Year: 1875

ANNUAL MEETING OF INSURANCE COMMITS


sIoNERs AND OBSERVATION-DISCLOSURES FROM THE


SEVERAL STATES.


The Convention OF Commissioners and Superntend-
ents Of Insurance from the several States OF the
Union, which meets annually in one of the
large cities held its first session for the year at No
1855 Broadway yesterday afternoon Orlow W. Chap
man, of New York, presided and Oliver Pillsbury OF
Pennsylvania, acted Secretary The meeting was
not largely attended most Of the members Of the
Convention had not yet arrived.


The president, Mr. Chapman however delivered his
Introductory address He said that whatever this
Convent ion could do in the interest of harmony
uniformity and reciprocity between the various
state insurance departments consistent with
safety should be done. This was the gen.
eral idea from which sprang this organization
II had already done much in this drecton could do
much more. There were m any ways in which, if
they would yield individual obedience to Joint action
burdens could be ghtened official action relieved Of
suspicion and supervision made effective and compare
lively economical The ultimate good they were all
reaching out after security for policy holders AS
convention ofinsurance officials they were standing
It were between 81 600 600 on the one hand and
half many scattered risks the other between ag
gregated capital which power and segregated weak





dams of the insured. Everything else must yield TO
that which would give to them safety. Just far as
they could go in the path of uniformity and reciprocity
without perng safety they should 60 but not step
further They should, so far as possible, take
such action as would prevent the creation
and existence in their several States Of
fraudulent companies. No insurance official
should allow one such to he created in his State He
knew very well that IN the multiplicity of his duties he
might not be able to do all that might be wished and
he knew also that Legislatures might hamper action by
unwise law but if the official be honest earnest ac-
ingenious Der no 10 Vprvm mn To
keep out the dishonest of other States and to overthrow
the fraudulent of his Honest companies, though
small should be encouraged and sustained in
possible, always however, consistently with safety to
the insured Companies might be small be inse-
lies. Each extreme had it dangers 1t was for The
Convention, wisely and with the utmost caution, TO
from the weakness OF the and
the strength of the other. Action was
safe always when properly directed, without parallty
favoritism, or prejudice toward making all companies
strong Every failure OF an insurance company, no
matter what might be its line OF busnessre marine,
life or accident-was public calamity. IL was the
duty of the convention far as possible to protect
the people against such calamity. They could effect
ualy guard against fraudulent companies or the un
wise expansion of small companies if every Official
would do his duty IL devoved upon the Convention,
therefore to map out the course which that duty would
designate Those who had attended former conven
tons knew that the chief value in these yearly gather
ngs was not much in the public discus
sions as in the private conferences, informally
and In committees. In concluding, Mr. Chap
man alluded to the question of reciprocity
which, he said II was not now eXpedient to have but
at the time il might be the part of wisdom for the
Convention TO turn its attention to that subject for
eventually the increased number OF insurance depart
ments would necessitate some movement IN that drec
ton.


The Executive Committee completed by the cleo
tion of Samuel IL. Rhodes, from Massachusetts, Gen
eral Gustavus W. Smith, from Kentucky; and John w.
Forster, from Pennsylvania Messrs. orrn I. Welsh,
from Kansas, and John W. Stedman, from Connecticut
both members of the Executive Committee, in
tendance The State OF Michigan was represented by
0rrin T. Welsh.


No formal business transacted owing to the alb
sence Of commissioners and superintendents and the
Convention adjourned to meet this morning at ten
o'clock. The Executive Committee held a second meet
ing at the Filth Avenue Hotel in the evening.