Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-01-22
su<.ial T.leoram 10 h. Regisisr.


CHARLESTON, w. VA, January H.-Fol,
lowing is the full text of the bill offered
by Delegate Lively in the House and MT.
Stewart in the Senate, creating state
insurance department.
"Be it enacted by the Legislature OF
West Virginia that hereafter there snail
be a separate and distinct department
charged with the execution OF the Jaws re-
lating to insurance, to be known as the In
surance Department, the chief offices OF
which shall be the Commissioner OF In
surance, who shall be appointed by
the Governor on the 4th day OF
March, 1898, and shall hold his ONCE
for the term Of four years. He shall re-
ceive On annual salary of g, 600 and travel
ing expenses, not to exceed $500 per annum.
Said Commissioner shall have one chief
clerk, who shall act as Deputy Commls-
sioner of Insurance in the absence OF the
Commissioner, and shall receive an annual
salary of 81 400; also one clerk, who shall
receive an annual salary OF 5000. All tue
powers, duties and privileges relating TO
the execution of the insurance laws OF this
State, heretofore conferred upon the Audi
tor, are hereby transferred and conferred
upon the Commissioner Of Insurance. AL
books, papers, and records, ol
whatever character relating to
of the Auditor at the time Of the passage
of this act, shall on demand Of the said
Commissioner be delivered by the Auditor
to the Commissioner. Before entering
upon his duties he shall enter into an OFF,
cial bond in the sum Of $4,000 with not
less than two bondsmen, for the faithful
performance of the duties OF the Com
missioner of Insurance, which bond shall
be approved by the Attorney General.
The Commissioner shall collect the per
cent. tax on premiums, the tax Tor
certificate Of authority from lie
associations. the fees from in
surance companies and associations OF thls
States for certificates showing that they
are authorized to do business in this State.
now collected by the Auditor, and shall on
the first day of January of each year pay
into the treasury of the State all such taxes
and fees so collected. The Board OF Public
Works shall furnish suitable quarters IN
the Capitol building for the use OF the
Commissioner of Insurance. No stock,
life, fire, marine, hail storm, tornado, acci-
dent or plate glass insurance company
shall hereafter be chartered by the State
unless such company has at least SlOO,OOO
of capital stock subscribed, 20 per cent.
of which shall have been paid up in cash
at the time the charter was issued by the
Secretary of State, and not then, unless the
issue of the charter Is approved in writing
by the Commissioner Of Insurance and the
Attorney General. The issue Of charters
to life insurance associations or societies
which propose to furnish life insurance on
indemnity to their members or policy hold
ers, shall also be esubject TO the approval OF
the Commissioner OF Insurance and the At
torney General"
The measure is most important and is re-
- ~ fWnaH Wau ~ a
men throughout the State. 1t came up be-
fore the judiciary Committee this after
noon, and was made q special order of busi-
ness for 3 o'clock Monday afternoon.