Evening journal., 1899-01-31
FIRE INSURANCE BILL.
Senator Knox Gives Notice of
an Important Measure.
THAT FIGHT ABOUT TAMMANY


PoSITlON-A MEASURE FOR TIL
PROTECTION OF DELAWARE
MlIL.ERs -- BUSINESS TRANS
ACTED BY THE SENATE YES
TERDAY.
stan Correspondence Evening Journal.
Dover. Jan. 3l- Senator Knox yes
terday by request. gave notice of tn,
following important insurance bill:
An act in relation to reinsurance an,
the transaction Of business OF fire in
surance companies or associations
otherwise than through resIden
agents.
BE ii enacted by the Senate anC
House Of Representatives Of the Stat,
Of Delaware, in General Assembly met
Gwo-thirds OF each branch thereof
concurring therein).
Section 1. That no Insurance com.
pany or association incorporated un.
der the laws Of this state. authorized
to transact business herein shall make
write, place or cause to be made writ.
ten or placed any policy. dup.ica
policy or contract Of insurance OF any
kind or character. any general or float
ing policy, upon property situated OF
located in this state except after the
said risk has been approved. in writ
ing, by an agent who Is a resident o.
this state. regularly commissioned and
licensed 10 transact insurance business
herein. who shall countersign all poll.
cies so issued and receive the commits
sion thereof when the premium ie
paid, to the end that the state may re-
celve the taxes required by law 10 be
paid on the premiums collected for I'm.
surance on all property located In this
state Nothing in this act shall be con.
strued to prevent any such insur.
anCe company or association. author
lied to transact business in this
state, from issuing policies at It's prin-
cipal or department offices covering
property in this state. provided that
such policies are issued upon applica-
ton procured and submitted TO such
company by agents who are residents
Of this state. and licensed to transact
the business OF insurance herein, and
who shall countersign all policies Sc
issued and receive the commission
thereon when no provision OF this
section is intended to or shall apply tC
direct insurance covering the rolling
stock Of railroad corporations or prop.
erty in transit while in the possession
and custody of railroad corporations
or ether common carriers, nor to the
property OF such common carriers used
or employed by them in their business
as common carriers Of freight, mer-
chandise or passengers
Section 2. No fire insurance COM
pany or association shall reinsure in
any manner whatsoever. the whole or
any part of a risk taken by It on prop.
erty situated or located in this state
in any other company or association
not authorized to transact business in
this state. No fire insurance company
or association shall transfer or cede, in
any manner whatsoever. to any com
pany or association not authorized to
do business In this state. any risk or
liability or any part thereof assumed
by ii, under any form OF contract Of
insurance. covering property located In
this state, including any risk or liabili-
ty under any general or floating policy
or any agreement, general, floating or
specific, to reinsure excess loss by one
or more fires No fire insurance com
pany or association shall relnsure. or
assume as a reinsuring company. or
otherwise, in any manner or form
whatsoever, the whole or any part OF
any risk or liability. covering property
located in this state, or any insurance
company or association not authorized
to transact business in this state.
Section 3. Whenever the insurance
commissioner shall have or receive in
formation, that any fire Insurance
company or association, not incorpo-
rated under the laws Of this state, has
violated any Of the provisions Of sec
tion / Of this act. he is authorized, at
the expense of such company or asso-
citation, TO examine. by himself, or his
accredited representative, at the prin-
cipal office or offices Of such company
or association. located in the United
States Of America, or any foreign com
pany. and also at such other Offices O,
agencies Of such company or associa-
tion as he may deem proper, all books,
records and papers of such company or
association. and may examine under
oath the officers, managers and agents
Of such company or association as to
such violation or violations. The re-
fusal of any such company or associa-
ton to submit to such examination. OF
to exhibit its books and records for
inspection. shaN be presumptive evil
dence that IL has violated the provis-
ions of the first section of this act, and
shall subject il TO the penalties pre-.
scribed and imposed by this act
Section 4. Every fire insurance COM
pany or association shall annually and
at such other times as the Insurance
commissioner may require, in addition
to all returns now by law required OF
it, or its agents or managers, make a
return to the insurance commissioner
in such form and detail as may be pre-
scribed by him. Of all reinsurance OF
cessions of risk or liability contracted
for, or affected by il, whether by issue
Of policy, entry or gen
eral participation agreement, or by
excess loss, reinsurance, or In ans