The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-02-16
The General Insurance Bill.

Annexed is synopsis of the chief provisions In the
bill before the Senate of this state to authorize this
formation Of insurance companies The bill was intro
duced by Mr. Bokee.
Sec l. AuthOrses 10 or more persons to form an In
corporsted company to make insurance marine FIRE,
health life risks The last to include the power to
deal in annuities,
to re-insure their risks. The company may take
both marine and fire risks Those making insurance on
lives the health individuals, shall take other
kinds of risks shall the business Of life and health
insurance be united In the same company
Sec; Notice of forming company under the act
be filed with the Secretary OF State with copy Of
the charter proposed TO be adopted Also notice to be
given to the public by advertisement once week for
the proposed company is to be located.
Sec. Authorize, the opening Of books for subecrip-
one to capital stock or II the business Ia to be conduct
ed the mutual pan of books TO recsve propositions
aud enter into agreements az hereinafter specified
Sec s JOINT Stock companies under tho act II
capital OF not ess than 100000 In any other county
Of thu State So 600 No company organised on
the mutual plan can commences business in New York
Kings, until s 'pts have been entered into for
Insurance. the premiums Of which, It be marine shall
S2oOOOo and notes have been received In advance for
the said premiums, payable within twelve months TO Be
considered the capital Of the company and coects
BILE for the purpose Of paying losses In the other coun
ties OF the State the for premium and notes
thereof above provided to be not less than 100000
masu. plan shs emo business in Ns~ YORK Or
Kings county unless cash capital Of Is paid in
and ct sst 100 applicants have agreed to take risks Of
not less than $4,000 each; in Albany or Buffalo Oh
ties until S.6Ooo in cash Is paid To- aud 100 applicants
parts o. the State until 50 applicants have ssrsed to in
sure $500 each
Set No Company organized under this act shall
transact business In New York Kings unless posses
eed Of capital securities before provided for those
counties. Agents of companies incorporated by other
until they have procured the certificate Of the state
Comptroller, that the companies represented by them
possessed Of capita securities the full amount
required by this act for companies to transact business
In the counties aforesaid Agents Of companies inoorpo
business of insurance. witheu having previously fur
nshed the Comptroller evidence that such companies
have nvesen New York State United States stocks,
amount equal to the capital securities required BY
this act for New York Kings county companies, and
that such stocks held in trust ~ citizens Of this
State for the security Of whose who effect insurance
with said agents The Comptroer's rtihcate Of the
compliance, with this provision to be file the County
Clerks Office where the agency is located Penalty for
of the people, and paid into the county treasury
The iat.vsnns sections III nj are merely Of detail
year by each company, showing the amount of Its
received losses, expenses and paid debts due BY
the company claims against them for losses with what
amount thereof Is considered legal and what amount Is
resisted for alleged fraud &c. Also stssmsnt Of tho
company whether any what part is considered bad
or doubtful the gross amount OF outstanding risks,
list Of stockholders ia stock company With the amount
OF their respective shares, SO.
If the comptroller, upon examining such statement,
shall Be satisfied by reason OF 1ssss or the Ca
shall direct his officers to call upon the stockholders to
make good the deficiency In proportion to the shares Of
stock held by them All shares In which the deficiency
is made be forfeited by the company, and scrip
sued the amount Of said deficiency In the event OF
additional sccruing after the requi,ition and be
fore tho deficiency shall hnve been made the stock
holders failing pay their proportions to be individual
" liable the amount thereof In the case OF dsncen-
cy Ia the mutual associations notes in advance TOR
premiums the full amount thereof to be Obtained
In case the deficiency in the capital Is not made up
within forty days, risks shall be taken or old
ones extended until said deficiency shall have been sup
Piled.
Apy company violating this section shsll forfeit Its
charter and the directors thereof bs personally liable
for any damage occssioned by such violation.
Sec ID. Existing incorporated companies, with tho
written consent threeourths Of the amount Of their
stockholders allowed to extend their original charters
conormed the provisions Of this act for twenty
fling certificates Of the consent and desire for such ex
tension with the Secretary Of state and submitting to
the proceedings required the sh section Of this act
Mutual insurance companies already chartered may
change joint stock companies by giving ninety days
notice in three newspapers Of this State proceeding &C
cordis gly to the provisions of this act.
Sec is Life and health insurance companies to be
perpetual Other to be ct twenty years durs
ton The Legislature at any time amend or repesi
this act pr ovide for closing the business any COM
pany formed under It. -,
The remaining sections, to 81 incusve, are cfdets'
as to the mode OF bringing suits, So, ,
We presume this bill will attract the notios OF pfscu
cal men, and that they viii take care to lay before tno
Legislature such information es VIII direct their steps
WIS