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1872-'73.] Document l^o. 1.
* 3o
showing the capital stock, assets, liabilities, income, invest-ments,
receipts, expenditures, policies in force, and expired,
tfcc, &c. ; in fine, every item needed to show the actual condi-tion
of the company effecting insurances. Power is given to
stop the operations of any company, which is shown not to be
in a healthy condition. An officer is charged with the dut}^ of
enforcing these provisions. In some States the duty is imposed
on the Auditor, Secretary of State, or other existing officer, but
generally a special officer is created, the expense ot which are
defrayed by the companies. The National Insurance Conven-tion
of the United States, held in New York in 1871, com-posed
of delegates trora almost every State ; of those most con-versant
in the science of insurance, have recommended the
passage of a general insurance law, a copy of which, prepared
with great care and at some length, is herewith submitted for
the information of the General Assembly. If the Assembly
declines to go into general legislation on the subject, I recom-mend
that attention should at least be given to the considera-tion
of a law authorizing policy holders to bring defendant com-panies
into court by an easily, available process. Certainly our
citizens sliould not be compelled to resort to the tribunals of
distant States, in case redress is refused them.
The exercise of State supervision over insurance companies
has been attended with the happiest results. They have been
stimulated and forced thereby to greater carefulness in action,
to more sedulous study of the principles of the science ; unsafe
and fraudulent companies have been exposed and crushed, and
the vast benefits flowing from these beneficent institutions have
wonderfully exl^ended among all classes.
EAILROADS, CANALS, &C,
No reports have yet been made to me relative to the man-agement,
condition or finances of any of the railroads and
canals in which the State owns [an interest, consequently I am
unable to impart any official information which will be of prac-
Object Description
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| Title | Page 45 |
| Full Text | 1872-'73.] Document l^o. 1. * 3o showing the capital stock, assets, liabilities, income, invest-ments, receipts, expenditures, policies in force, and expired, tfcc, &c. ; in fine, every item needed to show the actual condi-tion of the company effecting insurances. Power is given to stop the operations of any company, which is shown not to be in a healthy condition. An officer is charged with the dut}^ of enforcing these provisions. In some States the duty is imposed on the Auditor, Secretary of State, or other existing officer, but generally a special officer is created, the expense ot which are defrayed by the companies. The National Insurance Conven-tion of the United States, held in New York in 1871, com-posed of delegates trora almost every State ; of those most con-versant in the science of insurance, have recommended the passage of a general insurance law, a copy of which, prepared with great care and at some length, is herewith submitted for the information of the General Assembly. If the Assembly declines to go into general legislation on the subject, I recom-mend that attention should at least be given to the considera-tion of a law authorizing policy holders to bring defendant com-panies into court by an easily, available process. Certainly our citizens sliould not be compelled to resort to the tribunals of distant States, in case redress is refused them. The exercise of State supervision over insurance companies has been attended with the happiest results. They have been stimulated and forced thereby to greater carefulness in action, to more sedulous study of the principles of the science ; unsafe and fraudulent companies have been exposed and crushed, and the vast benefits flowing from these beneficent institutions have wonderfully exl^ended among all classes. EAILROADS, CANALS, &C, No reports have yet been made to me relative to the man-agement, condition or finances of any of the railroads and canals in which the State owns [an interest, consequently I am unable to impart any official information which will be of prac- |
