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URGES O'BRIEN TO BAE WH.Y. LIFE FROM STATH, Minnesota's Insurance Commissions Say a Conservative Action Is’ De manded by Interests of the Policy holders—Examination Is Necessary, and Tt Will Be 1 There One. Thomas D. O'Brien, state insurance commissioner, returned today from New York, where’ he has been with other western commissioners, conferring with President McCall of the New York Life Insurance company, and installing their joint examination of the com pany, ‘ ‘Ms. O'Brien found in his mail a let ter from Clarence H. Venner, the policy holder who recently demanded the ignation of President McCall and Vice President Perkins. In it Mr. O'Brien is requested to deny the New York Life the privilege of transacting business in Minnesota unotil Mccayl and Parking have resigned. Similar letters have been sent to other state commissioners. Mr. O'Brian, however, will proceed con servatively, and wait for the result of the examination. _The feeling in the enat on the sub ect is intense,’ and Mr. O’Brien to say. ‘There is apprehension on the one side, and a feeling of resentment. on the other, it is manifest that a more examination will be to the inter est of all parties concerned. ‘The pub lic is somewhat bewildered by the many facta already brought out, and has lost its bearings. It is necessary to go to the bottom and get all the facta, I do, not doubt that all the large com panies will be found to be entirely sol vent, but it is wise that, the policyy holders be Spremises, of the feat. Considering the fact that $1,200, 000,000 of money paid im by pol icyholders, and held for their “banu fit, is off stake, there is manifest need for conservatism and caution in all action taken. “The examination of the New York Life will go into everything, not only its present financial condition, but its history, policy, management, etc. It is being conducted by five western states: Tennessee, Wisconsin, Kentucky, Ne braska and Minnesota. Louisiana dropped out because the commissioner of that state believed the legislative inventiehce would answer the pur pose. Two men were put on the mort age records last Thursday, and ten men are now at work under 8. H. Wolfe and Joseph Graham. No more are employed now ,because of interfer ing with the legislative committee’s work, but by Nov. 1 about thirty will be put on. The commissioners of the states concerned met with Mr. McCall. He received us very cordially, and ex pressed himself as fully satisfied with the arrangements for the examination, the compensation of examiners, etc, and stated that he welcomed the exam ination for the purpose of giving the public full and reliable information about the company. ‘The meeting of the state insurance commissioners at Bretton Wood, New Hampshire, was intensely interesting, altho the burning subject was not take n up in any way. here was a gen eral feeling that the interests of the companies and the public demanded complete probing into the conduct of the life insurance business.’?
Newspaper Details
Minneapolis journal
Minneapolis, Minnesota, US
Tue, Oct 03, 1905
Page 11
Full Page
Clipped by
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USA 09 Feb 2026
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