The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1914-01-23
RATE REGULATION
BY STATE URGED
Fire Insurance Charges may
be Excessive Says the
Commissioners.
BOARD WITH NEW
POWERS SUGGESTED
Would be Similar to Present
Railway and Warehouse
Commissioners.

state regulation OF lire insurance
rates. and c~lassiflcations is urged by
missioner who is in Grand Forks to-
day making his biennial inspection of
the. Great Northern Life Insurance
company.
Mr.. Taylor suggests that a hoard
be created by the legislature modelled
on the same lines as the state railway
and warehouse commission which
shall have power to investigate rates
charged by the companies, and to
adjust those which appear to be eX-
cessive.
. /. Only One Feature. Now.
"At present." said Mr. Taylor. 1.-The
only Investigations which the state
make are those In regard to the finan-
cial soundness and the legality of the
methods of the various concerns do
ing business in North Dakota.
Such being the case. there is no
way Of determining whether or not
tain in the various cities Of the state
IRE excessive. For all I or any one
else knows they may be much higher
thar the conditions justify.
Possess General Power.
"a board such as I propose would
have same general powers as are
at present possessed by the railroad
and warehouse commission. It would
have power to probe all existing rates.
and In cases where al increase was
made. as has occurred several times
during the last year, the cities affected
could complain to the board, which
would have the power to decide
whether or not the increase was jus
titled.
I'm case the rate was found to be
excessive the board would have the
power to make such changes as it
might think fit. All companies, both
domestic and foreign which do bust
ness in the state would come within
it's Jurisdiction.
Dickinson Situation UnWarraMted.
In many cases, notably that of
Dickinson, it is difficult to see how
the increase in rates which has been
mad during the last year is justified.
Dickinson, the city had just in
stalled q new fire fighting apparatus
and was In better condition than eve
before In its history to prevent costly
blazes.
Tho argument has been advanced
that there have been heavy fire losses
in the state during the last year or
two. which have seriously crippled
the companies. This may be the case.
but I cannot quite figure it out in that
way.
Make Good Profit.
From what figures I have been
aoie TO oDtaln It would appear hat
the fire Insurance companies have
made an average profit Of over eight
Per cent on their b%usiness in iNortr
Dakota during the last year or SO. !.
IT this is correct it Is difficult to
see on what ground the increases can
be justified"
Speaking Of the bill which will
probably be introduced at the next
session OF the state legislature giving
the state power to insure public build
ings Of all kinds. Commissioner Tay.
ior endorsed it as q step in the right
direction.
Mr.. Taylor states that all of the
life insurance companies doing bust
to be in good financial condition and
thoroughly sound in every way.
The Great Northern is the only one
Of the local companies which will be
inspected by Commissioner Taylor at
present, and he expects to complete
his work in time to leave for Bismarck
this evening.
-h-r