New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1895-05-22

lawful and valid, and all provisions In such
policy OF INSURANCE feiaLl4s 10 sv-1aAe
or OIher insurance, shall ne construed ana
held to be i'll accordance with the standard
policy by this act prescribed, any prOyi-
ssions In such policy of insurance to the
spiu no It and nothing n
abrldging the right of any company Issuing
such Insurance to enter this state s1or
the purpose of inspecting the prop
erty insured, adjusting any loss or
performing any act necessary or proper
to the right conduct of its business and all
matters pertaining thereto. Bat provided,
mat the bond of said applicant shall be
N such reasonable sum as the insurance
commissioners shall determine with sure
ties residing in this state who shall satisfy
the bond shall be approved by the commits
slOner, filed in his office, run 70 MIN for
the use and benefit Of .-.e State of Mime
sofa. and conditioned that the applicant
will comply with this section, and pay
forthwith on the expiration of said license
to the said insurance commissioner for the
State of Minnesota tax of two per centum
upon the net premiums paid by such IL
censee, or his said firm or corporation And
such bond may be sued and enforced by
said commissioner in his own name i'll any
court having jurisdiction. Each person SO
licensed shall keep separate, accurate
account Of all business done under such Ii
cense, and shall, on the thirty-frst day Of
December and the thirtieth day of June Of
each year, file with the insurance commits
sloner sworn statement of the aggregate
premiums paid and return premiums re-
ceiyed for and under such policies.
Sec! So Foreign companies admitted TO
90 business in tals state shall make con-
tracts of insurance upon lives, property or
interests therein only by lawfully cOnsti-
tuted and licensed resident agents. No
poncy or insurance issued to citizen OF
this state by an authorized company organ
lied under the laws of a foreign country
snail be invalidated by the occurrence Of
hostilities between such foreign country
and the United States.
whenever any company negot f. . e. in
ssurahce eHccts reinsurance OF any part
n .nereoI; otherwise than through licensed
resident agents the entire tax thereon
snall De paid by the original insuring com
pany, and the insurance commissioner shall
niake no deduction OH account of such re.
SEC. 81 When. by the laws of any other
state or nation, any taxes, fines, penalties,
licenses fees, additional to or in excess OF
nose imposed by the laws of this state
upon foreign insurance companies and their
agents. are imposed on Insurance compa-
MES of this state and their agents doing
! business IN such state. the same taxes,
lines, ETC., shall be imposed upon all insur,
ance companies of such state and their
agents doing business in this state so long
as such laws remain in force.
PROVIDED, that any insurance company of
any other state or nation doing business in
any city OF this state wherein there is q
duly incorporated board of underwriters
That has organized salvage corps as pro
pany or its agents are not subject to taxa
tlon for the equipment and maintenance of
SAID salvage corps under this section, thel,
Such insurance company or companies shall
pc subject to a tax equal to per cent on
the gross amount of the premiums re,
ceived by said company in such city, which
sum snail be payable to the treasurer OF
s said b bar Of underwriters and shall be by
the equipment and maintenance of said
savage corps, and such tax shall be in ad.
altlon to all taxes, penalties, licenses and
tees provided in this act to be paid to the
State OF Minnesota by such insurance com.
panies or their agents.
Sec. 30. Associations of Individuals citi.
lied within this state or elsewhere within
the United States, formed upon the plan
known as Lloyd's, whereby each associate
t HinaerWrlter becomes liable for proper.
donate part of the whole amount insured
by policy, may be authorized to transact
insurance other than life in this state in
such manner and on such terms as the in
surance commissioner may direct, providing
that if such organization shall be possessed
OF cash on hand and guarantee subscrip-
TONS of the underwriters, after deductins
all liabilities except reinsurance reserve, OF
a sum not less than $50,OC0 and that the
net cash on hand shall be equal to the re-
insurance reserve calculated on a basis of
90 per cent of the premiums in force, and
that evidence shall be furnished to the in
surance commissioner that the underwriters
are men OF good financial standing, respon-
sble for their obligations, and that the Or
ganization does not issue policies of insur-
ance on any one risk in greater sums than
one-tifth Of fhe aggregate of the subscrip-
tons OF the .everal underwriters or the
amount to which they may become liable,
the commissioner shall license them under
similar requirements as are made and pre-
scribed in this act for the admission Of for
eign mutual fire insurance companies so far
as the same may reasonably apply.
Sec. So Any officer OF, or person appoint
thnt h1yp do.
nestle insurance company, or acting with
out compensation may, without other quail.
ification, act in the negotiation and trans
a act WITH such company OF any insurance
Sec. 81. An insurance agent sha'l NO
sonaly liable on all contracts of insurance
unlawfully made, by. or THROUGH H.. a.
rectly or Indirectly, for or in behalf of any
company not authorized to do business in
this state.
Sec. So. An insurance agent or broker
who acts for person other than himself
in negotiating a contract of insurance by
an insurance company shall, for the pur-
pose of receiving the premium therefor, be
held to be the cOmpanys agent, whatever
conditions or stipulations may be contained
in the policy or contract; such agent or
broker knowingly procuring by fraudulent
representations payment or an obligation
for the payment of a premium of insurance
shall be punished by fine of not less than
twenty-five dollars and not more than two
hundred and fifty dollars, or by imprison-
ment for not more than one year.
Sec. SO. No officer or agent of foreign
insurance company, shall make or procure
to be made, or act or aid in any manner
i'll the negotiation Of any insurance with
such company until he shall procure from
the insurance commissioner certificate of
authority SO to do, which shall state in
substance that the company is authorized
to do business in this state, and that the
person named therein is the constituted
agent for the company for the transaction
business IIDOn notice
such company of it's appointment of suit
able person to act as it's agent within this
state, and the payment of fee Of one dol.
lar, the insurance commissioner shall, if
the facts warrant it, grant such certificate.
Such certificate shall continue in force IN
til the trst day OF March next after its
issue, and, by renewal thereof on the an
nual payment for such renewal Of a fee
of one dollar before the first day Of March
OF each year, Until revoked bv the commits
sioner for Noncompliance with the laws or
until the appointment of the agent is re-
voked by written notice from the company
to that effect filed with the insurance com
missioner. While such certificate remains
in force the company shall be bound by the
his apparent authority, as dts acknowledged
agent.
Sec. 80. Every person acting for a for
elgn insurance company shall exhibit in
ing his place of business, the name of the
state or country under whose authority the
company he represents has been incorpo,
agent shall also have printed in large type
the name of such state or country and the
kind of office, whether chartered or incor-
porated, or formed as Il mutual or stock
company, upon all policies issued to citi-
zens of this state. on all cards, placards
and pamphlets, and in all advertisements
published issued or circulated in this state
by them or him, relating to the business
of such company.
+. Sec. 81. Whoever fc:. compensation acts
or aids in any manner in negotiating con-
! tracts of Insurance or reinsurance, or plac-
ing risks or effecting insurance or reinsur-
ance for a person other than himself, and
not being the appointed agent or officer OF
the company in which such insurance or re.
insurance is effected, shall be deemed an
insurance broker, and no person shall ACT