Deseret Evening News | 1906-03-10 | Page 7 | Insurance Hearing Was a Disappointment

INSURANCE HEARING WAS A DISAPPOINTMENT Albeny N V Y March 9 The Joint i legislative committee e today listened to W state meats ments of Insurance ell Is and agents against some seine of or the Iho nest must provisions of ut the hills bills the state slate Insurance law anti embodying the recommendations of Unit that committee n as the tho result of or Its Inc In of lit the condition of the lIfo life In business In thin this state The hearing was vas a I disappointment to 10 those who hind hall expected either u n bitter open ui m the tho bills or 01 an occasion oc aslon of or sensational utterances With YUh few tel exceptions the speeches were wert of or u II tech character An Interesting feature of ot the hearing was seas the tho presence of or tho the three new pres pre presidents presidents of the big three life companies of or New ow York Paul Morton head of the tile Equitable 1 Alexander K E I Orr pres pros president presIdent ident of the tin New cw York Life Lite and Charles CharIeR A Peabody president of the Mutual Life Ilfe All three spoke briefly President Morton a written com cant communication one of or the tho principal sub subjects subJects subjects of which was Willi the t he proposed e l rev rr re upon the hn Investments of or Insurance companies All agreed III In the assertion that the adoption of ot the proposed tlona upon Lushness business Investments com coat and cost of ot new lIew and renewed business would work great greM damage to 10 the companies and probably drive many foreign companies out of ot the state elate There was little reference to 10 the Iho more moro sensational disclosures Hures of ot the Insurance Investigation and no opposition o to 10 he ho recommendations designed l to 10 stop and prevent present corrupt practices practises campaign contributions and Inti the like Ilke The hearing was adjourned until next Tuesday