The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1889-07-19
FRIDAY JULY 10. 1889
PUBLIC LAWS OF THE STATE OF
RHODE ISLAND.
Passed mt the January Session, A. d.
1889.

ganized 10 issue policies or certificates Of
life or casualty insurance on the assess
ment plan, as a condition precedent 10
transacting business in this state shall
deposit with the insurance commissioner
a certified copy Of its charter; n statement
under oath OF its president and secretary,
In the form prescribed by the insurance
commissioner. of its business for the pre-
ceding year; certificate under oath OF
its president and secretary that IL is pay
ing and for the twelve months Lext pre-
ceding has paid the maximum amount
named in it's policies or certificates in full !;
copy OF its policy or certificate and APP
plication, which must show that benefits
are provided for by assessment upon pol
icy or certificate holders, evidence salts
factory 10 the insurance commissioner
that the corr oration has one hundred
thousand dollars safely invested in real
estate or mortgages on real estate or
ground rents or in securities, the market
value Of which is at or above par. Every
such corporation shall also comply with
the requirements of section two Of chapter
four hundred and thirty two Of the Public
Laws of this state. The insurance com
IN ssioner shall thereupon issue authority
10 such corporation 10 do business in this
state, and such authority shall be revoked
whenever the insurance commissioner, on
investigation, IL satisfied that such cor
poration Is not paying the maximum
amount named in its policies or certi6-
Gates in full Upon such revocation the
insurance commissioners shall cause notice
thereof to be published in three Of the
newspapers printed in the state, and no
new business shall thereafter be done by
it or it's agents in the state
Nn Infn Ing
under this act shall issue n certificate
upon any life in which the benifcary
named has no interest, and every call for
payment by the policy or certificate hold
ers shall distinctly state the purpose Cf
the same and whether any part thereof
shall or may be used for expenses and if
so how much
Sec. 8. The money or other benefit.
charity, relief, or aid 10 be paid TO the
wife, minor children, or any person de-
pendent for support upon the person in
sured, provided or rendered by any cor
poration authorized 10 do business under
this act, shall be exempt from attachment,
and shall not be seized, taken, appropri-
ated or applied by any legal or equitable
process, nor by operation of law 10 pay
any debt of liability of n policy or certii-
cate holder.
Sec. .. Any solicitor, agent or exam
lnlng physician, who shall knowingly or
wllfully make any false or fraudulent
statement or representation in or with
reference to any application for insurance,
or Tor the purpose of obtaining any money
or benefit in any corporation transactng
business under this act, shall be guilty
oi a misdemeanor, and upon conviction
shall be punished by n fine Of not less
ha Inn Ill
i've hundred dollars, or imprisonment in
the Providence county inil for not less
than thirty days or more than one year,
at the discretion Of the court.
Sec. 10. Every corporation doing bus
mess under this act shall annually in the
month of January return To the insurance
commissioner, in such manner and form
as he shall prescribe, n statement of its
affairs for the year ending on the preced-
ing thirty first day Of December.
Sec. III. The provisions of this act
shall not apply 10 organizations which
conduct their business as fraternal socie-
Ties on the lodge system. or to organiza-
tions which do not employ paid agents.
Sec. IL. No person shall act as agent
OF any corporation described in this act
until such corporation and said agent
shall have complied with all the require
ments OF the laws of this State relating TO
such corporations and their agents, and
every person acting without such compli-
ance shall be fined one thousand dollars
Sec. l3. The insurance commissioner
shall annually examine the statements
and returns required to be made by the
corporations and agents as aforesaid, and
II, In his opinion, any return shall be OBJ
scure, defective or unsatisfactory, he
shall Immediately require answers under
oath, from the agent by whom such OBJ
scure, defective or unsatisfactory return
shall have been made, 10 such interroga-
tories IA he may deem necessary or proper
TO be answered, in order to explain such
return, and exhibit a full and accurate
view of the business and resources of the
corporation represented by such agent.
Sec. Ia. The insurance commissioner,
either personally or by committee APP
pointed by him, consisting of one or more
persons, not directors, officers or agents
OF any such corporation doing business in
this state, may at any time examine into
the affairs of any such corporation incor-
porated by or doing business IN this state.
The officers or agents of such corporation
shall exhibit its books TO said commits
sloner or committee, and otherwise facili-
tate such examination, and the commits
sloner or committee may examine under
oath the officers and agents of any such
corporation in relation to its affairs; and
said commissioner shall. if he deem best
30 TO do, publish the result of such inves.
tigation in one or more newspapers pub
lished in the state. Whenever il shall
appear to the insurance commissioner
from the stat sment or from an examina-
tiou of the affairs of any such corporation
not incorporated nnder the authority Of
this state that such corporation is insol-
vent, or that IL is conducting its business
fraudulently, or refuses or neglects to
comply with the laws Of the state relating
to such corporations, il shall be the duty
OF said commissioner TO revoke the certif-
icate of authority issued 10 the agent or
agents Of any such corporation. and shall
cause notice thereof TO be published Ia
one or more newspapers published in
this state, and the agent or agents Of
such corporation, after such notice, shall
transact no new business in this state
All the expenses Of an examination made
under the provisions Of this section shall
be paid to the commissioner by the cor
poration examined.
Sec. 10. The insurance commissioner
snail report to the attorney general any
violation OF the provisions Cf this chapter
which shall come 10 his knowledge, and
the attorney general shall institute the
proper legal proceedings, in the name of
the state against any person violating
any such provision.