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Southland Life: Insurance: Company Dallas .Texas John W.Carpenter CHAIRMAN OF THE BOARD May 13, 1953 Honorable Truett Latimer Member of the Texas Legislature Member of the Insurance Committee Capitol Station Austin, Texas My dear Mr. Latimer: This is to acknowledge receipt of your letter of May 11, 1953 and to thank you for the same. In the next-to-the-last paragraph of your letter, you state that your interest in the matter is to protect the insured people and not the rich people who are able to go into the insurance business. I would like to make the following comments regarding your statement: There are thousands of stockholders in the life insurance companies who are small stockholders and are not rich people. The main people to be pro- tected by the Bill are the policyholders of the companies. It is unfair to the public for companies to be allowed to organize which are not properly and adequately financed, and the Bill is really intended to give the policyholders or the public, which are potential policyholders, that protection. It rests with the Legislature to give the public and policyholders such protection as not to permit an insurance company inadequately financed to do business and to offer insurance protection when it is not able to give the protection it offers. I am answering your letter and calling this to your attention to assure you that the majority of people interested in the large companies are small stockholders. I also want to call your attention to the fact that there is now being allowed, under the present law, the organization of insurnace companies improperly and inadequately capitalized and the proposed new law would correct this injustice to the public. With highest regards and appreciation for your letter, I am Cordially and sincerely^yours, JWC:jh ( 0 l/rrr John W. Carpenter
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