NO. R-25. JOINT RESOLUTION commemorating the centennial anniversary of the J.C. Penney Life Insurance Company.
Offered by: Representatives Young of Orwell and Keenan of St. Albans City.
Whereas, while the General Assembly, which routinely chartered life insurance companies before the legislature, was relieved of this ministerial duty in 1913, pursuant to Amendment 33 to the Vermont Constitution, and many of these companies have long since departed the commercial scene, and
Whereas, undeniably one of the most successful and enduring of these legislatively-chartered corporations has been the J.C. Penney Insurance Company, which was legally established on November 19, 1900 by Act No. 237, "An Act to Incorporate the ‘Vermont Accident Insurance Company’," and
Whereas, the charter provided that the original incorporators, W.N. Theriault, A.G. Eaton, J.H. Kelleher, M.L. Wood, and F.B. Thomas were "constituted a corporation by the name of the ‘Vermont Accident Insurance Company,’ for the purpose of insuring any person against bodily injury, disablement or death…," and
Whereas, the Vermont Accident Insurance Company formally commenced the sale of policies on May 7, 1906 with an initial capitalization of $10,000.00, and
Whereas, among the company's specialties was its pioneer role providing insurance for youngsters who attend summer camps, and
Whereas, in 1949, the Vermont Accident Insurance Company converted its corporate structure from a mutual institution to stockholder ownership, and
Whereas, in 1967, the J.C. Penney Company Inc. purchased and renamed the Vermont Accident Insurance Company as the J.C. Penney Life Insurance Company, and
Whereas, as of December 31, 1999, the J.C. Penney Life Insurance Company had amassed total assets of $1,691,000,000.00 annual premium payments worth in excess of $847,000,000.00, and over two and one-half million policies in force, and
Whereas, still young, vigorous, and Vermont-domiciled at the century mark, the J.C. Penney Life Insurance Company continues to play a leading and economically significant role in the American life insurance industry, now therefore be it
Resolved by the Senate and House of Representatives:
That the General Assembly congratulates the J.C. Penney Life Insurance Company on the occasion of its centennial anniversary, and extends best wishes as it commences a second century in the insurance industry, and be it further
Resolved: That the Secretary of State be directed to send a copy of this resolution to Robert George Romasco, President of the J.C. Penney Life Insurance Company.