Document 7MQN3vQOmxvkMpJn0vLBEg9Jg

FILE NAME: John Crane (JC) DATE: 1937 DOC#: JC062 DOCUMENT DESCRIPTION: NYT Article - Most Illinois Insurance Firms Accept New Risk m u a i !JL ,L ,in(U IS i^aU K A i> L .D / l'iK M A L .U J !<F l IV & W K ISK . Chicago Daily Tribune (1872-1963). Aug 18,1937, ProQuest Historical Newspapers Chicago Tribune (1849 -1986) PS 26 MOST ILLINOIS INSURANCE HUMS ACCEPTNE* BISK Register to Give Coverage on Hazardous Jobs. i -- -- --~ Fifty-six of the 13 insurance com panies eligible tp participate In the late occupational insurance program hare accepted term of the new act which became effective July I, Joseph T>, Crqnitit security supervisor of the Illinois industrial commission, report ed yesterday. The remaining IT com panies must comply by Sept. l, he said, or tape logs Of their licenses to do business In Illinois. Under the present law all compunleg writing oompcnsailop Insurnee ip this state must loin pools which say oft losses resulting from insurance of workers In occupations regarded as too hazardous to be ac cepted as risks by standard com panies. The recent act provides cov erage for employers under the occu pational diseases act which became effeotlve Oot. 1, 1986. Employers Sock A*d. Approximately 60 employers of men in hazardous occupations already have applied to the stale industrial com mission for help in obtaining insur* aneo, cironin said. Then of these em ployers have been assigned to spe> cldc insurance companies, he said, and the others will be assigned with in the next few weeks, The recent act calls for the forma tion of separata pools for took and mutual companies, Pronin asserted. Under the act the Industrial commis sion cun assign high risks to ape> clflc companies which retain 30 per cent of premiums Heated and pay 70 per cent to the pool whieh they have joined- All Josses m paid try the pool and the SO per cent retained by the company is compensation for writing and servicing the policies, Board to Begulate Bates. Cronin also said that under power granted by the act the commission Can serve ps on appellate bqdy fpr complaints by employers against high rates charged by companies insuring workers in hazardous occupations. Whenever complaints are received, hearings will be he*d and the rules ordered reduced If foi}nd too high, he said. The new law wifi permit ail em ployers to obtain insurance regardless of the occupation, Pronin assertedEmployers ip Industries calling for contact with' asbestos, silicon, and concentrated ohemleeis will And the law particularly beneficial, he indi cated. since few such risks would formerly he accepted by mpst com panies except at high rates, No em ployer is required to carry insurance, he said, but workers for concerns not carrying insurance bavp recourse at law for occupational diseases as de fined within terms of the occupa tional disease law. Reproduced with permission of the copyright ow ner Further reproduction prohibited without perm ission