The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-03-18


F0REIGN CoMPAs1Es-The General Assem-
bly, has passed and sent to the Governor q
bill amending and reenacttng the first and
second sections of the act passed in the
year 1865 requiring a deposit Of securities
to be made by foreign insurance companies
doing business in this State, It pro-
Yides that no insurance company which
has not been incorporated under the
laws Of Virginia shall carry on bust
ness In . this Commonwealth without
first obtaining license to transact
it's business in the manner prescribed by
law, and no such company shall receive
such license until it shall have deposited
with the Treasurer of the State bonds Of
ations guaranteed by the State, or of the
United States, or of the cities of Richmond,
Petersburg, Lynchburg, Norfolk, or Alex
andria, or first mortgage railroad bonds Of
railroad company chartered by this
State, or bonds of individuals residents of
this State, executed for money loaned
by said company since the Sd day
Of February, 1866, and secured by deed
of trust on real estate in this State worth
double the value of such loan or debt
together with the policies of insurance upon
the property so mortgaged, approved by
said Treasurer, or bonds of municipal cor
sporations of this State, secured by deed Of
real estate to an amount 49,
s shaI be- ea,,s' txs per s6Ba r. e mich
tai stock of the company depositing the
same, such deposit being estimated at the
market value thereof at the time such de.
post is made PROVIDED, That in no case
shall any company receive license to do
business in this State without first making 0
deposit of securities according to the pro.
] visions of this act, the cash value of which
shall be ut least $4,000, and no company
shall be required to deposit such securities
to an amount exceeding in cash value
| $50, 900. -a14 !
The Treasurer shall have power to call
upon any such insurance company to make
| good any reduction in the value of the secu-
rites deposited by it as aforesaid, so as to
| bring their true value up to the amount to
be deposited by it, and it shall be his duty
to examine all securities so deposited with
him in the month Of December of every
year, for the purpose Of ascertaining whe.
| ther any Of them haYe become deprecated.
Any such company desiring to carry on
| the business Of insurance shall, by an agent
employed to Superintend or manage it's
business in this State, deliver, under oath,
to the Treasurer a statement of the amount
of capital stock of said company, and make
with him the deposit of bonds prescribed
but the bonds so deposited shall not be
in sums exceeding five thousand dollars
and the Treasurer shall thereupon give
to the said agent q receipt for the
same, and upon the exhibition of the said
receipt to commissioner of the revenue
or township assessor of the county or cor
poration in which an office Of the said COM
pany in this State is, or is intended to be,
I, fha a. 90
tax which may be imposed thereon, Ii
cense shall be issued in the manner pro-
vided by law to said company to carry on
its business and if at the end of the Pc
riod for which license is given the said
company shall desire another license, it
shall only be given on the certificate Of the
Treasurer that the bonds required by this
act to be deposited with him are in his pos
session.
This act goes into effect as soon as ap-
proved by the Governor.