The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-03-18
)
Comptroller General.

the State of South Carolina.
SncTIoS j., Be- enacted by the Senate
and House of Representatives of the State of
South Carolina, now met and sitting in
General Assembly and by the authority
of the same, That IL 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 amy 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! cx-
pire on the 3lst day Of March of each year.
SEC. 2. Tliatb before tho Comptroller
General shall issue sucl, 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 or the
company from which the said agent or at
torney has received his appointment, and
also II 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 under the official
seal Of tho company, and signed by the
President and Secretary. Such Warrant of
appointment shall continue valid and ~irrcTo-
cable until another agent OF attorney has
been substituted so that Mt all times willie
any liability remain outstanding tacrc shall
DC within the Siate Rrs agent or attorney rs
aforesaid, and shall contain n consent OK
pressed, authorizing process of law to be
saved on said agent or attorney for all liza
biiiiies of every nature incurred in this State
by said company, and that such service made
on such agent or attorney in the manner re-
quircd by the laws Of this State shall be
deemed legal and binding on the company or
companies, in oil cases whatsoever, and that
every Judgment so recovered shall be con-
elusive evidence of the indebtedness of the
camnnny and in addition to said warrant o"
appointment, there shall be fled and pub
lishcd a statement, made. uHder oath of its
President or Secretary, showing its assets
and liabilities, and distinctly showing tho
amount Of capital stock. and how the same
has been paid, and of what the assets of the
company consists, the amount of losses due
and unpaid, and all other claims against the
company, or other indebtedness, whether duo
or not due at the time of the filing of the
statement above, and shall further show:
list. That said companies have fulfilled the
provisions of their respective charters, and
of the extensions und amendments shercse, in
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 asccrtaiHed.
3D.. The character of tho risks, and the
Tale governing companies and their agents
ava unfhS tsiS ctsutc, UUth Ms 10 tOUalltX ana
amount.
4th. 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 COM
panies, with the evidence that they arc held
by them, the rule of investment in real es-
tate, sccuvitics. 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 elsspl
gcs in agencies during fine preceding SIX
months.
SEC. 8. That every agent or attorney OBJ
tanning such license shall also cause such Ii
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 the affairs of the com
pany, as provided in the second Section Of
this Act, and it shall be the duty ofthe agent
or agents to publish the same.
SEC. 4. That if the Comptroller shall be-
some satisfied that my company Is insolvent
or unsafe, it shall be his duty to refuse Ii
cense to its agent OF agents, and TO withdraw
any license that has been already issued.
SEC. o. That any person who shall deliver
any policy OF insurance, or collect any pre-
mum 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 Stnte, with
out having first obtained license rs by this
Act required, or after his license has been
withdrawn, or who shall in airy way violate
the provisions of this Act, shall be fined for
every such offence not less than one hundred
dollars, nor moro than Ave hundred dollars.
at tho 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
ii:sii..
SEo. G. That for every license issued by
the Comptroller General under this Act. he
shall be paid by the company taking out
such license the sum of FIVE dollars for his
own use.
SEC. 7. That all Acts or paris of Acts in
consistent with this Act are hereby repealed.
In the Scnat tel ouse, the fifth day of
March, in the year of anr Lord ono thou
sand eight hundred atd sixty-ninc
ID. 7. CORBIN,
President pro tcmpore of the Senate.
FRANKLIN j.. MOSES, Jr.,
Speaker of the House of Representatives
Approved the sixth day of March, 1869.
RoDERT X. ScOTT, Governor.
STATE OF SOUTH CAROLINA
Alta General Assembly begun to be holden at
Columbia on the fourth Tuesday in Novem-
Der, IN the year of our Lord one thousand
eight hundred and sixty-nipe, ana thence
continue by divers adjournmcnts TO tho
twenty first day of December, In the year
of our Lord one thousand eight hundred
and sixty-ninc:
* ACT TO DETER PROTECT HOLDERS OF rs.
suRANnE Policies IN THIS STATE.
SECTION /. BE it enacted by the Senate
and Honsc of Representatives of the State of
South Carolina, now met and sitting in Cen
eral Assembly, and by the authority of the
same: No Company or Association which
is now organized, or which may DO hcreaf-
ter organized in this State, to carry on the