The Lambertville record. [volume] (Lambertville, N.J.) 1872-1968, 1874-04-29
MISCELLANF.

shall appear TO the secretary OF otuc 30 -.
result OF examination as provided Ia TINS acl
that the affairs of any company not moor
norated by this state and doing business mere
In. are in am unsound condition. estimator II
the same manner prescribed in the preceding
sect;ons he slaLTevoke the certificates grant
cd IN sucl. company and itsage1ts, and shail
cause notification thereof to be published al
least six times in two newspapers published
in the cities of Trenton and Newark resPec-
lively. and all agents of such company, atter
the first publication of such notice, snail DC
,eouited to discontinue the issuing OF new
noices or the renewing of any previously IS
sr,ed. and any agent who shall MAKE issue OF
deliver any policy or INC fehew'' u any
policy of insurance, or collect or receive any
nremium of insurance or in any way transact
a,v business OF insurance on behalf OF any
eel, companv, shall be liable to the same
,.analties. 10 he recovered in like manner as
r,rosc,;l,ed in the act to which this is sup
plement
And be it enacted, 7 at the provisions
If The foregoinc sections, so far rs may he,
shall be held to apply to life insurance com.
n.n;es of This state or of other states aud
Governments doing busness'in this state, and
Such companies shall be subject to tile same
examinations, liabilities and requirements as
Inv sucb sections imposed upon IRE insuranc.
companies, and the same duties are imposed
mon the secretary OF state, tue attorney
General and the chancellor; provided, that IN
;nnct;on shall issue only when it shall appear
IL, examination that the assets of any life in
sn,ance company as aforesaid arc not sufficient
IN re.insure its oststandiDgs risks and dis
charge it's total actual liabilities the actual
eypenses of all examinations made under au
thority of this act shall be paid by the COM
panies examined
And he It enacted, That the secretary of
s+ata sball be. by virtue Of his office, commits
sioner of insurance, and it shall be ms duty
m make annual report to the legislature, con-
tainno a summary of the statement OF every |
insurance company filed in his office as re-
ouired by law, together with such FACTS ana
information touching the same as may ne II,
his possession, which report shall DC puoiisneo
as are other legislative documents and Tor
the purpose Of carrying out the provisions 81
ellis act. the said secretary shall be authorized
to expend from the sum annually received
from taxes on insurance companies of other
states an amount not exceeding ten per centuni
thereof: the penalty for violation OF this act,
except where otherwise provided, shall be the
same. to he collected in the same manner, as |
nroyided in the act to which this is II supple
lneut-
q. And be it enacted, That any person or FIRM
who shall in any manner act Tor OF on Delail
of another in the placing or procuring OF any
insurance in any company OF another state or
nation that has not complied with the laws OF
this state. shall he liable TO the same penal
ties, to be recovered in Ike manner as pre-
scriLed in section nine OF the act 10 wihch
this is supplement- certificates oil author
ity may be issued to PERSONS to Place or cause
10 be procured insurance IN companies which
! At Al. .l... ti4iA 81 nl
though such Person may not be tile commits
stoned agent Of such company and that the
amount to he paid for fling the statements re-
auired by this act. and the act to which this
is supplementary and forcertiiicates to agents
of foreign companies shall be aud remain as
fixed by the act to which this is supplements
tary. and the act entitled IAN act to regulate
the business Of fire insurance by companies or
associations not Incorporated by this state,
approved March nineteenth, one Thousand
eight hundred and sixty.
I. And iae it enacted, That no insurance
company hereafter organized IN this state
shall issue policies until upon examination ny
the secretary of state it shall have been FOUND
to have complied with the laws thereof; nor
until the said secretary shall have issued his
certificate setting forth such fact and author
izng the company to commence business, and
that no insurance company organized under
the laws of this state or transactng business
in this state, shall expose itself to loss on any
one risk or hazard by fire TO an amount ex-
ceedng ten per centum of its paid up capital,
or, In the case of mutual companies, OF their
net assets; provided, that no joint stock cap
ital insurance company shall hereafter be or
canized in this state, or do any business of
insurance, until it shall have u fully paid up
capital of at least one hundred thousand dol |
lars, anG that no such company shall make
any loan or investment on the security of its
own capital stock
8. And be it enacted, That the deposits of
securities now required, or which may here
after be required to be made by any insurance
company of this state in the state treasury |
shall be approved by the secretary of state,
and he shall have authority to examine the
same at all times, and may order the same or
any part thereof changed at his pleasure, and
no change or transfer OF the same shall be
made without his assent.
0. And be it enacted, That this act and the
act to which it is supplementary shall be held
and construed TO extend To and include any
and every company transacting the business
of insurance Of whatever kind in this state,
and that all acts or parts of acts inconsistent
or conflicting with this act, be and the same
are hereby repealed, and that this act shall |
take effect Immediately.
Approved March 10, 1874.