Document 1Q5zyRpxRn6dqxyXQa3o0mQE5

FILE NAME: Newspaper & Magazine Articles (NMA) DATE: 1937 Aug 18 DOC#: NMA126 DOCUMENT DESCRIPTION: NYT - Most Illinois Insurance Firms Accept New Risk iv iu a i m aU K A i>CC , M KM A C C iL F i INLW KiJK. C hicago D aily T nbrne (IS 7 2 -1 9 6 3), Aug 1 8 ,1 9 3 7 , ProQuest Historical Newspaper? Chicago Tribune (18 4 9 - 1986) MOST ILLINOIS INSURANCE FIRMS ACCEPT NEW RISK on Hazardous Jobs. Fifty-six of the 73 insurance com panies eligible to participate in the state ewupational insurance program have accepted terms of the now act which panama effective July }, Joseph p, Crqnln, security supervisor pf the Illinois industrial cpuimissipp, report ed yesterday. The remaining 17 com panies must comply by Sept. 1, he said, or faoe loss Of their licenses to do business in Illinois. Under the present law all ppmpanics writing ppmpensatien insur ance in this state must join poqis which pay p# losses resulting from insurance of workers in occupations regarded as too hazardous to be ac cepted aa risks hy standard com panies. The recent net provides epverage for employers under the occu pational diseases act whteh became effeotive Oot. 1, 1936. Employers Seek At?. Approximately 6ft employ of men Jn hazardous occupations already have applied to the state industrial com mission for help in obtaining insur ance, Granin said. Than pf these em ployers have boon assigned to ape. elfin insurance companies, he said, and the others wil? he assigned with in the next few weehs, The recent act calls for the forma tion of separata pools for stopk and mutual companies, Cronin asserted. Under the act the industrial commis sion can assign high risks to spepjflc companies which retain 30 per cent of premiums coiiactad and pay 79 per cent to the pool which they have mined- All Ipssss are paid by the pool and the SO ppr cent retained by the company is compensation for Writing end servicing the petioles. Board to Regulate Rates. Cronin a|so said that under power granted by the aat the commission can serve ps an appellate body fpf complaints by employers against high rates charged by companies insuring workers in hazardous occupations. Whenever complaints are received, hearings wlji be peid and the rates ordered reduced if found too high, lie said. The new law will permit all em ployers to obtain Insurance regardless of the occupation, Prpnin asserted- Employers ip Industries calling for contact with asbestps, silicon, and concentrated ahemleala will And the law particularly beneficial, M Indi cated, since few such risks would formerly he accepted by meet eom-i panics except at high rptfiS, Wo em ployer is required to carry insurance, he said, but workers for concern not carrying insurance have recourse at law tor occupational diseases a de fined within terms of the occupa tional disease law. Reproduced with permission of the copyright owner Further reproduction prohibited without permission