Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-05-07
LAW OF HI0.
PUBLISHED BY AUTHORITY.

To regulate Insurance Companies. not incorporated
by the State Of Ohio
! SECTION J.. Be az enacted By the General assembly
Of tks state Of Ohio. That it shall not be lawful for
any agent or agents Of ans insurance company incorpo-
rated by any other state than the state OF Ohio, direct
IN or indirectly. to take risks, or transact any busi'
ness OF insurance in this state, without such company
has first obtained a certificate Of authority from the
Auditor OF state and before obtaining such certificate,
such insurance company shall furnish the said Audi
tor with a atem under the oath Of the president
First-The name and locality Of the company
second-The amount Of its capital stock
Third-Thea amount Of its capital stock paid up
Fourth-The assets Of the company, including-lst,
the amount of cash on hand and in the hands OF agents
or other persons 81, the real estate unincumhered 5
81, the bonds owned by the company, and how they
are secured, with the rate OF interest thereon sun
debts TO the company, secured by mortgage On
debts otherwise secured 6th,debts for premiums 'ih'
Fffh-The amount OF liabilities due or not due to
banks or other creditors, by the company
Sixth-Losses adjusted and due
S~eventh-Losse adjusted and not due
Eighth-LOsses unadjusted
~Ninth-Losses in suspense waiting Tor TURNER proof
Tenth-AI other claims against the company
El~eventh-The greatest amount insured IN any one
risk
10 he insured in any one city; town or village;
Thirteenth-The greatest amount allowed to be in
sured in any one block;
Fourteenth-The amount Of its capital or earnings
deposited, or required to be deposited in any other
state or states, as security for losses therein, naming
them with the amount required in each, and whether
such company has complied with such requiremeuts.or
takes risks or transacts any business Of insurance in
such state or states;
Flfteenth-The act Of incorporation OF such GONNA
ny which statement shall he filed in the Office of said
auditor, together with a written instrumentduly signed
and sealed. authorizing any agent or agents OF such
company in this state 70 acknowledge service OF pro-
cess for and in behalf Of such company, consenting that
service Of process mesne or final, upon any such agent
or agents, shall be taken and held TO as valid as IL
served upon the company according 10 the laws OF this
or any other state. and waving all claim or right OF
error. by reason Of such acknowledgement Of service;
and no insurance company. or agent or agents OF any
insurance company incorporated by any other state.
shall transact aTy business of insurance in this state.
unless such company is possessed of at least one humid
red thousand dollars in value OF actual capital, in
vested in stocks. or in bonds, or mortgages oil real
estate worth double the amount for which the same is
mortgaged and upon the filing Of the aforesaid state
ment and 4 instrument " tn the auditor of state, and fur
nishinr him with satisfactory evidence Of such invest
ment. as aferes ~ it shall he the duty Of said auditor
to issue a certificate thereof. with authority to transact
business Of insurance to said company Tor its agent or
agents
rated company or association. partnership. firm or in
dividual, or any member or agent or agents thereof
or for any agent or agents OF any company incorpora.
ted by any foreign government other than a State Of
this Union to transact any business of insurance in this
State. without procuring a eertihcate OF authority
from the Auditor Of State, such company. association,
partnership,t firm or individual. or any agent or agents
thereof. h wing first filed under oath, in the Office Of
said Auditor, a statement setting forth the charter. or
act Of incorporation Of any and every such lncorpor1-
ted company. and the bylaws, cO-lartnerShip agree
nents. articles Of association. Of any and every such
unincorporated company. association, partnership or
frm. and the mame and residence Of such individual,
and the names and residences of the members Of every
sch partnership or firm, and the matters required to
he specified by the first section of this act, and the
written authority therein mentioned. and furnished
evidence to the satisfaction OF the Auditor OF State.
that such company has invested in stocks OF some one
or more of the -tates Of this Union, or Of the United
80 .ha amount Of nnR hundred tlOuSand dollars.
and that such stocks are held by citizens Of the United
States, or in bonds or mortgages of real estate situate
in the Unitel States, fully securing the amount for
which the same is mortgaged, or bonds OF cities OF the
United States. the aggregate market value OF the III
vestment OF the company, in which. shall not he less
than one hundred thousand dollars and such incor-
poraied company, or unincorporated company, aSsO
citation, partnership. firm or individual. or any agent
or agents thereof, filing said statement and furnishing
evidences Of investment as aforesaid, shall he entitled
to 4 certificate ofauthority for such body or individual
in like manner as IS provided Ter in the first section
Of this act
SECTION ;. II any such insurance company. ass7ci-
alton. partnership. firm or individual, as aforesaid. or
their agent or agents, having filed its. or their state
ments and evidences Ofinyesiment aforesaid, and con-
formed to the foregoing requirements shall have on
deposit in any oth-r State or Territory. or elseShere
than in this State any portion Of its capital or earnings
as a guarantees fund for the exclusive beneht or securi-
ty of persons insured i'm such State. Territory or other
place. it shall. be the duty OF the Auditor Of State to
withhold from such body or individual, so alternating
any such portion Of their capital and resources, the
certificate and authority hereinbefore provided fer I'M
til such body or individual shall file with the Auditor
of State. a statement duly verified ~ the oath or afhr-
nation OF the President or secretary Of such incOrpO-
rated company. or member of such unincorporated
company. association. partnership or firm, or by such
individual. showing the amount Of premiums received
in this State by such company, during the year ending
on the first of January next preceding the filing of
said statement. and shall deposit in this State in such
manner as the Auditor Of State shall direct. five per
cent. Of the amount so received. in money. or solvent
State or United States stocks of at least par yalu or
mortgages on real estate situate in this State Of at least
double the value for which the same is mOrtgaged-
which statements and deposits shall be so made. from
year TO year. at the time of each renewal or original
grant OF authority by said Au litor, until the sum Of
forty thousand dollars is deposited as afuresaid-Whieh
said sum and every yearly part thereof deposited as
aforesaid, shall be held under the control OF such An-
ditOr of State. as a guarantee fund for the benefit OF
such persons as may be, in any manner insured in their
property by such company within this State and the
same or any part of the sum so deposited, shall not be
drawn out by the depositors until all claims for losses
or premiums on risks unexpired shall be fully paid
and discharged, or until all deposits made in other
states, territories or other places, not within this state
shall be withdrawn; and in case Of the insolvency OF
any such company. the sums so deposited as aforesaid
shall he applied by the Auditor OF Sta e. pro tanUO, to
wards the payment of all claims. against such body or
filed in his Office. duly l~iq1idated and au-
thenticated. and to losses and premiums on risks I'M
paid. on policies issued within six mouths after such
insolvency may occur any such body or individual,
shall be deemed i~nsOlvent upon failure to pay any I'M
disputed loss insured against within this State for the
space Of ninety days after final judgement, for the
amount Of any loss so insured against, when no appeal
shall have been taken from sch ju cement by either
party, or other proceeding begun t. vacate. modify. re-
verse or review such judgement. or to arrest the same
or to oh ain a HeW trial; such body or individual shall
be entitled to receive the interest or dividends on such
stocks so deposited, from time to time. as the same
may become due. This section shall not apply to any
of the aforesaid bodies or individuals, who have made
no such deposits. as in this section mentioned else
where than in this state.
SECTION 4. 1t shall be the duty Of every such iasur
ance company ur some agent OF agents thereof. before
taking any risks or transacting any business of insur-
,,ra IN this State IN file in the ofifr of the clerk Of tile
Court of Common Pleas. Of the county in which it. he
or they, may desire to establish an agency for any such
insurance company or individual, or to transact any
business Of insurance therein. a copy ofthe statement
required to he filed with the Auditor Of State as afore
together with the certified copy Of the certificate
Of said Auditor, which shall be carefully preserved for
public inspection by said clerk, and also cause said
statement and certificate to be published in some daily
newspaper printed and Of general circulation in said
county fer one week or in some weekly newspaper prin-
ted and Of like circulation IS aforesaid. three cOnsecu
weeks or it shall he lawful for e oh Of such afore-
said bodies. whether incorporated or not. OF indivld
uals, TO cause such statement and certificate to be pub
lished in some daily newspaper Of general circulation
in this State, printed in the cities Of Columbus. Gin
cinnati or Cleveland. one week. or in some weekly
newspaper Of general circulation in this State, printed
in any Of the aforesaid cities three con secutive weeks,
which publication shall lie verified by the oath Of the
printer or other person knowing the fact and such
body or individual shall. refore it. he or they, or any
agent or agents thereof shall take any risks or transact
any business Of insurance, furnish snch agent or
agents with three copies OF such staiement Auditors
certificate, and sfidavit Of puhlication-one Of which
shall he deposited and kept in the Office OF tae proper
clerk Of the Court of Common Pleas in the same man
ner, and for the same purpose as hereinEefore men
OF which shall be kept in the Office OF
e-ery such agent or ether person and one to he sab
mitted to any person or persons for examination who
may desire to procure from such agent or agents or
other person, a policy Of insurance or renewal thereof,
IL demanded by him or them.
SECTION S. The statement and ev dences OF invest
msnt required by this art. shall he renewed annually,
in the month Of January in each year. the first state
ment may be made at any time the Auditor OF State, on
being satisfied that the capital. securities and invest
ments remain secure as at first, shall furnish a renew
al OF certificate as aforesaid; the certified copy of
which. with the certified copy Of the statement upon
which the same was obtained. shall be filed, kent, and
in the same manner, and be governed in all
respects by the provisions Of section four OF this act.
that all certificates ofauthority or renewals
granted to any such insurance company or agent or
agents thereof in the month Of January A. d. 1856. in
accordance with the act hereinafter repealed. shall be
in full force and effect until January, A. D. 1857, the
same as IL issued In the month of July next.
SECTION 6. Any person or firm in this State who
shall receive OF receipt for any money on account OF
or for any contract OF insurance made by him or them.
or for any such insurance company or individual
or who shall receive or receipt for money
from other persons, to be transmitted to any such
company or individual aforesaid. for a policy or poll
of insurance, or any renewals thereof. although
such policy or policies of insurance may not be signed
by him or them as agent or agents Of such company, or
shall in any wise directly or indirectly, make or
cause to be Iade any contract or contracts Of insur-