Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1874-12-16
,ns OF VERMONT, a. H., is14.
.,,sss tss Secretary Of State for TsIiteoiiOr
N hs Newspapers Of ths STATE.

IN tht NtuAPtPpe " w. 1890
yI-An Act relating to insurance,
n, ~, hereby enacted BY the General As
y III Of the State of Vermont;
l"' All mutual tire insurance COM
sc, - This State shall be responsible for
n We, and neglect of the several agents
80 nv them, as between the 5Iid
po laniSs and the applicants for insurance
or the assured, while in the per-
lH,'u, nf their duties es the agents OF
h companies. ..,..
y Nv ,ho.e chartered by the general assem-
s ~ hi his State. are prohibited from taking
,a,ance in thi. State. unless such COM
.u.% az eompanies shall be responsible by
Wy , ", nf the State in which such compa-
l ."omnauies are situated, or by the act
'.ooratinp such company or companies,
pna nroyiso to that effect inserted in
y noIicic; of insurance. for the acts and
w. I,a, If their agents as between said
,HSnies and the assured, and rs between
A cnmpanies aud the applicants for insur-
oee therein,
T., z II any person shall take any APP
IG,ation or make any survey intending to
H., insurance on any property IN this
ala in ANY fire insurance company not
b,r,oreI by tho legislature OF this State,
"a "a cnmnany not being liable for the acts
n psylsc. Of such persons, as specified in
"a nrec,diug section, said person shall. up
n nnnyiotion before any court proper to try
Ia same. forfeit and pay sum not less
han seven dollars for every such offence !;
half of such penalty shall go the per-
m nrOseclting the same. and the other
I,Ifto the treasury Of the town where such
{fgpce shall have been committed
Sec. 4 Whenever applications for lire
alrance shall be taken or transmitted by
through local or travelling agent 0fany
n insurance company, 1t shall in law be
FAMED to be the act of the said company !;
M such agent shall not therein be deemed
| be the agent of the applicant or insured,
hi in all questions arising as to the facts
sted in such application, the said agent
NJ be taken aud deemed to DO the agent
tho insurers, and not of the insured,
Sc. 5. There is hereby established dis
net bureau, to be known az the insurance
reau, which shall be charged with the ex-
ltion Of the Ia KS Of this State in relation
Insurance.
Sec, Q. Tho Secretary and Treasurer of
is State are hereby declared ex-officio in
rance commissioners.
sc. T. That no joint stock Insurance
npany, not organized under the laws of
State, shall be permitted or allowed to
lnsaot the business of such company in
State, unless it shall have bona fide
a up capital, invested In securities read
convertible into cash. of at least ono
inbred thousand dollars not less then
4half of which shall DO invested in cash
aEities, other than mortgages Of real es-
he, nor unless such company shall have,
sddition to such capital, assets equal in
cunt to all its outstanding liabilities,
koning fifty per cent of premiums on
Standlng fire risks, the whole amount OF
emium on marine risks, and the premium
sHye on life risks, based on the actuaries'
BE of mortality, with interest at four per
as a liability; provided, that the in
ance commissioners may, at their discre-
N, Hcensa any company to do business in
is State whose impairment OF capital does
h exceed twenty per cent OF the above
lie ; nor shall any mutual fire or life in
rance company or cooperative insurance
npany, association or society, not organ
ID under the law of this State, be permit
or allowed to transact the business of
ch company In this State unless it pos
sses assets amounting to one hundred
Oasand dollars, invested in securities
aiiIy convertible into cash, not less than
behalf of which shall be invested in cash
sGrties other than mortgages of real es-
10, nor unless it possesses such fssets
lal to all its outstanding liabilities in
qing reinsurance, to be estimated as in
case of Joint stock insurance companies
SRe named, and including the amount. OF
llantee capital as liability {; nor until
the law relating to insurance companies
other States, enacted by this State, shall
I've been complied with. And further
aEided that nothing herein shall be 81
lstrued as to require any mutual fire in
rance company to keep on hand any cash
insurance reserve or funds invested in
karities other than their premium notes
hen slid premium notes amount In gross
three per Centum of the amount at risk
said company.
Zee, T. No inS urance company not Orga'
lied under the laws of this State shall dc
Sness in this State until it has filed with
b Secretary OF this State written stipu.
llon agreeing that any legal process at
sctiug the company, served on either Of thu
hilTance commissioners, shall have the
|'ne effect as il served personally on the
(onpany within this State. So long as any
abilities of the stipulating company to an,
aldent OF this State continue such stipu-
aiOn cannot be revoked or modified. Ser
aol process according to the stipulation
lOIesald shall DO Sufficient service on thu
Snpany; a copy Of such stipulation, Ger
aeu ny either vi the commissioners, ant
Is certificate that process has been servet
o hin shall be sufficient evidence thereof
Aen process against or affecting an insur
nee company is served ON tho Insurance.
0nmIa'ioners, or either Of them, 1t shall
served BY duplicate copies. and they o
shall Immediately forward by mail on
0N oil the same to the company OF 1t
0nO otlce or to any person whom sucl
Nnpany shall designate.
&c. o. 1t shall not DO lawful for an.
A'uranco company embraced in sectio
wen to transact any insurance business Il
Us state, unless such company shall hrs
sa'n license OF tho insurance commits
'1ers, authorizing tho company 40 to dc
AoFe receiving such license, the compan
OIL Tile with the Secretary of State cor
9eG copy Of its charter and bylaws, an
Toll statement, under oath OF its prosiden
Aa secretary, showing the financial condi
% and standing Of the company, in accoI
1nce with blanks furnished by him. Upo
sewing such copies and staten Jnts, =.
commissioners are satisfied with ii
aGs' and that the company meets the r.
,'esnents Of section seven, and has con
Sa with the requirements Of sectioo
sOI OF this act, they shall. grant such J
%ae' authorizing such company to do Il
aance business by authorized agents. SUI
" 10 the laws of this State, until the mr.
" Of April thereafter and annual
uaeaiter, on the first day Of April such
suS may be renewed, 30 long as sue
'Jsaapanly shall comply with the requirement
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