New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1866-11-16
: INSURANCE BROKERAGE.
RAID UPoS THB yIoLAToRs OF THE LAw-ACrIoS OF
.r.. SUPERINTENDENT BARNES.

RAID UPON TIKI VIOLATIONS Of THb bAh-AViiON UT
-r.. SUPERINTENDENT BARNEs.
The insurance business of great city like New
York reaches proportions and gives employment TO
large number Of shrowd agents and solicitors Very many Of
these men are those Of responsibility and standing who thor
ourbv understand the laws of and trade and who
give strict compliance with m nws relating 20 their profession
% w. ,rho eyas ,be laws which they should olcy and
swinde those by whom they are trusted The law OF the state
respecting agencies strict Section % OF the Act
10 provide for the incorporation Of Fire Insurance Companies
passed June 2 1883 provides that shall not be lawful FOR any
company Organized under any other take
% tpSact tho business Of insurance in this State uness
possessed of the amount OF capital required OF similar companies
formed in the State certified copy OF the charter shall also
be filed together Will, full oath of the chief OF
eer giving fun particulars respecting the organization Of the
Shall also deposit with the State superintendent o the Ihur
Department sOO 900 six pr Tor over stocks 10
bonds and mortgages worth 50 cent than the amount
loaned upon them NO agent such foreign company
lawfully transact the business OF such company without pro
curing from TIE State Superintendent OF Insurance certificate
that the compHny has complied with all the legal requirements
Any violation OF hc law containing these and other provisions
bearing upon the same subject s he subject to hne OF 500
each violation and OF additional SUM OF 600 for each
during which such violation shall continue These pro
visions apply 10 all foreign companies or partnerships whether
incorporated not and the term agents embraces all persons
acting for such companies
There have been egeai number Oh SCENTS OF tDese ioregn
companies in the city who have neither Themselves nor the
companies they represent fulfilled the requirements OF the law
Many Of these agents representing unreliable companies or
other States which have not complied with the Law as
to security deposits tc have taken r h gt rates very much
local companies could do and have thus saved
many commissions but IN times u great uhike the great
Portland hrether policies are iound to " worthless One OF
these agrns representing The Defgo CopAny Vas ARRESTED
and fined 500 for taking risks without holding the necessary
cerfcac Of authority o the Insurance Department super
nendent tdrncs saying an leltci :, thc ats
ed Violations OF the eeesae prosecutions but we hhvs
commenced suit only penalty aynst you, when many
could hay been commenced This agea Nnshn, Of
class who represent cOrpanes located Philadelphia Boston
Chicago IN the adjoining states OF AeweTsey and Conne
icut Some prumncni brokers Of this city illegally
acting agents these irresponsible companies Supcrn
tcnden Barnes has determined 20 break up dis Illegal traffic
and Superintendent the Insurance and General De
tecve Police Agency Broadway htS been industrousy
gathering Necessary for the convon Of the guilty
parties He has furnished 10 Department several
policies issued by foreign COMPARES the rsGs having been
taken for half tho rates charged by city panies
Comparatively few OF these agents thus legally iTasaoung
business have regular offices m vcnd their policies about the
CITY at such reduced their oilers very generally
accepted by toec who posted 20 The necessary
pcses OF legitimate company doing business Ia accordance
with law.
should b. y understood that these rcuatks do not apply
Insurance brokers agents Glass; for there arr many
honorable anong them vhS adhere syciy 20 the law.
But who The guilty viii appear In due time through
the medium OF hc courts