Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1897-04-20
.ruEsDAY EVENING. APRIL .. lsel
A CHAprEn ON II

AT tho suggestion OF Q local agent,
THE OPTIc has gone to pains and ex-
psnse to ascertain something about the
insurance bill which was enacted into
law at the last Territorial legislature,
requiring, among Its provisions. the
deposit of s10, 1000. This clause, 1t is
said, was inserted In the law at the
instance Of certain companies, one gen.
eral agent in Denver. Cole. being named,
for the purpose Of freezing out all
competition. The other companies
s'caught ON" and are now fighting
hard to play even.
There is a world OF discussion going
on In insurance, official and business
circles generally over the possible effect
of recent legislation In New Mexico
relating to insurance corporations.
Four bills on the subject were intro
duced at the late session, @. b. No.
So. requiring agents to make q small
guarantee deposit and c. B, No. "A.
forbidding the payment Of rebates,
failed Of passage.
Council bill No. So. approved March
18th last. leviss q tax Of 9 per cent.
upon the moun OF all fire insurance
premiums which shall have been re.
ceived by any agent doing business
therein "during the year, or part Of
the year ending on the last preceding
3lst day Of May" Such 2 per cent
tax shall be paid, says section / Of the
law, "on the first day Of August o,
each year." and payment of the tax
must be made to the treasurer Of the
Z. fire departments Of every city, town OIL
village, whether Incorporated or not,
for the sole use of such fire depart
ment, and where there is no fire de-
partment, then the treasurer of the
town or village. or the treasurer of the
county, shall receive the funds de-
rived from this tax.
Bear in mind, this law became
effective, the day 1t received the gov
ernor's approval.
Section 2 provides that no person or
agent shall "Affect any insurance upon
any property" in this Territory, after
March 18th. 1897, Of course, ssuntil he
shall have executed and delivered to
the officer to whom such account 10 to
be rendered and such payments to be
made, a bond to such fire department
ia the penal sum Of $500, with sncb
sureties as such treasurer or other fiscal
officer shall approve" with q condi-
ton attached that he will annually
comply with the 2 percent. tax provi.
sion making payment before the LIST
day of August In each year.
How many agents in New Mexico
have complied with this feature OF the
law up to dateP How much u
policies have they written since March
18th last PAnd yet the law says that every
person who shall affect any such in
aurancs ...without having executed and
delivered such bond, shall, for each
offense, forfeit 5000 for the use and
benefit OF the fire department. OF
such city, town or village" etc.
Section 4 requires all persons whose
property shall be insured TO report the
fact to the treasurer Of the fire depart
ment, or other fiscal officer with whom
the insurance agent has filed his bond,
and If he shall 'sneglect or refuse to
give to such officer full information, {"
upon demand being duly made by the
treasurer or other fiscal officer, he
shall bs liable to an action for the sum
OF 500. However, while that Is the
law Of 1897, the insurance agents say
they are now duly licensed TO do busi-
mess throughout the year, under the