Rensselaer Semi-Weekly Republican, Volume 38, Number 34, Rensselaer, Jasper County, 12 January 1906 — DEMANDS NEW LAW. [ARTICLE]

DEMANDS NEW LAW.

Govern®# of New York Urges Pss--sage df Drastic Insurance I.aw. Governor Higgins’ message to the Neuj York legislature, which whs presented to .that tiody.'Ufged t he" passage •of *g drastic Insurance 'law. Some of tlie reforms suggested by the Goverwdf lu his Message ibttawr- :^z T ” : r " That large amounts ought, for the safety* of the* insured gs well as for the good of the community. to be invested in boml* secured by mortgages on real estatejit a conservative valuation. ! ’• That deposits with or loans to moneyed corporations should tie subject to aaitablerestrictions. panics should not lie permitted. That insurance directors should have no conflicting business connections. That investments in corporate bonds should lie regulated so as to prevent speculation and loss from an attempt -to float doubtful enterprises. , That policies should be of standard -forms, so that tlje abuses arising from ambiguity, complexity and incompleteness of contract may be eradicated ami the contract made definite in form and substance. That a uniform system of audits and accounts should be prescribed by the insurance department. That fid! publicity to policy holders should be assured. Tl l at Z ~ deferred 1 dividend policies should lie prohibited or-—greatly restricted. That policies should be further safeguarded from forfeiture. That nn equitable distribution of the gains of the eompaßyzzta_the policy holders entitled thereto should be required. That policy holders should have an effective voice in the government of the companies, ami that the discretion of the directors should be subject to Judicial or administrative- review.