REPORT OF THE COMMISSIONER OF INSURANCE.


*75


task. Besides, it will be an invariable test of the correctness
of the work performed..
BUSINE$S FOR WHI1CH INTER-INSURERS ARE ADAPTED
Since it is necessary to keep an individual account with each
subscriber, it would be very difficult, if not impossible, to hav'-
a very large number of subscribers. Inter-insurers associations
are, therefore, especially adapted to single lines having large
risks with correspondingly large deposit premiums. At hardly
seems possible that these associations are adapted for general
lines, unless some modification can be made in the individua.l
accounting with each subscriber. Nevertheless, they are simple
in their structure and in their methods of transacting business,
and they are usually composed of business men of the highest in-
tegrity and financial standing. The losses are paid promptly
in nearly all cases. The legal controversies are surprisingly
few, and their dealings with their fellow subscribers are fair
and equitable. In the older and better established exchanges
the insurance which they give, to their subscribers is of an urn-
questioned character. Because of these facts, we see' no reason
why they should not receive the protection of the different in-
surance departments in the same manner as that aecorded to
other insurance organizations and be permitted to transact
business on a basis which will promote their continued existence
and prosperity.
REPORTS ON EXA-IANATIONS
Trhc following are the reports on the exaininatiojis of the ex-
changes licensed to transact business:
SUBSCRIBERS AT INDIVID UATL UNI)E RWRIT ERS
Location of exchange, 90 West Street, NewV York (C1ity.
The subscribers at Individual Underwriters is an inter-in-
surers association writing fire insurance only. It is the oldest
organization of this kind of which we have any record, having
been organized oh December 13, 1881, in the office of Weed &
Kennedy, Pine Street, New York City. The original subscrib-
ers were three in nuluber. C. B. Claflin & Co., by Mr. Johnu