THE AMERICAN DISASTER.
A STARTLING STATEMENT.
Oixrtud Frees A*aociation-~Per Electrio Telegraph—Copyright. NEW YORK, May 16. Mr Dawson, actuary for the Armstrong Insurance Investigation Committee, has startled the House of Representatives Committee on Judicial' Affairs by declaring that no fire insurance company in America knows whether it is solvent or not, when it pays its San Francisco losses. He blames the laws requiring companies to hold a reserve fund of 50 per cent, of capital, whereas the British reserve is only 30 per cent, thus allowing British Companies a larger capital to meet losses, and live through a strain.
Intimation has been received by Mr F A, Baymond, chief agent-of the Royal Insurance Company, that the net loss of the company through the San Francisco conflagration x £1,100,000, and that this loss toB oe borne by the company without involving any reduction in the fire fund or reserve fund.
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Bibliographic details
Timaru Herald, Volume LXXXIII, Issue 12978, 18 May 1906, Page 5
Word Count
148THE AMERICAN DISASTER. Timaru Herald, Volume LXXXIII, Issue 12978, 18 May 1906, Page 5
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