The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-01-28

provided, that only the United States
branches of foreign companies may be
so examined. He is empowered to eX-
act testimony, and persons refusing
information are liable to a fine not ex-
ceedlng $500, or Imprisonment not eX-
ceeding three months; directors, OIL
GERS. managers, agents or employees
of insurance companies guilty of this
offense may be fined $1,000 and inn
prisoned for from two months in the
county Jail to five years in the peniten-
ttary; provided. that any company
whose license has been revoked by the
superintendent may appeal to the
district court This provision also
gives the superintendent power to re-
woke the certificate of any company
found on his examination to be I'M
sound.
For filing papers with the superin-
tendent insurance companies must pay
the following fees:
Articles of incorporation, $50: powers
of attorney and settlement preliminary
to admission, $50; copy of charter, etc,
$50; certificate, So; annual statement,
$50; copies of certificates, 81; copy of
any paper fled zoe. per folio; aff1xing
seal and certifying, 81.
Any excess in the insurance fund at
| the end of the year shall be trans
ferred to the school fund
/ Companies are required to pub
lish their liabilities with every
published statement of their assets.
| No fire insurance company shall
! insure in a single hazard a larger sum
/ than one-tenth of it's net assets. Per-
sons shall not solicit business for COM
panies not authorized to do business
in the state under penalty of $500 fine
and six months Imprisonment. Every
company doing business in the state
must have a certificate from the super
! intendent, which certificates shall ex-
pire the last day of March in each
year and must be renewed annually.
| Violation of this section is punishable
| by fine of 500 for each offense. Out
side companies must appoint the super
! intendent, it's attorney, on whom pro-
cess can be served before issuing
policies in this state, and certificate of
such appointment must be filed with
the superintendent
Persons negotiating contracts of in
Surance for others. and not being the
appointed agent or officer of the COM
pany making such contracts, shall be
known as insurance brokers and must
pay the superintendent $40 for a GER
/ tificate to do business for one year.
| Companies doing business in the
state must file certified copies of their
articles of Incorporation for deeds of
settlement, together with a statement
of the condition of the company.
sworn to by the president, secretary
or other chief officer, on the 31st day of
/ December next preceding the date of
such oath.
On or before April 1 each year COM
panies must file statements Of their
/ financial condition on December 81 pre-
ceding.
No Joint fire or life insurance COM
! pany can do business in the state un-
/ less the fire company has a paid up
cash capital of not less than $2O0,0O0
and the life company of not less than
S100 000 Foreign assurances companies.
in addition to complying with the con-
ditions eacted of other companies,
must deposit with the state treasurer
a sum not less than the capital re-
quired of like companies under this act,
! such deposit to be in exclusive trust
for the benefit and security of the
/ company's policy holders and creditors
| in the United States. 1t is made law
! full for companies to invest capital
and funds in bonds and mortgages on
real estate worth 50 per cent more than
I the sum loaned above all inCum-
/ brances and exclusive of buildings eX-
( cept such as are insured and the policy
1 transferred to said company; also in
stocks of this state or stocks or treas
ury notes of the United States; also In
| the stocks and bonds of any school
district or incorporated city in the
state. Any surplus money over and
above the capital stock of insurance
! companies may be invested in or
/ loaned upon United States or state
bonds stocks o. bonds of any solvent,
dividend paying institutions other
than mining corporations. OF this
state or the United States. Provided
always that the current market value
of such stocks and bonds or othef evil
I dence of indebtedness shall be at all
times during the continuation of the
! loan at least 20 per cent. more than
the sum loaned thereon. The general
provision of law relating to corpora
lions shall apply to incorporated do
nestle insurance companies. NO mem
Der or officer of a company snail be
interested in the loans of any OF It's
funds as borrower.
Companies may hold real estate for
the use of their business, but not to
! exceed % per cent. Of it's cash assets
No life insurance company shall en-
ter into any contract upon lives in this
state without having made or caused
I to be made prescribed medical eXami-
nation of the insured by a registered
medical practitioner, under penalty Of
S100 fine for each offense.
Provision is made for the incorpora-
ton of local insurance companies and
their limitations are prescribed. Every
company now existing under the laws
of this state shall be subject to the
provisions of this act, but shall be al
lowed ninety days from the approval
hereof to comply with its requirements
The act is not to be construed so as
to prevent any Masonic, Odd Fellow
religious or benevolent society from
issuing indemnity to any one against
loss by death or accident of any of its
members. The only provision apple
able to such societies is the one re-
quiring the filing of an annual state
ment.
The form of policies for fire insur-
ance companies is set forth at length
and regulations are made for claiming
and paying losses. A fine of 5000 for
each offense is imposed on persons is
suing policy in violation of this
section, but the policy is declared to
be binding upon the company issuing
it,
The law has sections covering life
and casualty insurance on the assess
ment plan, and provides for the organ
ization of associations of % or more
persons to conduct such business, spec
tally exempting fraternal societies and
organizations not employing paid
agents from the requirements laid
down.
When the Superintendent of insur-
ance is satisfied that any corporation
doing business in the state has exceed
ed its powers, failed to comply with
the law or in conducting business
fraudulently, he shall report the facts