William Penn Life, 1977 (12. évfolyam, 1-4. szám)
1977-10-01 / 4. szám
ff THE WILLIAM PENN ASSOCIATION • PITTSBURGH, PA. 15219 • PHONE (412) 281-8950 VOLUME 12 AUTUMN, 1977 NUMBER 4 Hon. Wm. J. Sheppard, Insurance Commissioner, Announces That Pennsylvania Adopts A New Fraternal Code Insurance Commissioner Sheppard, Governor Milton J. Shapp and National President Charles. Standing: General Counsel Gay B. Banes and National Vice-President John P. Balia. Over 800,000 Pennsylvanians have life and accident and health insurance amounting to nearly $2 billion through 103 fraternal benefit societies admitted in the Commonwealth to write insurance business. But until late last month, the State Insurance Department had very little authority over these insurance operations. With the signing into law of Pennsylvania’s new “Fraternal Benefit Society Code," by Governor Shapp on July 29, these insurance activities came under the full scrutiny of the Insurance Department. The absence of appropriate regulatory oversight has long been a grave concern both of the State Insurance Department and the Pennsylvania Fraternal Congress, the largest fraternal congress in the nation. According to Insurance Commissioner Sheppard, the code’s primary goals are twofold: first, to protect the interests of the hundreds of thousands of Pennsylvanians who depend upon fraternal benefit societies for their financial security and second, to protect the interests of legitimate societies by eliminating those organizations which masquerade as fratemals but are in fact, intended only to advance the financial interests of the few who control them. To protect those insured by legitimate fraternal societies, the new code establishes minimum financial requirements and requires Insurance Department approval of all insurance contracts. It also provides that agents writing over $25,000 in coverage be licensed. “As non-profit organizations, fraternal benefit societies have long enjoyed a privileged tax-exempt status,” said Sheppard. “When used by bonafide fraternals, this privileged status works to the advantage of the society’s members. “But the very absence of uniform standards and appropriate regulatory authority which had previously existed (Continued on Page Four) 1977 Tour To Hungary A Success TRADITION, HISTORY, ADVENTURE, SENTIMENT, EXCITEMENT, all this and much more was experienced by those who took the 1977 Trip to Hungary. On August 17th we bid farewell to our loved ones in Pittsburgh as we boarded the plane and departed for Hungary to see our loved ones there, to experience walking on the soil of our ancestors and to take a tour through History of our people. A sentimental journey that would be our life time experience. The plane departed at 5:45 P.M. You could feel the happy excitement aboard. For some, it would be their first time to Hungary. For some, it would be a return after a long absence. There was no sleep on the plane that night in anticipation and from excitement. We arrived in Budapest at 9:00 A.M. the following morning. We were taken by bus from the airplane to the terminal through customs then to our hotels. (Some of the groups went to the Hotel Budapest the others to the Hotel Szabadság.) We had three days of unwinding and sightseeing in Budapest before our individual tours would begin, with side trips to the Mátyás Templom (church) and other points of interest. The first night there was a beautiful banquet in our honor sponsored by the World Federation of Hungarians. They welcomed us and we expressed joy of being there. Of course, the meal was outstanding. The welcome was warm, accompanied by gypsy music. (Continued on Page Three)
