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

A.
A N ACT to regulate the Agencies of Tnsu-
IN rance Companies not Incorporated in
the State of South Carolina.
SECTION ], Be &c enacted by the Senate
and House of Representatives of the State of
South Carolina, now met and sitting in
General Assembly and by the authofity
of the same, Chat it shall not be lawful,
after the first day of April, one thousand
eight hundred and siSty-nine, for any
agent or 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 insuralce in this
State without first obtaining license from the
Comptroller. General, which license shall ex4
pire onsthe 31st 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 ofsthe
company from which the said agent or at
torney has received his appointment, and
also a certified copy of the vote or resolution
of the Trustees or Director of said company
appointing him such agent, accompanied by
u warrant OF appointment under the official
seal of the company, and signed by the
President and. Sccretary. Such warrant Of
appointment shall ~celtinnesatia and ~irreve-
cable until appther agent or attorney has
been substituted so that ut all times while
any liability remains outstanding tkere shall
be within the State an agent or attorney as
aforesaid. and shall contain n consent ex-
pressed, authorizing process of law TO be
saved or said agent or attorney for all lia-
bllities of every nature incurred in this State.
by. SAID company, and that such service made
on such agent or attorney inthc manner re-
quiTed by the laws OF this State shall be
deemed legal and binding en the p or
companies, in all cases whatsoever, and that
every Judgment so recovered shall be cnu-
clusiye evidence of the indebtedness of ne
company; and in addition to said warrant o.
appointment, there shall be filed and pub
lished a statement, made under oath of its
President or Secretary, showing its 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 att time ct the filing of the
statement above, and shall further show:
ls.. That said companies have fulfilled the
provisions of their respective charters, and
o fthe extensions and amendments thereto, Ina
o'Nig uAti MbtlntI lnGTt HIS DGcH
any change of charters since last statement.
I'd. The amount OF policies outstanding as
near as can be ascertGined.
Sd. The character of the risks, and the
rule governing companies and . their agents
in taking the same, both as to locality and
amount.
4th. Tho particular character Of the as
sets, specifying the amount of cash and pub
Inc, bank, manufacturing OF 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 es-
tate. securities. and the general localities of
fenl estate secured 10 companies.
9th. The amount received from premiums,
and whether sufficient 70 pay lassas, &c.
9th. Whether there have been any chan
ges in agencies during the preceding six
months.
SEC. 8. That every agent or attorney OBJ
tanning such license shall also cause such Ii
cense to be published in some newspaper, to
be designated by the Comptroller General,
having circulation III the county in which he
resides. The company shall also furnish the
Comptroller General, through their agent,
an annual statement of the affairs of the com
pany, as provided in the second Section of
this Act, and it shelbc the duty ofthe agent
or agents to publish the same.
SEC. 4. That if the Comptroller shall be-
satisfied that any company is insolyent
or unsafe, it shall be Ills duty 20 refuse Ii
cense TO its agent or agents, and 10 withdraw
any license that has been already issued.
SIC. 8. That any person who shall deliver
amy policy of insurance, or collect any pre-
minIn of insurance or transact any business
of insurance in this State, for any company
in the United States, or foreign State, not
incorporated by the laws of this State, with
out having first obtained license as by this
Act required, or after his license has been
Withdrawn, or who shall in any way violate
fhe provisions of this Act, shall be fined for
every such offence moi less than one hundred
dollars, nor more than fise hundred dollars.
at the discretion of the Judge: Provided,
further, That nothing contained in this Sec
tion shall release any company or companies
upon any policy issued or delivered by it or
them.
SEQ. 6. That for every license issued by
the Comptroller General undcr this Act. he
shall be paid by the company taking out
such license the sum of Ave dollars for his
own use,
SEc. q. That all Acts or paYfs Yof Acts in
with this Act are hereby repealed.
In the Senate-House. the fifth day Of
March, in the pear of aur1prd one thou
sand eight hundred atd s~ixty+nine
D.T, CORBfN,
Fresileot pro tcmpore ofthe Senate.
fRANKLiN3J, MOSES, Dr.,
Speaker of tho, Horse Of Representatives
Approved tic sixth day Of Marcel, 1869.
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