The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-11-19
Important Circular
TIE CoNPrRoILxR's OPINION IN REGARD TO 70
RKlGN INSURANCE COMPANIES.
SxAru NEw YoRK,


RElGN INSURANCE COMPANIES.
SEArH OF NEw YoRK,
CohrrnoLLEl's OTrfcs, Albany Nov 10 lS4s
Inc provisions OF the set passed April 10 1919 make
Necessary that insurance companies incorporated BY
other States and desiring to transact the business VI
insurance. through agencies In this State shall prove,
to the satisfaction Of the Comptroller that they pos
sess the amount Of actual capital required Of
peniss In this state formed under the authority OF
said set The fifth section provides that every joint
stoeh company organised under the act II located In
the city Of New York the county Of Kings shall
other county In this State ct lsast $50000 aad
tual insurance companies (dre, marine and inland
p.visstion insursDos) II located In the city Of New
commence business until agreements have been en-
tered into for insurance with 1t least hundred
poahts, the premiums on which, II 1t be marine shall
amount to $30e 600, II 1t be- fire inland
shall amount to 5000 900, for which premium notes
must be received psy able within twelve ont
from date The sixth section requires that
formed for doing the busness OF life health in
sursDcs on the plan Of mutual Insurance shall have
each capital Of $40 600 paid In and actually vsssd
In stocks Of the United States OF this State ts in
corporated cities in bonds and mortgages on Quilt
waited farms worth double the amonnt.
Comp snies incorporated ia other States and doing
business here are placed virtually on equality with
institutions, and the Law aims to subject them
to the general prime Piles and restrictions They
show that they possess equal Of
capital Joint stock companies in other States pro-
posing to do business by agents in New York city or
Kings county must have 900, and In other
ties $50 600. IL must appear that this capital Is I'M
impaired and invested in safe and uDquss Sc
Curlt1eB. ua me- ana neAtn Insurance. companies
in other States before creating agencies this State,
must have = cash capital invested OF sloo,OsO,
In the month Of January next, and annually there
after every such company having agent agents IN
this State will bs required to fursh to the Comptroller
a new statement, under the oath Of the President or
secr.tary, exhibiting the amount Of its capital the
nj al per in which the Is invested and sho wi
whether IL IL i'm paired and II so, 10 what extsnt.
The Comptroller deems it his duty to prescribe such
regu atoms in respect to these statements will make
them uniform, and insure full exhibit. not only Of
the capital Of the company but ts liabilities AID its
actual condition Some Of the statements heretofore
furnished defective in detals u Investments aud
in emitting preseD such exposition OF the Affairs
of the company ss will enable the Comptroller and tho
public to form correct Judgment VI the soundness and
sufiicsncy Of lite resources.
IL win be required In future that the statement shall
exhibit:
Itt The amount Of capital stock paid in.
I'd, The manBsr in which the same is invested spe-
city the amount secured by bonds and mortgages;
the amount description and actual value OF the stocks
held by the company absolutely the amount descrip-
ton and value Of stocks held as colaters security;
this amount Of leans secured otherwise Than by mort
gage and stocks the value of the real estate IL any,
owned by the company; and the amount Of available
funds on hand.
and the amount OF all other claims and liabilities
the company specifying the amount OF claims
against the company which are not acknowledged BY
IL debts and the amount OF contingent liabilities
otherwife than on policies
4th. The amount OF premiums received by the COM
pany during the previous year; anu the ameunt re-
and investments.
9th. The amount Of Losses incurred and the amount
paid during the same period
9th, The OF profits on hand IL there be
profits the amount Of losses chargeabie upon capital
the first of Janua
eth The dividends which have been made during
the preceding year
As il is for the Comptroller to form
accurate estimate Of the value Of distant investments
securities he will require in addition TO the fore
going STATE meDt q certificate from the Mayor or Re-
cerdtr Of the city Judge Of Court Of Record, In
the State where the pany located naving in
tsrest in the company showing that he has examined
the in OF the company, and giving his esti
the securities and the amount Of their actual
value.
required also, that each company furnish copy
Of it's charter to be placed file in ths Comptroiier
Office
The law reqsires that counterpart or copy Of the
statement which the Conptroller's certificate OF
authority IL issNed shall BE- filed in the Office Of the
Crk of the county in which the agency shall be estab
lsbed and Is therefore necessary that each
prepare duplicate statements for this purpose with
copies shall be requisite to furnish TO each
county in which an sseDcy IL iocsted.
p In the execution OF the Law, the Comptroller will aim
to afford every reasonable facility TO responsible
panies comply with its provisions but he couceves
l. be his duty interpose such precautions aud re-
strctons tbal protect the public from corporations
Of different character having no substantial capital
and furnishing sufficient guaranty for the perform.
Anee OF their Obligations.
WASHINGTON HUNT, Comptroller.