Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-02-22
LOTS OF WORK IN
THE INSURANCE
DEPARTMENT
Bulletins of Operations of the
Fire and Life Companies in
the New Mexico Field, Many
New Companies Enter,


Department, Santa Fe. February
u. 1aI0-Bulletin No. s.
For the Information Of the pubic.
insurance officials and agents.
Bankers Reserve Lie company,
Omaha, Neb.; The certificate Of au-
thority Of this company to transact
revoked
Unauthorized Insurance. A large
amount OF fire Insurance is carried in
| companies which are not authorized
60 transact business in this territory.
We would again call the attention
~ the citizens on this territory that
they cannot procure protection
through our courts or this depart
ment IN event of non-payment OF loss.
Furthermore the laws specifically
prohibit any one from adjusting any
loss for any company not duly au-
thorized.
These companies comply with no
laSY Oh the territory. pay no taxes Or
fees M add nothing 20 the welfare
of its citizens. All companies COM
plying with the Jaw Will receive the
full protection, from this department.
and to which they are entitled, by the
strict enforcement Of the Law.
There are no mutual fire insurance
companies. partnerships, associations
o. LlOyds authorized in New Mexico.
The New Mexico National Life In
surance company. Roswell: This
company has fled Incorporation
papers and authority given to sell
| stock. our information Is that the
company When turned over 10 lis Of
hcers bs D promoters is to have a
paid-up cash capital and surplus Of
| $500. 600. free from promotion ana
| organization expense. Par value OF
y,oek $500. under this agreement
there Is no limit Of price BY which
the stock may be s9ld SO long as the
promoters turn tho company over
with the capital and surplus above
stated free from an encuinDrances
We are informed that the promotion
expense Viii bc about thirts per cent.
Promotion of insurance n0nnanies
TIE subject OF tho promotion ot ncw
com panics was fully set forth in this
departments bulletin No. =, copies Of
which VIII Dc sent on application.
The Insurance commissioner of
Virginia recently stated in "A bulletin
that 'it requires about seven To ten
years or longer 10 place "a new legal
reserve life insurance company on q
dividend paying basis. yet when the
omHany Goes become Il dividend pay
or there Is no investment more secure
and that q properly managed fire in
uranc company can he reasonably
expected to pay dividends in about
five years
Now Mexico needs her share al
now companies and IL properly
managed will be of great benefit To
the community and the territory.
We quote ir part an article which
recently appeared IN an insurance
journal. while the laws make Ii
the duty 81 an insurance department
10 protect the public IN It's super
vision over licensed companies, the
public is at the mprcy Of grafters and
irresponsible men who are selling
stock Of many dubious concerns be-
ing organized. The public IS not in
iormed as 10 the d~esirability Of in
Vesting IN these stocks. II the public
was informed as to the cost OF pro-
motion, the commissions paid stock
salesmvn and the amount retained
lay tho promoters. on the part Of sev.
crai institutions nov attempting TO
separate q man from his money. there |
would be precious little stock sold
German Commercial Accident conn
pany. Philadelphia: Reported active
IN this territory through The German
Registry company OF st. Louis, No
Any attempt to transact business for
these companies should Immediately |
DO reported 10 this department.
PhcniX Insurance company. Brook
Ism, New York steps have been
taken 70 merge this company witl
NilI EAhiAlAA IIit insurance ARlI ItAtr I
of New York and Will be known as
the .Fidciity-Phoenix Fire Insurance
company OF New York and viii have
"a capital of ~S2.5o0.VO and a surplus
ri over 81 200. QUO.
Kansas City Life Insurance com
pany. Kansas city, Mo. IN %exalnipa-
tion of his as o. December
80, 1903, by the state departments uf
Missouri, kans1s and Washington
shows the following Admitted as
seis. Sl.563.2A5.32: Capital. Sl00.nNo.
surplus, S74,Gl0.s3
Warming This department desires
60 warn thc citizens Of this territory
against q man going hy the name Of
Joseph Cline Who has hecu soliciting
livestock insurance in the name o!
the London Lloyds. No contract or
policy has ever been received by those
were Induced a. give up their
money 10 this party. Warrant tor
arrest is now ian The hands of Tho
sheriff of Cofiax county
Live stock Insurance. There are
40 companies authorized at tho
present time 90 %transact this lass ~
business in This t%erritors We are he
need ~ such compang and 1t is hoped
"a good reputable company wili
apnly Tor admission.
Fire Waste and Prevention. This
subject is nov being seriously c0usid-
erred moi only bs The insurance fra
but by the various states
this opportunity To bring this subject
more forciblN before the citizens
n The territory. It's population is
very r4nidly and new towns
sprinelug uH every where The
past wear has seen man fires espec-
alis 81 iu the new towns ln the east
wa Part of the territory and they have
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