The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-04-28
INSURANCE. Law.
sections 81 the BilI Likely - Ne Of Gen
efn1 yutoreot.

sections 81 the BilI Likely - he Of Gen
eral Interest.
The following extracts from the insur-
ancs law passed BY the Legislature March
-, 1850, will be found Of general inter-
est:
SECTION 9. The commimioner mnst cause
everv corporation or person. before engaging
In the business Of insurance In this state, % ME
In his once - follows:
First--If Incorporated under the lawn Of the
territory Of Warrington or OF this state. . copy
the company, together with any amenomenu
or alterations made therein
second-i incorporated under the laws Of
any other stafe or country CODY Of it articles
of incorpcration and charter, duly certified hy
the ofacer having the custody Of s1ch articles
that such company Il organized under the laws
Of such state o. country with the amount o.
capital sock and asssts required By this ace
Third-If not incorporated certificate eeeong
forth the nature and character Of the business.
the location Of the principal once, the nsmes OF
the persons composing the association. the
amount Of capital employed therein. ana the
names Of the oGacers OF the association, and u
such association Be formed ous OF the United
States, the certificate must contain the name OF
the chief executive ofiosr or manager In the
United States, together with the trustees APP
pointed BY the association to manage its a4Ain
In the United States and the certificate may Be
made by such manager
cxRr1ncArRs 10 N ISSUED. wHEr.
Sec 4 The commissioner shall issue his Ger.
tincats 70 any are or marine insurance company
70 transact busineo In this state uAder the fol-
lowing conditions: gs 4
First-lf company organised under the laws
Of the territory OF Warrington or the lava Of
this state. vhsn he y satisAed thas the prosis-
ions Of this oct In relation TO such corporation
have besn complied with
eecond-If . company. corporation o. assocta-
uou Of any q the United States or territoeies.
when hs u satisfied thSt the company. cogpora'
don OF association hes paid-up and unim-
paired capital Of eloo0o0
Third.-Ii foreign company. corporation or
association, when ho shall b sats6od that the
company. corporation or association has made .
deposit with the treasurer Of this state. or With
the proper offces Of some other state OF not
lees than 100000. In tie bonds Of the United
States, the bonds Of this state, or the bonds OF
the state Of New York or Aamachusetts, In trust
for the benefit Of is policy holders in the United
and frcs from Ill liabilities under the pEovtsions
OF this act
Duty 10 IxAMIHB COMPANIES.
Sec T. II shall b the duty Of the commits
sion>s 70 make Q detailed examination OF Ill
companies oeSanised under the laws OF this
state or the territory OF Warrington, ct least
once rear: upon such examination he shall
ascertain II the lawn relating TO payment Of cap
ital, investment Of moneys and methods Of do
ing business are complied with. II upon such
examination he shall nnd that the capital stock
OF such company Is impaired. he shall order
such Impairment made good. or the capital
stock reduced the amount Of such impairment;
provided, that no reduction Of capital shall Be
made which will reduce the capital Of any COM
pauy to len amount than 10 required herein.
and il the company % required 10 make good
or reduce TT capital stock refuses or
negiects within reasonable time
40 TO do, the commissioner shall revoke Ii GER
tifcats to do business, and shall apply TO any
Judge OF . superior court. having Jurisdiction.
for an order up< n said company TO show cause
Why its charter should not be revoked and Q
receiver appointed 70 wind up it, Affairs.
CAPITAL REoufRgp.
Sec IT, Any company or corporation organ
ired under the laws Of the territory of Washing
ton or under the lawn Of this state. prior 70 the
taking effect OF this act, or under ths provisions
of this, for the purpose Of engaging In the buHi-
ness OF Ore and marine insurance mat have sub
scribed capital of not less than 500 oO Of which
not less than $4,000 must be paid in, In cash,
before the Insurance by such company or cor
porasion OF any policy OF insurance under the
provisions Of this act
pIvIpKSps-REsKRvE FUND.
Sec. % II shall not be lawful for the dirsc-
tors, trustees managers OF any insurance
company organized under the laws Of the terri.
tory Of Washington. or OF this act, or ineor.
porasei under any laws Of this state, 10 make
any dividends except. from the surplus profit
arising from their business. and in estimating
such prcats there shaii be reserved thsrefrom :
SUM equal 10 10 per cent Of the amount received
on premiums On eli unexptred riaks and roll.
~cses. which amount 70 reserved Ia hereby de-
clAred 20 be uneAsned premiums, and there
shall also De reserved al sums due the COMPANY
OF which no part OF the money or Interest haa
been paid during the year preceding such e.fi.
mate cf profits. snd upon which suit for fore
| closure, or collection has not been commeree,
| or Judgment obtained thereof. which shall
| have remained more than t~o years nnsasssasd
and seoa which interest shall not have BEEN