The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-02-04

law will be rigidly enforced, md all Compa-
mics must make the deposit within the time
specified.
J.sL. NEAGLE.
Comptroller General.
A NACT to regulate the. Agencies of Insu-
IA rance Companies not Incorporated in
tue State of South Carolina.
SECTION Is Ben 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 first day of april, ono 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
vi transact any business or Insurance. in this
State without first obtaining license from the
Comptroller General, which license shall ex-
pire on the 3lst lay Of March of each year.
SIC. q. ,T.4atb before the Comptroller
General sail issue such license to any agent
OF any insurance company not incorporated
IN Soath Carolina, there shall be filed in his
Jffice q certified copy of tho charter OF she
company from which the said agent or at
torney has received his appointment, and
also o certified copy of the vote or resolution
of the Trustees or Director of said company
appointing him such agent, accompanied, by
q warrant OF appointment under the official
seal OF. the company, and signed by the
President and Secretary. Such warrant Of
appointmentshan continue valid and ~irrevo-
cable until another agent or attorney has
been substituted so-that at all times while
any liability remains outstanding faerS shall
be within the State anRgeut or attorley NJ
aforesaid, and shall contain u conseAt OK
pressed, authorizing process of law TO DO
saved on said agent or attorney for all liza
bilitics of every nature incurred in this State
by said company, and that such service made
on such agent or attorney in the manner re-
quired by the law Of this State shall be
deemed legal and binding on the company or
companies, in all cases whatsoever, und that
every judgment SO recovered shall be con-
elusive evidence of the Indebtedness of the
company and in addition 10 said warrant o.
appointment, there shall be fled and pub
lished a 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 assets of the
company consists, the amount of losses due
and unpaid, and oil other claims against The
company, or other indebtedness, whether due
or not due at the time Of the filing of the
statement above, and shall further show:
LIST. That said companies nave fulfilled the
provisions of their respective charters, and
of the 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.
3D.. The character of the risks, and the
rule governing companies and their agents
in taking the same, both rs 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 es-
tate, securities. and the general localities OF
real estate secured to companies.
9th. The amount received from premiums,
anu whether sufficient 10 pay losses, &c.
9th. Whether there have been any chan
ges in agencies during he preceding six
months.
SEC. 8. That every agent or attorney OBJ
tanning such license shall also cause such Ii
cense to be published in some newspaper, to
be designated by the Comptroller General,
having circulation in the county in which he
.s=:&es. ins company snail 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 shallb De the duty ofthe agent
or agents to publish the same.
SEC. 4. That if the Comptroller shall be-
some satisfied that any company is insolvent
or unsafe, it shall be his duty to refuse Ii
csase 10 its agent or agents, and to withdraw
any license that has been already issued.
SEC. s. 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
ont having first obtained license rs by this
Act required, or after his license has been
withdrawn, or who shall in any why violate
the provisions of this Act, shall be fined for
every such offence not less than one hundred
dollars, nor more than five hundred dollars.
at the discretion of the Judgei Provided,
farther. That nothing contained in this Sec
tion shall release any company or companies
upon any policy issued or delivered by it or
them.
SIC. g.. That for cvegy license issued by
tho Comptroller General under this Act. he
shall be paid by tbs company taxing out
| such license the sum of FIVE dollars for his
own use.
SEC. Z. Tint oil Acts or parts Of Acts in
| consistent with this Act are hereby repealed.
In the Senato-House, the fifth day of
March, in the year of aur Lord one thou
sand eight hundred atd sixty-nine
d. I. CORBIN,
President pro tempore of the Senate.
FRANKLIN j. MOSES, Jr.,
Speaker. of the House Of Representatives
! Approved the sixth day of March, 1869.
kesERr !, Scefr, Hcssrnes