OCR Text |
Show PURIFIED LIFE INSURANCE. Benefits from New Law, Which Re-malna Re-malna Substantially Unchanged. Through tho Influcnco of Gov. Hughes, tho New York Leglslaturo do-elded do-elded to mako no radical changes In tho now Insurance law. It wa8 pointed out by Gov. Hughes that tho Now York law has already accomplished widespread wide-spread reforms, with proportionate benefits to policyholders, and that It should bo given a thorough trial bo foro any amendments wero seriously considered. It la ostlmatod that the cost of tho mismanagement of the past did not avorago moro than 20 conta to each policyholder, whllo tho boneftta to present nnd futuro policyholders will amount to mnny tlmea moro and bo cumulatlvo besides. Tho speed crnzo of tho big companies and tho excessive ex-cessive cost of securing now business wns tho most extravagant ovll of tho old managements. Under tho now roglmo tho cost of new business has already boon greatly reduced, along with other economics. Tho showing mndo by tho Equitable Llfo Assurance Society In its report for 190G was a strong argument against meddling with tho now law. In tho Kqultnblo nlono thero was a Bavlng of ovor 12,000,000 in expenses, besides an increnso in the Incomo from( tho Society's assets amounting to as much moro. Tho ratios of tfco Equltablo's total oxpenses to Its total incomo was 19.42 In 1904, 17.38 in 1905, and only 14.48 in 190C. Tho dividends pnld to Equltablo policyholders policy-holders in 190C amounted to $7,289,734, which was an Increnso of moro than 9 ovor 1905. Whllo tho Equltablo mado a bettor showing than any other big company, all reported radical economies nnd under un-der such condltlona tho Leglslaturo wisely decided to leave tho law substantially sub-stantially aa it stands. |