New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-02-06
NETWORK LEGISLATURE
From Our Own Reporters.
SENATE. ALBANY, Tuesday Feb. s.

AN INSURANCE COMMISSION.
Mr.. c. =. SMITH introduced bill to organize an
Insurance Department in the State Government, and
to regulate the business Of Insurance 1t provides in
substance follows;
SECTION Organizes separate and distinct Department
and laws relating to Insurance Companies
SEC The supenteneent OF me Depstment sSai De APP
bold office four years. salary of $3.50 with power sp
s sfeoc Deputy 'i' year salary and Two CLERKS at
sEc g. The Superintendent shall take the oath of Office IF
teen appointment He shall bond with
suretes OoOo shall directly
reey interested in any Insurance Company except policy
SEC The powers and duties now conferred and imposed
transferred the Superintendent of the Insurance
Department In his absence inability to act the Deputy
SEC Directs the transfer of paper, relating
business from the other offices that OF the Superintendent Of
sEc Directs the transfer of all securities certificates and
papers Of Companies in and out Of the State.
, s sre inland 5sviSsop or TRANSPORTATION insurance
business all olntstock companies anactng business
solely mutual companies deposit with the
superintendent securities of the kind specified in the 9th
chap $50 of State passed June 25 1853
equal 80 per cent of the capital stock the pubG stocks men
therein be estimated at their market value 1t gives
the usual TO the companies to draw interest or dividends
1t also authorizes the superintendent to require the
change of such securities within 80 days whenever he sh
required securities up any deficiency in value it
shall subject fines of $500 and 200 additional for
month and be liable to be dissolved by
order the Supreme Court complaint of citizen of
the s s ss As & $ fy
81 all be subject to fine or imprisonment or both ~
companies complying with this shall be their authority
business and the same certificates may be used
evidence either for against the company the same as the
originals. $50 . $4,000. :, .,,,.. r.
any foreign company qness it be JOINT stock cooperation
shall be authorized by the laws OF the State in which located
dc 1PS Sp SH o i resd
raons this State which shall have been paid IN and invested
lied securities Of the kind and value required by this act TO
be with the Superintendent by similar corporations OF
liz State Of
capital stock of such company association shall have eesn
State where organized shall have furnished suporin
tendent Of Insurance Of this state with me ceTate Of ssd
secues such certificate to contain the items OF the ssou
capital stock of such corporation sgeh Mons
have lodged bonds and N ae so men snsfe
cate tns .ne d that on the oath Of their exam
least fifty per cent the amount loaned them
elusive Of farm buildings ANY change in the securities Of for
elem companies 10 be duly notified TO the superintend
ent of this State the said foreign companies may
State or the United States par amounting the
to to be held By him IN t5Gst s oT the s
moi be agent for companies organised under any
es they cause proportion Of the securities and invest
psnts be given are required OF such - DC
chapter State Laws to an amount at least equal at
per cent of the amount Of securities ana M b ec %
r NJ poicv holders this State When these provisions are
complied with h, ne SsPS eompsn All the provisions
entsued in this act relating securities deposited By the
nenden applicable :hsl apply in like manner to
the securities and which may De D any
act Unless these provisions complied with by all foreign
any a1s or 'S oh P but . shall
affect foreign company now authorized 70 90 "
SEC Superintendent revoke given TO
any mortgage owned by any insurance company may
require certificates Of each and proofs OF owneInp -
he may proper he examine any person oan ~
relation to securities he may appoint three
in county to make such inyessan0s law
en- the SUPERINTENDENT The result of their eeF
Ssd IN oath together with abstracts OF titles eehcaes OF
h &c sbsl be lodged with the Superintendent The com
pensstion OF the commissioners 10 DC nNeo 0S TIC "F
SIC H. If any company neglect to the loss insured BY
resident of this State for the see o. r ueon tn.
of the Supreme Court beins served on nm no se p
bs Sspose Of the securities Of the company to be
sold at public auction shall be sufficient 70 Pay s S a
pscsed order Of the Court with costs Of sale .ha sn
pay the policy with a.sssiI isI .e s,n.
& t all claims in full the amount shall be paid to
claimants In proportion to their respective claims: ,
NAV At spy time be appointed by the Supreme Csart al
with him by any Company and men shy
.I, he shall transfer and s.sn all securities dsPos
tied with him by such Company to the proper omes OF '
IS h. give notice 70 ss - . ,Ss;
sscsI. dnsy to 10 P as fosih~h
src a. The Dstrc, Attorney Of eseh county .h' pi o
ene for oaen,es declared mdemeanors under ems AS on
hall Of all TO complainant and the o'hef '' " ~
puSc Til. Act shall not relieve Companies from da
t,. nor from payment Of any fse hitherto imposed OF eAo
se IL The Offices &C. of the Insurance Department shall
bs located in the Hall and the expenses Thereon DC
0 90 T The oee hours shall be the in the Control
IS For the purpose Of reubuIsns the Treasury FOR ne
expenses Of Department every ComIany 10 s-
san tees shall equsl 10 Que tenth OF oe
IS he securities deposited under the set fsyneIt o
r. ssus NAV be enforced and any foreign
~ sane the sgent issuing policies for II shs oe suI
% and subjected to the fines imposed IN the 'h
section. . -, - ~ rss1 Nv the Department in
all Official actions -. r.xv,xe
Mr.. KELLY introduced a bill, emanating Hy p VIC
RAM Committee entitled Act IN relation 10 nanh
Banking Associations, and Indiyiduai haHAei'' '"0
| Bank Department and Bank unus' H., ,.so.i, ton
SrrrioS9 Provides that whenever Banking
shall make eny change in it's articles OF assoc - Il :,
particulars IN which change now OF may :, ~
BE authorized 10 BE- made which affects OF aier any
required be stated in the eeTineaIe o
he change shs not be Of any validity until
executed by tie President and
The resolution Ct the Board Of Directors or stoe
izng the change shall have been recorded and opiJ
the tie certificate OF ASSOCIATION -
| required 20 be recorded and fled. -, 49,.
SFC No Banking Association shall commence we
ofbankisg until the President and Cashier shall make
st tie entire capital specified In the certificate Of
psd Every Banking heretofore orsaI1e ID
- now IN operB0n, shall before the first day Oh
~, IN, With the Superintendent o.. the Banking Depafinel
- d,yit by the President and Cashier stating the ap
u 80 The ars Of such Association which has been
al which the Superintendent shall withhold the
PAU - mon the esurites deposited BY said Assoeaton Ai
3lixer 10 il circulating notes until sa;h am
t. - fsd Whenever the capital STOCK OF any Assc ~
davt = Increased the President and Cashier shall NE
shall pave an affidavit stating the payment Of
| hiurrc .tgop. ar iudl