Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-07-27
-XAS WELFARE COMMISSION

Judge Robertson repeating the deposit requirement reenacng
the law as thus amended making the sole and unconditional
quireemnt that life insurance shall invest and keep
vested IN leXas their
Of the Fl companies which withdrew from the state when
the law became effective have returned The withdrawal of
these companies which TOR had written portion OF
the life insurance business ofhe caused total of life
insurance written in $4s
against $o4Oo0O0o 1906 hut Notwithstanding this TACT there
has been already notable increase the life investments
made within the especial
investments In real estate mortgages The q companies which
withdrew from the state when the law became effective according
to their 1906 Texas
real estate mortgages all told less than $OoOOOO whe the com
ransacng business the state during 1908 invested under
the operation of the law during year
cages more IMAM $OOO and It safe to say that during 1908
the investments Texas securities of all forms by life insurance
larger than during previous year
history Oh he state ana under the mathematical law or increasing
these investments certain largely volume
after 1t apparent overwhelming majority
OF the people OF the state entirely satisfied with the situation
to the life insurance facilities afforded them There today
As life insurance companies ansactng business the pos
sessng assets amounting TO approximately $2ooOUOOO many or
them being strong clean companies organized under the
laws of Texas other of the South and but there
number of older and larger companies continuing
transact business IN full compliance with the law the four largest
possessing assets amounting to $6OOOOO $2OOO0Oo $685.
100000 and Ss2oo0OoO respectively There has been no complaint
that citizen Of Texas has been unable obtain all the life in
desired and of the kind desired the law
effective
1T has by opponents of this egisa
ton that life insurance companies could not invest the required
of their safely and
potaby On the contrary the representatives of the companies
which quit the state when the law became effective have avowed
that but for the passage the law they would have made Texas
investments largely Of those which required and that
they stand ready whenever is repealed return the state for
the transaction of life insurance business and make
Texas securities of those which the law requires
and representatives of these have repeatedly suggested
the enactment substitution for the present law of imposing
heavy penal the gross premium receipts of
failing make the required investments There thus presented
the of these life companies bitterly
and resenng their being required by the laws of the state
Of Texas do that which they they would cheeuy de- but
for the fact that is required by law The injustice and the i'm
position requiring corporation individual to do that which
readiness do but for the requirement be largely
sentimental and psychological The of all the arguments which
have been presented against such legislation that the Of
life companies being the administrators of trust
funds properly submit any compulsory laws controlling
their investments and that of their responsibility to
their policy holders will permit them delegate to the
sovereign their freedom their
Judgment the investment of the belonging citizens of
life investments should be controlled
by interpreted and applied by compenys
that compulsory investment legislation ruw
and nwaranted Extract from address Of
Tho of insurance and banking before the
Trans Commercial Congress Denver Coo delivered
August 49, 1909