Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-03-28
LAWS OF TENNESSEE.

transact any business OF insurance in this
state, through agents or otherwise, il shall file
with the Treasurer OF state "A certified copy Of
The Charter, or deed of settlement OF the COM
psny, and statement OF the company on the
3lst day OF December next preceding the day
on which II shall apply for permission 70
transact busi ness in this State, exhibiting the
| following facts and items in the following
| form, namely: N..I .-
First-The amount Of the capital stock Of
the company, and how much of the same has
been paid up in cash.
Second-The property and assets held by the
| company, specify ling
!. the value and location OF the real estate
/ held by such company.
2. The amount OF cash on hand and depos-
| ited in banks to the credit OF the company; in
/ what banks the same Is deposited and the
amount in each.
| .. The amount IN the hands os ngent5 and
( In course OF Transmission.
| 4. The amount Of loans secured by bonds
| and mortgages, or deeds OF trust constituting
the first lien on real esta'e ON which here
shall be less than one years interest due or
/ owing; the location and value OF each piece
OF such real estate, and the araount loaned on
/ each piece.
/ 5. The amount Of loans on which interest
| shalI not have been paid within one year pre-
! viouS to such statement, ana how secured.
| 8. The amount due the company on which
Judgments have been obtained, srd tie cash
value thereof.
| 2. The GElount OF stocks aud bonds OF this
| stocks or bonds owned by the company OF
| corporation, specify ing the amount, number
/
kind OF stock or bonds.
! s. The amount Of bonds, mortgages or stocks
! held as collateral security for loans. with the
1 amount loaned on each kind of stock, or bond
| and their par and market value.
| 8. The amount of interest actually due and
unpaid.
3D. The amount OF interest accrued but not
! due.
! II. The amount of all other assets Of every
| desc criptiOu, and OF what composed.
Third-The liabilities OF such company
Specifying
| !. The amount OF losses due and unpaid, and
how much thereof is TO the citizens Of this
State.
! 2. The amount of claims 1or losses resisted
| BY the company, and how much thereof tC
\ citizens OF this State.
.. The amount OF claims for losses incurred
| during the year, including those claimed and
not due, and those reported 10 the company
I upon which no action has been taken and
! how much thereof IS TO citizens OF this State
| 4. The amount OF dividends declared and
due, and remaining unpaid.
| .. The amount OF dividends declared and
not due.
Q. The amount OF money borrowed, aud sc.
| curity given for the payment thereof
| :. The amount required for Reinsurance oi
| outst and1Dg policies.
S. The amount OF all claims against the
company, and OF what they consist.
FouTth-fhe income Of the company during
| /. The amount OF premiums received, desig.
mating the amount received in this state.
| ?. The amount of interest money received.
| Z. The amount or income received from all
| sources, and from what the same was derived
Fifth-The expenditures during the proceed
| i. The amount of losses paid during the
year, stating how much thereof 10 citizens OF
| this State
2. The amount OF dividends paid curing the
| year.
g. Tine amount paid IA taxes, and commits
sions TO agents.
I. The amount Of ell other payments and
| expenditures:
Which statement shall be subscribed under
oath by the President and Secretary, or other
chief officers, or managers Of such company,
and shall be rsuewed annually on the 10th
| day OF January Of each year thereafter, or
within thirty days thereafter; and the said
\ Treasurer of State is hereby authorized to pro-
| pose such additional inquiries may, In his
| Judgment be necessary TO elicit full exhibit
| OF business and standing of any Insurance
company, as Aforesaid, transacting or propos-
ing to transact, the business Of insurance in
! this State
section BE IL firtRer snacted, 1t shall not
| be lawful for any Insurance company not or
sanized under, or Incorporated by the laws oi
| this state, to transact any business OF inSrr-
| ancG in thtsState, through agents or otherwise
| unless possessed Of at least S29,6VJ OF actual
| cash capital, invested as required by the laws
i of the state where organized, or until such
| company, in addition u the other require
| ments OF this act, shall have filed with the
| Treasurer OF State written instrument, duly
| signed and sealed, authorizing any agent OF
! agents of such company, in this State, TO ac-
| knowledge service Of process, for and in be-
| half or such company in this state, con-
| senttns that service of process, meD~e or final
| upon any such agent or agents, shall be taken
| and held rs valid, as ii served upon the COM
pany according TO the laws OF this state, OF
| any other State, and waving ali claim or right
of error by reason Of such acknowledgment
OF service; also waving all claim OF right tC
I transfer or remove any cause then or there
after pending in amy OF the courts of this
| state wherein such company mag be Z. party
| 10 the courts OF the United states. In case
any such insurance company shall cease lC
| transact business in this State, the agent Ol
! designated. gCflnu 81
| such corporation, shall be deemed to contlnut
| agents for such company for the purpose oi
! serving process for commencing action upon
! any policy or liability incurred or contra
while such company transacted business IN
| this State. ...
| Section 3.-Be IL Cttrther enacted Before any
company incOrporatedby, or organized undel
! the laws Of any foreign government, shae
| transact any business OF insurance in thit
State, II shall file with the Treasurer the Ger.
tificate of the Comptroller or other chief fnau-
cial officer of some other State, or Of the Uni
ted States, under his hand and Official seal,
1 that lie holds on deposit, and in trust for the
| benefit OF all the pOlicy-hOlderS OF such CON-
| pany in the United States, securities in which
| II is authorized 10 invest its capital stock by
| worth at least $4,000, and which shall be in
| creased In case OF any depreciation IN their
| value; provided, that companies organized
under the laws of any foreign government
| depoSiting the amount OF securities aforesaid
with the Treasurer Of this state, who shall
| receive the same IN his Official capacity, and
producing and filing 81 certificate thereof IN
| The manner provided by this section, shall be
held to have compiled with the requirement,
| OF this section, II such certificate shall state
that the Aforesaid deposit Is for the benefit and
| States.
Section i.-Be Il further e7.acted, 1t shall be
| the duty of the Treasurer, by himself, or his
| deputy, or whenever he shall deem Il expedi.
ent 80 to do, at his option, 10 appoint one OF
| more persons, not officers, agents or employees
| OF any Insurance company, who, before enter
! Ing upon the discharge of the duty, shall take
an oath 10 perform faithfully and impartially
| the business with which they are charged &c
| examine into the affairs OF any Insurance
| company, not incorporated by this State do
! ing business by agents in this state, and i
| shall be the duty OF the officers or agents Of
| such company 10 cause their books 70 be
opened for the Inspection of the Treasurer, OF
person or persons 80 appointed BY him, and
/ Otherwise 10 facilitate such examination sc
| far as tmsy ba IN their power to do; and for
| that purpose the Treasurer or the person OF
| persons SO appointed by him shall have power
| 10 examine under oath the officers or 9gents
| of any such company relative 10 the busines,
| OF said company; and whenever Il shall ap-
pear TO the satisfacii ion Of the Treasurer that
| the assets OF any such company are reduced
| more than twenty-five per cent. below the
capital stock required by this act, or its CHAR
| ter, after reserving fifty per cent. OF the
| amount received for premiums on all risks
| which are unexpired, which ara hereby de-
| clared uneRrned premiums, he shall revoke
| all authority to such company or its agents 10
do business in this State, and shall cause q
| notification thereof 10 be published in one O.
| more newspapers of general circulation, and
! copies thereof 10 be mailed TO each agent IL
| censed by him to transact business for said
| company, and the agents OF said company
| are, after such notice, required 10 discontinue
| the issuing Of any new policies, or the re-
/ newal of any previously issued. The neceS-
! Sary expenses OF such examination shall be
| certified TO by the Treasurer, and paid by the
| company examined.
| Section 6.--Bs IL further enacted. Whenever
/ any Insurance company, as provided for In
| section l, shall have fully complied with all
| he nf IrQnsll-
| rer Is satisfied that the affairs OF such CON-
pany are in sound condition, he shall issue
| certificates OF authority 10 such persons as
| such company may designate, authorizing
| them 10 transact Tie business Of insurance IoI
| and In behalf OF such company IN this state
| which rtifcstes shall be renewed annualiy
| In January OF each year.
| cectiOn 6--Be u further enacted, II shall not
\ be lawful for any person OF persons TO act as
agent. or solicit risks, Or In any way, directly
| or indirectly, 10 transact the business OF in
| surGnce for and In behalf OF any company
| laws OF this state without first obtaining a
| certificate OF authority from the Treasurer Of
this state 80 to do; and whoever shall, directly
or indirectly aid, in transactins The insurance
business OF any such company without first
| receiving such certificate OF authority or
| having received such certificate of authority,
| shall, after receiving from such Treasurer no.
uce OF the revocation thereof, continue 10 act
| As agent for any such company, shall forfeit
and pay TO the state for each o1IenSe the sun,
section he IL further enacted The term
company, used in this act shall embrace and
include every company, corporation, associG-
| tion, or partnership, organized for the purpose
| of transacting the business Of insurance, other
| than Life insurance.
| Section S.-Be Il further enacted, Each aud
every company organized for any of the pur-
poses named III this act, not Incorporated by
| or organized under the laws of this State,
| shall, en- the first Monday of May and Novenn-
ber in each year, report under the oath OF the
| President and Secretary, or other chief officers
OF such company, the total amount of pre-
miurns received from policies issued IN This
state, within the six months next preceding,
or since the last returns OF such premiums
were made by such company; and shall, st