Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-07-27
VOTERS OF GEORGIA, READ AND REREAD
DDREssT 70 TEXAS ELFAR COMM
THE TEXAS WELFARE

TO THE TEXAS WELFARE
Judge Robertson repeating deposit requirement
the law thus amended making the sole and unconditional
qureemnt that life insurance shall invest and keep
vested IN Texas securities centum of their Texas
OF the Fl companies which withdrew from the state when
the law became effective two have returned The Withdrawal of
these companies which for had written portion of
the life insurance business the total of life
insurance written in the for 1908 fall $4SOo0OOO
$64000OO0 1906 but notwithstanding fact
has been already notable increase the life investments
made within the state and an eneciaI increase in the volume of such
investments real estate mortgages The q companies which
withdrew from the effective, according
to their sworn statements had invested at the end of 1906 in Texas
real estate all told than $O000OO while the
ranactng business the state during 1908 invested under
the operation of the law during that wear in Texas real estate mort
than $200000 and it safe that during 1908
the investments in Texas securities of all forms by life insurance
companies larger during previous year
history of the mathematical law of increasing
these investments certain largely volume
year after year apparent overwhelming majority
of the people of the entirely satisfied with the situation
to the life insurance facilities afforded them There today
as life insurance companies tranacting business the state pos
sng amounting approximately $2500Oooo many Of
them being strong clean companies organized under the
laws of Texas and other of the South and there
also number of older and larger companies continuing
full compliance the largest
possessing amounting to $16O00Oo0 $20000000 $685.
100000 and $92OOoOO0 respectively There been complaint
that any citizen of Texas hes unable obtain all the life
desired and of the kind desired the law became
effective
1T has been cOntended by the opponents of this es
ton that life companies could the required
portion safely
profaby On the contrary the representatives of the
quit
that but for the the law they would have made Texas
largely of those which required and that
they stand ready whenever it repealed to return to the state for
the transaction of life business and to make
in Texas securities Of those which the law requires
and representatives of these companies have repeatedly suggested
the substitution for the law of
heavy penal tax the premium receipts of companies
failing make the required investments There thus presented
the phenomenon of these life bitterly
opposing esnng their being required by the laws of the state
of Texas to do that which they they would cheerfu de- but
for the fact that il required by law The injustice and the i'm
position of requiring corporation individual to do that which
readiness do but for the requirement must be largely
legislation that the Of
life companies being the administrators of trust
funds properly submit compulsory laws controlling
their investments and that of their responsibility to
their policy holders will permit them delegate 70 the
of state their freedom exercise their
judgment the investment of the belonging citizens of
that life investments should be controlled
laws interpreted and applied by
and that compulsory investment legislation rnwse
innovation Extract from address Of the Hon
Thos of insurance and banking before the
Mississippi Commercial Congress at Denver Coo delivered
August IS, 1909