Show on control of the big insurance companies narragansett pier R I 1 aug 25 the delegates to the annual session of the american bar association held their final sessions here today the election of officers for the coming year was the principal business scheduled the special order for today was the consideration of tho majority and minority reports of the insurance law committee the majority report recommended legislation by congress providing for federal supervision of insurance the repeal of all valued policy laws a uniform life policy the terms 0 which shall be specifically defined the repeal of all retaliatory tax laws stricter incorporation laws in the several states insofar as the affect the creation of insurance companies and a federal statute prohibiting the use of mails to all persons associations or correspondents transacting the business of insurance in disregard of stata and federal regulations the minority report presented by W R vance declares that no reason has been shown why the business of insurance should be regarded as interstate commerce therefore the report says it Is clear that the regulation and control of the business Is beyond the powers 0 the federal government it Is the opinion of the minority that federal supervision it it were constitutionally possible would probably remedy many of the existing evils but that such supervision la not possible without a constitutional amend defective defect lve as they are inefficient in preventing wildcat companies from engaging in tho business and are needlessly expensive to the policy holders who in the last analysis bear the expenses incident to the business |