THE NATIONAL CHAMBER OF COMMERCE
revenue but should be reduced to the total in each state which will
adequately support such state’s departmental supervision, and a
uniform principle of taxing the holders of insurance should be
adopted throughout the states. (Resolution, Twelfth Annual Meet-
ing, 1924.)
WORKMEN'S COMPENSATION INSURANCE
Although the Chamber has gone on record as disapproving
monopolistic state compensation insurance, it records its approval
of the prinapte of workmen’s compensation in legislation for indus-
trial accidents. (Resolution, Twelfth Annual Meeting, 1924.)
INSURANCE SUPERVISION AND REGULATION
Insurance, being a method of distribution of individual economic
loss and indispensable to commerce and industry as well as to the
people generally, is a proper subject of state legislation and regula-
tion. The state is concerned, in the public interest, with the main-
tenance of the solvency of the insurer as well as with the observance
of the broad principles under which equitable treatment may be
obtained by all users of insurance.
Effective state regulation demands competent and adequately
compensated officials conversant with insurance principles. These
state officials should, at public expense, cooperate with the like
officials of other states to bring about desirable uniformity in legis-
lation, taxation, solvency tests, rating systems, classifications of
standards, uniformity of returns, licenses and investments.
Rates for insurance should be predicated upon systems of
charges for unfavorable elements and credits for favorable elements
or conditions to the end that such rates may be uniform and non-
discriminatory as between risks of the same hazard, and coinsur-
ance, or average distribution, should be permitted. To this end
aniformly established systems of risk measurement applied through
rating bureaus or other expert bodies are essential.
The principle of reciprocity between the states is advocated to
the end that investments shall be determined by the quality of the
security regardless of the situs, that taxes may be fair and levied
directly without regard to local investment requirements, depart-
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