The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1865-05-04
LAWS OF WISCONSlN-OFFICIAL.
Pub lished April IL 1861
CHAPTER 500.

CHAPTEE 500.
AN ACT in relation to insurance companies
doing business ia this state
The people of the state of Wisconsin, represent
ed in senate and assembly do enact as follows;
= Sec l. Every Incorporation or association
whether organized under the laws of this state or
any other state of the United States, or of any
foreign government, doing the business of insuN
rance IN this state is hereby required, in adds
ton TO what is now required by the laws of this
state, to deposit before the first day of June
next with the state treasurer, bonds of the state
OF Wisconsin, to the amount hereinafter mention
ed, graduated according to the gross amount of
premiums received in Wisconsin during the year
1864, as exhibited by the annual statements of
such insurance companies filed with the secreta-
nv of state, as follows: Where any such insur-
ance com pany has received the sum of sixty thou
sand dollars and upwards, as the gross amount
of premiums. it shall SO deposit thirty thousand
dollars of such bonds; and where any such insu-
rance company has received the sum of forty-
i've thousand dollars, and less than sixty thous-
and dollars, as the gross amount of premiums,
1t shall 50 deposit twenty-five thousand dollars of
such bonds; and where any such insurance COM
pany has received the sum of thirty thousand
dollars, and less than forty>fve thousand dollars,
as the gross amount of premiums, it sh all SO de>
posit twenty thousand dollars of such bonds; and
where any such insurance company has received
the sum oftwenty thousand dollars and less than
thirty thousand dollars as the gross amount of
premiums IL bHdlI 81 u6pOSIL 6lSlt0en IDOuSA0u
dollars OF such bonds and where any such insu-
rance company has received the sum Of fifteen
thousand dollars, and less than twenty thousand
dollars as the gross amount of premiums. it shall
so deposit twelve thousand dollars OF such bonds;
and where any such insurance company has re-
ceived the sum of ten thousand dollars, and less
than twelve thousand dollars, as the gross amount
of premiums, it shall 80 deposit eight thousand
dollars of such bonds; and where any such insu>
rance company has received the sum Of eight
dollars, aud less than ten thousand dol
lars, as the gross amount of premiums, it shall 20
deposit seven t1ousand dollars of such bonds; &
where any such insurance company has received
the sum of six thousand dollars i less than eight
thousand dollars, as the gross amount of premi-
unls, 1t shall so deposit six thousand dollars of
such bonds; and where any such insurance COM
pany has received the sum Of five thousand dol
lars or less, aud less than thOsand dollars as
the gross am unit OF premiums, it shall so depos-
1t Fl Q I'll I'd d J ars of such bonds, at their
par value, 10 be hoG by the state in trust for
the purposes hereinafter specified: prorided, that
whenever in the opinion of the state treasurer.
it shall be impossible for any company or asso.
citation TO purchase such bonds or any part thereof
it shall be lawful for such company or associa.
ton to deposit bonds of the United States bear
ing interest at six per cent at their par value,
in lieu OF bonds of this state: pr0r7de9 that in
estimating the amount TO be deposited by mutual
insurance companies, their premium notes shall
be taken into account: PrOUlde6, that nothing
contained in this proviso shall be so construed as
to exempt any mutual insurance company from
compliance with the provisions of this section
hereinbetore contained; and each insurance eom>
pany every year after the deposit of such bonds
shall in case the gross amount of premiums re-
ceived by such company exceed the receipts of
the yeartor which the deposit was made, deposit
an additional amount of such bonds with the
state treasurer, which, together with the bonds
before deposited and still remaining in the hands
of the state treasurer, amount to such sum as
would under the provisions o this act have been
required of any such company, had the gross
amount of premiums been the same the previous
year. as the year of such increase; and prcvaded
further, that the provisions of this act shall not
be so construed as to prevent any insurance com
pany from doing business in this state under any
ceuse authorizing such company to transact
business, until the expiration of the term of such
license.
Sec. . 1t shall not be lawful for any incorpo-
ration or association hereafter organized under
the laws OF this state, or Tor any Incorporation or
association organized under the laws of any OF her
state or country, and not now doing business in
this state, or for any agent of any such incorpora
ton or association, to take any risk issue any
policies or receive any premiums in this state df,
recty or indirectly to transact any usiness of i'm
surance Ill this state, until sush company or as
sociation shall have made deposit of Ave thou
sand dollars OF bonds with the state treasurer for
the purposes contemplated by this act
Sec, ). It shall be the duty of the state treasur.
er to give each company association making
such deposit, or to an agent of any such compa
ny, a certificate, stating the number, kind and
amount of bonds deposited by such company or
association, and that they are held by the state
of w lsconsn in trust for the purposes of this act
All bonds so deposited by any company or as
ISOLATION, shall be stamped by the state treasure
with stamp which shall indicate the pur-
pose for which they are held, and the name of
the company or association to which they belong
a md trp hal nf -
such bonds, except as is provided by this act
1t shall also be the duty of the state treasurer on
or before December 3lst 1865, to certify to the
secretary of state the name of each company and
association that shall have so deposited bonds,
and The date of such deposit, and theseafter to
make such certificate to the secretary of state
Immediately on receiving such deposit from from
any company or association.
Sec. 4. Ais bonds deposited shall be held
in trust for the company or association deposjting
the same, and tor he benefit and security Of such
parties as may effect insurance with such compa
ny, and shall not be wlthdra wn till all liabilities
OF the company to parties in this state are dis
charged. such bonds shall not be subject to att
tachment or execution, as the property of the
company or association depositing the same, but
whenever there shall be presented to the state
treasurer certificate of clerk OF a court of re-
cord IN this state, showing that person. party
corporation firm has recovered and is the hold
er OF a judgment in said court against any such
e.
NAMED In force unreversed land without stay of
execution thereon and not satisfied for the space
of 80 days, and stating the amount of such Judy
ment and the date OF its rendition it shall be the
duty OF the state treasurer at once to notify such
company or association, by advertisement in he
official state paper, of the presentation of such
certificate; and if such company or association
shall neglect for twenty days after the publication
of such notice to pay to the state treasurer for
the use of the holder of such Judgment, sum suf-
icient to pay the amount Que thereon. and the
cost and expenses of the certificate and notice il
shall be the duty of the state treasurer to sell
either at public or private sale, either in this
state or in the city of New York, as he may deem
best sufficient number of the bonds deposited
by such company. and held by him, TO pay and
satisfy such judgment and interest, and ali coats
and expenses incurred under this act After The
receipt OF the money, either from such COMPANY
association, or from sale OF its bonds it shall
be the duty OF the state treasurer after deductine
all expenses incurred by him, to pay the holder
of such Judgment the amount thereof in salts.
faction of the same, and to take such holder du-
receipt and discharge OF such judgment, one COPY
OF which he shall deliver to such company or as
ISOLATION, or its agent on demand: prOUided,
that in case the amount realized from the sale of
such bonds, shall be insufficient to pay the whole
amount due on such judgment, and costs and ex,
penses, it shall be the duty of the state Treas
urer, after deductng all expenses incurred by
hun t. pay the remainder to the holder of -uch
Judgment, and take his duplicate receipt there
for
Sec. 5. All interest coupons as they became
due and payable, or the money therefor, shall be
delivered by the state treasurer to the company
or association which deposited the bonds to which
they were attached, or to its authorized agent
Sec. 8. Any company or association which shall
hereafter desire to retire from the business
of insurance in this state, shall be entitled to a
return by the state treasurer OF It's bonds depos-