Show SOLVENT CONCERN TAKES OVER POLICIES II OF DEFUNCT GREAT WESTERN LIFE W v D Vandiver insurance commis commissioner commIssioner of or Missouri has written to Charles S secretary of state concerning the affairs of ot the Great Western Life Insurance company of Kansas City which recently went Into the hands of ot a receiver The company has a large number of or policy polley holders In Utah who Superintendent Vandiver II says sas will be amply protected as the policies have been taken over oyer by the thc I Kansas City Life Following is the letter As the Great Western Life Insurance Insurance ance company compan of Kansas City Mo which has gone Into the hands of a re receiver receiver appointed by the federal has considerable business In your state I think perhaps you may ma be in interested Interested In the present status of or its US affairs An examination recently made by this department showed an Impair Impairment ImpaIrment ment of or besides the annuity certificates which I have maintained should be regarded as a liability and which amount to I requested the legal department of o the state gov government go nt to institute proceedings to close up the company compan and before any anything an thing was done by the state court the tho federal court took charge and ap appointed pointed l C S Jobes receiver and or ordered ordered dered him to close up the company and advertise for tor bids for reinsurance of Its policies Only three companies bid for tor tHe business after two weeks ad advertising these were the Philadelphia Life e the Trans LIf LIl a anew anew new company being organized In Kan Kansas Kansas sas City CIt und and the Kansas City Life The bids for the assets as ets were respectively I and the latter b in the bid of the Kansas Cit Lire Life which is a Missouri corporation twelve years old and has a deposit with this department of ot f ap approved approved proved securities for the protection of the policy holders They also agree to pay 5 Per thousand for the Insurance which Is renewed In the opinion of oi the receiver this was the best bid arm I have concurred in his recommendation to the court to approve the contract At the expiration of fifteen days from July 30 when the report was tiled filed by the receiver the court will pass upon the recommendation and I assume will approve it If lC so the policy polley holders of the Great West Yest Western ern Life will be amply protected by transferring to the Kansas City Lifa LU LUThIs This company has assets of or more than and their deposit with this department will increase to something over The accrued death claims will be paid in full and the re reinsurance reInsurance insurance reserve held by this depart department department ment amounting to of ap approved approved proved securities will be sufficient to cover all aU the expenses of reinsurance so the policy holders will lose nothing I may add that the Kansas City Life Is apparently a prosperous company safely and an conservatively managed This is not for tor the purpose of ad advertising advertisIng the reinsuring company but only to assure you that the policy policyholders holders of the Great Western Life Lite in your state have been properly protect protected ed by this department Very Yer truly yours Signed W D Vandiver Supt |