In late 1905, the legislature of New York initiated an investigation of the companies operating in that state when an accumulation of complaints by consumers and other insurers were 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. Known as "the Armstrong Committee", the New York Legislature Insurance Investigation Committee of 1905 eventually issued a report highlighting a number of questionable practices. The legislature in New York and several other states adopted many of the recommendations, including a prohibition on tontines. The report also recommended a prohibition on political campaign contributions by such corporations.
- Evolving Financial Markets and International Capital Flows: Britain, the Americas, and Australia, 1865–1914, Lance E. Davis and Robert E. Gallman, p 286
- Testimony : taken before the Joint Committee of the Senate and Assembly of the State of New York to Investigate and Examine into the Business and Affairs of Life Insurance Companies Doing Business in the State of New York Archive.org link
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