The Waterbury Democrat., 1941-04-10
In Today's Mail"
private organization as well as of public organization"

1 private organization as well as of public organization" n
 By their nature, .,lifee<i e<insnrahce companies have ,becpn1e coiacertrax- cd reservoirs of large sums of liquid assets conEtbuted, yin many if1- stances, from many tstates. It Is in ahis respect that s. B., l.. I. will render a distinct economic seryice. Each individual, bank will retain in Its own possessionhthe. funds of the insurance, department. 'Used,e prim- arily, for local Investments under the same high degree of: :trusteeship which prevails in ths. Sestment of mutual savings yRaNk deposits. then the prosperity, Ofathe local community must beshehef efted. The bank retains its individual discre- ton as a private corporate entity in the investment of, its funds and that same discretion applies to all other operations of the insurance department. &: |, The Savings Bank Life, Insurance system in Connecticut will establish a unique Jason between proper gov srnmental regulation of business and the free exercise of competi- Etion engendered by sprivate. enter prise. ,,.A..s ....
 7 The governor is, in a way, directly irresponsible for the operation of the system. He appoints the, five trus- tees, one each year serving for a term of five years; thus providing overlapping appointment. However the one appointment is selected from nominees submitted each year by all the savings banks.
 |. The s. B. L. I. division is the Heart of the system. The trustees appointed by the governor select and, with the governors consent appoint a S. B. L. I. Commissioner He administers 'the affairs of the ientire system. The. medical director promulgates the rules of the ipsur- able hazards and supervises the issuance of each policy in all the fissuing banks. The actuarial di- rector serves all the issuing hanks in the same capacity as an actuary in a private insurance company. He prepares forms for all policies, books of record and account, and those are similar in all banks. He also complies the rates for policies and annuities, the reserve values, sur- render charges and cash values and those are uniform in all the banks. Through the; facilities of the S, B. l.. l.: division the Mortality experience (death claim. payments) each year afit all banks will be .unir fled, This spromgtes, safety s z
 'rhes legislation is;;tentirely per missive. gThe Individual bank will voluntarily enter the system only after a two-thirdS vote by its di- rectors, who become, convinced, after a thorough study .offthe plan. that an insurance department will be benefit to the bank ,4its .,depositors prospective clients: and the public that thes bank serves.
 Holicyholdefs. tyisall Issuing banks will receive the Same benefits that are requiredNby lay to be provided in the conduct tof all life insurance comnanies. These standards are established to assure tiiat. policy holdefssin all, banks Will receive the same M1liitable benefits.
 An Individual will voluntarily pur- chase a policy; oply after an inde- peutlent ii'quiry Gopvinces him that such a policy win be fot his bcne- fit. He will purchase 1t 0il an over- the-countere basis thus elhnlqRksAa