Richmond daily register. (Richmond, Madison County, Ky.) 1917-1978, 1919-10-11
'REPuBLIcANPL |! |! ]
PROVEN UNTRUE
Insurance Rating Board Does Noe
3 Cost Taxpayers Of State One
Red Cent.

SAAS AAAoASoAatb6 iAsSAotoAS - <sASSeS0
by the Republican ] campaign
committee, is a statement about
Insurance Rating Board to the ef-
feet that it has cost the taxpayers
Of Kenucky in the last three
years $77,918.34 in salaries and
travelling expenses This state
ment includes question 'sWhat
has the Insurance Rating Board
done for your" said Chairman
Thomas S. Rhea, of the Dernocra-
tic State Campaign Committee
yesterday.
The Insurance Rating Board
does not cost the taxpayers of
Kentucky a red cent? the chair
man continued. "The expense of
rnaintaining.the board is provided
for by a special assessment levied
against the insurance compares,
and not a red cent has been or can
be drawn from the state treasury
to pay any of the expense of this
office" The year 1916 practically
ended the first five years of the
existence of the Rating Board and
during that five-year period fire
insurance in Kentucky cost an
average of $12.20 on each $1,000
of insurance. For the five years
-priod to the creation of the Insur-
ance Rating Board, the cost per
thousand dollars of insurance was
$3.50, a saving of $l.10 a thous-
and, or two and.a quarter million
dollars to the property owners of
Kentucky in those five years.
"In this reduction the farmers
Of Kentucky profted to the ex-
tent of $4,000 a year, because
their rate was reduced II per cent
and they saved $5OO,OOO during
these five years. The reduction
in the whole country for FIVE
years was 90 cents a thousand,
Kentucky's reduction being 20
cents thousand under the ma
tional average, or about 100000
more saved to the policy holders
of Kentucky more than to the
people of the other states as a
wf1oleA e- Sr'a
a-4 -a "a
"The companies rerated mer-
camille properties in Kentucky to
show an increase of Sc per cent.
The Insurance Rating Board
compelled the withdrawal of
these rates and the reinstatement
of the old ones, saving the owners
of mercantile buildings and stocks
100000 year for five years.
Only recently the taking off of
the war surcharge on fire insur-
ance policies written in Kentucky
has saved the property owners of
the state $1,000 a day. The COM
panies seemed reluctant to take
off this charge, and Chairman N.
O. Gray, of>the Commission, cited
them to appear before him to
show cause why the surcharge
should not be taken off. They
took it off.
Inspection under the Board
has saved the state thousands of
dollars in rates on its own pro-
perty, obtained by the correction
of defects and a consequent re-
duction of rates. The fact is that
the Insurance Rating Board has
saved the people of the state
many times the cost of the ad-
ninistration of the office since it's
establishment.
"The attack on the Insurance
Rating Board is only another part
If the general republican plan to
liscredit any and every action of
he Democratic administration in
Kentucky. No one is likely to be
deceived by it, and least of all, the
owners, whose insur-
lnce has cost them in the last five
,ears 2,250,OOO less than it cost
1, . -, +Lo ~so-ooI I...- c. -xo.a -