The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-05-23
CHATTER CCcxxxvII.


An Act to permit and allow firms and
individuals not less than twenty in
known as fire Lloyds. to insure others
against loss or damage by fire and
lightning, and to underwrite policies
of insurance issued therefor under the
Lloyds form.
1. BE il enacted by the Senate and Gem
erai Assembly OF the State. OF New Jer-
sey, That 1t small and may be lawful for
and number of individuals or. firms, as
separate underwriters, TO associate them
selves together under h IS known as
Lloyds associations to be onpose or
not less than twenty members eaei.
who shall all be legal residents of New
Jersey POSSESSING IN Their iadi 1dSiual
OF personal property ana real eStaie.
situate within this state. above all in
writing and contracting and issuing poii-
eies of insurance. insurins property
against direct loss or damage by IRE OF
lightning upon what is known as the
each of said Lloyds associations ana
such rules and regulations for the Cove
ernance of the same as may be necess-
airy for the carrying out of the purposes
of the said I.loyds associations.
2. And be it enacted, That, upon hing
with the commissioner of banking IN
surance of this state a certificate OF each
association thus defined, duly stgned by
at least twenty members thereof Of each
Lloyds association, the said commissions
er OF banking and insurance shall imms-
diately issue to these signers hereby
termed subscribers, or there attorney o9
attorneys in fact, who h lbc nancy
therein, and shall therein be empowered
TO represent all the said SUBSCRIBERS,
and their successors as such, a certineate
of authority, authorizing these subscribe
ers. through their attorney or attorneys
in fact aforesaid, to issue ana uaderwrlte
policies of Insurance bearing all OF tna
said subscribers names as hereln set
forth provided that sat6 association
shall file in the office of said commmss-
sioner a statement in writing OF the
Nc ~ q nd nrociTpnrc W. rhts. state Of same
person or persons on whom legal notices
and process may be served, and renew
such statement whenever required; pro-
vided, that said associations shall. pay to
the commissioner OF banking ana lnsGr-
ance, for the use of the state for the ILL
ing of certificates and statements and co..
pies thereof, the same fees as are re-
quired CT corporations organized and
business under the general Insurance OF
8. And be it enacted, That such Lloyis
association shall Immediately, after the
first of every year, file with the said COM
true statement OF assets and liabilities.
with total for the protection OF
policy, holders. upon blanks to be fur,
and after the first day of July, one thous-
and eight hundred and ninety-ive. two
par centum of the prs miums received by
the subscribers of such Lleyds associa-
tion upon policies ssued by them, COW
ering property sltIats ythn the state q
relief association in the same manner as
is now required OF all foreign insurance
companies doing business in tbs state;
and that Whenever the commissioners of
banking and insurance finds rs the re-
suit Of an examination or by any state
meat filed as aforesaid that any, Lloyds
association of New Jersey lave a less
sum than forty thousand dollars on and
over all claims n liabilities, WHICH has
been doing business ons year, it shall
be his duty to serve q thirty days notice
upon the attorney or attorneys a il
The amount is not Increased 10 the said
sum Of forty thousand dollars required
by this act. the charter of suc LloydS
Slal be forfeited TO the state; and it
is further required that sueh subscribers
shall deposit with their attorney or attor-
neys before the isuins of any Dolicies by
any such ASSOCIATION known as Lloyds the
sum Of forty thousand dollars in cash or
securities invested in the same manner as
now or hereafter required BY the gem
4. And be 1t enacted, That no fire
LloyGs organized in this state prior TO
this act, shallb e permitted TO do bus
mess in this state.
5. And be it enacted, That this act shall
tae EJECT Immediately.
Approved arch %. 1895. F,