A Review of Life Insurance

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Excerpt from A Review of Life Insurance: From the Date of the First National Convention of Insurance Officials 1871-1897During this period State supervision in New York became full-¿edged. It was begun in a mild form under the Revised Statutes of 1828, which required all moneyed corporations thereafter created to make annual reports to the State Comptroller. This provision was continued in the first general Insurance Act of April io, 1849, and compliance with its re quirements by foreign companies was made acondition of their admission to the State. A deposit with the State for the protection of policy-holders was first required by the Act of April 8, 1851, and under this Act the Comp troller was given authority to make official examinations of companies. This Act also made the possession of a re-insurance fund a necessity, and required a company to be dis solved if its assets were not sufficient to re insure its outstanding risks. The general Life and Health Insurance Law of 1853 required the companies to report a classified statement of all policies in force, together with the data necessary for an official valuation of policy liabilities. The Act of April 15, 1859, creat ing the Insurance Department, made no new requirement of the companies, but transferred to the Superintendent the authority over them formerly exercised by the Comptroller. A standard of solvency was first adopted by law in 1866, the English Life Table No. 3 for Males, with interest at five per cent., being chosen. In 1868 the standard was changed to the American Experience Table, with interest at four and one-half per cent. The first officialvaluation of the policy liabilities of all com panics doing business in the State was made as of December 31, 1869. The second annual valuation, made December 31, 1870, showed seventy-one solvent companies with of insurance, in assets and in surplus. At this time six other States had adopted the New York stand ard, while four States stood with Massachusetts for the Actuaries' Table, with four per cent. Interest, Iowa had anticipated the financial discussions of our day by adopting a double standard. Such was the condition of the com panies and such the standards of solvency at the assembling of the First Convention of Insurance Officials in May, 1871.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.