Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1901-06-06

No. 153 ST. Published May 4, 1901.
CHAPTER 249.
AN ACT to authorize the transaction Of ma
rine insurance In this state upon the prin-
ciple or plan commonly designated as the
LlOyds.
The people of the State of Wisconsin rep
resented In senate and assembly do enact
as follows
Section /. Any number Of persons not less
than twenty five a majority of whom shall
at all times be citizens of this state may
transact the business of marine insurance,
and insurance of marine property against
loss or damage by fire, upon the Lloyds prln-
ciple, under such name as they may adopt,
aud upon compliance with the requirements
of this act.
of business and the speedy payment Of
losses incurred therein, they shall in writing
appoint an attorney or attorneys TO act LOT
them in the transaction of their said bust
ness, and may pay in ana accumulate
fund for the payment Of losses and the eX-
penses of their said business; and before
they shall transact any business or lnsur-
ance in this state there shall be pald 10 the
said attorney or attorneys so appointed
sum of money not less than five hundred
dollars by each of the persons mentioned IN
section one, which sum shall be held by SAID
attorney or attorneys and shall be used as
reserve fund for the payment of losses ana
the expenses of their said business.
Section 8. They shall also maintain an or
fee in some city within TINS stare where
their said attorney or attorneys shall trans
act the said business, and before the trans
action of any business in this state they
shall file with the commissioner OF lnSuf-
ance q list of the underwriters joining IN
such insurance which list shall be certified
to by the said attorney or attorneys proVld-
cd for in section two as true, tull ana cor
rect list thereof; and SAID attorney OF ac,oL
news so appointed shall also from time TO
time certify to the commissioner OF lnSur-
ance any change or substitution IN such list
of underwriters.
writing to be filed with the commissioner
of insurance, an attorney or attorneys resi-
dent in this state, on whom all process Or
naners concerning or growing out or salu
business may be served; and such service
on such attorney attorneys or either OF
them, shall be equivalent to service on eacn
of the said persons so transactlng anu el-
fectfng marine insurance.
Section s. 1t shall be the duty of the at
torney or attorneys appointed under the
provisions of section two of this act ana on
or before the first day of FEBRUARY OF e4Ch
ynar while engaged in said business in TINS
state to pay to the commissioner OF lnSur.
0ncc as a license fee for the TRANSACTION Oh
such business in this state Tor the ENSUING
vror n sum equal to two per centum Oh ehe
gross amount of premiums received during
fbe preceding calendar year, and also inc
fees provided for by section 1871 of the stat
utes of 1898 amended and the ices pro-
,.idca for by section 1872 Of the statutes OF
1895 and the payment of said two per cen
tnm and such fees shall be in lieu OF taxes,
charges
either of them, or their said attorney or
sttorneys or against their property or the
Droperty Of either of them for the trahSac-
tion of said business during the year Tor
which payment is made. 1t shall also be
The duty of the said attorney or attorneys
to permit the commissioner of insurance, at
any and all proper and convenient times TO
cvamine the books of said attorney or at
rornevs showing the transaction OF their
soid business, in order to verify the amount
of premiums paid in and to determine the
amount of license fee to be paid, as herein
Drovided: and the said commissioner or IN
snrance shall have the right. and the said
attorney or attorneys shall permit MIN, to
have access to said books for such purpose
at any and all reasonable and convenient
times. -, :,
efTecting such insurance mentioned In sec
ton one of this act shall be seYerally, put
NOT Jointly liable upon each contract or IN
suranCe entered into by said persons or tnelr
attorney or attorneys, for his proportion
ote share of the amount Of indemnity spe-
cited as to him in said contract or insur-
nnce, and for no greater sum In any event,
a he shall not be liable otherwise In any
manner or to any extent.
Section T. Upon compliance with the re-
uuirements of this act, the insurance COM
missioner shall issue and deliver to the said
otrornev or attorneys appointed under sec
+ion two of this act q license In the usual
form authorizing the said persons and their
soid attorney or attorneys to transact the
business authorized by said act until the
first day of February next following the is-
suing of said license.
section S, In case of the failure on the
mart of such persons herein mentioned, their
attorney or attorneys, to fully and promptly
comply with any OF the provisions OF TINS
act. or the provisions of any of the sections
of the statutes of 1898 herein mentioned, it
shall he the duty OF the commissioner OF
insurance forthwith to revoke the license or
such persons, their attorney or attorneys