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N. Y. Insurance Bills Win Favor Legislation Favored by Underwriters Even Though _no Failing of Passage Is Not ARINE insurance conditions are not likely to ‘show any marked improvement during the next 12 months due to the fate of bills introduced in the New York leg- islature at its closing session. Various states in which marine insurance is a factor have been watching the prog- ress of the measures designed to re- lieve the marine business and as a re- sult of their being shelved by the Empire state legislators, nothing fur- ther is likely to be done before the next session. The two bills of inter- est to underwriters amended the sys- tem of taxation in New York from a tax on net premiums to a tax on net profits. Up until the last few minutes of the 1923 session, the pass- age of the measures seemed assured but they were lost with a batch of bills that had been held over until the end of the session. While they are disappointed that the bills failed to pass, marine insurance interests are cheered by the fact that real opposition to the proposed measures developed and that their passage at the next session is almost certain. The fight for the bills was a keen one and underwriters, brokers, the state insurance department, the state tax commission and members of the senate and assembly insurance committees were unanimous in sup- porting the measures. Underwriters have gained courage from the knowl- edge that the principle of fair taxation for marine insurance companies has been accepted at Albany. Following a few minor changes in the original draft of the bill tax provisions and regula- tions governing the placing of ma- rine covers with nonadmitted compan- ies the hills were adjusted in conform- ity with the views of all concerned. * OK Italian Firms Unite To Stop Rate Cutting DETERMINED effort to abolish rate cutting in Italy has been put into effect by Italian marine in- surance companies through the forma- tion of the Institute of Italian under- writers which has been given well de- fined supervisory powers over rates with the authority to impose heavy fines for violation. The Institute of Italian underwriters has established headquarters at Geneva.. Guiseppe Man- Actively zitte and Edoardo Girtanner are chair- ‘man and deputy chairman respectively. Members of the institute that have signed the agreement include the As- sicurazioni Generali, Cassa Navale & d’Assicurazioni, Comitato per la Mutua copertura dei danna fra Armatori, Compagnia Meridionale d’Assicurazioni, Compagnia Riunite di Sicurta, Cos- -tanza, Eagle, Star & British Domin- ions, Esperia, Fortior, Instituto Italian di Riassicurazioni Generali, La _ Vit- toria, Lloyd Ancora, Lloyd Siciliano, Mutua Assicuratrice Industriale, Mutua Marittima Nazionale, Mutua Nazionale delle Assicurazioni. The members of the Institute have signed the following agreements: Commitment to limit the lines under- written by each company to certain pre-established figures in order to pro- mote a more rational distribution of risks in co-insurance among the com- panies operating in Italy. Commitment not to accept lines on Italian risks in reinsurance from non- tariff companies. Commitment to write the following classes of interests exclusively at the rates, terms and conditions of the “obligatory tariffs’ promulgated by the institute: Time insurance on hulls of steamers, motor vessels and sailing vessels; cof- fee, coal, cotton, wool, oils, fine, liq- ours, hides, textiles to the Levant and Central and South America. Promulgation of a general tariff of rates and conditions for the insurance of all other interests’ on goods or merchandise against marine risks and all accessory risks, which. tariff is in- tended to be a guide for underwriters; the practical application of this tariff tends ‘to avoid discrepancies of quota- tions, with the object of eliminating undue competition and irrational rate- cutting in the market. Commitment for each tariff company to reinsure 10 per cent of every risk on goods and 20 per cent of every risk on hulls underwritten in Italy with the Unione Italiana di _ Rias- sicurazione, a new Italian reinsurance company founded in Rome. The pur- pose of reinsuring the above shares of each risk underwritten by tariff companies in Italy is to enable the reinsurance company to control bord- ereaux received on the detailed rein- surance, the strict observance of the tariffs, conditions of the insurance and 266 Opposed other agreements entered into by the members of the Institute. The institute has the power of im- posing a fine of 100 to 10,000 lira for each violation and each company is required to deposit with the institute 10,000 lira to guarantee the payment of any fines incurred. ree Hague Rules Approved by National Chamber T THE annual convention of the Chamber of Commerce of the Uni- ted States, a resolution was passed endorsing the Hague rules and advo- cating that appropriate action be taken so that they be adopted and standard bills of lading become a fact.’ The resolution adopted was_ considerably stronger than that passed at the last annual convention. The only serious opposition to the Hague rules was voiced by the Amer- ican meat packers who have always been against them. This body in a separate resolution recommended that the Hague rules be brought into har- mony with the Harter act; and adding to article III, section 6, a proviso that would make a signed receipt bearing notation of shortage or damage equiv- alent to the written notice of loss or damage, a second proviso should re- quire the carrier to accept and adjust a properly supported claim presented within one year where the accompany- ing evidence proves that prior notice could not have been given. eS and Insurance Shipping Power Are Insepara ble AceeP many marine insurance of- fices have put up their shutters since the business slumped from the glorious peak of heavy premiums and relatively light loss ratio of the hectic war days to the present quiet market. A good many underwriters still feel that there are too many in the field and that while a few well established nationally known houses may be wax- ing fat the similar offices with their heavy overhead expenses are not, The report of the National Merchant Ma- rine association does not carry with it much comfort for the insurance fra- ternity. This organization warns that foreign ships are getting three-quarters of Ametican imports and exports.