The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1868-03-26

;. ClIOOD JOU ItlN ALL IL L
ing with the preceding section. and upon fur
nishing evidence to the satisfaction of the
board cf insurance commissioners hereinafter
provided for, that such company has actually
invested the amount above stated in such Sc
curitics as hcreinbefore mentioned, the State
Treasurer shall issue certificate thereof; with
| authority to such company to transact the
business of insurance in this State. Provided,
That insurance companies organized under the
laws of this State shall be entitled to such GER
titicate Of authority by furnishing evidence to
the satisfaction Of said board that such COM
pany is possessed of, and has actually invested,
| at least fifty (5O) thousand dollars in United
States or State bonds, or other bankable, inter-
est-bearing stocks of the United States, at
their market value, and by otherwise comply
ing with the provisions Of this act. Provided,
further, That purely mutual compa-
nies who insure only farm property, and
are already organized under the laws of this
State shall be entitled to such certificate Of
authority by furnishing evidence as in this
| act required, Of being possessed of twenty five
| (25) thousand dollars in money or in such
securities as are provided for by this section.
| Provided, That insurance companies incorpo-
rated under the laws of this State which now
hold certificates of authority from the Treas
| urer Of this State, in accordance with existing
laws, shall be exempted from the operation of
this act until the next annual statement is re-
quired to be made.
! Provided further, that life insurance compa-
MES organized under the laws of any other
State, shall be entitled to such certificate of
| authority by furnishing evidence to the salts
faction of said Treasurer that such company
is possessed of, and has actually invested one
hundred thousand dollars in United States or
State bonds, or other bankable interest bearing
stocks of the United States, at their market
| value, or in mortgages on unincumbered real
estate worth double the amount loaned there
on, exclusive Of buildings thereon.
Provided, further, all foreign insurance
companies doing business in this State under
the provisions Of this act, shall annually, on or
| before the first day Of March in each year. pay
| to the Treasurer Of State two per cent on all
premiums received on cash or otherwise by
! their attorneys or agents in this State during
the year ending on the preceding thirty-frst
day of December, which sum shall be paid into
the general revenue fund and shall be in
lieu Of all other taxes to be collected from said
company in this State.
Sec. 3. The State Treasurer, State Audi
tor, and Attorney General are hereby created
board of insurance commissioners, whose du-
ty it shall be to examine into the affairs Of any
insurance company doing business, or apply
ing to do business in this State, and it shall be
the duty Of the officers or agent of such insur-
ance company, lat their own expense) whenev-
er so required by the said Treasurer, to cause
their books to be opened for the inspection of
said board, and otherwise to facilitate such ex-
animation so far as it may be in their power
to do, and for that purpose the said board
shall have power to examine, under oath, the
officers or agents of any such company, rola-
tive to the business of, and securities possessed
by such company and whenever the said
Treasurer shall deem it for the interest of the
public so to do, he may publish the result of
such examination in one or more newspapers
of the State
! SEC. 4. Whenever any insurance company
doing business in this State, upon reasonable
request of the said treasurer shall refuse to
comply with any Of the provisions of the fore
going section, and whenever it shall appear to
the said board upon such examination, that in
their opinion the assets Of any such company
are insufficient under the provisions of this act
to justify the continuance in business of any
such company, or that the condition Of such
company is unsound, the treasurer may forth
with revoke the certificate of authority granted
in behalf Of such company, and shall cause a
|
newspaper published at the capital, and such
company, or the agent or agents of the same,
is, after such notice required to discontinue the
issuing Of any new policy, and the renewal of
any previously issued, and whenever it shall
appear upon such examination that any insu-
rance company, its officers or agents, have
violated any OF the provisions of this act the
said treasurer shall forthwith report the facts,
with such statements and remarks as he may
deem expedieut, to the attorney general, who
! shall at once prosecute said company, officer
or agent.
Sec. s.. The State Treasurer shall annually
in his report to the Legislature exhibit an alb
stract Of all the returns and statements made
and accepted under the provisions of this act,
during the year. with such other information
in regard to the condition of the various in
surance companies doing business in this State,
as he may deem cxpedient, and he shall also,
within a reasonable time after the passage of
of February, publish, in some newspaper pub.
lished at the Capital, a list of all insurance
companies authorized to do business in this
State, showing in tabular form the assets,
| liabilities and other essential data and infor-
nation regarding the statements made and ac-
cepted under this act.
SEC g. 1t shall be the duty of every such
insurance company, or some agent thereof
before taking any risks or transacting any
business Of insurance in this State, to file in
the Office of the clerk of the district court of
the county, in which it is desired to establish
an agency for any such insurance company or
individual, or to transact any business of in
suranco therein, a copy of the statement re.
quired to be filed with the Treasurer aforesaid,
together with certified copy Of the certificate
N ~
served for public inspection by said clerk,
and also cause said statement and certificate
to be published in some weekly newspaper
printed and published in said county for three
successive weeks, or in some daily newspaper
printed and published in the city of St. Paul,