The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1895-07-30
CHAPTER CCcxxxyIII.

An Act TO permit and allow firms and Individuals
not less than twenty IN number under each OF
ganiization known as fire LlOyds to insure 9TH
ers against loss or damage by lire ami lightning,
and TO underwrite policies Of insurance Issued
therefor under the Lioyds form.
l. Be it enacted by the Senate and General As
sembly of the State of New Jersey, That it
shall and may be lawful for amy number OF lndl-
viduaIs firms, as separate underwriters, TO as
sociate themselves together under what are known
as Lloyds associations to be composed OF not less
than wentv members each who shall all he legal
residents of New Jersey, possessing in their ind-
vidual right in value twenty thousand dollars Of
personal property and gsal estate, situate within
this state above ali membranes, for the purpose
of underwriting ana contracting and issuing pol-
ces Of insurance, insuring property against direct
loss or damage by fire or lightning upon what Is
known as the LlOyds plan ana TO ADOPT names Tor
each of said Lloyds associations ana such rules
and regulations for the gOvernance or she same
as NAV be necessary for the carrying out OF the
purposes Of the said Ll0yds associations.
2. And be it enacted, That upon filing with the
commissioner Of banking and insurance OF this
state, a certificate Of each association thus de-
fined, duly sigped by at leasl twenty members
thereof of each Il0yds association the SAID com
missioner OF banking and Insurance shall imme-
diatey issue to these signers hereby termed sub-
scribers or to their att fney attorneys in fact
who shall be named therein, ana shall therein be
empowered 10 represent all OF the sad subscribers
thereto additional subscribers thereafter and
their successors as such, certificate Of authority
authorizing these subscribers, through their at
torRey OF attorneys in laet to issue and underwre
policies of insurance bearing an VI the said sub
scrbers' names herein set forth provided, that
said association shall Tile in the Office OF said com
missioner a statement in writing Of the name and
residence in this state OF some person or persons
On whom legal notices and process may be served,
and renew such statement whenever required ;
provided. that said association shall pay 60 tine
commissioner of banking and insurance, for the
of the state, for the filing OF certificates and
statements and copies thereof the same fees are
now required OF corporations organized and doing
business under the general Insurance laws Of this
state
g. And be it enacted, That such Lloyds assOcia-
ton shall Immediately after the first Of anuarv
in each and every year file with the said commits
soneE of banking and insurance true statement
the protection of policy holders, upon blanks TO
be furnished by said commissioner, and that on
and after the first day OF July, one thousand eight
hundred and ninety-hye, two per centum OF the
| Loyds association upon policies issued by them,
covering property situated within the state OF New
Jersey, shall be paid to the hremens relief assO-
citation in the same manner as is now required q
all foreign insurance companies doing business IT.
/ this state; and that whenever the commissioner
of banking and Insurance finds as the result OF e1-
/ animation or by any statement filed as Aforesaid
1 that anv LlOyds association Of New Jersey nave a
less sum that forty thousand dollars on hand over
all claims and liabilities, which have been DONG
! business one wear it shall be his duty TO serve
thirty days notice upon the attorney or attorneys
that if the amount Is not Increased 10 the sed sum
of forty thousand dollars required by TINS act me
charter Of such Lioyds shall be forfeited 70 Lne
state and it is furthur required that such sub
scrlbers shall deposit with tier attorney or attor
neys before the issuing Of any policies oy any
such associations known as 1loyus tine sum OF lof-
! ty thousand dollars in cash or secntllles ANeslcI
4 in the same manner as now or heleater reqhhs"
nv the general insurance laws OF THIS state
l. And be it enacted, That 10 fire Lioyds organ
lied i'm this state prior to this act shall be permit
ted to do business in this state