The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1915-04-09
INSURANCE BILL IS
QUIETLY CONSIGNED
| TOLETHAL CHAMBER
Not a Voice Raised In Defense Of
Measure Before House FL
nance Committee
EXPERTS ARGUMENTS ARE
AGAINST PROPOSED LAW
Belief Is Proposed Rate-Regu-
lating Statute win Be
Laid On Table

Not single voice was raised IN de.
| Tense Of House Bill No. SO at the pub.
| lie hearing on that measure held be-
fore the house finance committee in
the Executive building last night For
two. hours and half, however. the
able force Of insurance company repre-.
sentatives and attorneys acting in the
humanitarian roles Of physicians and
attendants applied themselves 70
| the task Of administering the lethal
and when il was all over House Bill
No. SO had been successfully choloro-
| formed and was quietly sleeping with
| the finance committee. It probably
win remain with that body until The
time comes for the house TO lay It on
the table.
| Pate Plainly Evident
No hint was given that this win be
the final fate Of the measure, but II
could plainly be surmised
The bill, introduced BY Represent
alive J. p. Hale, is framed after a sim
| liar law In force in Kansas intended TO
provide for the regulation and control
Of fire insurance rates and premiums
In this Territory. The bill In It's pres
ent form would make Treasurer @. ].
Mccarthy insurance commissioner with
power to enforce its provisions.
The finance committee, Of which
| Norman Watkins Is chairman had is
sued call for public meeting on
the measure for last night. So far as
could be learned there was not prop
e. ma
age of the measure; In fact not even
the father Of the bill offered any argu-
menf in its defense.
Many Protests Filed
| Frank Z. Thompson was present in
behalf Of the board Of FIRE insurance
underwriters, In opposition to the
measure. Charles p. Hemenway voiced
q protest against the measure on be-
half Of the Honolulu Chamber Of Com
merce. zeno X. Myers Of the Home In
suranee Company, also opposed the
measure. Practically all the leading
Gre insurance companies doing business
| In this Territory resrepresented, as
was the Insurance Club Of Hawaii
Through its secretary, M. b. Henshaw
Of H. Hackfeld q Co. s.
| Written protests against the passage
Of the measure were fled by the Home
| Insurance Company, zeno X. Myers,
manager, as we'll. as the Hawaiian In
surance q Guaranty Co. Of Hilo, II. 3,
Mariner, manager.
A. r. Gurrey, manager Of the board
of FIRE insurance underwriters, was
asked to explain the workings of the
insurance companies and their methods
Of arriving at insurance rates. It II
safe to say the members Of the finance
lcommittee as well as the spectators
Learned more about fire insurance from
Ibis clear concise explanations than
they had ever known before. Mr.. Gprrey
stated that the bill as proposed is I'M
/ practical, that its enactment would
disorganize the insurance business Of
/ the Territory. VA
Treasurer MCCARTHY Hesitates
Treasurer Charles ]. Mccarthy, who
| would have the enforcement Of the
i proposed law and who has given the
! measure considerable attention, also
addressed the committee. Treasurer
Mccarthy admitted that his experiences
In the insurance business dates only
from his appointment as territorial
| treasurer last November, since which
time he has given IL much attention
I'm that, time, however, ne had learned
he said. that the insuranee business II
a much bigger and complicated aftaii
\ than he had at first believed.
He admitted further that he would
not want to have the sole power, a.
Insurance commissioner, TO regulate
Ore insurance rates.
ga commissioner with those powers
| should be u specialist, - said Treasurer
Mccarthy, and Besides such power
should not be possessed by any one
man..
Attorney Thompson then put the nm
ishing touches to any chances the pro
posed measure might have had BY
| pointing out its Weaknesses and the
lack Of knowledge on insurance which
che Trainer Of the measure must have
had. Thompson agreed, however, that
the plank OF the Republican platform
! calling for insurance regulation 10 the
TERRITORY should be lived up TO, but
that the task should be approached
carefully and slowly.
Bonds For Foreign Companies
House Bill No. 2S1, which would re
cure foreign insurance companies do
ling business In Hawaii TO deposit O
surety of fifty thousand dollars with
the territorial treasurer for each line
Of insurance they write here, was also
brought up. But this was not discuss
ed when IL was learned that the. In
surance Club Of Hawaii is now prepar'
ing an amendment TO the bill definitely
outlining the different subdivisions I'M
| der which foreign insurance companies
would be required 70 make . $4,000
| deposit. h So fsNsf