Salt Lake Tribune | 1908-12-31 | Page 9 | Tingey to Submit His Annual Report

TINGEY TO SUBMIT HIS ANNUAL REPORT State Insnrancc Department Recommended by thc Secretary Secre-tary of State. Secretary of State c. S. Tingey. in his annual report which lie will submit to tho governor today, will recommend the establishment es-tablishment of a stato Insurance department depart-ment or bureau and tho creating of the offico of Insurance commissioner, which now exists in most of tho other states of the Union. The work of looking after thc insurance companies now devolves upon tho secretary secre-tary of state, and Mr. Tlngcy Is In favor of making this a separate and distinct department, with absolutely no connection with his office. The work of the Insurance commissioner commission-er would bo to see to it that the. Insurance Insur-ance companies aro making no contracts that they should not mako and to keep posted ns to thc financial condition of each company. Now It cannot be told with any degree of definlteness whether a company is solvent or not. Tho making mak-ing of advisory board contracts would also be suppressed. There aro two propositions on in connection con-nection with this movement. Ono is to create a sepnrate and distinct insuranco department, and tho other Is to merely create a bureau nnd attach it to somo other stale office, presumably tho secretary secre-tary of state's office. This latter will meet with severe opposition, however. Thoro is also a movement to create a code of insurance laws, similar to those in vogue In California, for Utah. Now there aro no statutes pertaining to insurance insur-ance companies much further than providing pro-viding for the manner of their organization organiza-tion and the f6 thev shall pay into thc state treasury fortoxlsting. There are approximately 160 foreign Insurance In-surance corporations doing business In this stato nnd three home companies. The salary of tho Insuranco commissioner has been suggested at 2000 a year- Mr. Tlngev says that the receipts of his office will double what they were for the preceding two years.