Show vast sums are paid to the agents for insurance new yoa sept 22 upon the reassembling sem bling today of the legislative committee which is investigating the life insurance business thomas A buckner vice president of the new york life insurance company who has charge of that companas comp anys agencies and who was unable to answer a number of questions yesterday without the records was called to the stand the matter of alie nylic accounts was taken up they include records of a system of bonuses paid to agents nylic he said was a bonus drawn from the ranks of agents who create business for his company it is divided into five classes mr buckner testified that the total payments to nylic members aggregated lesi than one per cent of the total premiums the company has agents who are members of nylic and over who are not it would bo possible mr buckner calculated tor a man who had worked twenty years to retire from active labor A second lc was inaugurated january ast 1st 1902 for agency directors inspectors and supervisors in the united states canada and the west indies A board of trustees was given control of a fund made up by amounts contributed in part by the members and in part by the life insurance company this fund was to be divided among the members in 1912 according to the amount of business written under the direction of the members tho fund now amounts to in 1904 it appeared that were given as bonuses under various written agreements with agents and there were also paid for general bonuses throughout the world including those for special months now said mr II 1 I find put down for one year for com on first year premiums on new insurance and total commission as these are independent of all payments on new york life insurance yes what is tho rate of commission in german aked mr hughes we are not allowed to pay moro than fifty per cent of tho first years premium on any policy and tho average is forty per cent mr hughes asked for full blue ments from mr buckner of the business written in the united states and canada and in the other parts of the world both showing the premiums and commissions paid and all other particulars which show to what cx i tent if any the business of the new york life was being extended throughout tho world at the expense of the policyholders policy holders |