Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1891-04-17
The following circular is being sent out
by the State Insurance commissioners:
STATE OF ' ENMbNT,
INSURANCE DEPARTMENT,

STATE OF VERMONT,
INSURANCE DEPARTMENT.
The attention of those prosecuting, or apply
ing to do tho business of insurance in this
state, in any and all of it's branches as princi-
pals or Us the represen tativcs Of corporations
organized under the laws of other States and
countries, il especially directed to the provi-
sons of law regulating the busiu ess OF such
corpora lions in Vermont of which the follow
ing IL n brief synopsis:
Frst-A company. association or society
must be able to meet these reQurements be-
fore its application for admission to the state
can be entertained by the commissioners,
viz:
q. Joint stock companies Capital OF, at
least, $4,000, not less than half Of which must
be invested in cash securities, other than
Assets equal to liabilities, reckoning so per
| cent of premiums on outstanding fire, health
and accident risks, the whole amount Of pre-
miums on marine risks and premium reserve
| on life risks based acturaies' tables, with
| interest at per cent.
| b. Mutual insurance company or co-opera-
| tive insurance company, association or society
Assets amounting to SlUO,0OD invested in seCurl-
| ties readily cow rtible into cash-not less than
| half in securities other than mortgages -assets
| Go equal liabilities in accordance with stand
| ard presCr bed for joint stock companies, in
| Guiding guarantee capital as liability. Cash
Reinsurance reserve, other than premium
notes. not required, when such notes amount
| in gross TO per cent of total amount at risk.
e. Mutual accident company Assets, or re-
serve fund applicable TO payment OF losses, to
amount of s51,0JO.
Second Such company must file certified
| copy of Its charter and bylaws, and state
ment under oath Of its financial condition,
| business, etc, with the secretary of state, and
| must also constitute him its attorney upon
whom legal process, in any action against such
| company, may be served. before the commits
stoners are permitted to license 1t to do bust
ness.
Third-The business of such company, asso-
citation, or society can be prosecuted by licensed
resident agents only; no office clerk, partner or
employe being permitted to solicit or receive
risks OF applications for insurance in behalf OF
rtr DGr ll Ntit nd "a IN
lowing penalty: He sha
forfeit not less than 500 and not more than
500"
neutrality-suspicious. Of agents must be
officially certified to commissioners by an otii-
Ger Of the company or its authorized genera
agent.
Fifth-Annual reports of condition, tota
business and business in Vermont, for each
calendar year, are required to be Il ell with the
commissioner on or before March ] in encf
year, and annual tax returns TO be made to tn,
commissioner of state taxes In the month o
sixth Fees and taxes are required as fol
lows, except where by the laws of another
State n greater rate is eXaCted, when reci pro
cal charges must he made, viz:
| Filing annual statenent........... 5000
Annual license to company ................ DIV
Agents annual license ..,........,.......,. lW
Brokers annual license ............... =. 100
Tax OF per cent on gross premiums re-
ceived
1t will be observed that the language Of th
statute brings every com pany," Association
or 'society" under the control aud supervision
of this department, and the commissioners de
sire hereby to give notice that all co-operativ
associations, assessment 80 ieties, benefit aut
, endowment orders, are hold to be amenabe I
; the foregoing requirements, and will be eA
, pcctd to max report to the commits sioners o
i; all business done within the state, beginnin
. from January !, 1891. and also to submit the!
: financial condition to their inspection and /
procure the prescribed licenses for the coming
| insurance year, commencing April l. 1881.
&. w. BROWNELG. jr,
Secretary of State, Burlington,
= HENRY +. FIELD.