Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-01-06

Mr.. McComas' bill, introduced In the House
yesterday, to regulate the Insurance businessi In
the District OF Columbia, provides that mo COM
pany organized or Incorporated within the
District of Columbia shall transact the business
of insurance in any OF its branches unless the
whole capital of such company, which shall not
be less than 800. 600, shall have been actually
and In good faith paid up In full in cash, nor
unless such company shall have assets as here
after required in this act, nor unless a majority
Of its directors or trustees reside within the
District, and the Commissioners of the District,
or any two OF them, shall have ascertained and
factory to them and filed in their office. and
shall have thereupon issued to such company
written authority to transact such business.
Sec. 2. That every insurance company doing
business in this District must transmit to the
Commissioners of the District statement Of
its condition and business for the year ending ending
statement shall be rendered on the LIST day Of
January following, or within sixty days there
after, except that foreign companies shall trans
init their statement of business, other than that
done in the United States, prior to the follow
ing LIST day OF July, which statements must be
the blanks prescribed by the Commissioners;
and the Commissioners, or any two Of them,
may require at any time statements from any
company doing business within this District, or
from any of its officers or agents. on such points
as they may deem necessary and proper to
elicit u full exhibit of its business and stand
ing, all of which statements herein required
must be verified by the signatures and oaths OF
the president or vice president, with those OF
neglected to file statement required OF II
within the time and manner prescribed shall do
any business, after notification by the Commits
sioners or any two OF them, while such neg
1ect continues; and any company or association
neglecting TO make and transmit any state
ment required shall forfeit 500 tor each day s
neglect.
Sec. j. That every fire insurance company to
entitle itself to the written authority by this
act ured to transact business in this District
shall have assets equal to its liabilities, includ.
iisg reinsurance reserve liability equal to fifty
per centum OF premiums received upon one
year Risks, and an amount proportioned to the
uneXpired time upon all other fire risks. Every
com any doing an inland or marine business
shall have assets equal TO its liabilities inciud.
ing a reinsurance reserve liability equal to the
total premiums charged upon all unexpired
inland or marine risks. Every liie-insurance
company shall have assets equal to its liaUili.
ties, including Il reserve liability computed
upon the basis of the American experience ia.
BILE of mortality: and four and one-haif per GEN.
tum interest Before issuing any written au-
thOrity 10 any company to transact business In
the District, the Commissioners, or a majority
of them, shall satisfy themselves that such
company has the assets above required, and
shall revoke such authority whenever satisfied
that the assets of said company have fallen be-
low such requirements, and ii such company
has been organized within the District, shall
institute proceedings to have the same wound
up by due process otlaw.
Sec. 4. That no insurance company organ
lied or Incorporated under the laws of any OF
the United States of America, or of any foreign
state or country, shall transact the business OF
insurance in any OF its branches within the
District of Columbia until such company shall
have duly constituted some proper person DOM
iciled in the District their agent and attorney
in fact, for the purpose OF receiving Tor them
summonses, writs and processes issuing out OF
any court having any jurisdiction in said Dis
trict, and until the evidence OF such appoint
ment of such agent and attorney i'm fact, au-
thenticatcd I'm a manner satisfactory to the
Commissioners of the District, or any two OF
Sf,saD ha HlAa in itn of si1pl,
misSiOnerS.
Sec. s. That any insurance company, any
officer or agent of amy insurance company, eff
fecting any contract of insurance in behalf of
such company when the written authority re-
quired by this act shall not have been given
by said Commissioners, or after such authority
has been revoked, or without complying FULLY
With all the provisions OF this act, shall be sub
ject to a penalty of 500 for every oftense, to
be recovered in the courts OF the District.
Sec. e. That this act shall take effect immedi-
afalvo