The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1866-07-13
From the Portland Daily Pres.
A National Bureau Of Insurance.

From the Portland Daily Press.
A N.sisnal Rureau Of Insurance.
A bill has been reported to tho House OF
Representatives In Washington, by Mr.. Cook,
from the Committee on the judiciary, for the
creation In the Treasury Department Of
separate bureau for the administration Of
laws regulating the business Of insurance In
the several States. The subject of this bill
has special interest for our readers at this
time, and We proceed to give an abstract ofin
provisions.
Tho chief officer Of the bureau 10 10 be
styled the Commissioner OF Insurance, and
neither hc nor his deputy are TO be interested,
either directly or indirectly, in any insurance
company or business. Every person or COM
pany, authorized to engage in the business
Of insurance by the laws OF the State or for
eign country In which the party resides and
has place Of business, shall file with tho
Commissioner, before engaging In business In
the United States, ia foreign party, or In
any other State than that In which the party
resides, If not foreign, . declaration which
may be amended from time 10 time, setting
forth the following particulars:
/. The kind Of business proposed, whether
fire, marine, life, or other.
2. The name under which the business b
TO be done, and the location Of the principal
Office. .7 On.
0. The amount OF capital pledged, and the
number of shares Into which Il Is TO be divi-
ded. -.
l. Aeopy Of Its charter and bylaws, and
II foreign, copy Of the laws Of Its country
relating TO Its branch Of insurance.
After ding this declaration, properly au-
thenticated, the party, before commencing
business as above. shall deposit with the
Commissioner Of Insurance, United States
bonds, as follows:
Fire and Marine companies, $4,000, and
$4,000 additional for each 100000 Of gross
assets.
Life, Accident, and all other companies.
100000, and $4,000 additional for each
81 100000 Of gross assets.
The Commissioner shall theeupon grant to
the party, authority, to transact business In al
parts Of the United States and the Terrific
ries, subject to no local or State taxation, d.
rect or indirect, exceeding one per cent Of the
net premium received In the State where the
tax Is imposed, nor to any local licenses, BE-
posits, or imposts, other than those decreed
from time to time by Congress; and lie In
surance companies, entirely mutual, shall not
be subject to any such taxation.
Whenever final pay meut shall be recover
ed In court against deposition upon llabil-
Ity incurred in the business specified In his
declaration, and execution shall b. issued and
returned unsatisfied, such execution may be
presented to the Commissioner Of Insurance
with certified copy Of the JUDGMENT roll, and
the Commissioner shall then grant hearing
to the parties concerned, and determine the
questions upon which they have taken issue.
From his decision all appeal may be taLen
within ten days, to the Treasurer OF the Uni
ted States, whose decision shall be final Up
on final decision, unless payment shall DO
made within ten days, the Commissioner will
proceed to sell at public auction so much Of
the deposit rs will liqudate the debt, interest
and cost Q, and the bonds so sold must be re.
placed within ten days or the depositor for
ieits all his acquired rights.
The bonds are to be held solely to secure
performance Of the promises Of the depositors,
who will nevertheless, while proceeding regu-
larry In their business, receive the semi-annual
interest upon their deposits. An annual
statement of the affairs Of the party Is requir-
ed, and the Commissioner 10 authori zed TO adj
dress inquiries, which must be promptly an
swercd, to any party respecting his affairs or
particular transactions.
The expenses Of the bureau are TO be bomo
by the insurance companies, regular fees be-
ing charged for all papers fled In the Com
missioner's Office, and an assessment pro rata
being provided for, to meet any deficiency.
Finally, no party Is to do business as q Gro
or marine anu as life insurance company, at
the same time; no company shall expose "
self to any one fire or inland navigation risk
exceeding ten per cent. OF Its capital stock;
and no company shall commence business be-
fore having . paid up capital OF at least $780,
600.
As measure designed to insure the insur.
ance companies, to secure the props upon
which men lean In misfortune. the intention
of the bill Is commendable. Two features we
are compelled to regard as ill-advlscd. Tho
by Congress Of any business
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