Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1874-12-07
LAWS OF VERMONT, AID. 1874.
Designated By the Secretary Of State for publication
the Newspapers Of the State.
No. IAN Act relating to insurance.

EaSoViAiPAS
Sec l. Ali mutual fire insurance companies in this
state shall be responsible for the acts and neglect of
the several agents appointed by them as between the
in or the assured while III the performance of their
duties the agents of said companies.
Sec All fire insurance companies, other than those
chartered by the general assembly of this state
such company or companies shall be responsible by
the laws of the state in which such company com
their pocies Of INSURANCE for the acts and
Neglect Of their agents as between said companies aud
the assured and as between said companies and the
applicants for insurance therein. -,... -.
not chartered by the Legislature of this state said com
PERSONS as specified in the Precedn section said per
son shall upon conviction before any court proper TO
dollars for every such ofense half of such penal
other half to the treasury of the town where such
ofense shall have been COMMITTED s g.. i,.
shall be taken or transmitted by through local
IN nM b deemed to Be the act Of the said company
such agent shall not therein be deemed to be the
agent the applicant or insured and IN all questions
arising to the facts stated IL such appcation the
said shall be taken and deemed to be the agent of
Sec; 8 There is hereby established distinct bureau
charged with the execution of the laws OF this state
Sec 6 The Secretary and Treasurer of this State
hereby declared ex ofcio insurance commission
Sec !. That no joint stock insurance company, not
mited or allowed to transact the business
pany in this state unless it shall have bona de paid
into cash of at least one hundred thousand dollars
no Less 9fa onG o aa DC
nor unless such company shall have, in addition to
i ne liabilities recionins fifty per cent Of premiums
on outstanding hre risks; me Whole mo am2unt OF
serve on life risks based on the actuares table of
provided that the insurance commissioners may, at
their discretion license any company to do business
coed twenty per cent of the above rule nor shall any
lied under the laws of this state be permitted or al
state unless IL doiIars invested in Securities
an 1onVeTtble into cash not less than one half Of
which shall be invested III cash securities other than
assets equal all its outstanding liabilities Gncluding
sfoc above named and including
the amount of guarantee capital as IlabI1ty) nor
p aa fe enactd BY this state shall have Been
complied with And further Pr4D n that nat nothing
fire insurance company to keep on hand any cash re
insurance reserve or funds invested IN securities
other than their premium notes, when said premium
notes amount in gross to three per centum OF the
Sec No insurance company not orsan4ed ds u H
until ii has filed with the Secretary of this State a
written stipulation agreeing that any Legal process at
commissioners shall have the same effect as ii served
personally on the co & ms eonev 80 70
resident of this State continue such stipulation can
ing to the stipulation aforesaid shall be sufficient
service the company copy OF sueh sup b
that process has been served on nm sna pc sum
secting an insurance company is served on the in
surance commissioners or either OF thenl II snaIi ne
diaely forward by mail one copy OF the same TO the
company at its home office or to any person "oi ''
Sec g It shall not be lawful for any insurance com
many embraced section to transact any 1nsur
ance business in this state unless such company shall
first obtain license OF the insurance S4ss ni
such license the company shall file with the Secretary
and full statement under oath OF its president and
secretary showing the financial condition aug stand
ing ri the company in accordance with blanks furnish
ed by him Upon receiving such copies and statements
if the Commissioners satisfied with the same and
that the company meets the requirements OF section
seven aud has complied with the requirements OF sec
tinn eight of this act they shall grant such license, au-
thorzing such company to do insurance business y
nS Y6ereSfter and annually there
after on tile first day OF April such license may be re
renWiremens Aforesaid, and the commissioners shal
regard the eompany a. sa Zach eense or renewal az
above, the company shall pay TO the ooli'
Sec To- No person shall act as agent OF any lnsur
ance company aforesaid not oTgaaaed ns re
fary of State certificate from the company or II
nnh arenf and obtained license thereon from the com
missioners SO to 40 shall issue license to suc
erson to act insurance agent III TINS state pro
cre or solicit applications insurance therein
shall be authorized to do 2pf h I'M
rl thereafter unless for cause reVOkeq III the mean
time NAV be renewed on said first day of April an
annually thereafter and for sucn license anu each sun
naN to the commissioners the sum OF one dollar
amy 6e OF receive money value thereto
ran 2g fe Shall be PunsRe
for each offense by fine not exceeding one hundre
dollars da on to an 6ns qi
bind the company if otherT1se TaG TO @ MSS
Who only acts as clerk to any insurance company
II ANY person may be licensed by the COMM
sioners as insurance broker TO ne0date coHaactS
self for Compensation; and by virtue thereof ne mi
place risks effect insurance WIN any @ gT
P pau VINO have been licensed to do an Insura n
business s snail IN hn psy S the sum OF ten dollars which a
authorize him thus to act unti 6e nfst 'f o li
then mex; need from year TO year afterwards, endiI
annually on the nTs nay 10 "a act as such broker shall 10
felt not less than t dollars one half t ct wden TO-
To the state treasury; provided tnat any
surance agent whose fSn Der annG may
~ Suc6 broker without further charge LOT llcells 81
anal have been than ten dollars may nave sHGh
csnse as broker on payinS s make Che sum of
sea T. The insurance commissioners shall be
,orjzed at any time examine into the conaltlon a.
affairs Of amy comPaiy St p
bueness therein cause slcn 10 oe la
s by cnmpany; may in like maansr eXam1ne IL
the business transacted by any ageh' VI SuG or ape
III TINS oo,s or I,aIers relating tosuch compa
Nv AGENCY and to answer III wrltlue: uL9ei Ga'ti
OF aS11a}e questions relating thereto ana H. IN IN
offairs of such company are III an unsOu
" Fa~ condition they shall revoke any loS1se u
ola-ave been granted to such company anu al M
have been granted co dSts W
fna by Written to the ans p 1
same consecutive liseL tloLo ~ O1t
or wee6 ay have had authorized agent or agents
paIl9 very fire insurance company not ORGANIC
,rder the laws of this state, DuL uolis BUSINESS
IN on or before the first day OF FEBRUARY IN edJH e
Ia averv life insurance company not ofedllzeu uii'
Ne Of This state but doing business tnertIn OF
sefore the first day OF Marcn ~ can ~
NIT TO the insurance COMMISSIONERS q ~ VI
ny oF its president and secretary, OF tnS WI
oatL Of nrem1ms received IN money; or IN Ihe 10
Of notes credits, loans or any olnef ~ IL
~ Nv or on account of said company, oqEl1iS oe
SSd33p on the 3lst day OF the preceding OSceihDS
made by it on persons Or propeFtS,
a1}s state: also exhibiting Its assets IA ~ y
of capital stock actually pau L. tIiiiss and a5
generally, in accordance with DldllAs
~ Wv 4nrnished by the commissioners duapttu ~
Business of such company which 81 md Il
gid IN the office the Secretary OF state anu 81
~ the commissioners, upon hllllg SIIcn J
ts ann of twenty dollars, whIc1 sinai DC 1t1 ~ ~
Commissioners to the state 4,e Il
i,ranare suitable blanks, proposing isiL,ass
NAV be necessary to ascertain tl .5 311Iic
90 5 FAIRS of such company, ana FORWARD ulPtlC.
anu Sare in the month of December III each year
e1cb cOnpany; and
epd like statement of its standing anu alIalI > al
ntbeT time when in their opinion; the saie may
btlloh n.orI- for tine of the pupl1C
Il When the laws OF any ot1tE stft oL llat
~ faxes fines, penalties, lcensSs, ices
any ~ IF securities. other Obligations ot pEoA
would be imposed on NE llIsCLdlIVt
saniss nj this doing business III sucl
naton or upon their agents tti-r @ ~ ,iI1t
the ODll-dl oils
80 thateyer kind shall be imposed upon VI! me n
onca companies of such othet stdteS VI I
siueSs within this state and their ;!elIs Here
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