Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1912-07-27
Houston, Texas, April 10th, 1912.

CAS- far back records of this department extend is
shown that of these companies doing business Texas
in 1880 Others admitted from 1904
when the last granted permit to enter this field The
qregate amount which these going companies have collected
the people Texas premiums from the time that they entered
until their withdrawal $666291342 And the aggregate
paid by companies
500 49 89a difference of $6235O4 Extract from the
official report of Hon R. T. Miner commissioner of agriculture
statistics and history, the August 81 1907
The bill originally required the deposit within the
state OF the securities which the companies required to
their Upon being made that this de-
post requirement a policy
because the heavy additional ad valorem burden which,
and laws of the such deposit would
tail the bill amended provide that the commissioner
banking should have power any
uremen Of the upon showing that the enforcement of such
requirement would work sacrifice of the policy holders interest
With this the bill passed by the legislature received
executive approval and became the law Immediately y OF the
larger which had for transacted majority of the
fc business of the announced their to
withdraw from the state and dd discontinue writing new business
shortly prior when the law became effective the most
announcing published and circular letters
addressed their policy holders that they were forced to take tins
action the burden which would be I'M
upon and through them their policy holders by
compliance with the deposit requirement. making no mehoh o.
reference the provision of the law hat tins or any other OF
requirements be waived showing that its enforce
ment would sacrifice the policy holders interest More than 20 com
the and have continued to transact bust
number Of large companies having heavy Texas reserves
applied for waiver OF the deposit requirement showing upon me
hearing Of their applications that compliance with that requirement
subject taxation and all such this
requirement was waved Many companies, Nng snal leAdS
could and did comply with the deposit requirement with
out the additional tax beng burdenSone "nen he
OF insurance and banking waved me dePoS ds " e
applying such action the officers OF companies which
Notwithstanding this action for the that
the policy department this question
changed by change in the ncumbncy of the
commissioner that they could not afford to risk the
whether there would continually be In office com
missioner who the deposit requirement. In his
report commissioner of insurance and banking
recommended the deposit requirement should be repealed by
legislature of 1909 author of the law who had been
legislature publicly announced his to nitro
bill efecng amendment of the law and this
commended by Governor Campbell his to the legislature
Thus definitely and permanently narrowed TO the
collecting life insurance
premiums of the to be invested somewhere and
wherever might invested safe securities which would
bring obtainab and which the companies
admitted sdvntageousy within the state of
elsewhere should required invest FAR proportion OF
reserves collected citizens Texas securities
Immediately upon becoming apparent that the deposit require
would entirely repealed the Association of Life Insurance
representing which had withdrawn from
state in of New York adopted resou
respectfully urged all companies which retired
the law unite demanding the
repeal of the compulsory feature This demand
Of foreign corporations the egs
whose borders they desired the privilege
ranactng acceded TO- but met by the
legislature convened January OF this passing
overwhelming Of both houe bill again introduced BY