Judge — February 10, 1912 — page 24: what you’re looking at

Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.

SIXTY-SEVENTH ANNUAL REPORT NEW YORK LIFE Z INSURANCE COMPANY 346 Broadway, New York Balance Sheet, eit 1, 1912 ASSETS LIABILITIES Real Estate . ee 2 . - $ 10,616,711.90 | | | woiiiey Reserve ° oe . . + _ $566,919,308.00 Loans on Mortg ges a 116,298, Other Policy Liabilities - - oe 7,359, Loans on Policie: . . ° 113,516,068.47 | Premiums and Interest prepaid . . . Bonds (market value Dee. 31, 1911) . . 421,122,821.04 | Commissions, Salaries, Taxes, etc. . e 1,287,423.53 Cash . ° Py is . 7,284,253.12 | Dividends payable in 1912 . . . 11,690,143.32 Premiums in course of collection > >: 7,724,930.65 | Reserve for Deferred Dividends oe 83,064,153.00 Interest and rents due and accrued . . 8,121,577.82 | Reserves forother purposes . . . . 10,979,116.32 Total . . . . . . ($684,684,686.50 Total . . . . .« ~— ($684,684,686.50 TO THE POLICY-HOLDERS: Within the year just closed the Insurance Department of New York has examined the Company. The examination went much deeper than the mere question of solvency and a correct statement of assets and liabilities. It went to questions of economy, efficiency and especially to the attitude of the Executive Officers toward the rights of policy-holders, the laws of the State and the regulations of the Department. It would not be possible for me by any use of statistical tables, ratios or comparisons, to present a statement so luminous and convincing as that made by Honorable William H. Hotchkiss, Superintendent of Insurance, at the close of his examination. It is the last word in State supervision—-impartial but just—constructed on the sound theory that it is as much the duty of a public official to commend fine public service as it is to denounce wrong-doing or inefficiency. The muckraker will find nothing interesting init. You will. It is, therefore, printed below in full, SS New York, Jan. 10, 1912 President. (Copy of Memorandum Sled at Albany, December 9, 1911, by Hoo. Wm. H. Hotchtips, Superintendent of Insurance) State of New York—Insurance Department In the matter of the Examination of the MEMORANDUM OF THE SUPERINTENDENT New York Life Insurance Company It is thought proper to file with the report on the examination of the New York Life Insurance Company, dated November 21, 1911, the following memorandum : The examination of this Company now completed, is the second since the enactment of the amendatory laws of 1906. It iseven more complete ard painstaking than was the ex- amination of three years ago. ‘The New York Lite is one of the great life jasurance companies under the supervision of this department. As of, December #1. 1910, such Cumpany had assets approx! qlosely to $650.000,000, outstanding insurance exceeding $2.000,000.000, and an annual premium income of about $80,000,000. It disbursed, to policy-holders in Yo10 over $53,000. eee st last such Company held In reserve for its poley-holders—inclading deferred dividends upwards of $60,000,000, and in contingency sod. special funds for the protection of poliey-holders, nearly $18,000,000. It does business generally in the United States and in 39 principal nations of the world. It has approximately 996,000 policy-bolders. The mere recital of these figures indicates the magnitude of the task committed to the examirers, and gives emphasis to the fact that after an examination covering seven months, such examiners concluded: “ The final results of this examination show that the work of the Company is done efficiently and economically; its claims are paid promptly; its policy-holders are treated fairly; its dividends are apportioned and paid without discrimination; and the Company complies with the require- ments of the law and the rulings of the supervising authorities in both the spirit and the letter." ‘The above statement should not be taken, however, as indicating that this Company and its work were in no respect found the subject of criticiam. The fact worthy of note is that the criticisms made by the examiners have to do with minor details and do not concern the management, the observance by such management of the law. the Company's treatment of policy- holders, or matters ef Company policy generally. Indeed, the criticisms set forth in the report are so relatively unimportant as to be In effect negligible. ‘The impression made by the examiners’ report was considerably strengthened by a personal inspection of, the Home Office of tnls Company made by me shortly after auch report mas completed: Evidences of economy. both in the nnmber of employgea and in the apace occupied. as wel asin the use of labor-savineg devices of various kinds, were noticed. The efcient reat institution, centering as it does in its so-called ‘An almost over-scrupulous deaire to comply with every statutory re- quirement or departmental regulation was also noted. Indeed, for general ‘Home Office efficienc; jeleney, “tor watchfulness over the little things that go to increase a company's expense ratio, for accuracy of yen and in secc socountiog: methods, and for a full ‘observance of the law, this Company Is entitied, not merely to the commendation given It by the ‘examiners, but to the OG 42. Foe Dated, Albany, December 9h, 1911. Superintendent of Insurance comicbooks.com