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

Gas far back department extend
shown that of these doing Texas
in 1890 Others admitted from time to time down to 1904
when the last granted permit this field The
which these outgoing companies have collected from
the people of premiums the they entered
until their withdrawal 629342 And aggregate
that has been paid back losses by these companies
difference of $40 213 50453 from
official report of Hon R. Miner commissioner of agriculture in
statistics and history to the August 81 1907
The bill originally drawn required the deposit within the
state Of the securities in which the companies required to in
their Upon the suggestion being made that this de-
post requirement would work sacrifice of the policy holders
because of the heavy additional ad vaorem tax burden which,
under constitution and laws of the such deposit would
tail the bill amended to provide that the commissioner
of insurance and banking should have the waive
remen upon showing that the enforcement of such
requirement would sacrifice of the policy holders interest
With this amendment the bill passed by the legislature received
approval the law. Immediately q of the
larger companies which had for transacted majority of the
life insurance business of the state announced their to
withdraw and did discontinue writing business
shortly prior date when the law became effective the most
OF them published statements and in circular letters
addressed policy holders that they forced to take this
by of burden which would be i'm
upon them and through them their policy holders by
compliance deposit requirement. making mention Of
provision of the law chat this other of
its requirements might be waived showing that its enforce
would policy holders interest More than %
remained continued bust
number of large companies having heavy Texas reserves
applied deposit requirement. showing the
hearing their application compliance with that
would subject taxation and in all such cases tins
requirement Many companies having small Texas
did comply with the deposit requirement with
the additional being burdenome When the commissioner
I banking waived the deposit requirement as to the
companies applying such action the officers of companies which
had withdrawn Immediately announced that they
could return Notwithstanding tins action for the reason that
the policy department tins question
change the lncumbency OF the
of commissioners they could afford to risk the
uncertainty as would continually be in office
missioner would waive the deposit requirement his an
report 1908 of insurance and banking
requirement should be repealed by
legislature 1909 author of the law who had been
legislature publicly announced his purpose to INTRO
bill efectng amendment of the law and this
Campbell his message to the legislature
Thus definitely and permanently narrowed TO the
whether life collecting Ire insurance
of the state to be invested somewhere ana
they might invested safe securities which would
bring bainab and which the companies
advantageousy within the state or
invest fair proportion OF
the collected from Texas citizens IN exa securities
Immediately upon becoming apparent that the deposit require
entirely repealed the Association or nf insurance
representing the companies which had withdrawn from
in city of New York adopted eso
which they respectfully urged all companies which retired
Texas on the the law unite demanding the
repeal compulsory investment feature This demand
representatives foreign corporations the legs
Of state within borders they desired the privilege
rnsacng aceded TO- but was met by the
legislature oeaveeG January q ms
by overwhelming vote houe 0 again introduced by