The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1872-03-14

the Judgment therein u docketod. that a
execution has boen issued Oh such judgment
% the proper o6i,s Of such county and re-
turned unsatisdsd in whole 81 IN part,
With the date Of issuing and return, the
Insurance commissioners shall forthwith 70.
yoke all authority or license for the trans
sction Of any kind of Insurance. business
within this State conferred upon such In
surance company. association. partnership,
drm or individual BY any certificate there-
for granted BY said commissioners to such
COMPANY. association, partnership drm or
Individual under the provision Of this act
and shall withhold therefrom any new Ger
tidcAto OF authority, such a. 10 contempls
ted herein. until such judgment 90 docket.
cd against such com pany, association. part
nersh'p, hrm or individual. is wholly paid
and satisfied, and proof thereof fiied with
SUCH commissioner by the official certia-
cate OF the clerk of the court in the coun-
" where the judgment roll Is filed and
Judgment docketed, showing that the saae
is satisfied Of record, and until the expenses
AID fees incurred in the casa under the pro
VISIONS OF this title are also paid by such
COMPANY, association. partnership, Arm or
individual; and the insurance commission
or shall also forthwith cause notice of such
revocation Of authority to be published ia
some daily newspaper, printed and pub
lished at the capital Of the State for at
least one week and during the time
such authority or license remains 90 re-
voked 1t shall be unlawful for the COM
pany, association, partnership, arm or in
dlvldual holding such revoked certificate
OF authority or any of it's agents or officers,
to issue or renew any policies of insurance,
Jake any risks, or transact any business
{ relating to insurance, except such - 10
absolutely necessary in closing up it, az
fairs in this State.
SEQ. ~. All duties heretofore required
to DO performed by, or responsibility i'm
posed upon, the State Treasurer Of this
State, under the existing laws regulating
insurance companies, shall hereafter be
performed by the insurance commissioner,
80 far as such duties and responsibilities
are not changed, modified or repealed BY
this act
SEc. %. All insurance companies
doing business in this State, under the
provisions of this act, shall annually, at
the time the certificate of authority 10
granted, pay to the Treasurer of State two
per cent. on all premiums received in cash,
and other obligations, except what are
denominated insurance deposit notes, rep
resenting dividends of the company, By
their agents or attorneys in this State,
during the year ending on the preceding
thirty first day of December, VII Oh sum
shall be paid into the general revenue
fund, aud shall be in lieu of all other
taxes to be collected from said companies
in this State.
Sec. %. Agents or employees of any
insurance company doing business in this
State. appointed or authorised to solicit fox
applications Tor insurance, to issue policies,
to collect premiums on the same, to adjust
losses, or to transact any other duties or
business for such companies, shall be held
personally responsible to such company
for any moneys or. property received by
them for such company; and in case any
such agent or employee, shall embezzle
or fraudulently convert to his own use, OF
shall take or secrete, with intent to en-
bezzle and convert to his own use, without
the consent Of such company, any money
or other properly belonging to such com.
pany, which he shall have collected or
which shall otherwise come into his. pos.
session, or shall be under his care Or con.
troll by virtue of such agency or employ
ment, or shall receive any consideration
other than such % il allowed by the com.
pany for which he is acting, in the settle
ment or adjustment or p ayment Of q loss,
with intent to defraud either said company
or any insurer, he shall be deemed guilty
of the crime Of larceny, and on convie.
ton therefor shall be subject to the fines
and penalties provided by statute for tho
punishment of larceny.
| II any person or persons insured in any
company doing business in this State, IS
provided in this act, shall wilfully make
any false statement, under oath, in making
any claim or proof of loss, a. required by
said company, they shall be deemed guilty
Of felony and shall suffer the pains and
penalties Of perjury as provided by the
laws of this State.
TITLE ".
| FIRE INSURANCE CoMPAN1Es
| SEQ. !. No lint stock Ore insurance
com pany shall be organized in this State,
or do busiaess in this STATE. unless it has
at least two hundred thousand dollars cap.
ital.
No joint stock, hre, inland or marine in
surance company Of any other State OF
nation, shall do business in this State
unless it has at least three hundred thou
sand dollars capital.
| SEQ 2. No mutual IRE insurance com.
pany not Of this State shall do business in
this State:
$40. 3. No IRE or inland insurance
company of this State, or doing business
in this State, shall expose itself to any
loss on any one fire or inland navigation
| risk or hazard, ei her by one or more pol.
icies, to an am punt exceeding five pei
cent. Of its paid u capital in the case OF
q IRE, or ten per cent in the case Of
an inland insurance Company, whether re
insured or not.
SEQ 4. No IRE insurance company
shall make any dividend, except from the
surplus proa.s arising from its business
In estimating such profits, there shall be
reserved theretrom:
l. Asum equal to the whole amour,
OF premiums on unexpired risks and poll
cies, which are hereby declared to be I'M
earned premiums;
2. Al sums due the company on bonds
and mortgages, bonds, stocks and book
accounts, of which no part Of the princi
pal, nor the interest thereon, has beer
paid during the preceding year. and fol
commenced, or which, after judgment oh
ttined thereon, shall have remained more
than Two years unsstisded, and on which
interest shall not have been paid; and,
8. All interest due or accrued and re-
naming unpaid. v-..
Provided, That any company may dc
clare dividends not exceeding fifteen pei
cant. on its capital stock, in any one year
that possesses an accumulated fund in ad.
dition TO the amount Of its capital stock
and of such dividend, and al actual out.
standing liabilities, equal to one.half of the
amount OF all premiums or
risks not terminated q
tha time Of making such DIVIDEND Any
divided made contrary to this section shall
subject the company making the same to
q forfeiture OF its charter, and each stock
holder receiving it to . liability to the
creditors of such company, TO the extent
OF the divided received, beside, the other
penalties and punishments prescribed by
law. This section shsll not apply to the
declaration OF scrip dividends by part
icipatlng companies but no such scrip
dividend shall be paid, except from surplus
profits after receiving all sums IS above
provided, including the whole amount Of
premiums on unexpired riaks. ?
The word year." wherever used in this
section, shall be construed to mean the
calendar year. ,,s d. a..
SEQ. 5. Any joint-stock Ere insurance
company may (upon the written consent of
the holders of three fourths in amount of
| the s!ock) permit the insured to particip-
! ate in the PROFITS Of is business, and pro-
| vide how far any scrip, issued to the iu-
sured for such profits, shall be liable for
The losses to be sustained !; and any COM
psny 80 doing, whenever an amount not
less then one hundred thousand dollars has
been accumulated, and scrip so issued
therefor, may, upon the written consent Of
the holders of three fourths in amount of
the stock, pay of and cancelled au amount
Of The original cash capital equal TO one
half OF thu accumulated profits, and so may
continue from time to time until the whole
amount Of the original cash capital is paid
If provided, that before any portion of
such capital stock shall BE- - pay of,
proof shall be exhibited to the insurance
cammiss'o ner that au amount Of accumu-