Armstrong Investigation

The investigation by the New York Insurance Department began after an accumulation of complaints by consumers and other insurers, and was catalyzed by rumors that James Hazen Hyde, a vice president and expected next corporate president of The Equitable Life Assurance Society of the United States, had charged the expense of an immense costume ball that year to the corporate account.

Complete mutualization, to be paid for at a price only commensurate with its dividends is, in my opinion, the only sure measure of relief."

Spearheaded by William Armstrong, a State Senator, the commission began work in 1905.

[2][3] The Armstrong Committee eventually issued a report highlighting a number of questionable practices.

[5] A tontine is an investment plan for raising capital in which each subscriber pays an agreed sum into the fund, and thereafter receives an annuity.