The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-03-11

Snnn1hel -
Ta3et 6fI ]. L. NEAGLE,
Comptroller General.
"A NACT to regulate The Agencies of Insu-
IN rance Companies not Incorporated IN
the State of South Carolina.
Section /, Belt eaacled 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,
nfter tho 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 u insui ance 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 fled in his
Office q certified copy of the charter Of the
company from which the said agent or at
torney has received his appointment, and
also q certified copy of the vote or resolution
of the Trustees or Director of said Company
appointing him such agent, accompanied by
n warrant ot appointment under the official
seal Of the company, and signed by the
President and Secretary. Such warrant of
appointment shall continue valid and irrcvo-
cable until another agent or attorney has
been substituted so that Mt all times while
any liability remains outstanding there shall
be within the State an agent or attorney as
aforesaid, and shall contain q consent ex-
pressed, authorizing process of law to be
saved OIL sasd agent or attorney for ali liza
bllities of every nature incurred in thisStutc
by said company, and that such service made
on such agent or attorney in the manner re-
CURED 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 nnh-
lished 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 assers of the
company consists, the amount of losses due
and unpaid, and all other claims against the
company, or other inicpteduess, whether due
on not due at the time al the filing of the
statement above, and shall further show:
list. Tha, said companies have fulfilled the
provisions of their respective charters, and
of thc extensions and amendments thereto, in
every particular. and whether there has been
I'd. The amount of policies outstanding as
near ms can be ascertained.
3D.. The character OF the risks, and the
rule governing companies and their agents
mtasing the same, both as to locality and
mount.
18th. Th3 PARTICULAR character of the as
sets, specifying the amount of cash and pub
lie, bank, manufacturing or other stocks and
bonds, or fother securities, held by the COM
panics. with the evidence that they arc held
by them, Pie rule Of investment in real es-
tate, securities. and The general localities of
real estate secured TO companies.
9th. The amount received from premiums.
and whether sufficient 10 pay losses, &c
9th. Whether there have been any chan
gcs in agencies during the preceding SIX
months.
SEC. 3. That every agent or attorney OBJ
tanning }uch 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 be the duty of the agent
or agents to publish the same
hhS- T. IIat Al 9e comptroller Snnil DC
some satisfied that any company is insolvent
or unsafe, it shall be his Guty to refuse Ii
cense 10 lis agent or agents, and TO withdraw
any license that has been already issued.
SIC. o. That any person who shall deliver
any policy Of ~insrranc or collect any pre-
MUM of insurance or transact any business
of INSURANCE in this State, tor any company
in thf United States, or foreign State, not
incorporated by the laws Of this State, with
out having first obtained license as by his
Act Heauired, or after his license has been
withdrawn. or who shall in any way violate
the provisions of this Act, shall be fined for
eycrt such offence not less than one hundred
dollars, nor more than five hundred dollars,
ut tbe discretion of the Judge: Provided,
further, That nothing contained in this Sec
rionthall release any company or companies
n ,%sa. any policy issued or delivered by it or
Skn. G. That fer eyt, ';,onsa issae. ~
the Comptroller General under this Act. he
shall be paid by the company taking out
such license the sum of five dollars tor his
own use.
seq Z. That all Acts or parts of Acts N
consistent with this Act are hereby repealed.
In the Scnats-Housc, the fifth day OF
March, in tho year Of arr Lord ems ti,iori-
sand eight hundred atd sixty-ninc
ID. L. CORBIN,
President pro tempore OF the Senate.
FRANKLIN J. MOSES, Jr..