Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-05-09
Laws of Minnesota.
by Authority.

lQWO VI "UujV0O\Os
by Authority.
Continued from Title III.
TITLE ".
FIRE INSURANCE COMPANIES
Section l. No joint stock fire in
surance company shall be organized in
this State, or do business in this State
unless it has two hundred thousand DOL
lars capital. No joint stock fire. inland.
or marine insurance company Of any
other State or nation shalt do business
in this State unless it has ut least three
hundred thousand dollars capital.
Sec. 2. No mutual FIRE insurance
company not Of this State shall do bus,-
ness in this State.
Sec. 3. No fire or inland insurance
company Of this State, or doing husi-
ness in this State, shall expose itself to
any loss on any one fire or inland navi-
cation risk or hazard. either by one or
| more policies. to an amount exceeding
i've per cent. Of its paid up capital, in
the case Of fire, or ten per cent in
the case Of an inland insurance compa-
ny, whether reinsured or not.
Sec. 1. No fire insurance company
shall make any Dividend, except from
the surplus profits arising from its bust
ness. In estimating such profits there
shall be reserved therrfrom
l. A sum equal to the whole amount
| Of premiums on unexpired risks and
policies, which are hereby declared to
be uncarned premiums j;
?. All sums due the company On bonds
and mortgages, bonds, stocks, and book
accounts, Of which no part Of the prin-
cipal, nor the interest thereon has been
paid during the preceding year and for
which foreclosure or suit has not been
commenced, or which after Judgment
obtained thereon shall have remained
more than two years unsatiSiicd, and on
which interest shall not have been paid
and,
3. All interest due or accrued, and
remaining unpaid Provided, that any
company may declare dividends moi OK
ceeding fifteen per cent. on its capita
stock, in any one year, that possesses al
accumulated fund in addition to thu
amount Of its capital stock, and Of such
dividend, and all actual outstanding Ii
abilities, equal to onc-half Of the amount
> of all premiums on risks not termina
ted at the time Of making such divi
dend. Any dividend made contrary t,
this section shall subject the compan,
making the same to forfeiture of it
. charter, and each stockholder receiving
, it to liability to the creditors Of sucl
company to the extent Of the dividen,
received, beside the other penalties ant
, punishments prescribed by law.
This section shall not apply to tn
declaration of scrip dividends by parti
cipatins companies but no such scri)
dividend shall be paid, except from sur
!, plus profits after rcscrving all sums a
= above provided, including the Who'll
: amount Of premiums on unexpire
: risks.
The word "ycar," wherever used il
this section, shall be construed to mca
4 the calendar year.
Sec. 5. Any joint stock fire insu,
. rance company may upon the write
I consent Of the holders Of three fourth
in amount Of the stock) permit the in
. surcd to participate in the profits of it
: business, and provide how far any scri
! issued to the insured for such profit.
D shall be liable for the losses to be su:
7 tanned and any company so doing, wher
! ever any amount less than one hundre
# thousand dollars has been accumulated
and scrip 50 issued therefor, may, upo
,, the written consent Of the holders {
i three-fourths in amount Of the stoci
d pay off and cancel an amount Of tn
j. original cash capital equal to ont
IS halt Of the accumulated profits, and s
|. may continue from time to time unit
It the whole amount Of the original cas-
l. capitals paid off; provided, that bcfo,
N any portion Of such capital stock sha
he so paid of, proof shall be exhibite
St to the insurance commissioner that a
ID amount IF accumulated profits has bee
realized, scrip issued therefor, and i
h vestmcnt made thereof, pursuant to Il
III provisions Of section 4 Of Title III.
or this act, at least equal to double Il
=. amount so desired to be paid off a,
a. Cancelled, and the said commission
Id shall also first certify that he is satis6'
=, with such proof:
y. Sec. 6. No fire insurance c0mpa,
Of If any other State of the United Stat
al in which the substantial provisions
At this act shall be enacted, shall be ,
Quired to make any deposit in Il
Of State.
n. Sec. Z. No foreign frc insuran
Of company shall do business IN this Sta
re- unless it has on deposit with the col
missioner Of this State, for the benc
Of all its policy holders in the Unit
States, the sum Of two hundred the
sand dollars, invested and valued
prescribed in section i of Title ILL.,,
dis unless it has complied with the NJ
-. section.
w. Sec. 8. A foreign fire insurance co
ost panv, which has its principal Office
,.s the United States, in any State whe
~, the provisions Of law contained in t
act shall be in force, may file with I
insurance commissioner of this State
CIV certificate made by the insurance co
ay missioner Of such other State that
M holds deposit made by such compa
he such as is described in the last 5
me tion.
ml NJ deposit shall be required in t
State from such company while the
81 post so certified remains sufficient.
~ Sec. 9. No foreign insurance CT
'cn pany shall make any contract Of ms
nd ancc against loss or damage by fire
inland navigation risks, nor expose its
:, to any such loss by any one risk,
'"' any greater amount in proportion to
i" capital, as determined by the follow
The provisions, than companies of this ST.
,cr may.
clv Sec 10. For the purposes Of t
" act the capital Of any foreign insura,
company doing fire insurance busin
we in this State, shall be deemed to be
auurooato va1uo If ;to Iooos;te ,y;t1, 4