New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-28
LOCAL MISCELLANY.
,rw Jersey INSURANCE. REFORMS.

urw-JrRsEY INSURANCE. REFORMS.
= .,pp, xxyNrARY BILL FOR THE ADEQUATE Rhee-
,Ar1oN OF COMPANIES BY THE STATE
u,nnlement to the law regulating VIC
s,. u,e accident marine, and live Hock 'usu""eN
.smpan,es not incorporated by the state OF view
!, sbou, TO be placed before the Legislature ~,
which, II u be passed. will. the fnfaraocc io.
etate say be Of great benent 10 the iaih a, wm
..rsa,,ve insurance companies OF the state wniie
- ar aoa,h tnel, OF many smaller and weaker insue
s,ons Tho Now-Jersey companies are peinfs ,s
-,oss unpopular class Of insurance aesocia'io 90
United States and their agents, o lRiboNN w.
so,d Yesterday have great difficulty ]" securing
are simply because the State laws 10 ho'
.nste restrictious upon the actions OF 'no WIN
1910 or yor ,he appoIntmont Of proper oVereeer W
ontro ana bs responsible for them The result '"s'
~usouod and irresponsible companies spri"s W W
annually in ali OF the large cities ana ai'er h'i"e '
and perbaps years. fall victims TO their own Iap"0"!'
N..xi.e their SOUND and responsible competitors 10
~ a,trusted by virtue Of association The Dill TO DC
,n,rosucea before the Legislature will II is confidently
N.,tsvea cure in large measure, this condition OF
Affairs 1t provides that every company dong business
N which may hereafter do business III tue STATE us''
daring next April and annually thereafter during Sah
wary file In the Department OF state statement
exhibiting its condition on Dec. 81 next preceding as
now required In other States and nations For TINS pu'
pose the Secretary of state will be obliged to
blank forms for the statement which will secure ini
Information TO the condition and standing OF '"e
companies The statements required OF purely mu'""
companies taking notes IN Whoe OF P"i'
a, nremiums dhe notes being liable 10 as
eessmenn may be- in any form fhat
s of may prescribe being adapted to
sseh company. Any company failing TO fe the state
naRt within 81 day Ia rcDly In wIltng 70 any lgtit
cam hing the within ~ asys' wiz "o euNoeN.
- >, ssoo and ike penalty for every month tbat inc
.,,.'Io, ,rapsacts business without fling The COM
nv will be sued for the benefit OF the STATE py inc
attorpey General. The Secretary OF state may "heh
ne deems # necessary or when asked ny the company
y three or more policy holders, examine the affairs Oh
any fire insurance company OF OF any agent OF one
hinder these the officers or agents must
exhibit their books records aDdaceount and II the Sec
earv choose he may publish the result of the examna-
,on in two newspapers In Trenton aud two IN the county
su which the company is. Whenever IL appears
that the assets Of company after 1t has been ehareed
Nth an amount requisite for the reinsurance OF all ts
outstanding risks and with its other proper liabilities
s1cept the capital stock paid amounts to point ess
shan IN fourths of the capital, and II u Dc JOINT
1900 less the unsettled claims and actual liabilities
amount 10 less than hreeourths OF the cum REQUISITE oi
Nm snch defeiency within such reasonable time az he
may tx on falling to comply the seeretay in9 nue.
sus appy to the Chancellor for an order 70 show cause
why injunction should not DO r lss1er @
near the allie cations and proofs OF both paues ana
- ,nd funds of the company not sufficient,
he ~, Of the peope require It, the Chancellor
lii decree dissolution Of the company ana dlstlOu-
Non OF its effects. II the secretary 1nd a1ter e&aln
s,on that the company Is unsoInd he can revoke the
rerfcates granted the company or agents. ana puD-
Ssh the esnt IN the Trenton and Newark papers On
che fret publication the company or agents must Gls-
e.ntinue ssuBg policies or renewing them, and any
agent or company which shall issue or renew pODey or
collect enllms in any way transact business VIII
he liable 10 penalties 10 be recovered In the
act To which bill Is supplement- IheseipTovisloDs
apply as lar as may he 10 life I'M Companies.
The expenses Of examinations 10 be PAID bY the
eampanes examined. The Secretary of State Is obliged
10 make an annual report TO the Legislature, giving a
summary OF the statements OF every insurance company
led In his office. Any person or hrn who shal III any
manner act In placing insurance in company
Of another State or that has not compiled with
the laws of NewJeTsey shall be liable 10 the penalties
crowded section Of the law OF 1867 Certificates OF
authority he issued 20 persons permitting them 10
place insurance IN companies that have COM
piled with the laws No company hereafter
organized can policies until, upon examination by
She Secretary of state II IS found that they have com
piied law until the Secretary has issued
mis- certificate shall company expose Itself 10 loss or
risk TO amount exceeding 10 per cent OF it's paid
capital; In of mutual companies, OF their net
Of the BILL organize for business until II shah have
fully paid up capital OF at least 100000.
The insurance of Newark and Trenton held a
meeting yesterday afternoon III the Office OF the mer-
ehsns Mutual Insurance Company for the purpose OF
discussing this bill There present Judge Savage
london, and Globe. PsersoD j. q. Darling Citizens,
Newark; Mr.. Paterson. Germanis. Newark; George
Brown Humboldt Newark; {. " &. Murphy, Peoples,
7rsDton; sias Merchant, Mutual Newark: A L.
Tsh.GsmsE a ffeeenan, Home. Newark Mr. Randall
People,s Newark The supplementary bil was received
fsyoraby, and with few minor amendments was
unanimously pronounced desirable