Common Council of Detroit, in re the legal reserve of a life insurance company-not subject to tax. Boston.-E. M. Thayer case only. Question No. 10.-Has your association passed resolutions or taken any action during the past year which you deem of interest? Central Pennsylvania.-When application is signed competition ceases. Western Massachusetts.-When application is signed competition is to cease, provided application is for policy in a company that is sound, unless there is positive evidence that there have been misrepresentations made or the agent agreed that the applicant incurred no obligation in signing. Georgia. To perfect work of information bureau, this work now being in charge of an outside organization on a business basis. Boston.-Endorsing position taken by "Giants" in re competitive literature. Baltimore.-More careful selection of solicitors, weeding out unscrupulous characters, eliminating the stealing of agents by one general agent from another, and establishing a bureau of information with Union Credit Company, Baltimore, whereby all agents employed by the general agents since January 1, 1901, shall be listed, the Credit Company agreeing to investigate and report on character and records of prospective agents about whom members of the association may inquire. New York.-Resolved, That competitive literature is detrimental to best interests of the business, and pledge utmost efforts to aid in stamping out "the evil," and to use their influence with various companies and life underwriters' associations throughout the country to have them desist from the practice, and accept for their motto "Construction and Not Destruction." Notwithstanding the fact that the majority of the states have enacted stringent anti-rebate laws, we have reasons to believe that a large amount of new business written is obtained by rebating premiums. It is not done openly, without concealment, as it once was, but the concession is made in a way that it is difficult to call the offender to account. The evil will continue as long as the companies continue to pay exorbitant commissions. It is a satisfaction to know that the commissioners of insurance are prompt in revoking licenses when satisfactory evidence of rebating is established. Hon. Arthur I. Vorys, commissioner of insurance for the state of Ohio, has revoked the licenses of a number of agents who violated the anti-rebate law during the past year. We have again included in our report extracts from the late C. M. Ransom's historical paper, read at Milwaukee, September, 1897, entitled "Origin and Growth, Present and Future of Life Underwriters' Associations." Also the chronological record of our association, which, we believe, will be interesting reading to those who are not subscribers for the annual reports. Respectfully submitted, J. W. IREDELL, Jr., L. D. WILKES, HISTORICAL. Extract from Col. Ransom's Paper, Read at Milwaukee, September, 1897. Origin and Growth, Present and Future, of Life Underwriters' Associations. I cannot better introduce my remarks than by saying that the first life underwriters' association was organized in Cincinnati, O., in 1872, at my instigation, as stated in the Cincinnati Enquirer in a report of a banquet extended to the executive committee of the National Association of Life Underwriters by the Cincinnati Association April 22, 1897. The idea of association among life agents was first suggested to me in 1870 by the demoralized condition of the agency business in Cincinnati and elsewhere. It was not until 1872, however, that the efforts expended in trying to induce agents to organize were successful. During that year the agents of Cincinnati, realizing that something should be done to overcome demoralization, got together and launched the Cincinnati Association of Life Underwriters. As stated above, this association was the first of its kind, and in its initiatory stages bid fair to be productive of much good to the business of life insurance. Later in that year the example of the Cincinnati agents was followed by Cleve land agents, and the Life Underwriters' Association of Cleveland was formed. In 1873 the two associations consolidated under the name of the Ohio Association, and existed until 1876. In April, 1873, an association was organized at St. Joseph, Mo., called the Life Underwriters' Association of St. Joseph, Northwestern Missouri, and Donipan County, Kansas. This association existed for only a short time. For the facts in connection with this early record, I have refreshed my memory by reference to the files of the Baltimore Underwriter, which was then published by the firm of Bombaugh & Ransom. The National Association of Life Underwriters-Chronological Record of Events. 1890-June 18, 19. National Association of Life Underwriters organized at Parker House, Boston, with fourteen associations as members, viz: Baltimore, Boston, Chicago, Cleveland, Nebraska, New York, Western New York, Maine, Michigan, New Hampshire, Philadelphia, Pittsburg, Providence, and Vermont. C. M. Ransom, honorary member. Officers elected: President, George N. Carpenter; secretary, E. H. Plummer; treasurer, William Ratcliffe; chairman of executive committee, Ben S. Calef. Thursday evening-Complimentary dinner by the Boston Association at the Parker House, D. N. Holway presiding. October 28. Meeting of the executive committee at Hotel Brunswick, New York; eighteen present. Banquet in honor of the committee by the New York Association at Delmonico's. The following associations were admitted to membership during the year (1890-91): Cincinnati, Connecticut, Indiana, Kansas City, District of Columbia, the Carolinas, Minnesota, and Wisconsin (8). 1891-March 28. Meeting of the executive committee at Hotel Rennert, Baltimore, eleven present. Banquet in honor of the committee by Baltimore Association at Merchants Club. June 16. Delegates en route to annual convention at Detroit entertained by the Cleveland Association. June 17, 18. Second annual convention at Hotel Cadillac, Detroit, President George N. Carpenter presiding. |