The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-25
3. l.. NEAGLE,
Con ptrollcr General.

A n scT to regulate the Ngeacies of Insu-
IN rance Companies not incorporated in
tine State of South Carolina.
SECTION ], BE IL enacted by the Senate
and House of Representatives of the State of
South Carolina, now mes and sitting in
General Assembly and by the authority
of the same, That ii shall not be lawful,
after the first day of April, one thousand
eight hundred and sixty-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 insurance in this
State without first obtaining license from the
Comptroller General, which license shall ex-
pire on the 3lst day of March of each year.
SER 2. Thath nerorc the Ccmntrcllar
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 certified copy of the charter of the
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 ngcnt, accompanied by
Il warrant OF appointment under the Official
seal of the company, and signed by the
President and Secretary. Such warrant of
~ oh0iA JLA0 II
: I,e I'll ..rc:her as1at o. attorney has
been substituteu ss hat 81 al, t:.2:s -"
any liability remains outstanding tAore shall
be within the State nm agent or attorney rs
aforesaid, and shall contain n COW SASex-
sprasscd, authorizing process 20 be
INSTRUMENTATION or attorney i5T7 air In-
bliitics of every nature incurred in this State
By SAID company, a,.d that such service maLe
ON such agent or attorney in the manner re-
quired.by the laws of this Stnio shall be
deemed legal and binding on the company or
companies, in all cases whutsoryer, and that
every judgment so rccoycrcd shall be- con-,
elusive evidence of the Indebtedness of the
company ana in addition to said warrant o"
appointment, there shall be filed and pub
hshcd a statemie sat .Hfndc under oath of its
President or Secrc.fry, showing its assets
and liabilities. and distinctly showing the
amount OF capital stock, and how the same
has been paid, and Of villa. The assets of the
company consists, the amount of losses due
and unpaid, and al other claims agsinst thc
covt-fany, or other indebtedness, whether due
or not due Mt the time eff the filing of the
staten mt above, and shall further show:
lst. That said companies have fulfilled the
pipvisions of tlicir respective charters, and
ofthc extensions and amendments thereto, i'll
every particular, AMI whether there has been
any cliange OF charters since last statement.
u. The nryo,in, OF policies outstanding MS
near 's can he ascertaincd.
Sd; The character of the risks, and the
rule governing companies and their agents
in taking the same, both US 10 locality and
amount.
ith. The particular character of the as
sets, specifying The amount of cash and pub
lie, bank, manufacturing or other stocks and
bonds, or other securities, held by the con-
paiics. with the evidence TINT they are held
by. them, he rule of investment in real es-
tntt. 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 chan
ges IN agencies during the preceding SIX
months.
SIC: 3. That every agent or attorney ob
tai"in~-e""'. i;"""s" .i..n -ler ntr-
ccnse 10 be published i'm some newspap n. 20
be designated by the Comptroller General.
having circulation i'll the county in which he
resides. The contrary shall also furnish the
Comptroller Gcncraf, through Their agent.
an annual Statement Of The affairs of the com
pany, rs provided in tl,e second Section of
this Act, and it shall lie the duty oftle agent
or agents to publish the same.
SEC. 4. That if the Comptroller shall be-
soiie satisfied tia; airy company is iuso!vcnt
W "'9''N, ohNii oc W. NNly ~ refuse IL
ccnsc to its agent or agents, and to withdraw
any license TINT has been already issued.
SIC: :. That any person who shall deliver
any policy of insurunce, or collect any pre-
mium OF insurance or transact any business
of insurance in this State, for any company
IL The United States, or foreign State, not
Incorporated blythe laws of this State, with
out having frrT obtained license ms by this
Act rcqpircd, or after lis license has been
withdrs wn. or who shall in;hny way violate
the provisions Of this Act. shall be fined for
every such offence hot less than one hundred
dollars, nor more than Ave hundred dollars,
ut the discretion Of the Judge: Provided,
further. That nothing contained in this Sec
tion shni release any company or companies
uponinny policy. Issued or delivered by ii or
them.
Sga. &. That fer every license issued by.
the Comptroller General un'ier this Act. he
shall bepaid by the company taking out
such license the sum of five dollars for his
use.
SIC. z. That all Acts or parts of Acts in
consistent with this Act are hereby repealed.
In the Senate-Housc, the fifth day of.
March, in the year of aur Lordonc tbou.
sand eight hundred a,d sixty-nine
ID. +. EORBiN,
President pro temporc OF the Senate.
FRANKLIN j.. MOSES, Jr.,
Speaker of the House of Representatives
Approved the sixth day ofMarch. 1863.
ROBERT X. ScoTr, Governor.