The morning times., 1897-01-29
TO Be MADE SAFE
The New Insurance Bill Prepared
by the Commissioners.
CONTROL OF THE COMPANIES
Deposits of Not Less Than $780,
coo to BE Exacted From Corpora
tions Organized Outside of the Dis
triet-An Assistant Assessor to
Be Appointed.

The new insurance law, referred to in
the Evening Times, which was prepared
by the attorney and the assessor, and
which the Commissioners viii submit to
Congress in a few days, as a substitute
to the pending measure on the same sub
jcet, provides, among other things, that
the assessor shall act, ex officio, as in
surance commissioner, and have super
visoin of all matters in that department.
The Commissioners are authorized by the
bill to appoint an assistant, to be known
as the first assistant assessor, to act for
and perform the duties of insurance COM
missioner, and to provide clerical as
sistance- Annual reports, in December,
shall be made by every insurance company
in the District, which shall include
statement of assets and liabilities at the
close of each year.
Each foreign company seeking to trans
act business in the District must file with
the assessor a certified copy of its charter,
together with certificate from the State
where organized that it is entitled to
transact business. No company shall be
permitted to Issue a policy or contract
for the insurance of any individual without
being duly licensed as provided for in The
law.
No fireinsurance company, except mutual
or cooperative companies, may incur
risk in excess of 10 per cent of the amount
OF the capital stock, and in no case shall
a condition bc valid unless the same shall
be stipulated in the body of the policy.
Companies organized elsewhere than in
the District must deposit $100, 900 in
cash or bonds with the Treasurer OF the
United states, to be held in trust for the
benefit OF the policy holders.
No person, excepting subagents or in
dustrial insurance companies, shall act as
agent, subagent, or broker without first
procuring from the assessor a certificate OF
authority, and that certificate shall be
renewed annually in March.
ANY person violating the provisions of
this section shall be deemed guilty of a
misdemeanor, and upon conviction in the
police ourt shall be punished by a fine OF
notices. than $500, II or more than So 90. for
each offense.
II is made the duty of the assessor to
see that the capital required by the charter
OF anv company or association organized
under the District laws has been actually
paid up in cash, and is held by the di-
rectors, or has been invested in securities
worth in the market not less than $780,
600. If n mutual company, it must be as
certained that it has received and has in
possession securities to the full extent of
the value required by its charter The
mutual companies are not required to COM
ply with the provision Just quoted re-
specting their assets, but such assess
ment companies shall be required, as a con-
tlition OF license, to file with the assessor
a certificate setting forth that they are
paying, and, for the twelve months next
preceding, have paid, the maximum
amount named in their policies or certifi-
Gates OF membership.
Nothing in the act shall be held to ap-
ply to any bona fide fraternal association.
corporation or society, organized as "A
beneficial society and not for profit.
A fee of $50 is to be exacted for filing
the declaration or certified copy Of the
charter; $50 for filing the annual state
ment, and for filing power of attorney
under the law $40. Industrial insurance
companies must pay So for filing each ap-
pointment of n subagent and So is to be
charged for furnishing an abstract of an
annual statement Of fany insurance company
organized in the District. Twenty cents
per folio will be the fee for a copy of any
paper relating reinsurance by any company
or association doing business in the District
An appropriation is provided for to en-
able the Commissioners to carry out the
provisions of the act.