Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1899-03-11
NEW INSURANCE LAW.
Text OF the Act Intended to Do Away
With Monopoly.


With Monopoly.
The Mauldin insurance bill has been
the subject of great deal of interest
during the past few weeks. Its object
is to break up the Southeastern Tariff
association. This association, which
has its headquarters in Atlanta, IS
composed of majority of the relia-
BILE insurance companies doing business
in the south. Through the associa-
ton, insurance rates are fixed for the
various towns and cities and for vari-
Gus kinds of risks. Mr.. Mauldin, and
a majority of the members of the gen.
eral assembly, are of opinion that il
the insurance trust can be headed of,
then the result will be all the benefits
that are to be expected from competi-
ton. Governor Ellerbe has been hold
ing the bill back with view to hear
ing what the different interests might
have to say. Cotton factory corpora
tions have represented to him that as
the result of tariff associations they are
enabled to get lower rates Of insurance
than will probably he the case other
wise. The governor, however, has
deemed it to the best interest of all
concerned that the bill become law,
and on last Tuesday affixed his appro-
val. The text Of the new law is as
follows:
Section l. Be it enacted by the gen.
eral assembly of the state of South
Carolina, that it shall be unlawful for
any fire insurance company, associa-
ton or partnership doing fire insur'
ance business in this state to enter into
any compact or combination with 9th
er fire insurance companies, associa.
tions or partnership, or to require or
allow their agents to enter into any
compact or combination with other in
surance agents, companies or assocla.
tions or partnerships for the purpose OF
governing or controlling the rates
charged for fire insurance, charged on
any property in this state: Provided
that nothing herein shall prohibit one
or more of such companies from en-
ploying a common agent or agents to
supervise and advise of defective
structures or suggest improvements to
lessen fire hazard.
Sec. 2. That all fire insurance COM
panies, association or partnerships do-
ing a ire insurance business in this
state shall cause to be filed on the lst
day of March, 1900, and in each year
thereafter, with the comptroller gener-
al of this state, the affidavit OF some
officer or agent of said company, asso-
citation or partnership, who resides In
this state, setting forth the fact that
the company of which he is an officer
or agent has not in the IL months pre-
vious to the date of the said affidavit
entered into any trust, combination or
association for the purpose OF prevent
ing competition in insurance rates ID
this state. The said affidavit shall De
made before some officer of this slate
authorized to administer oaths, and any
false statement made in said affidavit
shall be deemed perjury, and punlsha-
BILE by a fine of not less than one hum
dred dollars, nor more than one thous'
and dollars, and by confinement in the
penitenliary for one year, or, IN the
discretion of the court by confinement
iu Jail for a period of not less than
thirty days nor more than twelve
months; Provided, further, that any
attempt 10 evade this act by agreeing
upon any one person, or number OF
persons for the purpose OF making
rates for all such insurance comPan-
les, associations or partnerships, or Dy
buying rate books made by any per-
son or persons, shall be deemed a vlo'
lation of this act, and shall be punish
ed as herein provided.
Sec. 3. The comptroller general or
other official to whom said company,
ASSOCIATION or partnership are annually
required to report to in this state, shall
forthwith revoke and recall the license
or authority of such company, or com.
panies, association or associations,
partner ship or partnerships to do or to
transact business in this state for any
violation of this act, and no renewal
of authority shall he granted to do it
for three years after such official reVo-
cation. Notice of such official revoca-
ton to be duly published for one con-
secutive week in three or more daily