The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-03-11
.1,I j. L. NEAGLE,
Comptroller General.

specified.
IL T3oE8G fBfI j. L.. NEAGLE,
Comptroller General
A NACT to regulate the Agencies of Insu-
IN rance Companies not incorporated III
the State of South Carolina.
sEcTioN ], Bel enacted by the Senate
and House of Representatives of the State OF
South Carolina, now met and sitting in
of the same, That it shall not be lawful,
after tho first day of April, one thousand
eight hundred and sixty-nine, for any
agent or any Insurance company in the
United States, OF 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.
SEC. 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 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 T-.s!ees or Director of said com patiy
appointing him such agent, accompanied by
n warrant OF appointment under the official
CO.'S Sht' Wy ''S
President and Secretary. Such warrant of
appointment shall continue valid and irrcvo-
cable until another agent or attorney has
been substituted SO that at all times while
any liability remains outstanding there shall
be within the State an agent or attorney as
aforesaid, and shall contain n consent ex-
pressed, authorizing process of law 10 be
saved on sand agent or attorney for all 1iu-
bllities OF every nature incurred in this State
by said company, and that such service made
on such agent or attorney in the manner re-
quired by the laws of this State shall be
deemed legal and binding on 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 be filed and pub
iIsiIcu n 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 OF the
company consists, the amount of losses due
and unpaid, and all other claims against the
company, or other inleptcducss, whether duo
or not due At the tine eli the filing OF the
statement above, and shall further show:
lst. That said companies have fulfilled the
provisions of their respective charters, and
of the extensions and amendments thereto, in
every particular, aud whether there has been
sR55- 1eaee& sst sta
I'd. The amount ofpolicies outstanding as
near rs can be asccrtained.
Sd. The character OF the risks, ana the
rule governing companies and their agents
inNtaAing the same, both as to locality and
amount.
4th. Th3 particular character Of tie as
sets, specifying the amount of cash and pub
lie, bank, manufacturing or other stocks and
bonds, orPthcr securities, held by the corr
panics, with the evidence that they arc held
by them, lie rule of investment in real cs-
tate, securities. and The general localities of
real estath secured to companies.
9th. The amonn; received from premiums.
and w~he9hcr sufficient 10 pay losses, &c.
9th. Whether there have been my chan
gcs IN agencies during the preceding six
months.
SEC. ;. That every agent or attorney OBJ
tanning Such license shall also cause such IL
cense 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, rs provided in the second Section of
this Act, and it shall he the duty ofthe agent
or agents to publish the same.
SEC. 4. That il the Comptroller shall he
some satisfied that any company is insolvent
or unsafe, it shall be his duty to refuse IL
ccnse 70 its agent or agents. and to withdraw
any License that has been already issued.
SEC. 8. 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. ;or any Company
IN the United States, or foreign State, not
Incorporated by the laws of this State, with
out Having first obtained license as bv this
Act feHrired, or after his license has been
withdrawn. o. who shall in any way violate
the provisions of this Act, enull be fined for
eycrt such offence not less than one hundred
doll!}rs. nor moro than five hundred dollars,
at thb discretion of The Judge: Provided,
further. That nothing contained in this Sec
ton khnil re!ense any company Oil companies
upoJ any policy issued or delivered by il or
SIS. 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.
SEC. 4. That all Acts or parts of Acts in
consistent with this Act are hereby repealed.
In the Scnate-linusc, the fifth day of
March in ihr y"ar Of aur L.or;! on5 ;..ot.-
sand eight hundved atd sixty-ninc
d.. Il. CORBIN.
President pro tcmpore oil the Senate.
FRANKLIN j. MOSES, Jr.,
Speaker of the House of Representative
Approved the sixth day of March, 1869.
ROBERT Is. ScoTr, Governor.
STATE OF SOUTH CAROLINA
Ata General Assembly begun 10 be holden at
Columbia or the fourth Tuesday in Novcm-
Der, i'll the year OF our Lord one thousand
eight hundred and sixty-niue, ana thence