The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-04-11
.L0EFTCIAL.l.

y
4 An Actte regulate tie, yagencies ofiias,rance
l. companies nco1p6rated In 'thsg STATE of
4 South Cardinal. q &. 4 q
SECTION L. Beit eudcted 6yllts Senate and
House Of Representatives, of t1e State Of ,Somh
Carolina, no,o neeta,ad sitting ~, General rs
sembly, and by the authority Of The same, That
1T shall not be lawful after the first day of
April one thousand eight hundred and
sixty nine, for any agent OF any insurance
company in the United States. or any
'forelgn State, not Incorporated by the laws
OF this State, to take risk or transact any
business OF insurance in this State without
| hrst obtaining license from the Comp
troller-General, which license shall expire
on the thirty first day of March of each
year.
SEC. 2. That before the Comptroller Gene
raj shall issue such license to any agent of
any insurance company not Incorporated in
South Carolina, there shall be filed in his
office certified copy of the charter of the
company from which the said agent or at
torney has received his appointment, and,
also, certified copy of the vote or reson-
tlon of the Trustees or Directors of said
company appointing him such agent ac-
companled by warrant of appointment
under the ofcinl seal Of the company, and
signed by the President and the Secretary.
such warrant of appointment shall continue
valid and irrevocable until another agent or
| attorney has been substituted. so that at all
times whilc any liability remains ontstapd-
ing, there shall be within the State nm agent
or attorney as aforesaid and shall contain
consent expressed, authorizing process of
law to be served on said agent or attorney
Tor all liabilities of every nature incurred in
this State by said company, and that such
service made on such agent or attorney. in
the manner required by the laws of this
State, shall be deemed legal and binding on
the company or companies in nll cases what
soever, and that every judgment so reco
vered shall be conclusive evidence of the in
debtedness of the company; and in addition
to said warrant of appointment, there shall
be filed and published a statement. made
under oath of its President or Secretary,
showing its assets and liabilities, and dis
tlnctly showing the amount of capital stock,
and how the same has been paid and of
what the assets OF the company consist tho
amount of losses due and unpaid, and all
other claims against the company or other
Indebtedness, whether due or not due at
the time of the filing of the statement
above, and shall further show:
l. That said companies have fulfilled the
provisions of their respective charters. and
OF the extensions and amendments thereto,
In every particular, and whether there
has been any change Of charters since last
statement.
2. The amount of policies outstanding rs
near as can be ascertained.
B. The character of the risks and the rule
governing companies and their agents in
taking the same both as to locality and
amount.
l. The particular character of the assets,
specifying the amount of cash and public
bank, manufacturing or other stocks and
bonds, or other securities, held by the COM
panies, with the evidence that they are held
by them, the rule of investment in real
estate securities, and the general localities
of real estate secured to companies
D. The amount received from premiums,
and whether sufficient to pay losses, &c.
b. Whether there have been any changes
in agencies during the preceding year.
SEC. ). That every agent or attorney OBJ
tanning such license shall also cause such
license to be published in some newspaper,
to be desguated by the Comptroller. Gene-
raj, having circulation in the County in
which he resides. The company shall also
furnish to the Comptroller General, through
their agent, an annual statement of the
affairs of the company, as provided in the
second section of this Act, and it shall be
the duty Of the agent or agents to publish
the same.
SEC. 4. That if the Comptroller General
shall become satisfied that any company is
insolvent or unsafe, it shall be his duty to
refuse license to Its agent or agents, and to
withdraw any license that has been already
issued.
SEC. 5. That any person who shall deliver
any policy of insurance. or collect any pre-
MUM of insurance, or transact any b lsiness
of insurance in this State for any company
in the United States or foreign State, not
incorporated by the laws of this State,
without having first obtained license as by
this Act required, or after his license has
been withdrawn, or who shall in any way
violate the provisions of this Aot shall be
fined for every such offence not less than one
hundred dollars nor more than five hundred
dollars at the discratinn OF the .Iudnn. Pro.