This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1876 edition. Excerpt: ...the capital of the company is invested in undoubted securities, and that a sufficiency of surplus is held to provide an ample re-insurance fund for outstanding liabilities. The value of membership is such that there have been many instances where companies sought to establish their reputation in the business community by becoming members of the Board. Too stringent regulations cannot be adopted to save the good name of the Board from being used as a cover for frauds upon the insuring community. During the past year one company, an early member, decided to discontinue business, which it did, after honorably providing for all of its outstanding liabilities for pending risks, and paying all claims against it in full. It had never fully recovered from the hurt caused by the Boston fire. Two companies having ceased to transact an agency business have withdrawn, and one company has been expelled for persistent and wilful violation of National Board rules and rates. Experience has proved that all the officers of the Board who are directly engaged in its management, should be members of the Executive Committee exofficio, as many of the duties imposed upon them by their offices render it important that they should have a voice in its deliberations. 1 therefore propose a change in the By-Laws, so that the Secretary and Treasurer of the Board can be made ex-officio members of the Executive Committee, with all the privileges attached to such membership. LEGISLATION AND TAXATION. That the agitation of these important subjects by us so far as they related to our own interests has been productive of good is evidenced by the interest taken by the daily press of the country whenever a bill has been introduced into the legislatures which seriously affected...