Show flake REPORT new york legislative committee roasts the big insurance companies legislation suggested and en enactment of laws recommended to control operations of companies and curb officials new york the committee ap pointed at the last session of the noyl new york legislature to investigate life insurance made its report thursday the report la is eitrem extremely ly voluminous extending to pried ed pages it embraces a long review of the testimony taken by the committee and its recommendations and conclusions as aa to remedial in addition there la is a chapter devoted denoted to the state insurance department in which the committee declares it would seem the tha superintendent of the department has had ample power to ascertain th transactions of insurance compin lei eq but the supervision by tho the departs department ent has not proved a buffi clent against extravagance and malad min atlon instances are given of reports made on the of the mu life insurance company the now new york life and the equitable life assurance society in which nothing wad brought out to show the conditions do de in the testimony given before the committee no aepli flea fl catlon tion of the powers of tile the depart ment seems necessary according to the committee which holds that most of the evils which have ocon neen its closed would have been impossible had been a vigorous perform ance of the duties already laid upon the insurance department the remedial legislation becom mended bv bi the committee provides for the safeguarding of the rights ot of policy holders in mutual companies in the election of directors recommends that stock companies bo be given au all torley to retire their stock and bp be come mutual companies in the election of directors recommends that steel companies be given authority to retire their stock and become mutual companies that such aaion shall not be A becom mend mendia atlon tion Is made limiting new bust ness to a year lobbying la Is condemned the committee favors the prohibition of contributions by in burance companies for political pur poses the wisdom Ais doin of economical management la Is urged but the commit apo PC does not deem it advisable that the should attempt to pre pr scribe the expenditures of insurance companies Ir further urther recommendations are mado made on the valuation of policies der values surplus forms of policies and publicity of all facts pertaining to a companas comp anys business an amend ment to the penal code Is recommend ed to provide that the leibon receil ing a rebate should be equally guilty with the one who nho gives it in its detailed report of the invests ration gation the committee srm the acts of the mutual life insurance company should be thoroughly examined in order that the extent to which chich m ones have been misapplied and the cespon sivility slbil ity lity for such may lie be shon and d ter mined concerning the new york like company the committee found that its transactions with andiew elaml hamilton iton showed abuses and t that hat h t pent arent from parla by Il hamilton amilton was waa without suitable sped ficat fixations ions in taking up tip the equitable life As burance society the committee tells tella of the dissensions last february which resulted in the reorganization of that society and in the disclosures which bich brought about this grave inquiry the syndicate operations of th the 0 equitable and james 11 and tile the relations between the society and kuhn loeb ft co as brought out in testimony before the committee are referred to as is a the 50 union pacific pool under the manage ment of E 11 II harriman Harrl man jacob 11 II and james stillman elpa tion in this pool bv the equitable the committee holds was as clearly an improper transaction for an insurance |