Spanish Fork Press | 1907-08-29 | Page 4 | Lawyers Talk of Insurance

LAWYERS TALK OF INSURANCE Lively Debate Priclpltated Over Report to Dar Association Portland MeThe report of 11 yie I I committee on Insurance to the American Ameri-can Bar association condemned the custom of making state insurance coin I mlsslonershlps political and recommended recom-mended a federal enactment forbid ding the use of tho malls to all insurance In-surance concerns not licensed by the I states wherein they are domiciled It also declared In favor of the appor I tionment and contingent distribution or icierrea divIdend surpluses on life policies by all companies as a condition condi-tion precedent to the transaction of business outside their home states Tho report precipitated a spirited con test especially so as it was accompanied accom-panied by a bill which proposed to ask congress to enact a law prohibiting Insurance concerns doing business un less licensed by federal or state au thority Those favoring the bill con tended that the purpose was to afford protection against wildcat companies Those opposed to It argued that It was another form of tho attempt to secure federal preference to state regulations The proposition was defeated when voted on Congressman LIttlcfleld of Maine who Is a director In tho Equitable Equit-able company predicted that If the do ferred dividend distribution plan was carried out It would bankrupt all the companies Finally this recommendation i recommend-ation was tabled by a vote of 110 to 78 I