The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-07

States or aDv State thereof shall have
on dep sit with tire surer OF some State
CT the United States or insurance com
missioner CT such State $2JJ000 to De in
exclusive trust for benefit Of policy
holders and creditors in the United
states When said depo it shall have
been made in some other State than
Virginia it shall be treated a capital
stock of sch foreisn company. OF which
treasurer shall estimate the s percen-n71l
for the protection of Pc icy holders
III this State.
Any life Insurance company in
corrorateti in vi, gina shall make de-
post Of not less than $4,000 for benefit
OF policy holders. the sad amount TO be
Invested in bonds of the United States
or Of Virginia fT2il here goes on to
ra-enact many sections Of present code
on subject of enforcing ra"nent on fire
Insurance p,l.c:e%> Fire insurance
comnauie= are Forbidden 10 carry risks
n excess II Dorcenturn OF capital stock,
ont this provision shall not apply to
purely mutual companies
TO VALUE POLICIES
The conmiss oner Is required annual
" to make valuation OF all policies OF
life Insurance companies in force on Dc
ce1nber 3rst of each year. at the expense
Of said conpanirs. If any company
shall Tall t. report annually to the CO n
missioner as required. it shall forfeit
from sion to Sl.t0l in the discretion OF
the commissioner for such failure.
Insurance commissioner is authorized
in conjunction with municipal authori-
ties 10 examine into causes of fires. ard
he shall keep in the Insurance Bureau
a record Of alI fires with facts and sta
tistics connected Herewith. such record
being open TO public Inspection. Com
missioner may also investigate fires IN
arv section of the State and may, upon
sufficient evidence OF malicious burning
prosecute offender for arson. lie shall
have powers OF trial justice for purposes
OF conducting such examination, and
shall have authority to enter all build
ings within his Jurisdictions
Expenses incurred by commissioner in
Derforn7ance of above duties shall be de-
frayed by the fire insurance companies
doing business in this State through
fax OF not more than one-tenth OF one
r1arcentur1 on tire gross premium recelptS
Of all such companies. Insurance COM
niss.oner's salary $27Go per annuIn ana
he shall have one clerk.
Annual EXPENSE and salaries OF insur-
auce commissioner and clerk to be paid
nv assessments upon Insurance COM
nanies d-;,-c, t--S'roes in this State.
Mp CUMMINGS BILL.
The following insurance measure vas
offered in the House By Mr.. Cumming
yesterday:
Be it enacted by the General Assembly
Of Virginia, that eve"y fire Insurance
con,nany doing business in this State is
hereby prohibited in this event of the
loss o. any personal property carried by
its insurance policies from paving to the
assured greater sum than that at
which such personal pronerty Is listed
on the personal ,opeity books Of tire
CITY. county or district for the year in
which such loss shall occur, regardless
Of the amount Of insurance unon such
personal property. For any failure to
ooz7rEe this prohibition sncn insurance
company SO falling shall forfeit to the
Common tn OF Virginia sum equal
to the excess which it shall have paid
tire aS-urred, over and above the as
seseel valuation OF such personal prop
erty; and the person receiving or at
tempting to secure such excess shall be
deemed guilty Of q mis- 'an?earo- and
shah be subject to a fine equal to such
excess