Note 237d-1 — Chapter III

The former almost unrestricted liberty of the American system of insurance has recently been curtailed, in most of the states, by a rigid governmental superintendence, by special insurance boards with power to permit companies to engage in the business of insurance, and endowed with the right of imposing proper penalties, but of declaring the privilege forfeited at the end of any year. Compare Brämer in III, Ergänzungshefte der Preuss. Statist. Ztschr. und Mitth., 1871, No. 1.