The times. [volume] (Richmond, Va.) 1890-1903, 1900-03-04
NO COMBINATION.
a New Law of Interest TO the Insu-
rance Companies.

a New law of Interest TO the Insu-
rance Companies.
A bill has just been signed by the
Governor, whic.. will be of interest 70
insurance companies in this State IL
was offered by Mr.. S. L. Kelley, OF TINS
city, and is designed to prevent any
fire insurance company. association or
partnership authorized to do business in
this State from entering into any COM
pact or combination with other lire in
sprance companies, associations or part
nerSfptps to make or require their agents
or employees to enter into any compact,
agreement or pledge for the purpose OF
governing or controlling the commits
sions or compensation paid said agents.
The text of the bill is as follows:
Be 1t enacted by the General Assem-
bly, of Virginia, That IT shall be unlawful
for any fire insurance company. associa-
ton or partnership authorized TO do bust
ness in this State to enter into any COM
pact or combina t.on with other fire in
suranCe companies, associations or part
nerships, to make or require their agents
or employees to enter into any compact,
agreement or pledge for the purpose OF
governing or controlling the commissions,
or compensation paid said agents.
2 For any violation of this act any
such company. association or partner
ship shall pay fine of not less than
two hundred and fifty dollars, nor more
than five hundred dollars. and its license
to do business in this State shall. after
SUCH violation shall have been. ascertain
ed, be revoked by the Auditor OF Public
Accounts OF this State. or, IL there be
an Insurance Commissioner Of this State,
then by said Insurance Commissioner;
nor shall such company thereafter be
permitted to do business in this State
until after the lapse OF twelve months
from and after such revocation of IL
cense.
3. Every fire insurance company. asso-
citation or partnership authorized to do
business in this State shall cause to be
filed on or before the 31st day of March
in each year, with the Auditor OF PUBLIC
Accounts in this State; or, II there be
an Insurance Commissioner OF this State
! then with said Insurance Comri ssioner.
the affidavit of some officer or agent of
said company, association, or partner
ship, who resides in this State. setting
forth tae fact that the company, Assoc
citation or partnership OF which ne IS
such officer or agent has not, accord
ing to the best of his knowledge ard be-
lief 7rithin the twelve months next pre-
ceding the date OF such affidavit entered
into any such compact or combination as
IS prohibited by section l of this act
!. Said affidavit shall be made before some,
officer of this State authorized TO adj
minister oati,s. and any wiitui,y false
statement made in said affidavit shall
be punished by n fine OF not less than two
!; hundred and fifty dollars nor more than
five hundred dollars.
T. No company not already authorized
to do business in this State shall receive
license to transact business in this
State urtil it shall have filed with the
Auditor OF Public Accounts OF this State.
or, If there be an Insurance Commission
er of this State. then with said Insurance
Commissioner. an affidavit setting forth
the fact that dt is In no compact or
combina ton such as is prohibited by this
act.
! ). Any suit for the enforcement OF any
penalty provided for herein may be
| brought and maintained in the Circuit
Court for the city of Richmond. and any
Judgment or penalty shall be colec,abIe
ut of the assets of s,rch company. as
/ ISOLATION or partnership against which
it IS obtained. In this State.
6. This act shall be in effect from
and after the s1st day OF March. 1900.