Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-02-09
INSURANCE.
Proposed Observation-Disclosures Com.
missioner stringent Regulations
synopsis Of q New Bill.


The bill recently introduced into the
Ohio Senate, by Nj. Williamson, s'estab-
fishing an insurance department., " il very
important one. We give below assnop-
sis Of some of its chief provisions:
SECTION l. A separate department is
established, charged with the execution of
laws in relation to insurance.
SEC. q. The chief officer 10 be called
the Superintendent, is to be appointed by
the Governor, with the advice of the Sen
ate, is to hold his Office for three years, and
is to receive a salary ofS3, 900 pera mum.
A deputy may be appointed to perform
the duties of the superintendent during his.
absence or inability. q .E1sm a4L "A
SKU.4. A seal shall be devised to be
used in the execution of all certificates,
assignments or conveyances. 5o =
SEC. B.. All books and documents relat-
ing to insurance shall be delivered to the
Superintendent at his demand. and he
shall have all the powers in relation to in
surance companies, now conferred upon
the Auditor or Secretary of Stats.
SEC. 8. He shall receive the following
fees; For filing the declaration, or eerti-
fed copy of a charter, $50; for fling the
annual statement, $40; for each certificate
Of authority, s.; for every copy of paper
filed 10 cents per folioj or afHxing his
seal to such q copy, 81. Cd
SEC. T.. The officers Of each insurance
company shall deposit at the Office Of the
Superintendent, on the LIST of january of
each year, a complete statement, exhib-
ting the following facts f DC
First, the amount Of capital stock; SEQ
ond, the assets OF the company; third, its
liabilities; fourth, its income the preceding
year. fifth, its expenditures in the same
time. sFa- fu- a1a
SEC. O.. The Superintendent is author-
Used to propound any questions to any in
surance company relative to condition,
and the company IL required to answer
promptly. 9l s4 yi
SEC. O.. Every company, whose capital
consists wholly or in part of notes, shall
make q special report of this fact, and
companies failing to make such a report
shall forfeit $500, and an additional $500
for each month that it shall continue to
transact business.
SEQ. IL. The Superintendent shall have
the power toappoint persons to examine
the affairs ofany insurance company doing
business in the State and the officers of
companies are enjoined to facilitate this IN
veEtigation, and for this purpose they may
be examined under oath, and the result of
this investigation shall, when deemed
proper, be published. And further, whom
ever the assets of any company ineorpo-
rated in this State shall appear insufficient,
tba of3oara aban ha diraofad 70 cNuaa fha
stockholders to pay in the amount of their
deficiency, otherwise it shall be the duty
Of the Attorney General to, apply to the
Supreme Court for ar order requiring
them to show cause why their business
should not be closed, and if the assets are
proved on trial to be insufficient, the Court
shall decree a dissolution Of the company
and q distribution of its effects. When
any company shall receive such a requisi-
ton from the Superintendent, it shall call
upon its stockholders for such amounts as
will make its capital equal to the amount
fixed by its charter, and If any stock
holder refuses to comply, his certificate of
stock shall be demanded, and upon a fur
Their refusal new certificates shall be issued
fer the full number Of shares to which
such stakeholder is entitled. And if
upon such examination it shall appear to
the superintendent that the assets Of any
company chartered On the plan of mutual
insurance, under this act, are insufficient
to justify the continuance ofths company,
it shall be his duty to proceed in relation
to such company in the same manner as
is required in regard to joint stock com
panies; and the trustees or directors Of
such company are made personally liable
for any losses which may be sustained
upon risks taken after the expiration
Of the period limited by the Superin-
tendent for filing up the deficiency in the
capital, and before the deficiency shall
have been made up. Any transfer of the
stock of any company organized under
this act, made during the tendency ofany
such investigation, shall not release the
party making the transfer from his liabil-
ity for losses which may have accrued pre-
vious to the transfer. And whenever it
shall appear to the Superintendent,
from the report of the person or
persons appointed by him, that the affairs
of any company, not incorporated by
the laws Of the State, are in an unsound
condition, he shall revoke the certificates
granted in behalf of such company, and
shall cause a notification thereof to be
published in the State paper for four
weeks; and the agent or agents of such
company is, after such notice, required to
discontinue the issuing of any new policy
and the renewal of any previously Issued.
SEC. Is. Penalties shall be paid, one
half into the county treasury, the other to
the informeF. In case Of non-paJment,
the party shall be liable to imprisonment
for q term net exceeding six months.