Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1903-08-25
INSURANCE MATTERS
UNDER DISCUSSION

A meeting Of the insurance men and
Insurance Commissioner Kepoikai was
held yesterday In the rooms Of the
Board OF Underwriters, Mcintyre
building. MIR. Kepoikai presided. Dep
uty Insurance Commissioner Smithies
was also present. The chairman open.
ed the meeting with a statement that
II had been called In order that both
he and the insurance agents should get
better understanding of the law. Ho
stated further that the companies must
comply with sections and 4, which
he read. as follows:
Section 3. The Commissioner must
cause every company or corporation
before engaging in the business Of In
surance in this Territory to file In his
Office as follows:
First-If Incorporated under the
laws OF this Territory, copy Of It's ar
ticles OF incorporation with any amend
ments made thereto:
Second--lf incorporated under the
Laws OF any other State or country, a
copy OF its articles OF incorporation or
charter. certified by the officer having
the custody OF such articles that II is
organized under the laws OF such State
or country, that IL is authorized to do
business therein, and stating the
amount OF the capital stock. or net sur
plus,
Section 4. The Commissioner shall
issue to any insurance company or cor
poration certificate Of authority Ia
transact business in this Territory un
der the following conditions:
First-lf a company or corporation
loTganized under the laws OF this Terri
tory, when he is satisfied that the pro
visions OF this Act In relation to sucl
company or corporation have beer
compiled with:
second--If a company or corporation
organized outside of the Territory o
Hawaii, when he is satisfied that tn,
company or corporation has q paid NJ
and unimpaired capital or net surplus
OF not less than One Hundred Thou
Sc nd Dollars.
The Insurance Commissioner state'
further that in the matter OF certlhe,
copies of the corporation exhibit, wher'
there was no insurance commissioned
as In Germany. the American Consu
could approve the papers.
As to power Of attorney. a full pow
: er was not necessary. However
should confer power to be sued. r. i
Myers suggested that the Commission
> er ought 10 prepare blanks showing tn
. fern OF power OF attorney. Mr. KepOI
kai answered that they would be read!
by Wednesday.
A question as to extension OF time II
ccsc the papers had not been filed with
in the time limit-October lst-wa
asked and Mr., Kepolkai replied tina
e he was willing to be lenient AS to tim
y but he did not want 10 have any of IL
:. insurance men take advantage OF sue
lcniency and extend the time unreasoI
Q ably. He was willing to grant a mont
!. but the power OF attorney and certii
cate OF capital stock must be filed.
k W. NJ. Graham asked in regard
2 the payment OF the two per cent Ia
saying that the return under the Il
come law included the last six month
Of the year, while the insurance Ia
also provided for tax during the san
e period, Mr., Kepolkai answered an
0, he would refer the question to the A
* torney General,
Deputy Commissioner smithies all
explained at the meeting what he HI
done with reference 10 the proparatic
NJ blank forms, lie stated that tht
would be ready Tor submission on We
nosday,