The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-04-16

line. 1870
der oath OF its secretary treasurer of its condition
according to such form he may prescribe; and to
this end lie shall furnish all such companies in the
month of September of each year with suitable
blanks for sucn purpose to be filled by them of
which shall be at once filled and returned to said
SECT g. If upon examination the commissioner
is of opinion that any insurance company incOrpOra
TED 6y this state is insolvent or that its affairs and
condition are such to render its further proceed
1ns hazardous to the public or its policy holders, he
shall apply to justice of the supreme judicial Court
whole or in part from further proceeding with its
business SUCH justice or any other justice OF said
court may thereupon either with or without notice,
temporary Or permanent injunction as he may think
proper, either of which he may afterwards modify,
ders AMI DEGREES appoint receivers to receive the
assets of the company and such masters and do any
other act conformable to the general rules of chan
Gerry practice may in his opinion b. requisite tor
the safety of the public and for the best interests Of
all parties concerned all which orders and DEGREES
shall be at once made known to the clerk of the
courts for the county, who shall enter them his
ords of the For his fees the clerk shall receive
payment out of the assets Of the company the same
to be audited and allowed by the court. ~. b..
SECT. Z. 1t shall not be lawful for any insurance
company incorporated by any other state govern.
ment to transact any insurance business in this state
unless the company shall first obtain license from
the commissioner, authorizing the company SO to do
Before receiving such license, the company shall fur.
nish the commissioner with true certified copy of
its charter and bylaws, together with statement
under oath, signed by the president secretary of
the company, Showing its financial condition in con-
commissioner Upon receiving such copies and State
ment the commissioner shall grant SUCH license f4n
his opinion the same ought to be granted, which
shall authorize the company to do insurance bust
in this state to the laws of the state until
the first day Of July then next. And annually there
after such license may be renewed from year to year.
so long as the commissioner shall regard the company
responsible and safe aforesaid such license in all
cases to terminate on the first day Of July next
ceeding. For such license and each renewal the
company shall pay the commissioner the sum Of
surance company until he has produced to the COM
missioner and filed with him duplicate power Of
attorney from the company its authorized agent,
authorizing him to act as such agent. Upon filing
such power the commissioner shall thereupon issue
license to such agent, if the company has received
license do an insurance business in this state which
license shall continue until the first dsy Of july then
next, and the same may be renewed from year to
year upon production OF certificate from the COM
pany that his agency is continued For each such
license and renewal thereof the commissioner shall
receive the sum of one dollar. And if any person
shall solicit receive forward any risk or aDplica.
ton for insurance to any insurance company without
first receiving such license if he shall traudulenty
assume to be an agent and thus risks and
ceve money for premiums he shall forfeit the penalty
OF not more than fifty dollars for each offence but
any policy issued on an application thus procured
shall bind the company If otherwise valid. ...
SECT. 9. Any person may be licensed by the com.
mis- iOner insurance broker contracts
of insurance. and to effect insurance for others than
himself for compensation and by virtue thereof he
may place risks effect insurance with any insurance
company of this state with the agents Of any in
surance company out of the state who have been
licensed to do insurance business in this state but
with no other For such license, such broker shall
pay the sum of five dollars which shall authorize him
thus to act until the first day of July then next and
his license may be renewed tended from year to
year afterwards, ending annually the first day of
july, he paying the same fees at each renewal as
above provided. And any person who without such
license assumes to act such broker shall forfeit the
sum OF not more than fifty dollars
SECT. 10. The commissioner shall have power at
any time when in his opinion the condition of any
Insurance company existing under the laws of any
other state or government is such as to give Just
cause to believe that the company is in failing cir
cumstances or unable to do SAFE insurance business
upon reasonable notice. to suspend the right of such
company to do further business in this state until the
disability is removed. And if the company or any Of
its agents shall, after such Injunction or suspension
under this or the previous section Six undertake to
do any business by issuing any new policies such
agent or company shall forfeit penalty not exceed
ing two hundred dollars And in order to enable the
commissioner to act in the premises, he shall have
power at any time to require of any such company a
full statement of all its affairs bearing upon the mat
ter of its responsibility in such form as he may pre-.
SCRIBE
SECT. II. When any insurance company incorpo.
rated by any other state government doing business
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