The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-11
J. 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 ], BE IL 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 it shall not be lawful,
after the Erst 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 Slst day of March of each year.
SRC. 2. Thatb before the Comptroller
General shall issue such license 10 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 tho
company from which the said agent or at
torney has received his 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
a warrant OF appointment under the official
seal Of the company, aud signed by the
President nd-Sccretary. Such warrant of
appointment shall continue valid and ~irreva-
cable untfl anpthcr agent or attorney has
been substituted SO that ut all times while
any liability remains outstanding there shall
be within tic State an agent or attorney as
aforesaid. and shall contain a consent ex-
pressed, authorizing process of law TO be
saved on said agent or attorney for al liza
blliucs of every nature incurred in this State
by said company, and that such service made
OF such agent or attorney inthe mannct re-
quircd by the laws 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-
clusiyc evidence OF the indebtedness of the
company and in addition to said warrant o.
appointment, there shall be filed and pub
lislied a 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 tho assets OF 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 Mt the time ct the filing of the
statement above, and Shall further show:
LIST. That said companies have fulfilled the
provisions of their respective charters, and
oftae extensions and amendments thereto, 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 ascertained.
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. 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 are held
by them, the rule of investment IN real cs-
tate, securities. and the general localities of
real nstnie sacrirnd T." nornramirs
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 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 i'll 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 shallbe the duty ofthc agent
or agents to publish the same.
SEC. 4. That if the Comptroller shall be-
some satisfied that any company is insOlvent
VI HhSuic, IL SINH Ne HIS uuIy 10 refuse IL
cense to its agent or agents, andto withdraw
any license that has been already issued.
SIC. b. 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 State, with
out having first obtained 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 offcnce not less than one hundred
dollars, nor more ;irah i've hundtcd dollnrs,
at the discretion of the Judge: Provided,
further, That nothing contained in this Sec
tioh shall release any COMPANY or companies
upon any policy issued or delivered by it or
thcm.
SEo. 6. 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
w use.
$50. Z. That all Acts or pnrts of Acts in
consistent with this Act are hereby repealed.
IN the Senate-Honsc, the fifth day of
March, III the year of aur Lord one thou
sand eight hundred atd sixty-nine
d.. a. G0RBfN,
President pro temporn os the Senate,
FRANKLIN j. MOSES, Jr.,
Speaker ofthe House of Representatives
Approved Tho sixth day Of March, 1860.
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