are conditions that
probably do Mt exist IN any Their iuris-
diction in the country where attemtp
has bee nmade 10 provide for an IN
surance code
Law Unsatisfactory.
The law regulating assessment COM
panies is unsatisfactory, and has caused
litigation between the department and
some OF the companies transacting THAI
kind Of business, in consequence Of
which a number Of companies are do
final adjudication Of a suit in equity
IN view OF the situation. I would re-
specially recommend that Sections Gas
and 653 Of the code be amended so as
70 cover these defects. I make this
recommendation mindful OF the fact
that the Senate has appointed a com
mittee to prepare a code Of insurance
laws covering the entire subject OF IN
surance IN the District OF Columbia
These amendments are urgently needed
10 cover an extreme emergency, and 4
bill should be presented 10 Congress as
early as possible
Companies Favored
Attention is directed 10 thirteen
local Industrial assessment assOcis-
1iOns. which the report says, are not
complying with the provision Of the
code as construed by the insurance
ever, 70 continue business pending
final decree by the Supreme Court OF
the District Of Columbia
The work Of the insurance depart
Tuent for the fiscal year ending July
30, is outlined as follows:
Prior TO the organization OF this
department on January l. 1902, there
was practically no supervision OF in
SuranCe OF insurance companies IN the
District The wisdom OF establishing
the department has been fully 1emOu-
~tFafttA- EES4f1e% giving EELLEE rEoteG-
ton to insurants, our revenues have
been greatly increased
During the year SOL there was COL
iected for license fees and taxes, $50
1852: while in 1913 the amount re
ceived was So 53236. which IS an in
crease OF 65-s1 per cent over the amount
received IN 1901
Districts Business
some idea Of the magnitude OF the
insurance business in the District. may
be had when # is known that the
amount paid here for insurance pre-
miuTus during 1859. was SI23. $500 more
than the entire amount paid for real
estate and personal taxes during the
fiscal year ended June - 1909. The
amount paid for taxes was 81 06S- "a 50
and the amou = paid Tor insurance
premiums was s5,19i- q74 50, nearly Sz5z
per cent Of which went 10 foreign cor
porations-
There was paid in premiums IN the
District OF Columbia for Insurance or
all kinds during 1919, s5.19l-9s4S9 Losses
paid in the District by all companies and
associations amounted to Sf-q9e. 5qS- e6- The
amount OF insurance written during the
year, exclusive OF casualty. was
S157. f6o, 81 s.
Assets OF all insurance companies
tranSactinE business in the District OF
Columbia on December 81. 1919. amount
ed 10 g g95 So, 620-22- liabilities, 8, 564 81,
0SI-;;2; surplus, including capital, S43o.-
81 80