The Saint Paul globe., 1899-04-27

Of the general laws of tho State of Mime
50 sofa ARG for the year 1885 be 2. amended so as
stock shall be paid in cash within six
months from the date of charter or GER
tiffcate of organization and no certificate
sued until the a Whole captaI Is paid n
provided, however, that a company or
ganized to insure bicycles against loss
I,pIoth from theft shall have Its entire capital
date OF charter or certificate Of Organiza-
ton and shall be authorized to transact
It's business when not less than ten
thousand dollars Of its authorized cap
1tal shall have been paid in.
A majority Of the directors shall certify
on oath that the money has been paid by
shares and the same Is held as the cap
1tal of the company, invested or to be in
vested as required by this section. The
insurance company Of this state shall be
invested in the bonds or treasury notes
of the United States or national
bank stock or Understanding bonds
of this state or any other state
Of the United States, or of any city, town
or county Of this state or any other state
fty to issue the same, at their market
value. or in any interest or dividend pay
ing stocks or bonds issued under the laws
Of this state or any other state OF the
United States at their known market
value, or they may be invested or loaned
| on mortgages of unincumbered real estate
III IulS OF dIly OtIcT SlSLlc VI LILO OliIOo
States, worth at least twice the amount
loaned thereon, exclusive of buildings
except when such buildings are insured
and the policies duly assigned as addt-
tional security; or loaned on pledges of
any of the securities named In this sec
ton; provided always, that the current
market value Of such pledged securities
shall be at all times during the continu-
ance of such loans at least twenty per
cent moro than the amount loaned on
them and all such loans are subject to
fhA Of &hn fn tG.r a a
same in case Of depreciation OF the Sc
curtties below the limit: and provided
that In all investments made upon mort
gagged securities the evidence of the debt
trust.
Sec. 8. That section II of chapter IT'S
nesota for the year 1895 be amended so
as to read as follows: Sec. II. No for
eign insurance company shall be so ad-
mftted and authorized to do business un-
til it shall deposit with the insurance
commissioner a certified copy of Its char
ter or articles of incorporation and a
statement of it's financial condition and
business, in such form and detail as he
may require, signed and sworn to by its
| president and secretary or other proper
ana fbs san s pay "a tbrv tde ear and
| for the filing Of such statement the sum
| of twenty dollars
| y Second-It shall satisfy the insurance
| commissioner that 1t Is fully and legally
organized under the laws OF Its state or
government to do the business it pro-
poses to transact; that it has, If stock
capital. exclusive of stockholders obli-
cations of any description, of an amount
| not less than is required of similar com-
panies formed under the provisions Of
| panies organized to insure bicycles
against loss from theft shall have
sand dollars fully paid up and properly
| invested and deposited with the insur-
| ance commissioner of the state where
such company Is organized; and, If
| mutual company other than life, that 1t
| has net cash assets equal to the capital
| required of like companies on the stock
| plan, that such capital or net assets are
| well invested and Immediately available
| for the payment of losses IN this state,
| and that 1t insures on any single hazard
a sum no larger than one-twentieth Of it's
capital and surplus, If engaged in life,
| fire or marine insurance, and except that
| if it be company legally transacttng
| business of fire insurance under the laws
| of some other state of the United States,
| it shall be 80 admitted and authorized
| to do business in this state upon the filing
| with the insurance commissioner of evil
| dence Of that fact. together with sworn
| statement Of its financial condition., show
| ing that it. has on its books no less than
| seven hundred and fifty thousand dollars
OF insurance in force. on which the pre-
| than three hundred separate risks, and Is
| in possession of cash. assets to pay all
| losses incurred and to provide. for re-
| insurance reserve as required by section
| eleven Of this act.
Third-It shall, by duly executed in
| Strument filed in his office, constitute and
| successor its true and lawful attorney
| upon whom all lawful processes in any
action or legal proceeding against 1t may
be served, and therein shall agree that
| be served upon It's said attorney. shall
| be ot the same force and validity as
| the authority thereof shall continue in
! force irrevocable SO long as any liability
| of the company remains outstanding in
| this state.
The service of such process shall be
| made by leaving the same in the hands
| or office Of the commissioner. Copies of
| such instrument certified by the commits
| sioner shall be deemed sufficient evidence
| thereof, and service upon such attorney
| shall be deemed sufficient service upon
| the principal.
! or agents in this state some resident or
| residents thereof.
Ftfth-It shall obtain from the insur
| ance commissioner a certificate that II
| has complied with the laws of this state
and is authorized to make contracts of
| insurance.
| Sec A. That section 81 of chapter It's
of the general laws of the State of Mime
| sofa for the year 1895 be amended so as to
read as follows: Sec. 81. No company in
this state other than fire. marine or fire
/
| real estate title Insurance companies,
! shall do insurance in this state unless it
| has on deposit with the insurance COM
! missioner Of this state as security for all
| It's policyholders, stocks or bonds of this
state or Of the United States. or bonds
of any of the municipalities Of this state,
| or personal obligations secured by first
mortgage on real estate within this state,
worth exclusive of buildings, the amount
| of the lien and bearing interest of not less
| than three per cent per annum to an
amount, the actual market value Of
| which, exclusive of interest, shall never
| be less than one hundred thousand dol
| lars Except In case of companies organ
| lied to insure bicycles against loss from
| theft, the amount of such deposit for
| such companies shall never be less than
! ten thousand dollars) which stocks, bonds
or mortgages shall be retained by the
| insurance commissioner and be disposed
| of as directed by law.
Provided, however, that the deposit of
| mortgages on real estate shall not ex-
ceed the amount Of fifty thousand dol
| lars. AS long any policies of the de-
| posting company remain in fierce, the
| said deposit as security for all holders Of
| its policies. Provided, any insurance
company of any other state of the United
| States in which the provisions of law
| contained In this act shall be In force,
may file with the insurance commissioner
| of this state certificate of the insurance
| commissioner of such other state that as
| such officer he holds in trust and on de-
| posit for the benefit of all the policyhold-
| ers of such company, the deposit above
described, stating the items of the securi
! ties held and that he is satisfied that
| such securities are worth one hundred
| thousand dollars. No deposit shall be re-
quired in this state while the said de-
| posit so certified remains.
| Sec. 5. This act shall take effect and
| be in force from and after It's passage.