The Superior times. [volume] (Superior, Wis.) 1870-1912, 1899-05-20
No. 100, Al Published March %, 1899.

I liAj EN- %.
AN ACT relating to the organization Of
bankers mutual casualty insurance com
panies and regulating the operations OF
foreign companies doing business in this
state.
The people of the state of Wisconsin, repre-
sented in senate and assembly. do enact
section /. Any insurance company or
gained and Incorporated on the mutual
plan. under the laws of this state any
other state. for the purpose of insurIng
against loss or damage resulting from burg
larry and robbery. or attempt thereat and
securing against the loss of money and
CuritieS in the course of transportation.
when shipped by registered mail. shall be
authorized, admitted and licensed to DO busI-
ness in this state as hereinafter provided.
Section =. Before any such company shah
be authorized TO transact business in this
state, except to solicit and receive appNCa-
tons for insurance and portions Of prcmI-
umS thereon. rs hereinafter provided, it shall
have been in force five hundred or more
policies on which the premium shah have
been paid in cash, or shall be evidenced by
the written contracts of the policy holders.
on which not less than oue-Hfth Of the
amount shall have been paid in cash ana
the cash and contracts for premiums shall
amount in the aggregate. TO a sum of NOT
less than one hundred thousand dollars. The
premium contract 50 held shall constitute
part of the assets of the company.
Section ;. And every such company. as
ISOLATION or partnership shall also file Il
certified copy Of their charter, articles of in
corporation, together with Il statement,
under the oath of the president or vice
president and secretary of the company, for
which he or they may act. stating the name
Of the company and place where located,
a detailed statement of its assets. showing
the number Of policy holders. aggregate
amount of premium contracts, the amount
of cash on hand in bank or in the hands Of
agents the amount of real estate and how
the same is eucumbered by mortgage, the
number of shares of stock of every kind
- a ri
value Of the same. amount loaned on bond
and mortgage the amount loaned on other
securities stating the Kind and the amount
loaned each. and the estimated value Of
the whole amount of such securities and
other assets or property Of the company
also stating the Indebtedness OF the com
pauy. the amount of losses adjusted and
unpaid. the amount incurred and in process
of adjustment. the amount resisted by the
company as iIlega and fraudulent. and ali
other claims existing against the company
and for company organized under the laws
of any other state copy Of the last annual
report, if any, made under any law of the
state by which such company was incOrpo-
rated and no company shall be allowed 10
transact business in the state whose rein
suranCe reserve required in this act Is
impaired TO the extent of twenty per cent.
thereof while such deficiency shall continue.
The cOmm Missioner of insurance, before iSSu-
ing a license for any such company shall
either in person or by deputy, make an ex-
animation of the affairs and financial COndi-
ton thereof, and il found to meet the con
ditiOns and requirements of law. shall Issue
such company a license to transact business
Shall he licensed unless 1t shall have Dajd
all claims in full for the two years next pre-
ceding date of application. Nor shall it be
lawful for any agent or agents 10 act for any
company companies referred to in
this act, directly or indirectly in tax
ing risks or transacting the business
of burglary and robbery insurance, or
the insuring Of safe shipping of money
and securities by registered mail in this
state without procuring from the insurance
commissioner a certificate of authority stat
ing that such company has complied with all
the requirements of this act which apply
to such companies. and as TO the companies
organized under the laws of any other state
there shall be added the name of the ar
torney appointed to act for the company.
Section 4. Any company organized ad
mitted and licensed to transact business in
this state under this act shall confine It's
line of business TO that stated IN the first
section Of this act, and shall cOnfne its
business in this state 10 banks, bankers loan
companies and county treaSurers and SHAH
not issue any policy or policies 70 any per
sons, firm or corporations in this state other
than banks. bankers loan companies and
county treasurerS Every such company
shall set aside reinsurance reserve of fif+y
per cent. of its premium, whether collected
in cash or represented by obligations Of the
policy holders, written In its policies
Section 3. Policy holders of any cornnanv
organized and admitted to transact business
in this state under this act, shall be held la
Bile to pay the membership fee and premium,
on their insurance as paid or contracted to
be paid. at the time the policy is taken out
and shall not be held liable for any further
or other assessments or claims on the Darr
Of the company or its policy holders. The
membership fee and premium agreed uDon
may be collected in cash at the time tho
policy is issued or evidenced by a written
obligation OF the policy holder as NAV he
agreed upon by the company and the policy
holder. Such payment or obligation shall be
the limit Of the liability of the policy holder
TO the company for premium On their IN