The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-03-04

day of February, 1870, they win be required
70 obtain rev licenses, and before said iiccn-
ses are issued, the Companies viii be requir-
cd to. mako q deposit of certain bonds or
stock With the Act Of Deccmbcr 22d, 1860, a
copy Of which is hereunto appended. The
law will be rigidly enforced, aud all Compa-
mics must make the deposit within the time
specified.
81. j.. L. NEAGLE,
Comptroller General.
A N ACT to regulate the Agencies of Insu-
IN rance Companies not Incorporated in
the State Of South Carolina.
SECTION ], Bel enacted by the Senate
aud House Of Representatives of the State of
South Carolina, now met and sitting in
General Assembly and by the authority
OF the same, That 1t shall not be lawful,
after the first day of April, one thousand
eight hundred and sixty-nine, for any
agent or any Insurance company in the
United States, or my foreign State, incorpo-
rated by the laws of this State, 20 take risks
or transact any business of insurance 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. Tlatb 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 Trnstees or Director of said
appointing him such agent, accompanied by
= warrant OF 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 80 that at all times while
any liability remains outstanding there shall
be within the State an agent or attorney as
aforesaid, and shall contain a consent ex-
pressed, authorizing process of law TO be
saved on said agent or attorney for all liza
bilities of every nature incurred in this State
by said company, md that such service made
oi such agent OF 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, and that
every judgment 50 recovered shall be con-
elusive evidence of the indebtedness of the
company and in addition to said warrant o"
appointment, there shall be fled and pub
iioavvi sta;vneui, muuc under oaIn OF It's
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 all other claims against the
company, or other indeptedncss, whether due
or not due at the time eff the filing Of the
statement above, and shall further show:
LIST. That eaid companies have fulfilled the
provisions of their respective charters, and
of the extensions and thereto, in
every particular, aud whether there mas been
any change of charters since last statement.
I'd. Tie anounf Of policies outstaDding as
near 40 can be ascertaincd.
Sd. The character Of the risks, and the
rule governing companies and their agents
in taking the same, both as to locality and
amount.
4th. The particular character OF tire as
sets, specifying the amount of cash and pub
lie, bank, manufacturing on other stocks and
bonds, OF other securities, held by tho COM
panies, with the evidence that they are held
by them, the rule of investment in real cs-
tate, securities. and the general localities OF
real estate secured 10 companies.
9th. The amount received from premiums,
and whether sufficient to pay losses, So.
9th. Whether there have been any chan
ges in agencies during the preceding six
months.
SEC. 8. That every agcu, 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
resides. The company shall 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 shall be 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
cense to its agent or agents, and to withdraw
any license that has been already issued.
SIC. b. 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
out having first obtained license rs by this
Act required, or after his license has been
withdrawn, or who shall in any way 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,
mt the discretion of the Judge: Provided,
further. That nothing contained in this Sec
tion shall release any company or companies
npon any policy issued or delivered by it or
them,
Bgc. 6. That for every license issued by
tho Comptroller General under this Act. he
shall be paid by the COMPANY linking ont
own use.
SEC. Z. That ail Acts or parts of Acts in
consistent with ibis act aye aerehy repealed.
In the ouse, the fifth day of
March, in the year of aur Lord one thou
SAND eight hundred atd sixty-nine
d. T. CORBIN,
President pro tempore of the Senate.