The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-03-08
INSURANCE COMPANIES


of West Virginia, in relation to Insurance
Companies.
Be it enacted By The Legislature At West
Virginia
The second section of chapter thirty
four of the Code Of West Virginia Is
amended and re-enacted 30 as to read as
follows:
=. 1t shall not be lawful for any Off
Ger or agent of any foreign fire or ma
rine Insurance Company, directly or in
directly, to take risks or issue policies
of insurance within this State without
first procuring from the Auditor GER
,iicate as hereinafter directed. Before
obtaining such certificate, such COM
pany it's officers or agents, shall furnish
the Auditor with statement under
oath of the President or Secretary Of
the company for which he or they may
act, which statement shall show
lst-The name and locality of the
company. =.
2d-The amount OF its capital stock.
3d-The amount of its capital stock
paid up.
4th-The assets of the company in
Guiding: first, the amount OF cash on
hand, and in the hands Of agents or
other persons; second, the real estate
unincumbered; third, the bonds owned
by the company and how they are Sc
cured, with the rate Of interest thereon;
fourth, debts to the company, secured
by mortgages or otherwise; fifth, debts
for premiums; sixth, all other securl-
ties.
5th-The amount Of liabilities due or
owing to banks or other creditors by the
company.
6th-Losses adjusted and due
7th-Losses adjusted and not due.
Sth-Losses unadjusted.
9th-Losses in suspense waiting for
further proof.
l0th-All other claims against the
company.
llth-The greatest amount insured
in any one risk;
Which statement shall be filed in the
office of the said Auditor. And no for
eign insurance company, or agent there
of, shall transact any business Of in
surance in this State, unless such com
pany is possessed of at least two hun
bred thousand dollars Of actual capital,
invested in the stock or bonds of some
one or more of the States OF this Union
whose bonds are at par, or OF the bonds
OF the United States, at the current
market value thereof at the date OF
such statement, or in bonds secured by
mortgage or deed Of trust on real estate
within this State, worth double the
amount tor which the same is
mortgaged, free from any prior lncum-
brance, and having undoubted title;
and it is hereby provided that at least
one hundred thousand dollars in amount
of said actual capital shall be in cash
or its equivalent; and at least twenty
five thousand dollars in the bonds or
notes of individuals secured by mort
gage or deed OF trust on real estate with
in this State, worth double the amount
for which the same is mortgaged, shall
be deposited with the Governor Of this
State, BY such company, or its agents, as
a security to policy holders in this State,
and the same shall remain on deposit as
long as such company does business are
in this State, and until all its liabilities
settled; and such company shall have
the right to collect the interest as the
same shall fall due on such mortgages
and deeds of trust. But if any such
foreign company shall prefer to make
said deposit in cash, or in bonds OF the
United States at their market value,
then said company shall be taxed six
per cent. on the gross amount CT the
premiums, or charges and freights, or
receipts for dispatches and messages
stated in the return provided for in the
thirteenth section OF said thirty.fourt
chapter, instead of four per cent, as
therein provided; and provided further,
that il such foreign company shall
make said deposit in the bonds or notes
OF individuals secured as aforesaid, then
said company shall De exempt from the
tax of four per cent. specified IN said
thirteenth section, and shall be required
to nav only such taxes and assessments
as are by law required to be paid by
such insurance companies as are in
corporated by and under the laws Of this
State.
So much of the thirteenth section OF
the said tbirty-fourth chapter OF the
Code as is inconsistent, or in conflict,
with this act is hereby repealed.