Litchfield enquirer., 1853-08-04
CHAPTER XVIII.
An Act concerning Insurance Companies.

An Act concerning Insurance Companies.
Be 1t enacted BY the Senate and House Of Repre-.
SentGtiues in General ASSEMBLY, conUened:
Sec. !. That in all cases in which the laws
Of any Of the United States, other than this
State now require, or may hereafter require
that insurance companies incorporated by the
laws Of other States shall deposit with some
officer OF such State, stocks or other securities
in trust, or for the benefit Of policy holders Of
such companies, as prerequisite TO such COM
pany transacting business in such other State
the treasurer Of this State be, and he lie here.
by authorized 10 receive from any insurance
company now incorporated, or which may
hereafter be incorporated under the laws OF
this State. stocks or other securities, in such
amount as may be required by the laws Of
such other State or States, on deposit and in
trust for the benefit of the policy holders Of
such company.
Sec. Q. The treasurer shall hold such stocks
or securities SO deposited, as security for POI
licy holders in said company, but any compa.
ny so depositing, may be permitted to receive
and to collect the interest and dividends on
it's securities so deposited, and from time to
time to Withdraw such securities on depositing
with the said treasurer other securities Of the
same character, the market value of which al
the time Of such deposit, shall be at or above
par.
Secs. Whenever any insurance company
shall have deposited the requisite stocks or
other securities in conformity with the laws OF
the State or States, in which such company 10
DESTROYS Of transacting business, il shall be-.
come the duty ofthe treasurer TO furnish such
company with q certificate under seal Of such
deposit, for each State which shall require the
same, which certificate shall embrace the items
OF security, and the amount Of each, thus de.
posted, and that he the said treasurer 10 sat-
isfed that they are of the market value repre-.
scented, but no stock or otheY securities shall
be estimated above the par value Of the same
and no stock or other securities so deposited
shall be withdrawn except as provided in the
preceding section.
Sec. a. whenever any insurance compa.
ny, which shall have SO deposited stocks or
other securities with the treasurer fthis State
shall desire to relinquish its business, the trea.
surer shall on application Of such company
under oath Of the president or principal officer
and secretary, give notice Of such intentions
in two newspapers printed in the city Of Hart.
ford, and two newspapers printed IN the city
Of New Haven, 10 be inserted at least twice a
week for six months, and after such publica-
uon, the treasurer on being satisfied by an ex.
animation Of the books and Of the officers Of
such company under oath, that all its debts
and liabilities are paid or extinguished upon
any contract or agreement, shall deliver up to
such company the stock or other securities
held BY him, belonging TO such company.
Sec. s. WheneverIt shall become neces.
sary on application OF any company for the
treasurer or any person appointed by him to
examine into and ascertain the value and con.
dition Of any stocks or other securities depo-
cited with him by any insurance company,
the expenses Of such examination shall be
borne BY the company SO applying, and the
said treasurer shall be allowed TO charge for
his time and expenses, or for the time and ex-
penses oflhe person he shall appoint TO make
such examinations such examination shall
be made annually by the treasurer, and in case
It shall appear at any lime, that the stocks OF
other securities 90 deposited amount TO less
than the sum required for the purpose foI
which such deposit has been made, the treas
urer shall notify the company, and unless the
deficiency is made up within thirty days, il
shall be the duty OF the said treasurer 10 eoun-
termand all the certificates he may have issu-
ed, and notify the treasurer, comptroller, OF
other financial officer Of such States a. he may
have transmitted his certificates pursuant 70
third section Of this act, and shaii publish his
doings in one newspaper printed in the city Of
Hartford, and in ons newspaper printed in iht
city Of New Haven, for three weeks.
Sec.6. This Act shall take effect immedi
ately.
Approved, June sOth, 1865.