The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-05-26
STATE INSURANCE LlHs
Opinion of the Attorney
General.
CRAIG AND WILLARD BILLS.
No Conflict neswe~u These Two Acs. -
Inc Leslsiatarc-To be Construed -
gcther-Compsates Can wind W ola
business. Without Complying win
h Latter Aet-A LAre Company Do~
mesttcated Under the Craig law,
Withdrawing It's Charter.
Especial to The MessenSer.)

Withdrawing Its Charter.
Especial TO The Messenger.)
Raleigh. n. c.. May 2~2.-Insurance
Commissioner Young wrote the follow
ing letter 20 Attorney General walser:
For information and guidance Of
this department. 1 desire your opinion
upon the following questions:
Il. Is the law known as the Craig
bill, enacted by the last Legislature
and ratified February 10th repealed 60
far as insurance companies are con-
cerned by the general insurance Law,
known as the Willard bill, enacted by
the same body and ratified March 6thy
80. In asking Z become incorporates
under the Craig bill by filing a charter.
as therein provided. can a corporation
limit the time for which the incorpora-
ton Is to extend as is provided In all
other applications for charters or must
it be perpetual?
%. Can a foreign insurance company.
after domesticating or Incorporating
under the Craig bill stop its business
in North Carolina and withdraw, as
can be done under the present law,
when the company has simply entered
under the Willard bill?
"A. Can a life insurance
after complying with the Willard bill
continue an office in the state after June
LIST for collection of premiums on old
policies and the payment OF claims
arising under the same and not comply
with the provisions of the Craig bill.
provided that it does no new business
nor enters into any new contract?
"As there is a great deal OF stir
among different insurance companies
about these matters and as the time
in which they must comply with the
Craig bill or stop business in North
Carolina is so short, / would be obliged
by an answer at your earliest conven-
ience."
Today the attorney general replied
as follows:
"It is my opinion hat insurance COM
panies are required by section / OF the
Craig law to become ~domesticated here
before they will be permitted to do
business under section 62 OF the Will
lard law. These acts were passed at
the same Legislative session and should
be construed in pari materia and effect
be given to both, If possible. / have
been unable to perceive wherein they
are Inconsistent. 1t seems to me a com
the right TO transact such business as
becomes necessary by reason Of poll
cies written before the passage of the
Willard law. Amy other view Of the
question would be in contravention OF
the constitution of the United States.
which inhibits any state passing a law
fnpairing the obligation Of a contract.
The views herein expressed render re-
Spouse to other questions propuonded
unnecessary. / have o written upon
those important questions which, are
not free from considerable difficulty,
because they will probably be submit
ted to the arbitrament Of courts"
In April the Mutual Reserve Fund
Life Association, of New York, took
out its license under the insurance law
and last week filed its charter under
the Craig law. Today John w. Hins-
dale appeared as its attorney and gave
notice Of the withdrawal of the COM
pany from the state. He also withdrew
its charter and served notice of revoca-
ton Of power OF attorney given TO the
insurance commissioner for service.
The commissioner says such power q
attorney cannot, under the law, be ro-
voked so long al the company has any
risks outstanding in North Carolina
The Northwestern Mutual Life Com
pany, OF Milwaukee, filed a charter
today under the Craig law. Under the
attorney generals ruling the Life i'm
surance companies can still keep Office
In the state for collecting th,ir old
business without complying with tina
Craig law, provided they do not wrtts
onv uau hvotroco seq