Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1891-04-17

lNNl hANtE lltfAhIhthl
The attention ~ those prosecuting or app,in,
to do the business 81 insurance IN this state ilI
any aud all of It's branches. AS principals or IT'S
the representatives Of corporations organized
under the laws Of other states aud countries o.
especially directed t. the provisions Of law r-su
ating the bisiuess ~ such corporations ia Npr
mont. Uf which the following Is brief synopsis.
First A company, association ur socirty must
~. able 10 meet these requirements before it, an
plcation Tor admission To the STATE ,Hu ip enter
tanned hy the commissioners, viz:
a. Joint stock companies Capital uf at hast
SInOOlO, not less than half Of which must In. In
vested IN cash securities, other than mortgages
Assets equal to liabilities reckoning ~ PER c-nl
Of premiums on outstanding fire. health aud ap.
cidpnt risks the whole amount Of premiums ON
marine RISKS. aud premium reserve on life risks
based on actuaries tables, with interest AT per
cent
b. Mutual Insurance company. or cooperative
insurance company. association or socety As
s-ts amounting ~ SlOuOO, invested IN s,.criti,.
readily convertible into cash not less than half
in securities Jther than mortgages ASSETS to
equal liabilities Ia accordance with standard pre-
s'tibrd for joint stock companii.s including guar
antet. capital as liability. Cash r. insurance
reserve, other than premium notes. not required
when such notes amount 10 grDs, 10 per cent ~
the total amount at risk
c. Mutual accident company Assets or tn,
serve fund applicable to payment Ut usses, tn
amount 10 5000.
Second such company Must ie certified
copy Of It's charter aud bylaws. aud a statement
under oath Of It's financial condition, business
rtr. with the secretary Of stair, and must al~u
constitute him it, attorney upon whom legal
process ia any action against such COMPANY
may be- served. before the commissioners are I+.r
mittei To license IL 10 do business
Third The business of such COMPANY. associa.
ton, or society eau he prosecuted by the licensed
resident agents only. no Office clerk. partner or
employc being permitted to solicit or receive
risks of applications for Insurance In l--half of
his principal without license; and any violation
"f thls requirement Is subject 70 the following
penalty. He shall forfeit
not less than slOO and not more than son -
Fourth Appointment Of agents must he OH
cially certified to commissioners by an officer NJ
the company or its authorized general agent
Fifth Annual reports ofNconditon. total btisi-
ness and business IN Vermont for each calendar
year, are required to be filed with the commits
sionrr on or Defore March in each year. and an
nual tax returns to be made to the commissioner
u state taxes in the month Of February
Sixth-Fres and taxes are required az follows
except where by the laws at another state a
greater rate is exacted. when reciprocal charges
must be made, VIZ:
Filing annual statement. sO.n
Annual license to COMPANY. 500
Agents annual license tuI
Brokers' annual licrnse iDut
Tax o. pr cent on gross premiums re-
ceyed.
1t will b. observed that thu. Language Of th..
statute brings every COMPANY association ur
s.Siety under the control and supervision Of
this department. aud the commissioners de.ir,-
hereby TO give notice that all cooperative. Assocta
tons, assessment sOCietias isen,.ht amt ,.ndov
n-nt orders. arr he'll To- ip ainenabl- to the fore
going requirements, and will he expected tu maxi,
within the state. is-ginnmg fr,im January T. i.ql
aud also Ia submit their financial condition tu
their inspection and To- procure the pr,--..tils.I
ctits-, Tor the coming Insurance year ,'umm-nr
my april I. ls4l
G. BBuWSFLt. IT,
Secretary Ut STATE, Harrington
hEsN D. FIFLB
stale TREASURER. Rutland
Commissioners
In substance this circular brings every
one OF these bogus companies within the
supervision 81 the state laws since Jannary
| first last, and compes them to submit de
tailed reports Of their financial condition
| for tine insurance year beginning April
The need Of such action has been eyi
dent for several months past, aud has been
taken none too soon for the protection of
those people who are being mised into
these gambling schemes.