SUPERINTENDENT OF THE INSURANCE DEPARTMENT.

act, and by the further fact that a number of assessment associations which had been incorporated under other statutes previous to the passage of the general act of 1883, some of which had never reported to this Department, reincorporated under the provisions of section twelve of the original act of 1883, which provided for reincorporation of existing associations, the operation of the amendatory act as to that section having been expressly deferred until January 1, 1888. The whole number incorporated in 1887, before the passage of the new act, was sixteen. Nine existing associations reincorporated, eight of which had reported to this Department last year.

LIFE INSURANCE FRANCHISE TAx.

In my last Annual Report, attention was called to a recent decision of the Court of Appeals (Matter of McPherson, 104, N. Y., 306), the effect of which was, in the opinion of the State Comptroller and others, to revive chapter 534 of the Laws of 1880, entitled "An act to provide for the taxation of Life Insurance Companies," which had generally been supposed to be unconstitutional and which had been allowed to become a dead letter until the decision above referred to in February, 1887. In consequence of this decision, the Comptroller submitted to the Legislature the draft of a bill enabling him to settle with the companies for all claims of the State under said statute on pay.nent by them of the taxes due thereunder for the years 1884. 1885 and 1886. This bill, which was pending when my last report was issued, did not pass. But, after very full discussion of the whole subject before the appropriate Legislative committees, and on the floor