Third, I am pleased to announce that the Veterans Administration will pay a special insurance dividend of 230 million dollars, in a decision made this morning, to approximately five million holders of GI life insurance, beginning July 1.
These dividends have been speeded up in order to assist the economy.
1964 0924 - GOV - Report - The Warren Commission Report: Report of President’s Commission on the Assassination of President John F. Kennedy - 911p
Perhaps significant is the fact that Irving Benjamin the Illinois state insurance investigator in charge of Central Casualty review, has since taken a position with Cosmopolitan.
Practically all have since been liquidated.
Hopps contacted Bray soliciting reinsurance.
Bray, frightened to death obeyed.
Thus, Weiner and his associates became the sole owners of the Oxford Agency and the huge commissions on the Teamsters Bond.
November 19, 1959 Joseph Gerber, Illinois Insurance Commissioner, told papers his investigators found no connection between Heiner and Schwrartz and Dorfman operations.
Hopps said he contacted Bray at the Castaways trying to get him to reinsure with La Metropolitana (a Cuban company with offices on John Street, New York City) in a deal unrelated to the bonding.
In order to keep United Benefits 'A' rating with Best's, Cefry says he solicited 35 agents and got $126,ooo cash representing sale of 12,600 shares of United Benefit at $10.
Joseph Gerber, Director of Insurance, State of Illinois, who had approved Intercontinental Guaranty and Insurance Company of Tangiers, Morocco, testified before the Senate Subcommittee on Antitrust and Monopoly.
There had been allegations by former Hopps' associates, Robert Leonhardt and William (?) D. Corbett, that Gerber while State Director owned Mercury Mutual Insurance Company in Illinois, and that Hopps had said that one of Hopps' companies invested money in Mercury in return for Gerber's authorizing Intercontinental Guaranty to do business in illinois.
Allegedly in 1957, Spike McAdams and Jordan, District of Columbia Superintendent of Insurance did not renew United Benefit's license.
UB had an underwriting loss of $260,103 in 1960 and losses in each 5 previous years of more than $150,000. D. C. felt this made the company insecure.
>> Also the account "Surplus Notes" in UB' s statement, according to D. C. law should be listed as a liability and this would reduce UB's surplus from $401,585 to $151,585.
Other things noted by the D.C. department were that UB was underreservec in one area and that the value of acquired stock was unable to be determined by D. C.