Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-05-20
RATE PER THoUsAND5
N or INSURANCE LESS UNDER u
NEW STATE Law.
DECREASE FROM sti.5s
/, IN 70 S1o,12 DURING YEAR
Figures Given Out BY lnsurance Com
missioner English Refuts Claims.
1 That nsw law Does Not Benefits
Nor. Thar 800 compsnis. Doing
Business lin State. NJ

Special to Times Republican.
Des Moines, May 20.--Altho the new
fire rating law was in effect but six
months last year the average rate per
$1,000 of insurance charged by stock
companies in 1915 was only $10.12, as
against $11.5s, the five year average.
In 1910 the average rate was 1881.
The average rate per $1,000 Of all fire
insurance organizations doing business
in this state, which includes state and
county mutuals was 1881 as against
$11.23 for the ,five year average.
These figures are shown by the an
inual report OF the state insurance de-
partment given out by Commissioners
Emory English yesterday. In dis
,cussing thes:new rat ting law Commits
sioner English says:
Contrary to. q prevailing impress
sion therets still opportunity for COM
petition in Are insurance rates in Iowa
as no two companies are required by
the law to charge the same rate upon
any risk. It is entirely opt onal with
any company what rates they adopt
but 1t is required that all properties
of the same class lbe given rates on
the same basis by the same company,
this making sure that all insurers with
the same character OF risk be treated
alike. IL sffz ~
s. Even were there requirement Of all
companies to use the rates-of one bu-
reau, which is. not the case ample
provision for competition between
companies issmade In section 5 Of the
act, code supplement, section 175S-a,
wherein any company Is authorized to
vary from the rates Aof the bureau Of
which it is a member.
a Already many such variations ap-
plying to different classes have, been
filed. Several mutual fire associations
basing their rates upon; bureau SUR
peys have announced percentage dis
counts from the same without discrim-
nation to all policy holders. =
- Auto Rates Vary. T.
: six different sets of rates are now
filed with the department as are
charged by the different companies for
Insurance on automobiles, each COM
pany offering the same protection.
This is one class Of fire insurance only
and the law permits variation in rates
on any and all other classes Of prop
erty. . -. s. 49,
The published rate on a property
is based on5the conditions as existed at
the time the rate was published. II
these conditions have, changed, either
In the risk itself or the exposure, the
rate>ls subject to corfection and read
justment on the basis OF present cons
ditions. 9sfE&,e Ifs ~ g.
-. Many property owners in the state.
who nave complained 5of high fire in
surance rates, have secured substanr
Gtial reductions Of same BY correction
of defects In the construction Of their
buildings Or removal of quantities of
gasolene or other dangerous hazards.
Not only may Insurance rates be re-
duced in this way but the probability
OF fire materially lessened. which will
assist in eventually reducing all rates
in the state"
The commissioner points out in his
report that there are 1893 fire, hail and
tornado insurance companies and as
sociations doing business in the state.
or this number $50 are county NUT
llals, eighty-t three non iowa STOCK
companies, fifty-one United States
branches Of foreign fire insurance
companies, thirty one Iowa state NUT
uals, four Iowa stock companies, three
Iowa mutual companies and one nom
Iowa mutual company. S 4
Z In 1915 the department collected
1871. s2s.37 In taxes and s54,s7s in fees.