Proceedings of the Casualty Actuarial Society Volume 7

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 Excerpt: ... Keinsurance Bureau. On August 28,1912, a group of stock company executives met in New York City and adopted the following resolution: "Whereas the undersigned companies have engaged or are about to engage in the business of insuring against liability under Workmen's Compensation Acts in various States of the United States, and "whereas the companies may not be permitted or may not desire to limit their liability under such policies and there will be danger of a company suffering serious loss by reason of the happening of a catastrophe involving injury to or death of a large number of persons, and "Whereas it is of the utmost importance both to the employees, the employers and the companies that undue loss to any one company should be avoided by the distribution of any such extraordinary loss among the various members of the Bureau; "Now, Therefore, for the purpose of obviating the dangers incident to this situation, and for the purpose of distributing any such loss among the companies, and thus protecting each company from such extraordinary hazard, the undersigned companies hereby agree to form an association to be known as The Workmen's Compensation Reinsurance Bureau."' The organization, thus effected at the very inception of workmen's compensation insurance in this country, began immediately to function, its transactions dating from July 1, 1912. Today its membership comprises eighteen stock companies, and its operations extend to every workmen's compensation state in which private carriers are permitted to do business. According to its constitution, the object of the Bureau is to reinsure and reimburse each subscribing member for loss and medical expense, exceeding $25,000, arising out of a single accident sustained on a workm...