Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1870-04-29

snail commune lteTcdibcA W tAoAoHSs
business of Insurance. 1t shall be the duty OF the
secretary of state TO to be prepared ana fur
nished to each of the companies and to the astor,
neys of companies incorporated by other states ana
foreign governments, printed forms OF the state-
ments required by this act. and he may from time
to time make changes in the form OF SUCH state
ments as shall seem to him best adapted to elicit
from the companies true exh1sl OF thelr contlou
in respect to the several points hereinbefore men
toned 1t shall be the duty of the secretary OF
state to cause the information contained III tne
statements required by this section to be arranged
in tabular form, ard publish the same on OF De-
fore the first day of May next succeeding.
sec %. 1t shall not be lawful for any fire insur-
ance company, association or partnership lncorpo-
rated by or organized under the laws OF any otner
state of the United States, or any foreign govern
ment for any of the purposes SIP acfed IN TINS act
directly indirectly, to take risks or transact any
business Of insurance in this state unless possessed
of te amount of actual capital required of similar
companies formed under the provisions of this acr,
and any such company desiring to transact any such
business aforesaid by any agent or agents IN this
state shall first appoint an attorney IN tns state Oh
whom process OF law can be served, containing an
agreement that such company will not remove me
suit for trial into the United States circuit court or
federal court and fiji in the Office OF the secretary
of state written instrument, dslg signed ana
sealed certifying such appointment, wh1ch snail
continue until another attorney be substituted; and
any process issued by any court OF record IN TINS
state and served upon any such attorney py the
proper officer of the county in when sucn attorney
ma y reside or NAV be found, shall be deemed a
sufficient service of process upon suen company,
but service of process upon such company may also
be made in any other manner now PROVIDED py law
In case any insurance company not incorporated IN
this state shall cease to transact business IN THIS
state according to the laws thereof the agents last
designated or acting as such for such corporaGon'
shall be deemed to CT tnue agents Tor sucn cofpo-
ration for the purpose of serving process, Tor COM
mencing action upon any policy or liability incurred
or contracted while such corporation transacted
business in this state. and service OF such process
for the causes aforesaid, upon any such agent snail
be deemed valid personal service upon such cor
poration, and every such company, association or
partn ership shall also file certified copy OF their
charter or deed of settlements, together with
statement, under oath, of the president or vice
president, or other chief officer, and secretary OF
the company for which he or they may act, stating
the name OF the company and place where located,
the amou II of its capital, with detailed statement
of its assets showing the amount OF cash on hand,
in bank, the amount of real estate and how much
the same is encountered by mortgage, the number
of hares of stock of every kind owned by the COM
pany, the par and market value of the same, amount
loaned on bond and mortgage, the amount loaned
on other security, stating the kind and amount
loaned on each and the estimated value OF the
whole amount of such securities, any other assets
or property of the company also stating the lndept
edness OF the company, the amount of losses ADJUST
ed and unpaid the amount incurred and in process
of adjustment, the amount resisted by the company
as illegal and fraudulent, and all other claims exist
ING against tee company, also copy OF the last re-
port, if any made under any law of the state by
which such company was incorporated; aud no
agent shall be allowed to transact business for any
such company, whose capital is impaired TO the ex-
tent of twenty per cent. thereof, while such def
cheney shall continue, and any company incorpo-
rated by or organized under any foreign govern
ment shall in addition to the foregoing ME IN the
Office of the secretary of state statement verified
by the oath of the president secretary or manager
of such company, resident in the United States,
showing to the satisfaction of the secretary OF state
that such company has invested in the stocks or
bonds of heUnted States OF the state of New York
or Wisconsin; such stocks or bonds to be in all
cases equal to stock producing six per cent. per
annum or in bonds and mortgages on unlncum'
bered real estate worth fifty per cent more than the
amount loaned thereon, the sim of at least two
hundred thousand dollars and that such stocks OF
bonds are deposited with the superintendent OF the
insurance department, state treasurer or other
proper state officer of one of the states OF the
United States held by citizen or citizens OF
the United States, as trustee or trustees, and that
such securities are not pledged or lncumoered, ou
are held and remain for the benefit and security OF
the policy holders of such company residing in the
United States or in default of such statement shall
deposit with the state treasurer for the benefit and
security of policy holders residing III the United
States. sum not less than fifty thousand dollars
in stocks of the United States or OF the state OF
Wisconsin, in all cases to be equal to stock pro-
ducing six per cent per annum, said stocks not &c
be received by said treasurer at rate above the1I
par value or above their current market value, OF
| in bonds and mortgages on improved uniucumbered
real estate in the state of Wisconsin, worth fifty pei
| cent, more than the amount loaned thereon Inc
stocks and securities so deposited may be exchanged
from time to time for other securities receivable as
aforesaid; and so long as the company so deposit
ing shall continue solvent and comply with the laws
of this state, such company or association may be
permitted by the said treasurer to collect the inter-
est or dividends on said deposit, and where a de-
post is made of bonds and mortgages, accompanied
by full abstracts of titles and searches, the fees fol-
an examination of title by counsel to be paid by
the party making the deposit. shall not exceed
twenty dollars for each mortgage, and the fees for
an ppraisal of property shall be five dollars 20
| each appraiser, not exceeding two, besides ex
penses for each mortgage, shall 1t be lawful fol
any agent or agents, other persons, to act fol
any company or companies referred to IN this sec
tion directly or indirectly, in taking risks or trans
acting the business of fire inland navigation in
surance in this state without procuring from the
state treasurer certificate for the deposit so made
and from the secretary of state certificate OF au
| thoritv stating that such company has complied
with all the provisions of this act which apply tc
sych companies and the name of the attorney ap
pointed to act for such company. The statements
and evidence of investments and deposits required
by this section shall be renewed from year to year
in manner and form as may be required by the sec
rotary of state, with additional statement of the
amount of premiums received and losses incurred
in the state during the preceding year, so long as
such agency continues, and the secretary of state
on being satisfied that the capital securities and in
vestments remain secure, as hereinbefore provided
shall furnish a renewal of the certificate as afore
said Any violation of any of the provisions of this
act shall subject the party violating the same to
penalty of five hundred dollars for each violation
and of the additional sum of one hundred dollars
| for each month during which any such agent shall
neglect to file afdavits statements and certificates
| as are herein required. The term agent or agents
used in this section shall include an acknowledged
agent surveyor, broker or any other person who
shall receive any application or make any contract
for insurance, or collect or receive any premium OF
deliver any policy, in any manner assist aid in
the transaction of the business OF any insurance
company not incorporated by the laws of this state
l xxscsrr onfth
foreign companies, partnerships, corporations or
/ individuals, whether incorporated or not ALI in
surance companies, associations corpora ions in
corporated by or organized upder the laws of any
other state of the United States any foreign
eminent, transacting the business of fire or inland
insurance other kind of insurance in this state,
shall make annual statements OF their condition
and affairs to the secretary of state In the same
manner and in the same form as similar companies
organized under the laws OF this state. In OF
neglect or refusal to make such annual statements
of their condition and affairs as aforesaid, all per-
sons acting in this state as agents or otherwise in
transacting the business OF insurance for such COM
panes, corporations associations, partnership or
Individuals shall be subject to the same penalties
provided by this act In case OF failure OF any nsur
aace company organized under the laws of this
state, herein provided. Foreign insurance compa-
MES shall be required to make out and fl e their
statements as provided in this act on the first day
| of January of each year, or within thirty days
thereafter, made out for the year ending December
3lst Immediately preceding; such statement shall
set forth their business and affairs in the United
States duly verified by the resident manager of
such company for the United States. Whenever
any such foreign insurance company or corporation
shall elect to discontinue business within the state,
and shall have risks unexpired on property insured
within the state, such company shall before with
drawing its bonds and other securities deposited
with the state treasurer, as hereinbefore provided,
reinsure in some good and solvent company al-
thorzed by this act to transact business within the
state all such unexpired risks, to the satisfaction
of the insured aud the secretary of state. When
such risks are so reinsured il shall be the duty Of
the secretary of state certify the to the state
treasurer, who shall forthwith surrender and deliv-
er up to the said company its bonds and other
rites in his custody; but no surrender delivery
of such bonds or securities shall be made by said