Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1873-04-15
The Insurance Law,

i
| .ty four of the Code of West Virginia, in
| relation to Insurance Companies.
passed.
Be IL enacted Iy the Legislature of Vest Vir-
| ginia:
| That section 2 of chapter 81 of the Code
be amended and re>enacted SO as to read as
| follows:
seq. 1t shall not be lawful for any officer or
agent of any fire or marine insurance company,
directly or indirectly, to take risks OF issue
policies within this State. without first procur
ing from the auditor a certificate as hereinaf-
ter directed. Before obtaining such certif-
cate such company, its officers or agents shall
furnish the auditor with statement under
oath of the president or secretary of the COM
pany for which he or they may act, which
statement shall show:
First The name and locality of the COM
pany;
Second. The amount of its capital stock !;
Third. The amount of its capital stock
paid up;
Fourth. The assetts of the company in
Gliding, first, the amount of cash on hand,
aud in the hand of agents or other persons {;
second, the real estate unincumbered third
| the bonds owned by the company and how
they are secured with the rate of interest
| thereon /; fourth, debts to the company secur
ed by mortgage or otherwise; SIXTH all other
| securities.
Fifth. The amount of liabilities due or
owing to banks or other creditors by the com
PAW.
Sixth. Losses adjusted and due
Seventh losses adjusted and not due.
Eighth. Losses nnadjusted
Ninth. Losses in suspense waiting for
further proof
al -. II
pany.
Eleventh. The greatest amount issued in
any one risk
Which statement shall he filed in the Office
OF the said auditor, and no foreign insurance
company or agent thereof, shall transact apy
business OF insurance in this state unless such
| company is possessed Of at lpsst one hundred
thousand dollurs of actual capital, invested in
the stock or bonds of some one or more of the
states OF this union whose bonds are at par.
or OF the bonds OF the United States at the
current market value thereof at the date of
such statement, or in bonds secured hy mort
gage or deed of trust on real estate within
this state worth double the aur unit for which
the same is mortgaeed, free from any rrior
'ncumhrance and having undouhted title
The auditor shall be authorized to examine
into the condition and affairs of any foreign
insurance company doing business in this
state, or cause such examination to be made
by some person or persons appointed by him
having no interest in any insurance compsny.
and whenever it shall anpear to the satisfac>
ton of said auditor that the affairs of any snch
company are in nneound condition. he shall
revoke the certificate granted in behalf of
such company, and shall cause a notification
thereof to be published in some newspaper of
general circulation published at the cnpital of
this state, and the agert or agents of such
company are, and after such notice required
to discontinue the issuing of any new policy
or the renewal of any previously issued"
When by the laws Of any other state de-
roslts of money or securities, or other obliga
tons or prohibitions ara imnnsed or would be
imposed on insurance companies of this .tate
doing. or that might seek to do business in
such other state, or upon their agents there
in, so long such laws continue in force. the
same obligations and prohibitions of what ever
kind, shall he imposed npon all insurance
companies Of such ether state doing business
within this state Or upon their agents here.
Every foreign insurance company doing
business IN this state, at the time Of making
the annual statements required by law,
shall pay into the state treasury as taxes.
three per cent of the gross amount of rreni-
year, taking duplicate receip.s therefor, one
of which shall be filed with the auditor and
upon the filling of said receipts, and not till
then, the said auditor shall issue the aunral
certificate rs provided by law, and the said
SUN of three per cent, shall be in full of state
taxes only.
Proc'd"d, That any foreign line insurance
comoony which shall invest in this state the
whole amour. of ito net receipts from its busi-
ness therein, shall pay only one third of the
aforesaid rates
3 No officer or agent ola foreign insurance
company shall make renew or negotiate in
this state any insurance or contract for insur.
ance on behalf of such company, or transact
any business for such comranv, directly or
indirectly without first obtaining the auditors
certificate OF authority as required nv law;
and this applies to all persons engaged in any
manner in soliciting risks insuring or obtain
ing the issue of policies, selling tickets of in
surance or otherwise doing the business of in.
s"rance, either by direct appointment from
company or as such agent
So much Of the act passed on Feb 25.
mi, and OF sections three and thirteen of
chapter thirty>fonr of the Code of West Vir-
GINA as are Inconsistent OF in conflict with
this act are hereby repealed
BANKRUPT EXEMPTIONS The act of
Congress, approved March 8, 1878. entitled
Gar &C: to declare the true intent and mean.
in" of the act approved june g. 1872, amen
datorg of the general bankrupt law" is as
follows
'Be it enacted by. 60. 60. Sc That it
was the 'r"e intent and meaning of an act APP
proved June 8. 1872 entitled on act to amend
an act to establish uniform system of bank
ruptcv throughout the United States approved
March 9 1867 that Tho a .a,n.A.;oaa anA-Al