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Show INVESTIGATORS MAKE REPORT New York Legislative Committee Com-mittee Roasts the Big Insurance Companies. Legislation Suggested and Enactment of Laws Recommended to Control Operations of Companies and Curb Officials. New York. The committeo appointed ap-pointed nt the Inst session of tho Now York legislature to Investigate life Insurant In-surant mndo Its report Thursday. Tho report Is extremely voluminous, extending to 319 printed pages. It em braces a long review, of tho testimony taken by tho committee, nnd Its recommendations rec-ommendations and conclusions ns to remedial legislation. In addition thero Is n chapter devoted to tho stato Insurance department, In which tho committeo declnrcs It would seem tho superintendent of tho department hns hnd nmplo power to nsccrtnln tho transactions ot Insurance companies, but tho supervision by the department has not proved a sufficient protection against extravagance and maladministration. maladmin-istration. Instances nro given of reports re-ports mado on tho affairs of tho Mutual Mu-tual LIfo Insurance company, tho Now York LIfo nnd tho Equltablo LIfo Assurance As-surance society, in which nothing was brought out to show the conditions de veloped In tho testimony given beforo the committeo. No substantial amplification ampli-fication of tho powers of tho department depart-ment seems necessary, according to tho committee, which holds that most of tho'ovlls which havo been disclosed dis-closed would have been Impossible had thero been a vigorous performance perform-ance of tho duties already laid upon tho Insurance department. Tho remedial legislation recommended recom-mended by the committeo provides for the safeguarding of tho rights of policy holders In mutual companies In tho election bf directors; recommends that stock companies bo given authority au-thority to retire their stock and become be-come mutual companies In the election of directors; recommends that stock companies be given authority to retire re-tire their stock and becomo mutual companies; thnt such mu'tualfzatlon shall not be compulsory. A recommendation recom-mendation Is mado limiting now business busi-ness to $160,000,000 a year. Lobbying Is condemned; tho committeo favors tho prohibition of contributions by lnsurnnco ln-surnnco companies for political purposes. pur-poses. Tho wisdom of economical manngement Is urged, but tho committee commit-tee does not deem lt.advlsablo that tho legislature should attempt to prescribe pre-scribe tho expenditures of lnsurnnco companies. Further recommendations nro mado on tho valuation of policies, surrender surren-der values, surplus, forms of policies, nnd publicity of all facts pertaining to a company's business. An amendment amend-ment to tho penal codo is recommended recommend-ed to provide that tho person receiving receiv-ing a rebate should bo equally guilty with tho ono who gives It. In Its detailed report of tho investigation, investi-gation, the committeo says the acts ot tho Mutual LIfo Insuranco company should bo thoroughly examined in order or-der that tho extent to which moneys have been misapplied and tho responsibility respon-sibility for such may be shown and determined. de-termined. Concerning tho Now York Like company com-pany tho committeo found thnt its transactions with Andrew Hamilton showed extraordinary abuses and that thi staftomet sent from Parte by Hamilton was without sultablo specifications. speci-fications. In taking up tho Equltablo Llfo As-surnnco As-surnnco society tho committeo tells of tho dlssonslons last Fobruary which resulted In tho reorganization of that society and In the disclosures which brought about this grave Inquiry. Tho syndicate operations' of tho Equltablo and Jnraes H, Hyde and tho relations between tho society nnd Kuhn, Loob & Co., ns brought out In testimony boforo tho committeo nro roferred to as Is tho G0,0D0,000 Unlop Pacific pool under the management manage-ment of E. II. Hnrrlman, Jncob H. Schlff and James Stlllman. Participation Participa-tion In this pool by tho Equltablo, tho committeo holds, was clearly an Improper Im-proper transaction for an lnsurnnco company. |