The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-08-14

Abstract OF Iowa Insurance Law. as
Passed ia the winter oS 1887.
Sections and >, require all insurance
companies Incorporated by the Legislature
of Iowa, to make out, under oath Of the
President and Secretary, detailed state
mcnt of their true condition, semi annually,
during the months Of July and January Of
each year, and to file copy Of said report
with the Auditor Of State, and the Clerk OF
the District Court in the county where such
company is located.
Section ., Provides that failure to com.
ply with the provisions of the two preceding
sections, subjects the President and Secre-
tary individually to penalty OF $500, to
for the use of the State, the other half to
the informer.
Section 4th, Makes it unlawful for any
insurance company in this State, to hold any
more real estate than is necessary for their
legitimate business; all other deeds are
void.
Section 9Th, Requires the agents OF all
foreign insurance companies, before doing
any business, to procure certificate OF au-
thority from the Auditor Of State; and be-
fore such certificate shall issue, such agents
statement Of their condition, under the oath
of the President or Secretary, which state
ment shall be filed with said Auditor. togeth-
er with q written instrument, under the seal
of the company, authorizing such agent
to acknowledge service Of process in behalf
of said company. No company is permitted
to do business in this State unless they are
possessed Of capital Of 100000, either in
cash or good bonds and mortgages.
Section 9th. No company, or partnership,
or association, or agent of any company in
corporated by any foreign government other
than State of this Union, can do business
in this State, unless such company shall
have 800, 900 in cash or bonds or mortgages,
held by citizens Of some Of the States of
this Union, and to furnish detailed state
ment to the Auditor of State the same as
other companies.
Section 1th, Requires all insurance COM
panies TO file in the Office of the Clerk Of the
District Court in each county where they do
business copy Of the statement required
to be fled with the Auditor of State, to-
gether with the certificate of said Auditor,
for public inspection and also to cause said
certificate and statement to be published in
some newspaper of general circulation in
the county where such agencies are estab-
lished.
Section oth. The statement and evidence
of investment required by this act shall be
renewed annually in the month Of January
Of each year; the first statement to be made
in sixty days after the taking effect Of this
act. The Auditor Of State being satisfied
that the securities remain secure, shall fur
nish a certificate as aforesaid, and to be filed
and published us aforesaid.
Section 9th. Any person receiving money
Tor a company where the policy is to BIO is
sued out Of this State, is considered, to all
/ ih''af' al" lhi Foshc, al hScut VI shtu cOUl-
pany, and must comply with the conditions
Of thislaw, or be subject to it's penalties.
( Section 9th. Copies Of all papers, certi-
fed under the hand and seal Of the Auditor
Of State, shall be received as evidence in ali
courts and places the same rs though the
originals were furnished.
Section llth. This net shall not be so
construed AS to apply to life insurance com.
panicS.
Section lett. Any person or persons yio-
lating the provisions Of this act, shall, upon
conviction thereof, in any court OF compe-
! tent jurisdiction, be fined in any sum no,
exceeding one thousand dollars. or impris.
oned 10 the county Jail, NOT more than thirty
days, aud fed on bread and water ONLY. or
both. at the discretion Of the court. Viola.
tons Of the provisions Of this act may be
prosecuted by information fled By the prose-
cutting attorney Of the proper county, or BY
indictment of the grand jury.
A Coon JoKE.--W William Wells Brown.
the colored orator, who is not so black az