Worcester daily spy., 1858-02-25
ESTER Daily

IMPORTANT AcTS.-The Insurance Act which
has passed to be engrossed in the House Of Rep
resentatives of this State. 3 one Of great imDor-
tance. 1t provides that fire Insurance companies
shall issue policies in such f,rms as shall be de-
termined by general laws, and enaets that the
policy and application for insurance shall consti-
tute full and perfect contract between the par
ties thereto and not be subject to any conditions,
liabilities, or limitations not expressed either in
the application or policy.
One section of the act declares that whenever
applications for FIRE insurance shall be transmit
ted through the agent, the act shall be consider
ed that of the company, and in all questions
arising thereftom the agent is to be deemed as
acting for the insurers and not the insured No
person can act insurance agent unless previ-
ously appointed by some company, and copy of
his commission must be fled with the Insurance
Commissioners. If this stipulation is not full
filled, the agent must enter into penal bond
with the Commissioners, to an amount not ex
ceeding $4,000 nor falling below $1,000, for, the
faithful discharge of his duty. Violations OF
these provisions render the offender liable to
fine Of not less than $40 nor more than 800 for
each offence.
The last clause of the law is as follows;
"No failure on the part of any insurance com.
pany agent to comply with the provisions of
this act shall be deemed to render void anv policy
issued, so tar as regards the liability of said COM
pany or agent; but said company shall have no
right Of action in case of such failure, against
the assured, to recover any assessment, premium,
or other claim founded on such contract"
The act is to takaeffect from and after the lst
day of July next, and will have material infu-
ence upon insurance in this Commonwealth in
the future. Time will decide whether all the good
is to result from it which has been predicted by
its friends
Last week an act TO exempt certain notes and
bills of exchange from the operation of the laws
respecting usury. was reported to the House by
the Banking Committee The lover branch of
the Legislature has as Jet taken no action upon
the bill, the substance Of which is contained in the
first section. We copy the section entire
mo promissory note or bill OF exchange, made
payable at, within four months of the date
thereof or not having more than four months to
run, shall by reason of any interest taken tn ere
on, or~sec ured thereby or any agreement to pay
or receive, or allow interest in decounting nego-
tatng, or transferring the same, be void nor
shall the liability of any party to any bill of ex.
change or promissory note. be affected by reason
Of any statute or law in force in this Common
wealth, respecting usury nor shall any person or
persons drawing accepting, endorsing, or signing
any such bill or note, or lending, or advancing
any money, taking any more than the present
legal rate of interest for the loan of money on
such bill or note, be subject to any penalties un
der any statute or law relating to usury, or any
other penalty or forfeiture; anything in any law
or statute of this Commonwealth to the contrary,
notwithstanding prouided, hO0ever, that this act
shall not apply to any notes or bills of exchange
secured oy mortgage, lien or pledge Of, in or up
on real personal estate, or to any bills
Of exchange gwen received 10 whole part
payment ofany Indebtedness, so secured in whole
or in part