A      I REPORT OF THE COMMISSIONER OF INSURANCE.


129


The two principal items of liabilities are the unadjusted
losses and the unearned premium. Of the former there remains
one unpaid and unadjusted loss amounting to $28,000.00. This
loss was carried at eighty per cent of the amount insured. The
correspondence of the exchange showed that this would be
ample to effect a settlement with the insured. In investigat-
ing the files of the exchange we found that the losses were paid
very promptly, but some of the papers relating to the settle-
ment of the loss were not in legal form, and the exchange. seems
to have no claim register. Part of the correspondence was
found in the files and not in the loss envelopes where is prop-
erly belongs. The details of keeping the files in regard to losses
seem not to have received the attention that the subject de-
serves.  The unearned premium  according to the Wisconsin
standard was $31,586.24, and the surplus reserve belonging to
subscribers over the admitted assets amounted to $18,919.75.
STATES IN WHICH EXCHANGE TRANSACTS BUSINESS
The exchange transacts business in the western, southern,
and north central states. It has quite a large number of
the more prominent lumber manufacturers of Wisconsin and
Michigan. The savings of the exchange seem to be large for
the amount of its premium deposits. During the year 191.2 its
savings were about seventy per cent of its premium deposits.
SUBSCRIBERS AT UNDERWRITERS EXCHANGE.
First National Bank Bldg., Chicago, Ill.
The Underwriters Exchange was organized on February 15th,
1902, as a bureau where contracts of insurance may be exchanged
upon the reciprocal plan. For a time the bureau served only
one class of subscribers, known as the Subscribers at Under-
writers Exchange, but in 1907 another class was added, which
was called the Subscribers at Inter-Insurance Exchange. Both
of these exchanges have dealt in fire insurance contracts only.