New Ulm review., 1895-05-22


diateiy mailed. postage prepaid, to home
office OF the company, or to the address of
the authorized Resident attorney IN this
state, as the company may designate in
such stipulation s..
Sec 1b. He shall collect and pay into
the treasury charges as follows: For fling
copy of charter or articles OF incorporation
Of any foreign insurance company, twenty
five dollars. and for filing statement with
application for admission and for each an
nual statement with application for admis-
sion and for, each annual statement, twenty
dollars; for each license to procure fire. IN
sufance in unauthorized foreign companies,
ten dollars annually; for each certificate OF
renewal thereof to an insurance agent, one
dollar; for each certificate of the valuation
of the policies of. any life insurance compa-
ny, and for each certificate of the exam-
ination, condition or qualification of an in
of any paper on file in his Office, twenty
cents folio, and one dollar for certifying
the same; and all other fees and charges
due and payable into the treasury for any
official act or service of the commissioners.
Sec. l6. He shall keep and preserve In
permanent form record of his proceedings,
iafclading IN concise statement OF the results
pan1es. He shall annually, and as early as
consistent with full and accurate prepara-
ton, make report to the governor of his
official transactions, AMI shall include in
such report a statement of the receipts
and expenditures of his department for the
preceding year; report Of the conditions
VI Tue FeCelVeESQlD- lnSOlVcQL COupduleS,.
an exhibit-of the financial condition and
business transaction of the several insur-
ance companies as disclosed by official eX-
aminations of the same or by their annual
statements, abstract of which statement,
together with valuation of life policies,
shall appear therein, and such other in
formation and comments in relation to in
surance and the public interest therein as
ne deems TIT to communicate.
Sec. II. Every insurance company, for
eign or domestic, shall conduct it's business
In this state. in it's own corporate name,
and the policies and contracts of insurance
issued by it shall be headed. or entitled,
only by its proper or corporate name
When any such company publishes Its
assets, 1t shall in the same connection and
with equal conspicuousness publish its La
bilities computed on the basis allowed for
its annual statements, and any publication
purporting to show its capital shall exhibit
only the amount of such capital as has
been actually paid in cash. -,
Sec. 18. Every such company, domestic
or foreign, shall be liable to taxation as
provided by this act, and it shall, by its
missioner or other officer of this state such
returns and statements Of its business and
affairs as the law may require for the pur-
pose OF assessment @ OF such taxes, and no
examined under oath by the officer to
whom such returns are to be made.
Sec. 19. If any company other than life.
authorized to transact the business OF in
rectly contract for or effect any reinsurance
Of any risks or part thereof taken by it, it
shall make sworn report thereof to the
insurance commissioner at the time of filing
its annual statement, or at such other time
as he may request, and such reissuance
except so far as 1t is in companies author
lied to do business in this state, shall not
reduce the taxes to be paid by 1t. No fire
insurance company shall insure in single
risk larger sum than one-tenth- OF its net
assets.
Sec. 20. No oral or written misrepresen-
tation made in the negotiation Of contract
or policy of insurance, by the assured or In
his behalf, shall be deemed material or de-
feat or avoid the policy. or prevent It's at
taching, unless such misrepresentation IS
made with actual intent to deceive and de-
fraud, or unless the matter miSrepresented
increases the risk Of loss.
Sec 21. The general provisions OF law
relative to the powers, duties and llablil-
ties of corporations or their agents shall
apply to all Incorporated Insurance compa-
MES as far as the provisions are pertlnent
and not in conflict with the provisions OF
law relative to such companies or with
their charters .. -
All insurance companies Of this state may
be governed by this chapter, anything In
their special charters to the contrary not
withstanding; providing notice Of the ac-
ceptance of said act is filed with the insur-
ance commissioner.
Sec. o. Domestic insurance companies
Incorporated by special acts whose charters
after such limitation expires, continue TO be
bodies corporate, subject to all general
laws applicable to such companies.
Sec. %. No domestic insurance company
shall issue policies until, upon examination
by the commissioner or his deputy, 1t Is
found to have complied with the laws OF
the state. nor until it has obtained from
the commissioner certificate setting forth
that fact and authorizing it to issue pol
icies
Sec "a. Any such company may adopt
bylaws for the conduct of its business not
,repugnant to law nor to its charter, and
therein may provide for the division of its
board Of directors into two, three or four
classes, and the election thereof at its an
nual meetings in such manner as that the
members Of one class only shall retire and
their successors be chosen each year. Va
cancies in any such class may be filled by
election by the board for the unexpired
term. The secretary and treasurer shall
severally give bonds with sureties in such
sum as the directors may require Tor the
faithful performance of their respective
duties
All matters proposed to be acted upon pom
at any meeting of the company shall be
specified in the call for the same.
=. All investments of the funds Of the com
pany shall be made in it's corporate name,
Der of the committee thereof charged with
the duty of investing its funds shall borrow
the same or be directly or indirectly llable
for or on account of loans thereof to 9th
take or receive to his own use any fee,
brokerage, commission, gift or other con-
sideration for Or on account OF loan made
by or on behalf of such company.
All policies issued by such company shall
be signed by It's secretary, or in his ab'
sence, by a secretary pro tempore, and by
it's president. or vice president, or, in thei1
absence, by two directors.
Such companies shall have their ofhce IN
the city or town specified in their charter
and when they establish agencies in othel
cities or towns, all signs, cards, pamphlets
and advertisements exhibited or issued by
them shall specify the city or town where
the company they represent is located
They shall not deal or trade in buying OF
selling goods, wares or merchandise, except
are claimed, and except in replacing, re-
building or repairing insured property as
provided in their policies, nor engage il
their charters and articles of incorporation
and expressly authorized by law.
Any such company may acquire and hole
real estate for the convenience and ac
exceeding twenty-five per cent of it's casl
assets, and not otherwise, but may hO[
real estate acquired under the conditions
Of any mortgage owned by it, or by pur
chase, or set-off on execution, upon judg
|. ment for debts due it in the course of its
legitimate business.
Sec 25- No fire or fire and marine in
surance company shall make any conditions
or stipulatiOns in its insurance contract
concerning the court of jurisdiction wherein
any suit thereon may be brought, nor shall
limit the time within which such suit may
be commenced to less than one year after
the cause Of action accrues. Any provision
contract or stipulation contained in any
contract or policy of insurance issued OF
made by any. fire insurance company, asso
| citation, syndicate or corporation, insurins
any property within this state, except risk:
equipped by automatic sprinklers, whereby
| it is provided or stipulated that the assured
| shall maintain insurance on any property
| covered by the policy to the extent of eigh
| ty per cent on the value thereof. or to an,
! extent whatever, and any provision or stip
| ulation in any contract or policy of insur
| ance, that the insured shall be an insurer O.
! the property insured to any extent, and any
| provision or stipulation in any such con
| tract or nnlicY to the effect that fhn in