The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-11
STATE OF SOUTH CAROLINA

49, ~ w Nv ihC TT
Columbia on the fourth Tuesday inNovem-
Der, in the year of our Lord one thousand
eight HUNDRED and'sixty-nipe, and thence
continue by divers adjournments to the
twenty first day of December, in the year
of our Lord one thousand eight hundred
and sixty-nine:
AN ACT TO BETTER PROTECT HOLDERS OF ~
sURANoE POLICIES IN THIS STATE.
SEcTloN /. BE 1t enacted by the Senate
and House of Representatives of the State of
South Carolina, now met and sitting in GEN
cral Assembly, and by the authority of the
same: No Company or Association which
is now organized, or which may be hereaf-
ter organized in this State, to carry on the
business of insurance of any kind or kinds.
shall proceed further with business las the
case may be) until they have deposited with
the Comptroller General OF this State bonds
or stocks OF this State equal to the sum of
fifty thousand dollars par value for each Life
Insurance Company or Association, and
twenty thousand dollars par value for each
other Insurance Company or Association.
The Comptroller General shall hold such
bonds or stocks as security for policy holders
III the Company or Association; but, SO long
rs any Company or Association so depositing
shall continue solvent, the Comptroller Cen
cral may permit such Company to collect
aud receive the interest on such bonds or
stocks'so deposited.
SEC. .. Whenever any Company or Assoc
citation is, or shall become fully organized,
and the said Company or ASS citation have
deposited with the Comptroller General the
requisite amount of State bonds or stocks, ii
shall become his duty to furnish the Corpora
ton or Association with a certificate of such
deposit, which certificate or duplicate thereof
certified by the Comptroller General, may be
used in and be evidence for and against the
Corporation.
SEC. 3, 1t shall not be lawful for any per
son or persons. Corporation of Corporations,
Association or Associations TO act within this
State as agent, or otherwise, in receiving on
procuring applications for insurance of any
KIND or kinds, or in any manner TO aid III
transacting the business Of insurance OF any
kind or kinds for any Company or Associa
ton Incorporated by, or organized under the
laws of this or any other State Government.
or any foreign Government, until such Com
pany or Association have deposited with the
Comptroller General of this State, for the
benefit of the policy holders Of such Com
pany or Association, citizens or residents OF
the United States, bonds or stocks of this
State equal to the sum of fifty thousand dol
lars par value for each Life Insurance Com
pany or Association, and twenty thousand
dollars par value for each other Insurance
Company or Association; but, 20 long :s any
toui3arY or Association 80 dopOs:li.g shall
continue Solvent, the ComI,roI,cr Gcuctai
may permit slica Company or Association to
collect and receive the interest on sucn bonds
On stocks so deposited. and have appointed
an Attorney III this State ou whom process of
law can be served and said Attorney shall
have flied with the Comptroller General a
certified copy of the charter of said Com
pany or Association. and also II certified copy
of the vote or resolutions of the Trustees on.
Directors of sucll Company or Association app
pointing hini the Attorney Of such Company.
which appointment snail continue until
another Attorney be substituted which
shall he done upon the death. removal or in
capacity 10 net of suca attorney. or may he
done by such Company or Association at aEy
time. When the foregoing requirements.
and such other requirements as now arc. or
may Hereafter be required by law, Shall be
complied with the Comptroller General shall
give n certificate to that effect. and also state
the meme Of the Attorney. which certificate.
when filed IN the County Clerks Office OF the
County where tho agency is to be located.
shall be the authority TO commence business.
SEC. Il. every violation OF this Act shall
subject the Company or Association, or agent
OF agents, violating, jointly and scyeraliy, to
n penalty of five hundred dollars for each
violation. which shall be- sued for aud rocov.
cred III Il joint on several civil action. in tho
name OF the State OF South Carolina. by the
Solicitor of the Circuit in which the Com
pany or Association, or agent on agents so
violating. shall he situated onc-huli of such
penalty when recovered shall be paid into
the County Treasury of such County, and
! the other half To tho intormcr OF such viola
ton and. in case of the non-paymcut of
such penalty, the person or persons SO offend
ing shall be liable 10 Imprisonment for n pc.
rod not exceeding one year III the discrc.
ioii OF tao -Ui;ii ii:iS.,g vuSuiaa,ou ,.!eryui.
SEQ. 5. The Comptroller General shall
safely and separately keep the bonds or
stocks Of each Company or Association, ana
! shall return the ~iientlcnl bonds or stocks re-
ceived and during the usual Office hours.
shall keep the bonds or stocks, subject 10 The
examination of the representative of any Com
pany or Association having maic n deposit.
ms required by this act and the State Shall
be responsible for the return of all said
boHds or stocks dy the Comptroller General.
SEC. e. All Acts and parts Of Acts incon-
sistcnt on conflicting with this Act are here
by repealed.
Sgo I This act shall take effect sixty
days after lis passage.
In the Srnate-Iiouse, the twenty first day
Of December, in the year of our Lord one
thousand eight hundred and sixty nine.
(Signcd) e. w MONTGOMERY,
President pYo temporc of HE SENATE.
(Signcd) FRANKLIN j. MOSES, Jr.,
Speaker of the House OF Representatives.
Approved the 22dday ofDcccmbcr, 1869.
tSisncd) ROBERT X. SCOTT
Governor.
STATE OF SOUTH CAROLINA,
OFFICE SECRETARY OF STATE.
l. r,r1... G.,.-.. n O.. A.