Not only should stock corporations be permitted to give policy-holders the right to vote, but an opportunity should be afforded for conversion into purely mutual companies.
The law as to investments in securities should be amended so as to provide: That no investment in the stock of any corporation shall be permitted, except in public stocks of municipal corporations.
The statute should forbid all syndical participations, transactions for purchase and sale on joint account, and the making of any agreement providing that the company shall withhold from sale for any time or subject to the discretion of others any securities which it may own or acquire.
No officer or director should be pecuniarily interested in any purchase, sale or loan made by the corporation.
Contributions by insurance corporations for political purposes should be strictly forbidden.... Any officer, director or agent, making, authorizing or consenting to any such contribution should be guilty of a misdemeanor.
The company should be compelled to set forth in its annual statement to the Superintendent of Insurance all sums so disbursed (for lobbying), giving the names of the payees, the amounts paid and the specific purpose of the payment.
Limit the amount of new business; prohibit bonuses, prizes and awards; limit renewal commissions to four years and to, say, 10 per cent. of the first year’s premiums; prohibit loans and advances to agents; limit total expenses to the total “loadings” upon the premiums.
The companies should be required annually to file with the Superintendent of Insurance a gain and loss exhibit for the year in a prescribed form, showing the amount available for distribution, the amount of dividends declared and the method of calculation by which they have been determined.
Section 56 should be repealed and the matter should be left subject to the general provisions of the Code of Civil Procedure relating to actions against corporations.
In addition to requiring approval of the Superintendent of other than certain standard forms, provision should be made for the standardization of the new types of policies.... The issue of other policies than those thus provided for should be prohibited.