Public Interest in the Business of Insurance
Government Attention to Insurance Investments
A Full Investigation of the operations of American life insurance companies, and the power they wield as custodians of a large part of the nations' savings, has been promised by Rep. Celler (D., N. Y.), chairman of the House Judiciary Committee in the 81st Congress. The five largest United States life insurance companies were cited by Celler in a statement, Dec. 3, 1948, as holding a concentration of economic power which enables them “to formulate a financial policy stronger than the policy of the national government itself.”
Celler's assertion was promptly denied by Leroy Lincoln, president of the Metropolitan Life Insurance Company, who said “it would be interesting to ask the congressman to cite some ...