Document r6k04Jdzd88GO9jezJKwZ488r

FILE NAME Insurance Industry INS DATE 1936 DOC INS020 DOCUMENT DESCRIPTION Article from The Eastern Underwriter - O.D. Rules and Rates Approved by Sup't Pink ienat chanevetain lees Di DivisionDivision Accepts Bid of C.I.T. for for Nat'l Surety Surety Stock Control K Valente Decision in New York Supreme Court That Company Be Sold on 70% Basis to Bancamerica Corps Prevailing Opinion by Justice Glennon . he 1 ae ae ys : ' 1 thy suspen the Comme Cap 1 Park highest highest fodder for National Surety wom this control result of the 3-2 de of the Appi Bate in Supreme Court stock should should k- Diva reversed Doms A Varient foe" Vy hae ved cd parantendent el ottne eae wy ' > 80 shares 16. Barcam pe 3000 per bore a demeanartica Blair counsel wood peal of toe ed Appeals the des on Per he ion was by futur [ PP beeen ste Gratin ! an Mr was supported and Alfred Alfred Presiding Instion Francis en Lames 0 Malles dis s6 euch of the opme % the Bro platice of the < Vitte ee eh ther CIT a Met MY theo Serty Corp. had make this week that sale of the comp mean a change a mamazement mamazement It uol the National hss fr to St ery aaronted in aaronted CUT publicly announced that t was bukling sf Folds thues cond cond Clear Decision ly by Justice Glencon orion by Fushier in * 1 substi fatter pies Torspt for bys ho had me ree suurend~ d it , CIT bid Justice i Hees mith have tha been the Apiter determined Floati at ~ eer 01 not Sa motes tee fed bol for in recommending recommending the streco the dedeerance Calendated Calendated to woe He declued second a trl! in comply with propo which dissent by any f T th wrote that the Fesua ~ cadent was aciva \ Espe than to see that i du eredtions and : nore sere Mette 16050 Sa freqear Abprasin 01 ibs ue ptance of the tet at 19:11 medmed the oteo 2 oa , ~ ' ' art Son't . Not [- epined 4 f eegng ifs 0 what substiti to the gs Soperustend Soperustend Soperustend Was nut CXL IL datur beoutt Testlar Statutedatur Compelled to Hold Stock For a Rise joe . . I chseived chseived Pee regented the that CIT 11bud hot the quate but ht interest than 70 of tipe gramd that it was inadebecause he believed it in the of creditors that not more the stock be sold at this We are not unmondful of the costumed the the National National prevailing opinion Sirety Corporation fact that is be Le concern and has shown consider - Caring Caring Power do not believe the Nevertheless discretion of we the Superintendent of Insurance should be interfered somerane the coaporation alds than with in the upon future coaporation may become the theory that the property of become more valus it was on March 9 wAN not behere that an office charged with the respousality of dation the property of any of the liqui- com- panies should over which he has jurisdiction be crempelled to hold the stock Fut particuli period of time undes The unsettled unsettled conditions which exist at The The present day *** *** Public confidence requires that an of- beer who has charge of the sale of Jarur properties shall be permitted to accept the honest and adequate of the highest bidder where as all investors had a fair chance to offer here com- We believe the bid was adequate and that the recommendation of the Superintendent Superintendent proved Should have been ap- Dissenting Opinion the dissenting opmion opmion Justier virtually O'Malley said that virtually ator of the corporation had every credopposed the acceptance of the CIT bud and that experts had of the stack estimated at estimated estimated 13,000,000 the 13,000,000 average value The experts represnting representing creditors and stockholder stockholder Tex panted ala out testifioni testifioni Justice O'Mal that the end of this you would be a better time to deter- one the aim of the stock which is composed composed composed of 190,000 shares Justices O'Malle and Martin expressed the be- Lef that the postponement of the sale would myofve no acced that the risk to creditors They Bancamera bidd should be reierted and the CLT bid as Ahas b Stevet famed attorney rop- the CIT before both Justice Vaicots in Supreme Court and before the Eve ishees in the Appellate Divi- sion where the case was argued SPX cial weeks avo The first reaction to the decision came from William B Jocce Former chair- man the National Surety and for fort. years ats chief executive who stated that CIT CIT had a great bar- son of the wonderful machine he cre . remains lact LOS ANGELES A. & H. CLUB The Veerdent & Health Cluth of Los Los Ampeles held Managers its regular worthly luncheon June 16 at the Rosslyn Hotel with Vice President FL i Thrift Paesdest day ... of the presidiep in bP Haoson > BAL eneral agent Federal 1ife the absence The speak awrence awrence & Casualty member and a past presidentpresident club In a brief talk be reviewed Kimi and growth and development alsu paul tabute to health insurance basedon of the accident the set- see tenders to the pitble General AND Acc ASSURANCE CORPO fx) FRIDERICK RICHARDSON kU JAMES BE VA MITCHELL * CY GENERAL BUILDING - 4 PHILADELPHILADEL ea 0. D. Rules and Rates Approved by Sup't Pink APPLY / ENTIRE PAYROLL Changes Became Effective June 6 Ex- plain When Specific O. D. Rates May Be Removed or Modified Rules and rates for compensat classifications subject to Speer hazards under the new O. I on tisk c dust amend Hi to the workmen's compensation compensation law have been Supermatendent approved by 1. of Insurance of Pink New York became applicable to all pohties in force on June 6 also to policies effective on and after that date Released this week by thCom- thCom- pensation Insurance Rating Board these rules and tales the latter indie ding a welcome downward trend were received with keen interest by underwriters and producers Perhaps altracting the greatest attention were the following data Applied Rates Are Applied Explaining the new read in part rates the lletin Except as otherwise provided in thus section these phed in additions to rates must the basic be aprate to the entire payroll of all employes B cluding mantenance and genera labor subject to the classification classification and in ad- dition to the entire payroll of all co- ploves subject to any other clasifica- clasifica- tion whose duties revularly reque their presentei in rooms or departments which are not in separate buildings or in sep- arate floors or separated by sole parti- tions frean any and all depa tments where any desi hazard to which the specific occupational disease rate applies exists Any openings shall bekept closed eanttrance while being used for such partitions all times except or egress Premiums The premium letin says shall for the policy the bul consist of two perts a b An amount determined TE accordance applying with by 15 the general applying the Nose York responding payrolls miles of th basic rates shown rate sheets to the payrolls cor An Camouer determined th a cordance with the general rules of the manual applying tales shown title of specific occupationa rates to the contespanding payrolls oon the disease payrolls Monoton Premiums The munum premnimis shown occupafioral disease the table of specific rates are adfitional adfitional minimum ul the premiums which are to ie add minimum premium for the cor- responding New York classifications shown on the rate sheets The gene al rules of the the manual relating to minimum pre- mums manis apply ilus to the tatal mined munum on pre- For policies where the ance with modified rates are modified in secord- paragraphs 7 or 8 the add~-- tona O D mmimum premium shall be adjusted accordingly The sections devoted to removal speethe ( PY rate and modifica modifica ion Contoned on Page 42 Concer 5 Paid CLAIM f-7F Max A. Jone Head Hale Hale . Rays The bu tions i: York onan this we of the to which . order f un approx claims which or involve fie r 130,000 The h out of a first mee t i itors syd oc tribution aa dend rate 1 bution of t holders of t t portmoqch portmoqch ance posit permM idend ahu the allowan the , Pink a with County L and pention the compan ou 1936 I volving volving bas clams time RU claims at RANDAL~ The adhe PS plan oe Thatch s cont anti 1 Americi.n Americi.n been : - +> f IR CASUALTY SPRUTY AMUADRIONE i ITLE 11. Mitchell 006IJS 06IJS 006IJS ew Jersey ~ Hisks W. MADUA MLAL DUAMLADLUALL MADUALL One of Ne Josey's Foodies General & CO gemies 31 CLINTON CLINTON STREET STREET NEWARK NEWARK N. N. Y. OFFICE In JOHN OF hoy ' wapking an Me The roceisectil adver Bestatter and cribanon d be eprs too toe brokers nae activites of ' 1 atom instanc instanc , cr dee's this vet tee qskre each rene beep ... theplers ~ : Ue . | Teh PUEDE SEN eb the T peeore 991 ca 991 to re oe } toe ' C pe be tey eos " al Pe pon sel Tho wo tereepa wh ey a ANNIVERSARY Biler Ales damiane Holds AnPresident President dea re the house ' ' fr? Sega Phe 1 sty wo ', wee SLN Narong passadapt of Pont Inspether A mancs Co of ! boas thane The Hartford bootath which wo bestvgah ot) er Ta was acqu 'ed m xth anniver attending p >I secretas alch alch 4 te : tay hhifs oh the Mortical Hatford office Steam . vty ca an manc^'e com bode ted States mas periewed oan eas kobtowy , eo most credits credits rea ste bowler Pos rey This a bye po Steel Lobias of Nene 2 en oe CET NT NTAIN'S AINTAIN'S N' NTAIS N'S NN EW EW Va POST POST POST vob wok . HOT Me fe per with yaa! eh det johta attest dye Sao to tas Ap nly k tph olen 11 FORUM ADOPTS NEW NAME Now of the Casualty Underwriters Formin N. New Constitution Too Membership Increased A brand new constitution was adopted adopted the final spring nieeties of the Isa- bility Underwaters Forum of New York hid PHes^'ax an the Aetna [ate andi Toranm 100 Wilham Street The engi azation whion at was formed concerned self with ms but adered L & msurance msurance prob because its scope has been to embrace automobile automobile cory carsation es it Was decacht chance the name to the Casualty 111 Jarum Another portant chang oa The constitution is that the 16-971 of perdent and vice president are linedlined in two years Under the leadership of W Gui 6th Decan Accident president and areanizer of the has had raped fortun the membershipmembership growth and now carer aS casualty company deng bustie Neg Yok is enrolled as well as tho pricipal pricipal atmial directory mpany 1381-9974 contud carriers In directory of members and undrudual wall July belt le The by Another forward ...cs 4 1 to all of the membership on the estion that full information be nven corresponding with another COD party about the experience experience on G. Gunther Employers Pestiprs, my chain of the nominating carat- will for the election of officers come next November which which tS ret Y. CITY'S SAFETY RECORD New York City continues in the amone cities of more than 500,000 fata alation the reduction of traite lead recording to Police CommissioBo there Lewis 1 Valentine For the test months of 1936 there are ninety live three fey deaths 1,912 fewer persons 1Th ured and % less traffic accidents than in he the reports This coresponding reports represents a period last year reduction 217 of 217 in er deaths to injuries and 1177 au DEATH OF L. FVANS Laynence C Evans C Evans mana and co retary of Congamer the London & Accident of & Lancashir LancasLhanicasrhir en pared 290Y my Ontario hospital a week es the up af minnes sustained when an autoonsbile crash recently Net Saving surance Stores surance Carl and Banking R. Withers of Sex reposts In octal that ze adur sme as been The ken alaus mer attributed Show Show within the drision of corse : os sprance compe 2 Deatment Deatment sing to the ea 1- the Department of vation wherein the taken adumnistration adumnistration over compan comaly I Vr Wahers port on the ralts Hey of the New and sold that b 11 in Jersey cash nat the FK on VT ast hqta creditors is in excess of There now ah eae dare retain was about this auCUS TRIBUTE TO A ub Hs Asekiran oa nld tribule DA and founder os Ba the Accident of Chicago was Tank 16. . ov: mt morsary This 11 both tee Forest and is the lataclhatach ee company and { od planned is thee Approve Corumaed 41 rates also hed the interest U4 Fou + Removal of Spe Occupational care Subject to the appies uh the speafic occupational for cent in classifications removed of the raw materials esses at products producing 210 2101 present in the particulur hs Approval of the band band for sucher sucher A ch apply only Bedbug or policy pohey period shal approval uae Mouth Ocupational Ocupational t the approval of + recupational rhea or ite modified modified POL any disease rate pulcnlu risa OSHEE to ficarion the provision for which 4 occupats occupats shall be not subject e rate 14 to the rules tion Lr Meb al and Mert Rating ocempatural desea jeet to reduction The ablation to a rates are not or the elimean : statutory and al Specific heonef Comp 11 Specific ore ubicct chedule to 1 pational diseas podificaben cor experience sale BEABOARD BEABOARD FOGLITY AND SURETY CAPITAL 1,000,000 W FRENCH PRESIDENT New O. D Endorsemen Endorsemen Supermerendent Supermerendent nk has the t Vaaine occupational 111 Torsement to be just aja disease used ] owes ar renewal 0 D + ne - REckman Tete rep fe 3-7345