Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1870-06-07
Laws of Wisconsin.
lPubllahad March 20, 1891
CHAPTER 59-GRSERAL.

In Senate and assembly, do enact as follows
SectionI. Before any life or accident insurance
company shall do business In this state IL shall have
guarantee capital Of at least one hundred thousand
dollars paid In money, invested hereinafter proyi
ded, OF actual assets to like amount invested In
stocks OF the United States or Of this state estimated
at their market value OF In such other stocks and
cutes as may be approved by the secretary Of state
or in mortgages being first liens real estate being
being worth at lesst twice the amount OF money
loaned thereon, with abstract showing a good and
suihcieId title, and the certificate OF two reputable
said property.
SIC. 9. No policy shall be Issued until certificate
from the secretary Of the state has been obtained
thorziug such company 10 issue such policies. The
secretary OF state or sme persons authorized by him.
shall examine the caI9ol and assets Of any company
applying for such cerlhcais and the secretary OF the
state shah Issue the same only when satisfied that the
company applying therefor has complied with the
provisions OF the first section Of this act Every in
surance company Incorporated in this state shall pay
TO the secretary of the state for the examination re-
CURED by this section when made, the sum of thirty
dollars.
SEC B. 1t shall not be lawful for any person to act
as agent or Otherwise in receiving or procuring APP
plicaons for fN insurance or in any manner 10 aid
In transactng the business Of life insurance. referred
TO In the first section Of this act for any company
association INCORPORATED by or organized under the
laws OF any other.state government unless such com
pany has conformed In such state the require
ments in regard 20 capital that are imposed by Sec
one OF this act, upon companies doing business In
this state or in lieu thereof has actual assets to the
the amount Of one hundred thousand dollars invested
IL same as Is prescribed regard TO
tai In such sectioh one Of this act.
sec. q Every aife or accident insurance company
incorporated In tSis state doing business In this
state. shall on before tho first day of March In
each year. transmit to the secretary Of state and file
his otise, statement OF the business standing and
anars In the form prescribed authorized by law,
and adapted To tLs business done by such company,
signed and sworn 10 by the president or vice pres
dent and secretary and made for the year ending
ne preceding thirty arst day Of December
SIC. All lie. or accident insurance companies
chartered or orEauiZed In other of the
United states, or beyond the limits of the United
states and doing business In this state, shall make
an annual statement Of their condition and affairs to
the secretary OF tie state In the manner and In
the same form as similar companies organized uuder
the laws Of this sate. The secretary of state shall
have authority 10 extend the time for filling such state
ment for reasons which shall deem good and mfh-
cent, whether the company is organized in this stase
or elsewhere. The statements herein provided for
shall be in lieu Of any and all statements required
by any existing law
SIC. 9. Life or accident insurance companies,
chartered beyond TIE limits Of the United States and
doing business In shis state shall make return of
their standing on tie thirtyrs day Of December In
each year. agreeable to the form required by this act
OF other companies doing similar business In this
state said return To- be made 10 tho secretary Of state
on or before the FIRST day Of March, annually, and
verified and swornto by the president, secretary or
resident managing officer OF such company In the
United States.
SEC. !. The form Tor life or accideAt insurance
companies shall be follows:
lst. Name Of the company.
2nd. When chartered.
Ord For wha. period.
9th. Where located.
9TH State in fun the assets of the company.
9TH. Number OF sha>es owned in any bank state
per value cent, and the market value per share.
9TH. The number OF shares owned in any railroad
stating the corporate name Of each and money inves
ted In each, at cost on its books state the par value
and market value Of each share.
sth Amount owned in railroad bonds; state par
value, cost and market value per share.
9TH. Amount Invested IL real estate az cost on the
books ofthe company.
10th. Amount loaned on mortgages Of real estate,
and estimated value OF said estate.
llth Amount loaned on note secured by collat-
eralsot personal property.
l2h. Amount loaned on notes without collaterals
18th state, in full, all other Investments.
l4th How much included in the foregoing state
nen of assets con Ssts c. premium notes policies
not returned as now in force.
| 10th Number, date, kind and amount Of each
outstanding policy and age Of the insured, except
ing In Of companies whose policies have been val
ued By the proper officer in some other state, which
ance department OF such state.
10th Numbers ard amount Of each class or kind
ofpocies which have within the year, ceased 70 be in
force; how terminated; what has been paid TO the
legal holders Of tie policies.
l7th. Amount - losses ascertained and unpaid
loth. Amount :of losses claimed against the COM
pany, whether acknowledged againsi the company,
whether acknowledged as due or net by the com
pany.
clared, promised or acknowledged Indebtedness or
other claims, including dividends, bonuses disri-
Dution surplus or as profits.
10Th Amount received for premiums the past
year.
2lst. Amount received for premiums In each.
22d. Amount received for premiums in promisory
notes or securities.
Odd Amount received for interest the past wear.
| Gath. Amount paid for interest the past year
18th. Amount Of garantee funds; and state par
ucularly whether the same are In cash. or subscrip
| tiOn notes.
26th. How arr dividends distributions Of surplus
funds. bonuses CO estimated profits, paid Wheth-
on demand orh on credit, for what length Of time,
and whether pay3ble at specific time orindefnitely,
at the discretion 81 the company.
9th Amount paid for expenses taxes and COM
missions the past year. classified.
18th Amount Of dividends paid specifying the
amount paid 20 stockholders and the amount paid to
policy holders.
SEC g. The secretary of the state is hereby an.
thOrized TO amend and revise the forms Of annual
statement hereinbefore prescribed and 10 propose
such additional inquiries are necessary TO elicit
full exhibit of tie business and standing the various
insurance computes doing business in this state,
SEC. O. Any company doing business in this state
neglecting TO make returns in the and within
the time hereinafter authorized and prescribed shall
forfeit one hundred dollars for each days neglect ;
and every company that wifully makes false state
ments. shall be liable 70 fine of less than five
hundred dollars, nor more than one thousand dollars
Any new business done by any company or ITS agents
in this state thai has neglected to make true returns
In the prescribed ferm shall be deemed to be done in
violation oflaw.
SEC 10. When the actual funds Of any life insur-
company doing business in this state, are not of
net value equal 20 the met value of its policies
cording 10 the American experience table Of mortality
With interest at four anG onehaf per cent. per annum
II shall be the duty OF the secretary Of TO give no
ceto such company and its agents. 10 discontinue Is
suing new policies within this state until such time as
its funds have become equal 10 its liabilities valuing
its policies aforesaid. Any officer agent who az
ter such notice has been given issues delivers
policy from and on behalf Of such company before its
funds have become equal to its liabilities aforesaid
shall forfeit for each oGense, not exceeding one
thousand dollars
SEC. IL. II shall be lawful for any company organ
lied In this state 10 invest It's funds accumulaons
in the stocks Of the United States Of this state
any incorporated city town in this state in mort
cages oeng first ens) on real estate being worth at
least twice the amount Of the money loaned thereon
and any company may loan TO policy holders 10 such
company. from time 10 zine, sums not exceeding one
half the aDnum premiums on their policies upon notes
10 be secured by the policy Of the person TO whom the
loans may be made
SEC 70. When any life or accident insurance COM
pany organized under the laws OF this state, shall
ranac business In any other state 1t may invest It's
surplus funds in such state in like security and under
the same restrictions as in this state.
SEC IL. The secretary of state ishereby authorized
and empowered 10 address any Inquiries TO any life
accident insurance company TO the secretary there
Of in relation TO Its beings conditions any other
matter connected with its transactions and il shall be
the duty OF any such company addressed, to reply
promptly in writing 70 any such inquiries and all
such companies not incorporated under the laws OF
this state, failing to answer all such inquiries, shall
not be authorized 30 transact any business in this
state aud their certificates Of authority may be reyok
ed and conceded. shall be the duty of the secretary
OF state 20 make 20 be made, examination
Of the condition and affairs Of any life accident in
company doing business In this state, when
ever he shall deem 10 expedient 20 do So and also
whenever he shall have good 20 suspect the
rectness Of annual statement that the affairs of
any company, making such statements, are in an
sound condition.
SEC. il. Life accident insurance companies do
Ing business in this state which do business upon the
principal Of mutual insurance, OF the members of
which entitled 10 share in the surplus funds thereof
may make distribution Of such surplus as they have ac
cumuated, annually, once in two, three, four or
five years, the directors thereof may from time TO
time determine. IN determining the amount OF the
surplus 10 be distributed there shall be reserved
amount not less than the aggregate net value Of all the
outstanding policies said value 10 be computed by
the American experience table Of mortality, with In
terest not exceeding four and one-half per cent.
SEC. l5 Every life or accident insurance company
not organized in Shis state, before doing business in
this state, shall appoint an attorney resident in this
state upon whom all lawful processes against the
pany may be served with like effect If the company
existed In this state and said power of attorney stl
stpulae and agree on the part Of the company nah
ing the sams that any lawful process against said
pany, which Is served said attorney shall be Ofthe
legal force and validity If served said com
pany. copy OF said power of attorney, duly certi-
fed and authenticated shall be fled In the office of
the secretary Of state and copies certified by him shall
be sufficient evidence This agency shall be continued
while any liability remains outstanding against the
In this the shall he re-