The Portland daily press., 1891-04-07

AN ACT to amend chapter forty nine of the Revised
Statutes relating to Insurance.
SECT. L. Section seventy two of chapter fortynine
OF the revised statutes is hereby amended by insert
ing after the word estate" in the eighth line thereof
the words by constituted agents resident therein SO
that SAID section as amended shall read as follows:
SECT ". No foreign insurance company shall
transact any insurance business in this state unless
first obtains license from the commissioners. Before
receiving such license it shall furnish the commits
sionerwith certified copy ofits charter and bylaws
with statement under oath, signed by its president
or secretary showing its nan cial condition according
to a form supplied by the commissioners. Upon re-
aeiving such copies and statement, the commissioners
insurance business in this by constituted agents
day of the next July; and annually thereafter such
license may be renewed so long as he regards the
mlnate on the hrst day of the succeeding July For
such Incense and each renewal the company shall pay
the commissioners twenty dollars
SECT. 2. Section seventy three of said chapter is
hereby amended so that said section amended shall
SECT. 70. The commissioner may issue a license to
any person to act as an agent of domestic insurance
phcate power of attorney from the company its au-
thorzed agent empowering him so to act certifs
cate from the company setting forth that person
mas been duly appointed and authorized as agent
thereo ana to any resident of the to act as an
agent of any foreign insurance company which has re-
ceved license to do business III this state as provided
in section seventy two upon his filing such power of
attorney or certicate and such license shall continue
until the first day of the next July and NAV be re-
m r from year to year producing certificate
from the company that his agency is continued. For
tn sucn license or renewal the commissioner shall
receive two dollars And if any person solicits re-
ceves or forwards any risk or application for nsur
hnCo " company, without first receiving
cense, or raudulently assumes to be an AGENT and
thus procures risks and receives money for nTeinms
he forels not more than fifty dollars for each
but any pO1cy issued on such application binds the
company, If otherwise valid Agents of duly author
lied insurance companies may place risks with agents
of other duly authorized companies when necessary
for the adequate insurance OF property
SECT. 3. Section seventy -four of said chanter
hereby amended SO that said section amended shall
read us follows
SECT. IA. The commissioner may license any ner
broker to negotiate contracts Insurance. for
others than himself for compensation, by virtue of
which license he may effect insurance with anV do
nestle company; any resident of the state to nego
tate such contracts and effectnSurance
of any foreign company who have been licensed to
do business in this state, provided sections sew
enty two and seventy three but with no others For
thus to act until the first day of the next july and on
payment OF similar fee his license may be renewed
from year to year, ending the first day of each July
Whoever, without such license act as such
broker, forfets not more than fifty dollars by i'm
prlSOnnent not more than sixty days for each oense
ana licenses OF insurance agents and brokers may be
revoked by the commissioner upon conviction for the
violation of any of the provisions this the pre-
eding sectiOn'
SECT. A. The commissioner shall have power to re-
woke the license of any foreign insurance company
authorized TO do business in this state that shall VIC
late any OF the provisions of sections sevenytwo and
seventy three of chapter forty-nne of the revised
statutes, as hereby amended.
SECT D. The commissioner shall issue license to
any person to act as an agent of life or
casualty insurance company association, steam
boiler insurance company authorized to do business
in the state, upon his fling with the commissioner
certificate of his appointment such agent and upon
payment of the fee provided in section two of
Approved March %.