Ledger assets June 30, 1916, as per departmental examination 523 73 (-) $1,619 64 19,712 68 $18,093 04 12,579 10 $5,513 94 Premiums in course of collection more than three months due. 3,510 71 Total admitted assets $2,003 23 Disbursements Up to November 21, 1916, all disbursements were made by voucher checks signed by the treasurer. At a meeting of the board of directors on November 17, 1916, the following resolutions were adopted: "WHEREAS, the Contractors' Mutual Insurance Corporation of 5904 Fourteenth avenue, Brooklyn, New York, has ceased writing policies of insurance and is desirous of winding up its affairs and, thereupon, obtaining an order of dissolution, pursuant to law; and "WHEREAS, such corporation desires the assistance and co-operation of the Superintendent of Insurance in the control and disposition of its assets upon settlement of its business; "Now, therefore, be it resolved, that the treasurer and general manager of the corporation be and he hereby is authorized and directed forthwith to take the following steps to secure the joint control of the assets of the corporation on the part of such corporation and the Superintendent of Insurance of the State of New York: "First. The bank account or accounts of the corporation, including all money now on deposit in banks in its name, shall be changed so as to be held on deposit in the joint names of the corporation and of Jesse S. Phillips as Superintendent of Insurance, and all checks thereon shall require the signature of said Jesse S. Phillips as Superintendent of Insurance or of his successor in office, together with the signature of the officer or officers of this corporation duly authorized therefor. "Second. Any and all sums which shall be paid or payable to the corporation by reason of deposits with Mutual Corporations Reinsurance Fund, and with State Industrial Commission shall when and as paid be forthwith deposited in bank, subject to joint control in the manner specified in the foregoing paragraph numbered 'First.' "Third. All premiums hereafter collected, whether now due or payable pursuant to adjustment of payrolls, shall be forthwith deposited in bank, subject to joint control in the manner specified in the foregoing paragraph numbered First.' "Fourth. No payments of any of the assets of the corporation, whether by way of checks upon its deposits in banks or otherwise, shall be made without the written consent of Jesse S. Phillips, Superintendent of Insurance. "Fifth. The joint control of the assets of this corporation as herein provided, shall continue and be irrevocable on the part of this corporation. "Be it further resolved that the Superintendent of Insurance of the State of New York, by accepting the provisions hereof and undertaking the joint control of the assets of this corporation in the manner hereinbefore set forth, shall not be deemed in any manner whatsoever to have waived any of the powers or foreclosed himself from exercising any of the duties imposed upon him by law concerning the supervision of this corporation, nor concerning application for an order for its liquidation pursuant to section 63 of the Insurance Law, should such coarse at anytime seem to him advisable. “Be it further resolved that the secretary of the corporation is instructed to transmit to Jesse S. Phillips, Superintendent of Insurance, a duly certified copy of this resolution, and to request the said Jesse S. Phillips to undertake joint control of the assets of the corporation pursuant hereto." Liabilities It will be noted that no liabilities have been charged in the foregoing financial statement. This is not because noue exist, but rather because we do not know definitely what they are, and have no means at the present time of obtaining this information. The company's records, however, do not show that there are any outstanding and unpaid losses. Conclusion and Recommendation There are no policies in force, and the annual premium cost on the insurance applied for is nothing, which is less than $25,000, as required by law, at the minimum annual rates approved by the Superintendent of Insurance. The corporation has no members. It does not meet the requirements of law which requires such a corporation to have a membership of at least 40 employers employing not less than 2,500 employees, or 30 employers employing not less than 5,000 employees, or 20 employers employing not less than 7,500 employees, or 10 employers employing not less than 10,000 employees. The corporation has ceased to transact the business of insurance for a period of one year and has not transacted such business since June 30, 1916. In our opinion it would be hazardous to its creditors and the public for this corporation further to transact business, and we believe that it should be liquidated under section 63 of the Insurance Law. The board of directors, who were elected prior to the date when the corporation ceased to transact business, which board has never been replaced, upon February 19, 1919, adopted the following resolution: "Resolved that the Contractors' Mutual Insurance Corporation should no longer continue business or retain its charter, and that the Superintendent of Insurance of the State of New York be requested to make an application to the court for an order directing the liquidation of the corporation under and pursuant to section 63 of the Insurance Law of the State; and it is further "Resolved that Jeremiah J. Coughlan be, and hereby is authorized to act as attorney for said corporation upon said application, and accept service of all papers, and consent to all proceedings and papers necessary to facilitate and assist the Superintendent of Insurance in obtaining such an order of liquidation, and to consent to the entry of such order." It is, therefore, recommended that you make application to the Supreme Court for an order authorizing you to take possession of the company's property and liquidate its business in accordance with the provisions of section 63 of the Insurance Law. THE EMPLOYERS' MUTUAL INSURANCE COMPANY OF NEW YORK NEW YORK. Examined to ascertain condition December 31, 1917. Organization and History The company was organized in the year 1914 under the provisions of article 5-a of the Insurance Law. On May 14, 1918, the company amended its charter pursuant to the provisions of article 5-a of the Insurance Law, as amended, and on June 25, 1918, you issued your certificate authorizing the company to transact business in accordance with its amended charter, as follows: (a) Against loss or damage resulting from accident to or injury suffered by an employee or other person arising out of or in connection with the busi ness of the person insured and for which the person insured is liable, or the liability of the employer to pay compensation to his employees, or the compensation of employees under any workmen's compensation law, or against loss or damage caused by a truck, wagon or other vehicle propelled by steam, gas, gasoline, electric, mechanical or other power or drawn by horses or mules, used in trade or manufacture and owned by any such person to the property of another for which loss or damage the person insured is liable: (b) Any one (1) against loss or damage resulting from accident to or injury suffered by any person and for which the insured is liable; (2) against loss or damage to property caused by horses or mules, or by any vehicle drawn by animal power and for which loss or damage the person insured is liable; (3) against loss or damage to automobiles (except loss or damage by fire or while being transported in any conveyance by land or water), including loss by legal liability for damage to property resulting from the maintenance and use of automobiles; and (4) against loss by burglary or theft of or from automobiles. On April 4, 1918, the company was granted a certificate of authority by the Commissioner of Banking and Insurance of the State of New Jersey to transact in that State "the business of making insurance against loss or damage resulting from accident to or injury suffered by any person for which loss or damage the insured is liable." A. M. Bovier, General Manager of American Sales Book Co., Elmira. Edward W. Brown, Vice-President of Sterling Salt Co., 29 Broadway, New York. Howard L. Van Norden, Secretary and Treasurer of James Shewan & Sons, Inc., foot 27th street, Brooklyn. Ralph H. Thompson, President of Diamond Mills Paper Co., 44 Murray street, New York. Floyd M. Shoemaker, Vice-President and General Manager of Hygeia Refrigerating Co., Elmira. George L. Robinson, President of New York Sewage Disposal Co., 37-39 East 28th street, New York. Charles H. Mann, Secretary and Treasurer of Miller, Daybill & Co., Avenue B and East 18th street, New York. |