Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1874-12-11
LAWS OF VERMONT, 4. D., 1874.

N1.I-An Act relating to insurance.


the acts and neglect of the several agon
appointed by them, as between the 81
COMPANIES and the applicants for insurau,
Ehgrein. OF the assured, while IN the DC
- t,ruaucc OF their duties a. the agents
said c1mpanleS
Sc = All fire insurance companies. othC
tb,n those chartered by the general Assem-
blyufthi- STATE, are prohibited from takn
insurance in thi- State. gnless such con
f4ny ~ companies shall be responsible b
fbs agye ui the STATE IN which such compa
M companies are situated. or By the &C
-..-nlra;Ing such company or companies
.~lsa rr1yi>a to that effect inserted il
policies Of insurance. for the acts an,
..-e.t ot their agents AZ between sal,
..rui.i.s and the assured. and a. between
companies and the applicants for insur
.r.r therein.
>.r J. any person shall take any ap
I.lflIu Ur make any >iryey intending L
f.- Insurance on any property III thi
STATE. lu lry fire Insurance company MOI
..Ir-.re! 3D., gre legislature OF this State
sad ..m.tuy u3t being liable for the act,
AMI ae-I,c; of -seb persons, as specified in
The urrsrIIa- section, said person shall up.
.u e.a.i.tllu before any court proper to Try
che same. forfeit and pay a sum not les
diam seven dollars Tor every such offence
.r.-l..l u. such penalty shall go the per
-ua.. scouting the same. and the other
..Il. r.e ir.ss iry of the town where such
f.. -.a. have been committed
~r. Whenever applications for fire
a-.r4l.. shall De taken OF transmitted by
rta-.a b O. J zeal Ut travelling agent Of any
f- insurance company, u shall in law he
.u.l O.. De the agt ut the slid company =:
ans -... agent shall not therein be deemed
t Ila agent 1t the applicant OF insured
tu. .ral passions arising - to the fact,
-.t.! .u ~.cI application, the said agent
sal. H. taken and deemed to be the agent
.it.. .4-ar.--. and not of the insured
~.5 There i- hereby established a dis
r... t-r.ll. % BE- known as the insurance
.-l.. ah... shah hs charged with the ey-
..fa .. the l1S, ut this State in relation
f. Ia-.rll'
SEQ Iat $ rotary and Treasurer of
-a.-.-ta arc hereby declared cx-oiHcio iu-
..Haf. commissioners
IHlt 90 l3int stock icsIrance
...rrIa.. rIt .r.lu.y.i under the laws oi
r.--4-a shall hs permitted OF allowed to
transact taa hl-.at~, OF such company in
st.- ~-l-e. u1lc-- i- shall have bona fle
sa capital. invested On securities read
ul.Ih.e into cash. Of at least one
e. s.a.4-aui d1.4r-; not less then
,r.i ..t which shall be invested in cash
.-....-. .ti-r than mortgages Of real es-
-.-.. r.r f...e-- such company shall have,
tsl..t.a O. such capital, as 3 equal 10
.a.a- B.. L.. it, outstanding liabilities.
r...uu- uit, r,f cent Of premiums on
..t-lulIug fire risks, the whO.e amount OF
.-anl fu 30 marine risks, aud the premium
reserve I'D life r. is, based on the actuaries'
tit.. of mortality. with interest at four per
..rt.a-a liability. provided. that the IL
t..,-- !
l.r. ..cel., any company to do business in
This State whose impairment of capital does
r.t eX-eeI twenty per cent of the above
ra u1r shall any mutual fire or life in
-Irlute .mpauv ur cooperative Insurance
company. a-.IcIauln OF society. not organ
under the law Of this State be permit
i.l 20 allowed % transact the business Of
such company 10 this State unless it pos
,a--.- assets amounting to one hundred
..4-l1i dollars, invested in securities
readily convertible Iat1 cash, not less than
... .a.l ai which ~tal. be invested in cash
securities I-Eg- than mortgage, of real e.
rare. u.r uuies- it Possesses such fssst~
...-. C. SD lis outstanding liabilities lin
.4llug reinsurance. ID be estimated as in
-le ease at joint stock insurance companies
above named. ami including the amount Of
-Itrlufcc capital as a liability nor until
o.. the law relating % insurance companies
l-d.r States, enacted by this State, shall
..ta I.ar conceded wifb And rirfbor
-.tIi.f -I,t u.ttiu, berei, Shall he =,
.-.-t-...I .s- ,, -e9oire any mutual fire in
.-sa., .-molny t. keeo On hand any can
-.-I.~u4ua, r,ssrvo OF funds invested in
-8ri,lls other than their premium notes.
Al.a ana premium notes amount in gross
3. three per centum of the amount At TAX
Y said company.
ST.. M Insurance ,,npanv r,t ,r.,a-
..i sud,r the law of ms state Shall do
sims. In ms Sfate until il ba. filed win
b.. \ ..-s+,rv of ,ti. safe a written stinY-
lri.., a ,-e-in-- THAT any LEGAL rr,ecs. az
...-i.,., no ,,r9naov -eryf5 an ai-bor If tho
-lr+nee commissioner. .5aU have tbe
..,a etf..ct o- II served ners,nalIv on tho {
.,,l..r,, vri,bi1 This STATE S,l,ng any /
~ '..f.... "a no -+i,nl,tir, ,,,nnanvt,ap,. .
r.iirnt of hi. S;ate continue such ,tipu- t
ard III cannot be revoked or modified. Ser \
.. .,f ,.r.,..-- a..,r.iint, IA rho Stimulation .
..rs-ai4 shall LeZFtient seryice ON the ]
.,,.,o, n onnv of snch stimulation Ger
~ b, ei-ber If tho commissioners and I
..,,,t.,te tb.tDr,ea.s has b.en serra3
o., i.,,, .balI he suffi.ienA evidence thereof :
Viz, r.r,,,-- & sir,- or a lT.cting an insur-
-., ,,.npa,v i served an tho Insurance .
,-,,,i-.ilra-- or either Of them IL shall ,
, .s-,.s5 by a,rIicats comics and tbcv or
s STALL irmciattel,, forward bv mail one ,
- +Ls .s,,.s ~ tLo romnsrv ~ its /,
.,., .fFr. a~ ?, any per,on whom s,cb q
,,,..,ry shall DESIGNATE
,.t.-i -. L.. l.ur.l 60 .-.. I
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ven 10 'I""'"N' any i"94' '-'0 ~ 4