Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-05-02
Laws Of Minnesota.
BY Authority.
Continued from Title IT.
TITLE III.

Continued from Title H.
TITLE III.
PROVISIONS APPLICABLE TO ALL
CLASSES OF COMPANIES
Section |. 1t is unlawful for ins.,r-
ers or their agents to make. negotiatc,
or solicit, within this State, any con
tract Of insurance, except as authorized
in this act.
Sec. 2. No company hereafter or
ganizcd in this State shall risk insur-
ance upon the lives of individuals, nor
grant, purchase or dispose Of annui.ics
unless organized solely therefor, and
doing such business exclusively.
Sec. }. No declaration of orsaniza-
ton or charter Of an insurance Company
formed under any general law Of this
State, and no alteration or amendment
thereof shall be operative until it has
been submitted to the Attorney Gener-
al for examination, md found by him
to be in accordance with the provisions
of this act, and Of such general law.
and not inconsistent with the constitu-
ton and laws of the United States and
Of this State and 20 certified by him,
and delivered to the insurance counts
sioncr.
Sec. 4. The capital stock and accu.
mutations OF any insurance company Of
this State, shall be invested in the
bonds or treasury notes Of the United
States, or national bank stocks, or bonds
OF this State or any other State in the
United States. Or Of any city, town, or
county of this State, or Of any other
State Of the United States having legal
authority to issue the same, bearing in
tcrcst, at their market value or in any
interest or dividend paying stocks or
bonds issued under the laws Of this
State at their known market value, or
they may be invested or loaned on
mortgages Of unencumbercd real estate
in this or any other State of the United
States, worth at least double the amount
loaned thereon, exclusive of buildings
except when such buildings are insured
and the p. licies duly assigned as addi.
tional security, or loaned on pied yes Of
any of the securities named ia this sec
ton; provided, always. that the cur.
rent market value Of such pied yed secur.
tiles shall be at all times during the
continuance OF such loans ut least TWEEN.
ty per cent. more than the sum loaned on
them, and all such loans are subject to
the power of the company to terminate
the same in case Of depreciation of the
securities below the limit E; and provid
ed, that in all investments made upor
mortgage securities the evidence of thu
debt shall accompany the mortgage o.
deed of trust.
No dividends shall be paid except
from Surplus in excess of the minimum
capital stock required by law, rescrv.
fand for reinsurance Of policies, and
other liabilities of the company.
But this section shall not be con
strucd to affect the power Of compan,
to make dividends not impairing it.
capital and its reserves.
| Sec. 5. Before any insurance com
pany Of this State shall do any business
the insurance commissioner shall caus,
an examination to be made, either b,
himself or by a;sinterested person up
pointed by him for that purpose, VIII
shall certify, under oath, tina
the capital herein required Of tn
company named in the charter, &C
cording to the nature Of the bus
mess proposed to be transacted by sucl
company, has been paid in in money
and invested in such securities rs ar,
required by section four Of this title.
Sec. 6. Before any insurance com
pany shall commence business in thi
State. the following conditions must b.
complied with:
l. 1t must be fully organized
! ?. II it be company not of thi
State, copy Of its charter, duly accept
cd, or its dcclartion of organization O
deed Of settlement, duly approved il
scctiun three, and duly certified by tn
insurance commission or other proper Of
6ccr Of its own State or nation, with hi
certificate that the company is entitle,
to assume risks and issue policies there
in, together with the stipulation re
specting service Of process in this Stat
required by section 81 Of this title
and a statement of the place where i
| Is located. must be filed with the in
surance commissioner Of this State
4 3. It must procure from the insur
ance commissioner Of this State ccrti
ficate that it has complied with the pro
visions of the law Of this State applica
> bic to it, and is entitled to assume risk
, and issue policies in this State.
Sec. 7. No person shall act a. agen
! in this State for any company not q
this State, in any matter whatever relat
ing to risks. until the last section ha
been complied with on the part of tn
, company. and he has received from tn
insurance commissioner a certificate q
authority stating that the forcgoin,
, requirements have been complied with
record Of which certificate shall b
kept in the Office of the commissioner
A renewal certificate must be procure,
and filed within sixty days from the Is
day Of January in each year.
Sec. 8. Every insurance compan
or agent thereof doing business With,
this State shall, in all advertisement
"f such company or agency, publish tn
, location of the company, giving tn
name Of the city, town or village il
I which the company is located. and tn
; State or government under the laws q
; which it is organized. and in all adver
tisements and circulars in which tn
! capital Of the company so advertising
IS stated, the amount at risk on the pre-
ccding 31st day of December, shall b
stated.
Sec. 9. It is unlawful FIR any insur
ance company of this State to purchase
hold or convey real estate anywhere
and for any other insurance compan
to purchase, hold, or convey real cstat
within this State, except for the pur
poses and in the manner and time fol
lowing:
!. Such as shall be requisite for it
accommodation in the transaction of it
business; or
2. Such as shalt have been mort
gagged to it in good faith by way u
security for loans previously contractc,
or for moneys due; or
3. Such US shall have been convey