The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-11
]. l.. NEAGLE.
Comptroller General.


A N ACT to regulate the Agencies of Insu-
IN rance Companies not Incorporated in
the State OF South Carolina.
SECTION J., BE enacted by the Senate
aud House of Representatives oft M State Of
South Carolina. now met and sitting in
General Assembly and by the authority
OF the same, That it shall not be lawful,
after the first day OF April, one thousand
eight hundred and sixty-ninc, for any
agent OF any Insurance company in the
United States, or any foreign State, incorpo-
rated by the laws of this State, to take risks
or transact any business of insurance. in this
State without first obtaining license from the
Comptrolier General, which license shall ex-
pire onsthe 3lst day of March of each year.
+ SIC. 2. Thatb before the Comptroller
General shall issue such license to any agent
OF any Insurance company not incorporated
in South Carolina, there shall be filed in his
office a'certifed copy of the charter OF the
company from which the said agent or at
terney has received bis appointment, and
also n certified copy Of the vote or resolution
of the Trustees or Director of said company
appointing him such agent, accompanied by
n warrant OF appointment uadcr the official
seal of the company, aud signed by the
President and Secretary. Such warrant Of
! aitDittHltii t't'lt cur thttt. Nal1tl anu lrFCNp-
cable until another agen, or attorney has
been substituted so that ut all times while
any liability remains outstanding tkcre shall
be within tic State an agent or attorney as
aforesaid. and shall contain a consent ex-
pressed. authorizing process Of law 10 BIZ
saved OF said agent or attorney for all liza
bilitics of every nature incurred in this State
by sand company, and that such service r.Iahe
on such agcut or attorney III tie mauner re-
CURED by the law of this State shall be
deemed legal and binding OH the company or
companies, in all cases whatsoever, and That
every Judgment so recovered shall be con-
elusive evidence of the indebtedness of the
company and in addition to said warrant o"
appointment, there shall he filed and pub
lished Il statement, made under oath OF its
President or Secretary, showing it's assets
and liabilities, and distinctly showing the
amount of capital stock, and how the same
has been paid, and of what the assets vi the
company consists, the amount of losses due
and unpaid, and all other claims against the
company. or other indebtedness. whether due
or not due At the time ct the fling Of the
statement above, and shall! further show:
LIST. That sand companies have fulfilled the
provisions of their respective charters, and
ofthe extensions and amendments thereto, il
every particular, and whether there has been
any change Of charters since last statement.
I'd. The amount OF policies outstanding as
near as can be ascertaincd.
81. The character of the risks, and the
rule governing companies and their agents
in taking the same, both as 10 locality and
amount.
4th. The particular character of the as
sets, specifying the amount of cash and pub
lie, bank, manufacturing or other stocks aud
bonds, or other securities, held by the com
panies. with the evidence that they are held
Uy tneiIi, ti;v ruiv Oh investment iii rc;.; os,
tate, securities. and the general localities of
real estate secured TO companies.
9th. The amount received from premiums,
and whether sufficient to pay losses. &c.
9th. Whether there have been any Cham
ges in agencies during the preceding six
months.
SEC. 3. That every agent or attorney OBJ
timing such license shall also cause such IL
censc to be published in some newspaper, to
be designated by the Comptroller General.
having circulation in the county in which he
resides. The company shall also furnish the
Comptroller General, through their agent,
an annual statement OF thc affairs of the com
pany. rs provided in the second Section of
Tins Act, and it shall be the duty olthe agent
or agents to publish the same.
SEC. 4. That il the Comptroller shall he
some satisfied that any company is insolycnt
or unsafe, it shall be his duty to refuse Ii
cense to its agent or agents, and TO withdraw
any license ihnt has been already issued.
SEC. b. That any person who shall deliver
any policy of insurance, or collect any pre-
minm of insurance or transact any business
of insurance in this State, for any company
in the United Statcs, or foreign Stntc, no!
incorporated 10y the laws of tins State. with
out having first obtaincd license as by this
Act required, or after his license has been
Withdrawn, on who shall in any way violate
the provisions of this Act, shall be fined for
every such offence not less than one hundred
dollars, nor more than five hundred dollars,
Ut the discretion of the Judge: Provided,
further, That nothing contained in this Sec
ton shall release any company or companies
upon any policy issued or delivered by it or
them.
SEC. 6. That for every license issued by
The Comptroller General under this Act. he
shall be paid by the company taking ont
such license the sum of five dollars for his
own use.
SEE. Z. That all Acts or parts of Acts in
consistent with this Ac, are hereby repealed.
In the Senato-IIouse, the fifth day of
March, i'll the year of aur Lcrd one thou
sand eight hundred atd sixty-nine
ID n. CORBES,
President pro tempore of thc Senate.
FRANKIIN.J, MOSES, Jr.,
Spnaket OF the House of Representatives
Approved The sixth day of March. 1860.