The Providence news. (Providence [R.I.]) 1891-1906, 1893-07-10
PUBLIC LAWS OF RHODE ISLAND.
Passed at the January Session, lsoa
CHAPTER I20c.

CHAfIEH l,uE.
AN ACT In Amendment OF Chapter 732 Of the
Public Laws, entitled IAN Act Relating to
Life and Casualty Insurance on the Assess
ment Plan"
II is enacted by the General Assembly as fol-
lows:
SECTION I. Section of Chapter 7a2 Of the
Public Laws. passed at the January session Of
the general assembly, 1889, Is hereby amended
so as to read as follows:
''sEo. Q. Every foreign corporation organ
ized TO issue policies or certificates of life or
casualty insurance on the assessment plan, as
a condition precedent to transacting business
in this state, shall deposit with the insurance
commissioner a certified copy of Its charter. n
statement under oath of its president and Soc
retary, In the form prescribed by the insurance
commissioner, OF its business for the preceding
year. a certificate 1nder oath OF its president
and secretary, that IL Is paying. and for the
twelve months next preceding has paid the
maximum amount named In its policies or GER
tifcates In full a copy Of its policy or certif-
cate and application, which must show that
benefits are provided for by assessment upon
policy or certificate holders and evidence sat
isfactory 10 the insurance commissioner that
the corporation. IL engaged In the busi-
ness OF life insurance, has one hun
dred thousand dollars safely invested
in real estate or mortgages on real estate or
ground rents or In securities. the market value
of which is at or above par. or IL engaged in the
business OF casualty insurance only, has and
maintains an emergency OF reserve fund, in
vested In manner aforesaid, amounting TO one
periodical call or Assessment upon all of its
members, not exceeding said sum of one hun
dred thousand dollars. but which fund shall
not be less in amount than the maximum pol
icy or certificate written by such corporation:
Provided, however, that any corporation doing
a life insurance business only, and soliciting and
obtaining its said business from the members
of single fraternal order only, and combining
its said business thereto. may be allowed TO car
ry on its said business within this state without
having one hundred thousand dollars invested
as aforesaid, IL IL shall show to the satisfaction
of said insurance commissioner that IL has and
maintains a suitable guarantee OF mortuary
fund commensurate with the business carried
on by IL; but no such corporation shall be permit
ted TO issue endowment policies or certificates.
Every such corporation shall also comply with
the requirements of section 2 of Chapter 482 of
the Public Laws of this state. The insurance
commissioner shall thereupon issue authority
TO such corporation To do business in this state,
and such authority shall be revoked whenever
the insurance commissioner, on investigation,
Is satisfied that such corporation is not paying
the maximum amount named in its policies or
certificates In full. Upon such revocation the
insurance commissioner shall cause notice
thereof TO be published In three of the news
papers printed in the state, and no new busi-
ness shall thereafter be done by II or its agents
In the state"
SEC 2. Section IL of said Chapter 7a2 of the
Public Laws is hereby amended so as to read
as follows:
"SEc IL. The provisions Of this act shall not
apply to organizations Incorporated within
this state which conduct their business as fra
ternal societies on the lodge system nor to or
ganizations which do not employ paid agents."
SEC 3. This act shall take effect from and
after its passage.