New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-02
Superintendent Emmet's Tribute.

4 NNNt 'N'.
Superintendent Emmets Tribute.
William Y. Emmett, state Superinten-
dent OF Insurance, declared that the bust
ness Of the large life insurance companies
never had been i'll better shape. lie said ::
THE business Of life insurance in the
/ United States as conducted to-day by all
the large and responsible companies
stands upon a splendidly secure founda-
| ton Most Of the technical questions re-
lating TO the business have been solved
and solved for oil time. II is a stand
ardizel business 1t has ceased TO he I
speculative business. The policy contracts
issued by the great companies are as safe
as if the government was behind them.
OF course. little points arise from time TO
time which require the attention Of legis-
latures and insurance departments, but.
broadly speaking. il may be said that the
life insurance business is now in con-
dition where the chief ability required by
those who are conducting it is the ability
to conserve and protect the great achieve
ments Of the past. not the ability to
strike out new paths 10 be followed in the
future.
'The business Of life insurance has cast
off its swaddi9g clothes. il has sown its
wild oats. il has reached mans estate The
great life insurance organisms of the
country to-day are national assets OF
which we may be justly proud. The good
that they have accomplished in their en-
couragement of thrift and in the genuine
protection they are rapidly extending 10
every family in this broad land against
some Of the hardships which ensue when
death calls the family breadwinner from
his labors is simply incalculable.'
Sees No Need of New Legislation.
Mr.. Emmett said that. as far as ne could
see. there was no need Of new legisla-
ton in relation to life insurance. All the
reprehensible practices had been ellmi-
mated by the now famous insurance in
vestigation in this state. and the legisia-
ton which grew out OF it appeared TO be
/ entirely adequate for the conduct Of the
| business for all future time, he said
Referring to the casualty companies,
! however. Mr. Emmett said their present
/ status was not altogether satisfactory
| He pointed out that while the work.
! mems compensation law recently passed
by the Legislature would work some
hardship to these companies, on account
of the establishment of a state insurance
fund. nevertheless, he had favored IT be-
cause il made it optional whether the en-
nlover insured I'm the fund or the regular
1 companies.
"The problems which from an insurance
DEPARTMENT standpoint casualty insurance
| presents to-day he said, are due en-
tirelv 10 the fact that the field is com
paratively new and uncharted one The
business is very far from having become
an exact science like life insurance. No
such combined experience stretching back
over Years has been gathered In the cas-
uaItv field as is Possessed by the prac-
teal men in the ancient field of FIRE in
3 s,irance In the collection OF valuable
casualty experience. however, progress is
constantly being made. From the stand
point of the future dependability OF what
we now call employers liability insur-
once il should be said that the general
adoption Of the principle Of workmen' :
con,pensation will probably do more 10
stsndardize the business and make II alb
solute,v safe than anything that has yet
barpcned The bill recently passed by
rho LEGISLATURE. which is a good one. VIII
now permit the companies TO set their
houses I'm order without further delay.