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Show 1 7 COMMISSIONER Ijl J ; ISSUES WARNING H (I !) Charges That Certain Insurance H J 1 ' Agents Are Exceeding Authority H ?! ' 1 i In Statements. sH" I R ' h I I f Salt Lako Clty' Junc 21 B 1' '1 '' 1 : ' Id rcgnrd to alleged misrepresents-H misrepresents-H , ' Hodb of tho solvency of certain lasur-H"' lasur-H"' ) (ince companies made by some Insur-H,' Insur-H,' ) i. anco agents In the state, Wlllard Done-H' Done-H' 4 state Insurance commissioner, Issued Blr the following statement yesterday: Bj' X It baa recently come to the atten-B atten-B j tlon of the Insurance department that Hk 1 a few llfo Insurance agents have been Bi j. casting doubt, chiefly by Innuendo, on jj. '' tho solvency and Integrity of legal Bi reserve companies authorized to do B' business In Utah. Also that In their HCI 1 a zeal for business they are making un-B un-B il fair and misleading comparisons with B ' j other companies as to expenses of B 1) management, dividend payments, In B ' terest earnings and other elements, B using such statements as guarantees B j 1 of future profits to policy holders, to B the disadvantage of competing com-B com-B 1 panics nnd agents. In some Instances B 1 ( ! , policyholders have been disturbed nnd B I dissatisfied by such representations, B j tbo lapsing of policies and dlssatls-H dlssatls-H , I : faction In life Insurance as an Instill Insti-ll f tutlon resulting therefrom. B I Notice Is hereby served that the B ' 11 the commissioner of Insurance resents B ! j asft reflection on the efficiency of bis B ' I ; office, Intimations that he Is permit-B permit-B 1 ting legal reserve companies to opcr-B opcr-B l j ' j , ntc in tho Btate which are Insolvent B .if' or approaching Insolvency. He will H ' 1 hold any agent responsible for state-B state-B j ' ! j ,i ments authenticated to him as com-B com-B ) j lng from such agent and will visit hc B ' , 1 ! 4 full penalty on offenders upon prcs-B prcs-B i ' j cntation of due proof. The ruling is B i 1. ' j hereby made that when the agent of B ' J' a company casts discredit and doubt H , ;! on competing companies and arouses B j dissatisfaction In the minds or prcs-fl prcs-fl " ent or prospective policyholders, espc-B espc-B f ' j clolly to tbo extent of destroying B ; j Jalth In the solvency of legal reserve B ! , i Insurance companies such act const!-B const!-B r ' tutes misrepresentation as defined In B I ' section 4S of tho Insurance code. 1 ti H ! r j penalty Is revocation of license and B 1 lj J Jho turning of tho offending agent B t '1 ' over to tho courts for prosecution aiu B punishment. H , ri The unwarranted use of literature B ' making Invidious comparisons uc- B ' ' twecn companies without absolute (t knowledgo as to Its- entire nptness, II ! will be construed as misrepresent.!- M 'if tloi: ind so treated. |