The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-01-21

ami .Js41e'i = r j. L.. NEAGLE.
= = rsfa1s Comptrollcr General.
A N ACT 4 to regulate a theIAgenS nSiesofI InsnF
the State Of souslSc Scarolina.- Ea-S-fD
SECTION I, BcH enacted by the Senate
and House of Representatives -ofthe State, of
Sopth EarofTh now Smct md sitting in
GeneraE Asscnibly and by aie authority
of ahe sann hat it shall not Do hwfal
after z he kfrst day of April, one thousand
eight liuNifet and sixty niro,- fes- any
jRgcAt or~nry Insurance company in the
United States, 9r, any foreign State, incorpo-
rated by the laws,of this State, to 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. Ihntb 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 certified copy of the charter of the
company from ~ hich the said agent or at
torney has received his appointment, and
also certified copy of the vote or resolution
of the Trustees or Director of said com pariy
app ointing him such agent, 0cceinp panied by
a warrant OF GNpO.ut!nent under the Official
4
President and Secretary. Such warrant Of
appointment shall contipGc valid and irreyo-
C bic until another agent or ati di ucy bias
been substituted SO th&tht all times while
| any liability remains out standing there shall
f, % within the State an agent OF attorney as
AZORES i'd, s41 shall conan a. censcat cxs
i-pressad. tlioriziIrgs pSaeeas Of law 10 be
saved on sad agent or attorney for al La
bliti of every nature incurred in tlis S!ute
by SAID company, and that such servicc ,nadc
on -suclagnBt or-attorncy- the manner re-
! quircd by the laws of this State saall be
4 dccrued legal and binding eh the company or
/ companies, in all cases wha,socvcr, nndihat
every Judgment SO recovered Shall be con-
elusive evidence 'oi the indeb edncss of the
companyi AMI insaSt,!ition TO said Warrant o"
/ appointment, there shalt be filed and pub
! l.sicd a statement, made under oath of its
| President or Secretary. showing lis assets
| and liabilities, and distinctly showing the
amour; of capital ST ock, and how the- same
hasshecn paid. and OF What thc 'nsses OF the
company consists, the amount OF losses due
and unpaid, and all other claims against the
company, or other inleptedness, whether due
or not due at the time eff the fling Of the
statement above, and shall further Show:
LIST. That said conipnnies have fulfilled the
provisions of their res pqctive charters, anil
OF the extensions and amen I'm cnts thereto, in
I every particular, and whether there has.bctn
| any change of charters Since last statement.
| ID. The amount OF policies outstanding as
! near as can be ascertainca. ~ - Z
3,i. The clihractcr OF 1he.1risks, :. anda the
rule governing companies and their agents
in taking the same, both as TO locality and
amount. y S ID -
4th The particular character of lhc as
sets, specifying The amount of cash and pub
| lic bank, manufacturing on other stocks and
bonds, or other securities, held by thescom-
panics, with'the evidence that they are held
! by them, the rule of f@inSestuent in real es-
tate, securities. and the general localities of
real estai 9 secured accompanies. =
| 9th. Theshuonnt reccivc L from premiums
aud whether sufficient TO pay losses SO.
9TH EWhcthcl3therc have been any chan
! gc& i, agencies during the preceding six
| months. .
| f SEC. 3. That every agent or attorney oh
| taxing such license shall also cause such IL
cense to be published in some newspaper, to
be designated by tho Comptroller General,
having circulation i'll 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
/ .,s., s... z..s.-.s ,.-..~.. =.
| this Act, and it shalrbe the duty orthe agent
or agents TO publish the same
| SEC 4. That if the Comptroller shall be-
some satisfied that any companyis is insolyent
or unsafe, ii shall be his duty to refuse Ii
cense to it's agent or agents, and to Withdraw
any license that has been already issued.
| SEC. b. That any person who shall deliver
any policy of insurance, or collect any pre-
mum of insurance on. transact any business
of insurance in this State, for any COMPANY
in the United States, 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 ihan- one l,undred
dollars, nor more than FIVE hundred dollars
at the discretion aof tire Judge Provided
further Thatnothing contained in this Sec
ton shall l'elease any company or companies
upon any policy issued or delivered by it or
them. Sfh -
SEC. 6. 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. ..tF Il q
SEC.s7. That all Acts or parts of Acts In
consistent with this Act are hereby repealed
I'm fhe Senate II ousc, the fifth day of
= March, in the year of aur Lord one thou
sand eight hundred atd sixty - '
r. D.. T. C0RBtN, IL
~, President pro, tempore of the Senate.
|, FRASKLTN j. MOSES, Jr.,
Speaker ofthe House OF Repre- cntatives
Approved the sixth day of March 1860.