BAKERS' MUTUAL INSURANCE COMPANY OF NEW YORK NEW YORK CITY Examined to ascertain condition December 31, 1918. Report dated July 16, 1919. Examiners: F. H. Trench, H. C. Clark. Organization and History The company was incorporated April 14, 1914, in accordance with the provisions of Article 5-a of the Insurance Law, and began writing insurance in July, 1914. The officers are as follows: Albin E. Plarre, President and General Manager. Adam Metz, Treasurer. Valentine J. Miller, Secretary. The directors as as follows: Otto Brehm, 172 Ashburton avenue, Yonkers, New York. Financial Statement The following is a statement of income and disbursements from January 1 to December 31, 1918, and of assets and liabilities on the latter date: Income New workmen's compensation premiums (less $554.23 rein surance paid) $41, 116 35 Interest: On bank deposits On equity in Mutual Corporations Reinsurance Fund On bonds (less interest paid on bonds acquired, $82.22) Total interest Refund of federal war tax.. Increase by adjustment in book value of bonds.. Total income Ledger assets December 31, 1917. Total.... $1,416 83 192 22 1,235 18 2,844 23 338 11 1,235 00 $45, 533 69 50, 321 24 $95,854 93 Salaries and fees of officers, directors and home office employees 393 14 5,962 46 Expenses Compensation Inspection Rating Board.. 2,055 12 207 66 79 90 1,760 00 Gross decrease by adjustment in book value of bonds. 460 00 Total disbursements $33,506 30 Balance $62,348 63 Ledger Assets Book value of bonds.. $31,712 60 Deposits in banks Workmen's compensation premiums in course of collection on policies effective prior to October 1, 1918..... Equity in Mutual Corporations Reinsurance Fund. Total ledger assets. 23, 226 91 331 46 6, 365 53 712 13 $62, 348 63 Workmen's compensation loss reserves.. Estimated expenses of investigation and settlement of unpaid workmen's compensation claims Unpaid dividends Estimated expenses New York State Industrial Commission.. Unpaid taxes: State premium taxes Federal income taxes Participation certificates Total liabilities $16,451 09 493 53 4,698 18 41 39 $342 62 175 00 517 62 1,671 51 $25, 273 32 Since the date of this examination, December 31, 1918, the company has received from the Compensation Inspection Rating Board a number of schedule and experience rates to be applied to its 1919 policies. The rules of the rating board require that within 30 days after the company receives schedule or experience rates endorsements shall be mailed to the assured and a copy thereof filed with the Rating Board. It was found during this examination that the company had not complied with this rule. The president's attention was called to this provision of the rate manual and he assured us that the necessary endorsements would be sent out at once, and that on policies hereafter issued these endorsements would be issued within the thirty day period. Reinsurance The company is a member of the Mutual Corporations Reinsurance Fund, which agrees to protect the company against any loss sustained on account of a single accident in excess of $25,000 up to $100,000. It has similar reinsurance with London Lloyds from $100,000 to $500,000. Since the date of this examination, December 31, 1918, the Mutual Corporations Reinsurance Fund has entered into a reinsurance contract with the American Reinsurance Company covering losses sustained on account of a single accident in excess of $75,000 up to $100,000. Comparative Exhibit The following table is compiled from the company's annual statements as audited by this department for the years 1914, 1915, 1916 and 1917, and from the figures in this report for 1918: |