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

~ y thtnS q oVPOp " fCCTtuiu .. DUuu6 OF
stock with the Act ofDecember 22d, 1869, a
copy of whichsis lereunto appended, The
law will be rigidly enforced, md all Compa-
mics must make the deposit within the time
specified.
JaL. NEAGLE.
Comptroller General. (
A N ACT to regulate the Agencies of Insu-
IN rance Companies not Incorporated in
the State of South Carolina.
SECTION j, Beh enacted by the Senate
ana 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, one thousand
eight hundred and si1ty-nine, for any
agent or any Insurance company in the
United States, or any foreign State, iuoof po-
rated by the laws of this State, to take risks
on transact any business of insurance in this
State without first obtaining license from the
Comptroller General, which license shall ex-
pire on the 8lst LAY of March of each year.
SEC. 2. Tlatb before the Comptroller
General Sail issue such license to any agent
OF any insurance company not incorporated
IN South Carolina, there shall be filed in his
office a certified copy of the charter Of the
company from which the said agent or at
torney has received his appointment, and
also u 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 aud Secretary. Such Warrant of
appointment shall continue valid and irrevo-
cable until another agent or attorney has
been substituted 50 that Mt all times while
any liability remains outstanding taer6 shall
| be within the State nm agent or attorAey rs
aforesaid, and shall contain n conseAt ex-
pressed. authorizing process of law TO be
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 name re-
quired by the laws Of this State shall be
deemed legal and binding on the company or
companies, in all cases whatsoever, and 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 he filed and pub
lished a statement, made under oath of its
President OF Secretary, showing its assets
and liabilities, and distinctly showing the
amount of capital stock, and how the SAM
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 indebtedness, whether due
or not due at tho time of the filing of the
statement above, and shall further show:
list. That said companies have 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 as 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 IRON 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 agent or attorney OBJ
tanning such license shall also cause such Ii
censc to be published in some newspaper, to
be designated by the Comptroller General,
a@Sing circulation Ia INC county IN wniSiI nc
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, il shall be his duty 10 refuse Ii
censa 10 its agent or agents, and to withdraw
any license that has been already issued.
SEC. 8. 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 as 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,
nj Inc discretion as ;hs Jcdge; pras;dsa,
further, That nothing contained in this Sec
ton shall release any company or companies
| upon any policy issued or delivered by it or
them.
SIC. @. That for every license issued by
the Comptroller General under this Act. he
shall be paid by the company taking out
such license the sum of FIVE dollars for his
own use.
SEC. Z. That all Acts or parts Of Acts in
| consistent with this Act are hereby repealed.
In the Senate louise, the ffth day Of
March, in the year of aur Lord one thou
sand eight hundred ntd sixty-ninc
ID. II. CORBIN,
President pro temporc of tho Senate.
FRANKLIN J. MOSES, Jr.,
Speaker Of the House of Representatives
| Approved the sixth day of March, 1869.
'arIaf nAurpr II FQYArr. na,.-o.l. ~