The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1875-11-01
The Insurance Lauso OF West virsinia


suranco companies doing business in this
State, domestic as well us foreign, are
required 10 furnish annually to the
Auditor q sworn statement Of their af.
fairs, showing the amount and the
character Of their assets anu liabilities
Upon tho receipt Of this statement, it
the co pany be foreign company and
has 800, 900 capital invested in Ger
tain prescribed class Of securities. or
| il it be q domestic company With or
without capital. the Auditor is author.
lied and required to issue certificate
Of authority to the company which en-
titles the company to transact business.
This certificate Of authority is required
by law to contain copy of the sworn
statement aforesaid 50 US to show the
assets and liabilities Of the company.
and is required by law TO be published
by the COMPANY in some newspaper Of
general circulation, and copy of such
publication must be filed by the com.
pany in the Clerks office Of the County
Court in each county where the com
pany TRANSMITS business. If foreign
company-,hat is, a company from
another State than .his-fails to so
publish its certificate Of authority OF
to flo the copies with the Clerk as
aforesaid, it becomes liable to fine Of
$500, for each policy it may issue,
but if n domestic company fail to pub
lish and file the certificate there is no
penalty Fixed by law. The result is
that some of our domestic companies
refuse to comply with the law in rcla'
ton to making sworn statement to
the Auditor and perhaps all Of them
refuse to publish any statement Of
their affairs. Now the object
of the law in requiring q publ.
cation Of this certificate Of authority
containing the statement Of their us
sets, is to exhibit to the public the truc
condition of the company, SO those de-
string to insure their property cuu
know whether or not the company
proposing to insure it is substantial
and worthy, rs without this prccau-
ton the public cannot. US u matter Of
'urse, know anything about these
companies. The future to fix pen-
alty for the transaction Of business
without q compliance with the law on
the part Of q domestic company is ow-
ing 10 the fact that these companies
have always had q lobby or influential
or smart representative on the floor OF
onr Legislature. who have succeeded
in defeating any bill looking to this
requirement. 1t is a matter Of such
general interest to those desiring safe
Insurance that it is hoped the uecessa-
~ legislation will be had ut au early
day whereby all companies, without
regard to their nativity, shall be re.
CURED to comply with this and such
other conditions as will best conserve
tho Interests Of oil who insure.
Tue present Auditor has called the
attention Of the Legislature. in several
Of his oificiul reports, to the laxity Of
our laws relating to the insurance COM
pauics and has uniformity lent his in
hucnco towards such amendments aud
improvements therein as ought to be
made. For this reason he has incur.
red tho hostility Of several Of the do.
nestle and wildcat companies of our
State. There are now two bill. before
the Legislature looking to the amend
meut or periecting the insurance laws ;
ole Of which-,he Senate Bill-was
prepared by and in the interests Of the
Wheeling insurance companies. aud
of cour.e lOoks well to their interests
while tho o,het-tho House Bill-has
the sanction of The Judiciary Commit.
tee Of the House Of Delegates by which
it WIS prepa red, aud appears to be
prepared in the interests Of the inSur-
Ing public. while at tho sumo timu the
insurance companies interests arc
properly preserved. In this conncc
lion it may not bo amiss to refer to
the fact that Mr.. Good. delegate from
Wheeling, and whom it is fair to sup.
pose represents the insurance interests
or companies Of that city.--took acca.
sion to cri!iciso Auditor Bennett. on
account of his collecting certain fees