The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-12-20
EXAMINERS FIND
OCCIDENTAL LIFE
CONDITION STRONG
Report Shows Home In
surance c o m p a n y
Sound in Finances and
Management.

Management.
That the Occidental Life Insurance
company il In good condition" with
"A substantial Surplus over all liablli-
ties" and that ,ts financial status and
business methods denote proper and
/ careful management" are among the
conclusions retched by examiners
representing New Mexico and seven
other states m which the company
Is doing business, In report sub
mitted to the atato banking and in
| surancc department on December 3,
which was made public today by A. u.
McMillen. pre- sldtnt OF the company.
The examination was made and the
report iH signed hy Paul l.. Woolston,
consulting ac.unry, representing the
state OF New Mexico. Edwin a. Fritz.
examiner. representing the state OF
Kansas: W. W. Scott examiner. rep
resenting the states Of Arizona. Colo
rado and TcXfs. The report Is eN-
haustive. covering 30 pages OF type
written matter comprising a detailed
statement OF the findings OF the OK
animation. II shows throughout a
thoroughgoins approval by the ex-
aminers Of the condition and business
methods of the company and evil
dences its financial stability and high
standards.
Criticism OF the company. where IL
occurs. has reference only to matters
uf minor detail as to which sugges-
tions are male. These have been
accepted In the main by the Occi-
dental company, which has advised
State Bank Examiner j. u. Read that
the company iR satisfied with the
report and desires no further hear
ing
Examination ~ the Occidental Life
was ordered by State Bank Examiner
j. D. Read several weeks ago follow
ing newspaper attacks upon the COM
pany and 10 officers. Read at the
same time orecrrd an examination of
the National L'fe insurance com
rany The lattcr examination is now
proceeding.
Appraisal Increases Assets.
The three examiners not only
concur throughout IN giving the Occi-
dental their complete approval as to
finances and methods OF Insurance
management. bur their appraisal OF
the companys assets give u an eN-
cess OF S56.0fg.35. over the book
value. which the report adds 20 'he
compuny's admitted assets
The report shows that the Occi-
dental is doing Gsincss In the eight
states of Arizona. Colorado. kansas
Missouri. New Mexico. Oklahoma.
Texas and Utah.
The following outstanding results
are shown hy the report.
Fun paid capital stock 1OO.OOO.0O
Dividends paid to stock
holders since organ
ization ,.,,.....".. h2,2OO.oO
Admitted assists. E..... sos, ,b54.OgI
Insurance In force oct.
a. iO2I ........,.... ib.ss7. .2G7. 90
Amount pni1 policy
holders since organ
igation .............. saS. .2o2. O6
surplus ,.,.',t....., l2hl1O.6l
surplus ns regards
policy holders ...... 22G,t70.6l
Claims raid Promptly.
Among the newspaper criticisms di-
rcctcd at the company In the attacks
on It's officers which preceded the
examination, was an assertion that
the company had failed to make
proper settlement OF "a death claim.
of the company's policy and record
H. dealing with claims the examiners
find:
There we're no suits against
the company ON policy claims
On october 81. 1881
only one claim was out
standing ANA awaiting proofs. for
81 900. "a, Insured having died
the latter part OF October.
The total claims paid from date
nf organization to October 81. 1891.
are SS3S.292 u6.
while the company has made SOW
ernl errors ln the amounts first paid
under clalms these have been
promptly corrected M soon us cyi-
dence thereof wns AT hand. An
claims examined were paid for the
correct sums Your examiners are
convinced that policy claims against
the Cpmppns have been settled Inn
mediRtoiy upon approval Of due proofs
thereof and Of no company b liability
and that thvr" has been no attempt
10 avoid tine rGyment of the just
! amounts"
General Conclusions of Report.
Tho follow 1g paragraphs Include
/ the general conclusions Of the cN-
/ aminerz Hs to more important matters
of condition and management:
"The company has becn examined
/ In past years by Hctunrios of good
] reputation th" last such inquiry hc-
| ing FOR the Htntrs df New Mexico.
! Texas Kansas and Oklahoma. report
thereof being dated April %. 1890.
"Tho present examination was
! called hy the chairman Of the COM
| mittcc on examinations of the ma
| tioual convention OF Insurance COM
| missioucrs. upon request Of the stuto
| of New Mexico. The states OF New
! Mexico. Texas aud Colorado were
designated 10 inrticipate. Later tho
states Of Kansas aud Arizona were
added thereto, the statcs Of Colo
RADIO, Texas tnd Arizona being rep
resented by th" same examiner.
"The HccountH have been audited In
detail for the year 1921 to October
81, and test checks made 10 and from
(COntinued on nanp tsKOl