The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-01-28
STATE OF SOUTH CAROLINA

At n General Assembly begun to be holden Mt
Columbia on tho fourth Tuesday in Novem-
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-niEe:
AN ACT TO BETTER PROTECT HOLDERS OF IN
sURANcE POLICIES IN THIS STATE. :
SECTION |. BE 1t enacted by the Senate
and House of Representatives of the State of
South Carolina, now met and sitting in GEN
eral 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 withybusiness (as 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
in the Company or Association; but, so long
as any Company or Association so depositing
shall continue solvent, the Comptroller Cen
eral may permit such Company Ito collect
and receive the interest ON such bonds or
stocks so deposited.
SEC. 2. Whenever any Company or Asso-
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, it
shall become his duty to furnish the Corpora
ton or Association with n 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. 8, 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 or
procuring applications for insurance of any
kind or kinds, or in any manner to aid in
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 dolG
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, SO long as any
Company or Association so depositing shall
continue o,S S; sas, : GSeptrsllss ,Gsnsr,al
collect and receive the interest on such bonds
or stocks so deposited, and have appointed
an Attorney in this State on whom process of
law can be served and said Attorney shall
have filed with the Comptroller General n
certified copy of the charter of said Com
pany or Association, and also n certified copy
of the vote CT resolutions of the Trustees or
Directors of such Company or Association APP
pointing him the Attorney of such Company.
which appointment shall continue until
another Attorney be substituted which
shall be done upon the death, removal or in
capacity to act of such attorney, or may be
done by such Company or Association at my
time. When the foregoing requirements,
and such other requirements MS now are. or
may hereafter be required by law, shall be
complied with the Comptroller General shall
give II 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 the agency is to be located,
shall be the authority to commence business.
SEC. 4. Every violation of this Act shall
subject the Company or Association, or agent
or agents, violating, Jointly and severally, to
! a penalty of five hundred dollars for each
violation, which shall be sued for and recov-
cred in n joint or several civil action, in the
name of the State of South Carolina, by the
Solicitor of the Circuit in which the Com
pany or Association, or agent or agents SO
violating, shall be situated one-half of such
penalty when recovered shall be paid into
the County Treasury of such County, and
the other half to tho informer of such viola
ton aud, in case of the non-payment of
such penalty, the person or persons so offend
ing shall be liable to imprisonment for a pc.
Rod not exceeding one year in the discre-
ton of the Court having cognizance thereof.
SEQ. 5. The Comptroller General shall
safely and separately keep the bonds or
stocks of each Company or Association, and
al:a.: .gtas; ::.c Identical 5G;.;.- :. a.~uaa -
ceived and during the usual office hours,
shall keep the bonds or stocks. subject to the
examination of the representative of any Com
pany or Association having made a deposit.
rs required by this Act and the State shall
be responsible for the return of all said
bonds or stocks dy the Comptroller General.
SEC. q. All Acts and parts of Acts incon-
%sistent or conflicting with this Act are here
by repealed.
SEC. Z. This act shall take effect sixty
days after its passage.
In the Senate-IIousc, the twenty-frst day
of December. in The year of our Lord one
thousand eight hundred and sixty nine.
(Signed) Wv MONTGOMERY,
President pro tempore Of The Senate.
(Signcd) FRANKLIN J. MOSES, Jr.,
Speaker ofthe House of Representatives.
Approved the 22d day ofDcccmbcr, 1869.
(Signed) ROBERT X. SCOTT
Governor.
STATE OF SOJrTH CAROJJNA