Codification of Life Insurance Laws; Report of Hearing on the Commissioner's Report Before the Joint Committee on Insurance - Softcover

Inhaltsangabe

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1887. Excerpt: ... SECOND DAY. Boston, Feb. 17, 1887. The Committee met at 10.15 A. M., Senator Phillips presiding. The Chairman. The committee will please come to order, and we will proceed with the hearing. We are now ready to listen to any reprcsentative of a home mutual life insurance company. Kemarks Of Mr. A. D. Foster. Mr. Chairman and Gentlemen:--I represent the New England Mutual Life Insurance Company of this city, and in what I am going to say before the committee I shall be speaking for my own company. But, as that company is the oldest mutual life insurance company in the United States. I believe that what I shall say will voice the opin. ions of a number of other Massachusetts companies also. In looking over Mr. Tarbox's bill, the first point I find upon which I wish to speak is in section 3. on the second page of the bill, the last two lines of the section, which read: "All contracts of insurance on lives or property in this Commonwealth shall be deemed to be made therein." The representatives of the foreign companies yesterday objected to this on the ground that it would make their contracts, Massachusetts contracts. Speaking for the home companies, I feel that such a clause as this would be very unwise and unfair to us. and would put us to a great deal of trouble and litigation in the other forty States of the Union. Almost every State in the Union in which we do business has a law, called a retaliatory law, by which all taxes, fees, requirements and stipulations imposed upon companies of those States doing business in Massachusetts, can be imposed on Massachusetts companies doing business in those States, at the word of the Insurance Commissioner. The effect of passing such a law as this would be that our contracts would be Massachusetts contracts here, Ne...

Die Inhaltsangabe kann sich auf eine andere Ausgabe dieses Titels beziehen.