| Show II S SQUIRES TELLS Of BUREAUS OPERATION Time The Press With Hh on the Years Work Vork In Utah The following Is an extract from rom the reply b by Commissioner or of Insurance George Georgo B Squires to Franklin Webster ebster editor or of The Tho Insurance Press ot of New NewYork York In answer to Questions submit submitted ted led to Secretary of State C S and by him referred d to the Insurance department The most Important feature of oC super supervision supervisIon vision In Utah during 1909 was over time the general condition ot of time the cons com companies panics operating In time the state with ith special reference to their ability to comply with the very el stringent require requirements ments ot of the new Insurance law re the amount of capital anti and sur ur plus pius held b by them A number of oC the companies score unable to come up to time the required and wore there therefore tore fore debarred Crom rein the tho statE This Timis cc ac action tion was not taken however until am ample pie had been given the companies concerned to reach the pro pre prescribed proscribed scribed requirements Only after all such efforts had failed was action tak taken taken en excluding companies from the state The Thc work named was Va the most direct and Important performed by the do and secured definite and irn Im Immediate mediate results Much other work or of supervision vas done most ot of the mat matters matters therein being sun pond Ing hg This Includes time the Investigation of oC surplus lInes the tho work of at unauthorized unauthorized companies and agents and the tho supervision of oC time the work or of certain agents and results from these elements of at the supervisory labor of oC the thc depart department fluent ment can be expected In the thc near tu to ture I think time the most important work lUI as lUIa asa a whole done b by time the Insurance corn com missioners of the states In 1909 Is the forwarding of the great to toward ward uniformity In I legislation In blan blanks for tor annual reports In valuation of securities and kindred matters It ms to imme that time the alu or of this work worl lies In two directions lii III time till first place It will result In imm much more uniform and satisfactory supervisIon of companies Second It will tend to a great extent to forestall the tendency toward f federal supervision slon sion or of insurance which In my opinion Is not desirable A few fow rulings ere made by this do In 1909 Among them being the following It was wal ruled that rater Crater niti nal orders are amenable to certain see of oC the tho law such as time the section prohibiting 11 specIal ecal contracts mind and the like and time the section declarIng that suicide shall not bt be 1 a defense after the tho til first t year car A All a result or of this ruling all 1111 policIes and certificates or of life lite In Issued In after Dec 31 1909 bear on their face faCA the statement that suicide shall not hem be used as n a do de defene tense fene In resisting on any claim dalm after arlEr one year Jea from rom their This Includes the contracts of oC nil cli old line and assessment assocIations Another ruling made b by the was to the effect that discretionary power is hI vested In the Insurance com cam missioner to cancel time the license ot of an any agent found guilty guilt of Improper whether criminal action Is taken or not notI I know knoss of oC n a few lew firms finns or IndIviduals that claim to have been under time the It or of seeking outside Insurance l 1909 i There ma may be others that I am not advised of I am Inclined to think that most of oC the have 1110 been bein actuated as much b by a desire to got Insurance at lower rates as aJi by the IdEa that they could not got Iet protection from regularly licensed companies No agent been licensed to procure this In as aa required under sectIon 11 21 ot of 0 our code This matter Is at present under Investigation and ruling and action b by this department will likely follow ollow In the tho near future This department examined during the tho year two fire Insurance companies the Home Firo Firc Of Utah and time tho North Mutual Fire Insurance as association of Seattle and two lire life In companies namely the Ben Beneficial Beneficial and the Continental LIfe tn In companies of Salt Lake Lak City Utah The results of oC thee examina were pUblished In form torm except 11 time tho case ot oC the Homo Home Fire of oC Utah Two companies were organized In Utah during 1503 namely the Bear River Mutual Fire Insurance company compan of Boxelder count county and the tho Guardian Casualty and com pan ot of Salt Lake City The Tho Utah department was organized and began active work In April 19 1903 and anil therefore Its opera have covered so ro short a period that the largest larest results have not yet boon secure secured The following companies entered time UIO State of oC Utah tn in HOS Stu Fire Insurance company compan New York County Count Fire In Insurance urance company compan Philadelphia Fre ore Insurance Poughkeepsie Ben Franklin Fire In sUrnce company Philadelphia Pee Peo Peoples pies ples Fire Insurance of oC Deia Philadelphia Calumet company Union A society ltd London on Western Insurance mince ance company compIn Pittsburg SovereiGn Insurance company compan Canada Federal Insurance compan Jerse Jersey City In Fire Insurance company compan Fort Worth orth Russin Insurance Co of Russia Boston Doston Insurance Insurance ance company Boston International Life LiCe Insurance compan St Louis Great American Lifo Insurance corn com compan pan pany St S1 Louis Guarantee Life Insurance anco ance company Houston Northwestern I National Life LICe Insurance company Minneapolis National Suret Surety com cam compan campany pan pany New ew York city The Tho following companies have with withdrawn drawn from the state in 1909 German Gennan Union Insurance company Baltimore Liberal Mutual Fire Insurance corn com compan pan pany Philadelphia Lincoln Mutual FIre Insurance company compan Philadelphia Mercantile Fire Marine Insurance company Boston Seattle Fire Ma Ja dna Insurance compan Seattle South Southern ern National Insurance company Aus Austin tin Connecticut Mutual Life LICe Insurance company compan Hartford and National Live LiveStock LiveStock Stock Insurance association Portland |
