St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-10
A RErROsPECTION.
Legislative Action Affecting IN
surance in Minnesota.

suranCe in Minnesota.
The first legislative supervision of
the business Of insurance in this
state WAS provided by an "act
10 regulate insurance companies not
incorporated by the state OF Min
nesota,' which was approved Feb
t. 1850. and took effect on the lst day Of
July following. This act in express
Terms. exempted life companies from its
provisions. and confined lis application
10 FIRE and ERE and marine' buSi-
ness. IL REQUIRED all Insurance com
panieS of other states. is Il condition of
their transdcting business in this state.
10 obtain certificates of authority for
such purposes from tie state treasurer.
TO this end they were first Obliged to
lille with that officer certain statements
ui their condition and business. Under
this act twCnty-three companies in all
filed sucu statements and were admitted
10 the Stale. They exhibited at the
close o. 1860 an aggregate cash
capital of <S,549Gl0; total assets
amounting 10 Sl2.250. 0&0.45. and total
liabilities 10 the sum of Sg17.4l5.44
This act was twice amended al the reg
ular session of 1862. by one Of these
amendments life companies were sub
jected in all respects to the provisions
0T the original act of loG0: but 1T the
extra session. convened I'M september.
1862 both Of these were repealed and a
new act was passed, not materially al
fectug the operation OF the original law.
These several enactnent> underwent
revision and were incorporated into The
general statutes of 1866 rs title six of
gne chapter thrty-fOUr of that volume.
Companies. = while the few conditions
pertaining to companies organized
within the state were en- braced in tile
two of the same chapter. The latter
comprised certain requirements as TO
capital, assets and character of the
securities held, and provided for eX-
animation OF the financial condition
OF local companies by county attorneys.
and The revocation OF their certificates
of authority for noncompliance with
the law, while several Of the conditions
governing companies Of other states
were also applied TO home companies.
The law in this shape received TWO im-
D0rtant amendments al the session OF
lS67 and in the fUlioWiug year gave
place 10 ''an act regulating foreign and
domestic insurance companies aD-
proved March {, 1865. This act was
amended March +, lSG9 SO as TO pre-
scribe the stipulation rs 10 service Of
process required by companies outside
the stale. and 10 define tie receipts
upon which the per cent tax was en-
acted OF such companies. The act OF
1865. as thus amended. embodied the III
suraHce law OF this state until displaced
by the act now in force.
The expansion of the business in the
decade ending with 1916 may be III
ferIed from the following comparative
exhibits OF the number and condition Of
the joint stock fire insurance companies
doing business in the state Of Mime
sofa at the beginning and termination
OF that period:
No.
VT. Cos. Capital Assets Liabilities
1860 . S1696 100 ST.. 81. no s. Ssf7.9i5 -
1870 46 2l,24l, 465 -, 54,466 IS 4.6s7.9Ig -
Adding the foreign companies and
their American assets and liabilities.
with the assets and liabilities OF the
single mutual company within the state