Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-07-29

THE TEXAS WELFARE

Judge Robertson repeating deposit requirement
the law thus amended making the sole and unconditional
quireemnt that life insurance companies shall keep
vested in Texas securities 70 of their Texas
Of the p companies which withdrew from the when
the law became effective have returned The withdrawal of
these companies which years portion
the life insurance business of the total of life
insurance written in the state for 1908 fall 80000Oo
against $64OO0OO0 1906 but notwithstanding this fact there
has been already notable the life
made within the state and especial increase the volume of such
investments real estate The 81 which
withdrew from the state when the law became effective according
to their statements had invested at the end of 1906 Texas
real estate mortgages all told than $000000 while the
panes ranactng business the during 1908 invested under
the operation of the law during that Texas real estate
than $2O00000 is safe say during
the investments Texas securities all forms by life
companies much larger than during the
history of the under the mathematical law of
these investments certain increase largely volume
year after 1t also apparent that the Overwhelming majority
of the people of the state entirely satisfied with the situation
the life facilities There
40 life insurance companies transactng business in the state
sssng assets amounting approximately $2500000 many
them being strong clean young companies organized under the
also number of older and larger companies continuing
business full compliance with the law the four largest
possessing assets amounting $l6OoOO0o $2o0O0OO0 $6s
100000 and S92o000 respectively There has complaint
that citizen of Texas has been unable obtain all the life
effective
ut has been commended by the opponents this legla
ton that life insurance companies could required
portion of their Texas in Texas securities both safely and
profa On the contrary the representatives of the companies
which quit the state when the law became effective have avowd
that but for the of the law they would have made Texas
investments largely of those which required and that
they repealed to the state
the transaction of life and to make
in Texas securities of those which the law
and of these have repeatedly suggested
the substitution for the law of
heavy penal tax the premium receipts of companies
failing make the required investments There is thus presented
the phenomenon OF these great life insurance companies bitterly
opposing rnng their being required by the laws of the state
of Texas do that which they they would cherfy de- but
for the fact that it required by law The injustice ard the i'm
position of requiring corporation individual to do that which
readiness do but for the requirement. be largely
sentimental and psychological The g of all the arguments which
have been presented against such legislation that the of
life companies being the administrators of trust
funds cannot properly submit compulsory laws controlling
their investments and that of their responsibility
their policy holders will permit them delegate the
legislature of state their freedom exercise their
Judgment the investment of the belonging to citizens of
that life insurance investments should be controlled
alone by natural laws interpreted and applied by compsny
that compulsory legislation rnwis
Innovation Extract from address of the Hon
Thos commissioner of insurance and banking, before the
Mississippi Commercial Congress Denver Coo delivered
August 18, 1909.