The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1913-05-13
81 new LAWS
RULE INSURANCE
fratsrnal Societies May Keep
Rates II Finances Stay Solid

Lansing May l3.-The most mpor
taht Insurance law created this year
according 10 Insurance Commissioner
Palmer Is the so-caled Mobile meas.
ure. This is intended To bring lndcr
The supervision OF the insurance &c,
par'ment all fraternal insurance com
panies and keep their rates on 70 bust
ness basis
The principal feature Of the bin pro-
vides that All fratcrnal insurance So
rieties shall advise their members an
nually Of their exact financial cocdI.
| lion. II is further required that these
societies shah show upon 90 valuation
than their financial condition is not
growing less stable at the time this
law takes effect
Under this law societies can retain
their present financial condition. and
are not affected rs to rates. boat IL
heir condition shows their dents Al,
increasing ana their credits in,rcasiuL.
then the society under the direction
"f he insurance commission must
adopt rates sufficient 10 meet their
valuation
Following are - insurance laNs
enacted by this Legislature.
Fraternai Laws
The twisting law prohibits insurance
agents from manipulating policies
held by Policyholders in this state in
such a manner as To induce police
holders 10 change from one company
10 another thereby causing the po..
icyholder 10 lose certain portion Of
the premium paid on his policy.
The twisting ana embeZZlemCnt law
j., similar 10 the above. except thar
ii applies 10 al classes OF insurance.
except life, and also pro, idcs meth
DDS for reaching the dishonest suliy-
itor, who ombe2zles the funds of the
applicant or of the company.
The law providing for the right t.
appeal under traternal and asScssmont
certificates, provides that a policy hold
r IA these companies may appeal tu
the courts after the supreme bodies
81 boards II arbitration have passed
upon matters i'm dispute
The officers of fraternal societies
law provides that officers of Michigan
iraternal societies must bc residents /
Of the United States, and not coniin-
ing them 10 residents of the state Of /.
Michigan.
The safeguarding and protection ii /
policy holders IN case of lapscs law !
gives all classes of insurance compan.
les the right 10 insert provisions u !
prevent lapses. which may be caused |
Illness or injury of policy /.
holders.
Fire Insurance Laws.
The reciprocal on inter insurers law |
provides a method through which This
class of insurance aasociatious MAJ I
legally enter Michigan -fourth !
Of the FIRE insurance e this state g.
carried in these associations. which |
at present are MOI recognized by the /
laws of Michigan. and until thc pass /
age Of this law, there was no legal
way hy which they could enter the .
state.
The anti-policy fee law prohibits the /
W a. Nlf' VI Sbill' NV liINlll llii' dE'lllf b
Of charging 81 in addition ~ the prem /
ium of small insurers, and will result !
in saving to the poorer classes of poo- ,
pie of this state a half million dot /
lars a year.
The amendment to the mutual iir"
insurance law removes the excessive |
requirements which have existed for !
y ears in this state and permit forcign |
mutual fire Insurance companies t. |
enter Michigan ON the same basis as /
stock companies.
The amendment To- pate glass, tide |
ity and casualty law, permits the /
Niillers' National Casualty company. If |
Chicago, H.. or like companies To
enter or be organized in the state 1f |
Michigan Tor The purpose of carrying /,
workmens compensation insurance.
The 10 per cent single risk law per
mits FIRE insurance companies to write |
any amount upon "A single risk, pro-