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Election trouble abound.

The December 1906 issue of the life edition of Best's Review covered elections within Mutual Life Insurance Co. and New York Life Insurance Co. With balloting closed, counting votes should have begun-but the five inspectors of the election couldn't decide on a procedure to count the votes for New York Life. Counting had begun for Mutual Life, but the procedure agreed upon was expected to take years to complete.

The December property/casualty edition covered the opinion reversal of the attorney general of New York in relation to unearned premiums. Julius M. Mayer, attorney general, wrote, "The receiver of an insolvent fire insurance company is justified in using the unearned premium fund for purposes of reinsurance or of restoring to the policyholders upon cancellation of their outstanding policies." Mayer also considered policyholders to be "preferred creditors to the extent of the unearned premium," and "that a corporation, in contemplation of insolvency, may use its unearned premium fund in the acquiring of reinsurance as to all outstanding fire policies."
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Title Annotation:100 years ago in Best's Review
Publication:Best's Review
Date:Dec 1, 2006
Words:168
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