The Southwestern Historical Quarterly, Volume 45, July 1941 - April, 1942 Page: 39
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The Life of Colonel R. T. Milner
Milner defined his duties in the insurance department as
"largely confined to the enforcement of the insurance laws of
the State and the supervision of the companies doing business
under the same."54 The rates which the people of Texas were
paying for their insurance he criticised, saying that "The cost
would not be so serious but for the fact that a few companies,
domiciled in a small territory, control most of the fabulous
sums." To the fact that these companies were not state or
even regional institutions he made a strong objection, quoting
figures to show how the South was being drained of millions
yearly in fire and life insurance premiums.
If the South and the West are to continue to buy
their insurance in the East, they should cease to com-
plain of the injustice and rapacity of trusts and mo-
nopolies. No scheme, financial or commercial, in the
United States has done more to create and foster
monopoly than the policy pursued by the West and
the South in selecting the custodians of their insur-
ance investments in a territory so small as to permit
its holders to bulk it and operate it as conservatism
or cupidity may suggest . . .
It has been the policy of this Department to en-
courage and foster a spirit of home enterprise, be-
lieving that we have men possessing business acumen
and integrity sufficient to build up and manage large
insurance companies. It requires no higher order of
business ability to manage insurance than it does a
bank or a cotton mill. . . . There is no sound reason
why the State of Texas can not carry a large majority
of its risks upon both life and fire, and thereby reserve
millions of dollars for the development of our almost
unlimited resources, instead of retarding the progress
of our country by sending it to distant fields for
In this report of August, 1907, he discussed the Robertson
insurance law which had become effective July 12, 1907. This
act provided that every life insurance company should "as a
condition of its right to do business in this State invest and
keep invested in Texas securities a sum of money equal to at
least 75 per cent of the aggregate amount of the legal reserve
set apart and apportioned to policies of life insurance written
"54Report of the Commissioner of Insurance and Banking, August 31,
1907, p. 5.
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 45, July 1941 - April, 1942, periodical, 1942; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth146053/m1/45/: accessed May 24, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.