Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1865-04-22
LAWS OF WISCONSIN.
[ ublished April IL, 1866. ]
CHAPTER 500.

The people OF the state OF Wisconsin, represented
IN senate and assembly, do enact as follows:
Section /. Every Incorporation or assoc alton
whether organized under the laws OF this state 81
of any other sss'e Of the United States, or OF any
foreign government, ding the business of insur.
ancs in this state, is hereby required in addition
to what Is nos required by the laws OF this ate
to deposit or before the fret day of June next
with the state treasurer, bonds OF the Of
consin, ito the amount hereinafter mentioned
graduated according to the gross amount of pre-
miums receivedin Wisconsin during the year 1884.
| as exhibited by the annual statements of such in
surance companies filed with the secretary of state
| as follows: Where any such insurance company
has received the sum Of sixty thousand dollars and
upwards as the gross amount of premiums, it shall
| so deposit thirty thousand dollars of such bonds;
and where any such insurance company has re-
ceived the sum OF torty-hye thousand dollars, and
| less than sixty thousand dollars, as the gross
amount of premiums, it shall deposit
| twenty five thousand dollars of such bonds;
has received the of thirty thousand
dollars, and less than fortyfve thousand dollars,
az the gross amount OF premiums, it shall so de-
posit twenty thousand dollars of such bonds; and
| where any such insurance company has received
the sum of twenty thousand dollars, and less than
thirty thousand dollars, as the gross amount of
premiums, il shall so deposit eighteen thousand
dollars of such bonds; and where any such insur-
ance company has received the sum OF fifteen thou
sand dollars, and less than twenty thousand dol
lars, 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 dollsrs, as the gross amount
| of premiums, il shall deposit eigh. thousand
| dollars such bonds; and where any such insur-
ance company has received the sum Of eight thou
sand dollars, and less than ten thousand dollars,
| as the gross amount of premiums, it shall so de-
| post seven thousand dollars of such bonds; and
where any such insurance company has received
the sum OF six thousand dollars, and less than eight
thousand dollars, as the gross amount OF premiums,
IL shall SO deposit six thousand dollars of such
bonds; and where any such insurance company
has received the sum of five thousand dollars, or
less, and less than six thousand dollars, as the
amount of Dremlums f. shall depOsit five
Thousand dollars OF such bonds, at their par value
to be held by the state in trust for the purposes
hereinafter specified: pr0Cided, that whenever in
the opinion of the state treasurer, it shall be i'm
possible for any company or association to purchase
such bonds or any part thereof, at prices not ex-
ceedng the par value thereof is shall lawful for
such company association to deposit bonds of the
United states, bearing interest at six per cent. at
their par value, in lieu Of bonds OF this states pro-
Uided, that in estimating the amount be deposit
ted by mutual insurance companies, their premIu m
notes shall be taken into account: DTOUided, that
moth Dg contained in this proviso shall be
strued as to exempt any mutual insurance COM
pany from compliance with the provisions of this
section hereinbefore contained; and each insur-
ance company every year after the deposit of such
bonds, shall, in case the gross amount of pre-
miums received by such company exceed the re-
eepts OF the year for which the deposit was made,
deposit an additional amount Of such bonds with
the state treasurer which, together with the bonds
before deposited and sill remaining in the hands
OF the STATE treasurer, amount to such sum as
would, under the provisions OF this act, have been
required Of any such company, had the gross
amount of premiums been the same the previous
gga yosd,a that the S SuSd a
act shall not be construed to prevent any in
surance company from doing business in this state
under any license authorizing such company to
transact business, until the expiration of the term
of such license.
Section 2 1t shall not lie lawful for any
incorporation or association hereafter organ
lied under the laws of this state, for any
Incorporation or association organized I'M
der the laws of any other state or country,
try nd n n N NV in ia Qfa forl
any agent of any such incorporation or associa-
ton, to take any risk, issue any policies receive
any premiums in this state, or directly or indirect
ly to transact any business OF insurance in this
state until such company or association shall have
made deposit of i've thousand dollars of bonds
with the state treasurer, for the purposes contem
plated by this act.
Sec. 8. 1t shall be the duty of the state treas
vrer to give each company association making
a certificate, stating the number, kind and amount
OF bonds deposited by such company association,
and that they held by the state Of Wisconsin in
trust for the purposes of this act. All bonds so de-
posted by any company or association, shall be
stamped by the state treasurer with stamp which
shall indicate the purpose for which they are held
and the name OF the company or association TO
which they belOng and said treasurer shall not
dispose of such bonds, except is provided by
treasurer. before December 3lst, 1865, to
tify to the secretary OF state the name of each
company and association that shall have SO depos-
tied bonds, and the date of such deposit, and
thereafter to make such certificate to the secretary
of state, immediately on rocsiving such deposit
Sec l. All such bonds deposited, shall be held in
trust for the company association dep oting the
same, and for the benefit and security OF SUCH par
ties as may eHec insurance with such company and
shall not be withdrawn till all Liabilities of the
company to parties in this state discharged.
Such bonds shall not be subject to attachment or
execution, the property OF the company or asso-
citation depositlng the same, but whenever there
shall be presented to the state treasurer a cerh-
cate of clerk of court of record In this state,
ahn Ufn fhQE firm
has recovered and is the holder of a Judgment in
said court against any such company or assoeia-
ton, which judgment has remained in force, not
reversed, and without stay OF execution thereon,
and lot satisfied for the space ofsixty stat
ing the amount of such judgment and the date OF
its rendition, it shall be the duty Of the state
treasurer at once to notify such company oc asso-
cation, by advertisement in the oIlcial state pa
per, of the presentation of such certihcate and if
such company association shall neglect tor TWEEN
ty days alter the publication of such notice, to pay
to the state treasurer for the use of the holder OF
such judgment, sum suticieSt to pay the amount
due thereon, and the cost and expenses OF the GER
tcate and notice. it shall be the duty of the state
treasurer to SELL either at public private sale.
either In this state or in the city OF New York. as
ne may deem best, a sufficient number of the bonds
deposited by such company, ana held by him, to
pay and satisfy such Judgment and interest, and all
costs aud expenses incurred under this act. After
the receipt of the money, either from such compa-
ny or association, or from sale OF its bonds, it
shall be the duty of the state treasurer, after de-
dussing all expenses incurred by him, to pay the
holder of such Judgment the amount thereof, in
satsfactiopao of the same and TO take sucn holders
duplicate receipt and discharge of such judgment,
one copy of which he shall deliver to such compa-
ny association, its agent, demand: provided
that In case the amount realized from the sale of
such bonds, shall by insufficient to pay the whole
amount due on such Judgment, and costs snd ex-
penses t shall be the duty OF the state treasurer
after deducting all expenses incurred by him, to
pay the remainder to the holder of such Judgment,
and take his duplicate receipt therefor.
Sec. .. All Interest coupons as they become due
and pay able, the money therefor, shall be delv
cred by the state treasurer to the company or as
ssciation which deposited the bonds to which they
were attached, or to its authorized agent.
Sec, g. Amy company association which shall
hereafter desire to retire from the business of
in this state, shall be entitled to return
by the state treasurer of its bonds deposited in
pursuance of this act, and remaining in the pos
session of the state treasurer, exhibiting salts
factory evidence that all etv i~bsiisi~s sssvI
company association, as such insurer in this
state, are discharged.
Sec. Z. After any bonds, deposited by any COM
pany association, shall have been sold, as pro-
vided in section four of this act, it shall not be
lawful for any such company or association, any
agent of any such company or association, to con-
tinue transact the business of insuran ia this
state, until such company or association, or its
agenst, shall have deposited withthe state treasur
this act to be deposited; and it shall be The duty
Of the state treasurer, Immediately after any such
sale of bonds deposited by any company or assoca-
ton organized under the laws Of any other ate or
country, and doing business in this state to notify
the secretary Of state, who shall at revoke
his certificate and authority to such company to
transact businees.
Sec. 8. After December 3lst, 1885, the secretary
of state shall not issue to any insurance company
incorporatel under the laws of other state. a