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rate branch of its business, but such statement of a separate reserve would itself be apt to convey a wholly false and deceptive impression to persons not posted on insurance laws, namely, that such separately Atated reserve is the only fund held for the payment of losses in such separate branch of the business. This bill is a bad one and manifestly inspired by the same vindictive jealousy which prompted the one of last year. I respect-fully recommend that the Legislature stamp the bill with its disapproval and that the act of last year (chapter 215) be expunged from the statute books by repeal.

ASSESSMENT ASSOCIATIONS.

The bill to amend the general act for the " incorporation and regulation of co-operative or assessment life and casualty insurance associations and societies," chapter 175 of the Laws of 1883, which was pending at the date of my last annual report and which was discussed at some length therein, became a law May 6, 1887, as chapter 285 of the Laws of that year.

The most important feature of the amendment consisted in requiring that the preliminary papers, to be filed in the Insurance Department, by the corporators, as a condition to 'the incorporation of a new assessment insurance association, should show on the oath of three of the corporators (instead of two as formerly), that bona fide applications had been made in writing by two hundred persons (instead of fifty as formerly) for insurance to the amount of at least 5400,000 (instead of for an indefinite amount as formerly,) and that said applicants had each paid in two per centum (instead of nothing as formerly), on the amount of insurance sever-