The Hawaiian gazette., 1903-10-02
NEW Law IN EFFECT
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side of this Territory has less than the
paid-up unimpaired cash capital or net
of any state having an insurance De-
partment that such organizations has
the required paid-up and unimpaired
surplus required by this Act, 1t shall
be the duty of the Commissioner &c
make such investigation or require such
proof as shall be satisfactory to him
concerning the financial condition OF
such organization. Provided. however
the certificate of the Insurance Officer
cash capital or net surplus shall be ac-
cepted by the Commissioner as salts
factory. If such organization does not
within sixty days after demand of the
! Commits sioner, produce such certificate
the Commissioner shall revoke its GER
tificate or authority to do business In
this Territory, and not reissue the
same until said certificate is produced
IL any agent of the insurance company
or corporation upon which such demand
is made, shall solicit and agree to issue
and deliver, or shall issue or deliver
any policy of the delinquent organiza-
ton covering any property in this Ter
ritory, while such certificate of author
ity is withdrawn or withheld, he shall
be deemed guilty of a misdemeanor
and on conviction thereof, shall be sub
ject to a fine of Ten Dollars for the
first. and Fifty Dollars for each subse-
quent offense.
Section 10 provides for the fling OF
various forms and statements regard
ing the business of the company, and
the commissioner is empowered to re-
woke the license If he is not satisfied
that the capital, securities and invest
ments remain secure. Each company
f. is also required to file with the COM
missioner a power of attorney, empow-
ering a resident of the Territory to ac-
cept service in a lawsuit.
The Territory is likely to derive a
goodly revenue from the insurance
companies, in addition to the annual
tax of two per cent on net income. Be
sides this income tax the following
fees are required to be paid in ad-
vance:
For filing articles of incorpora-
ton. or certified copies of arti-
j cles. bylaws. or other certti-
Gates required to be filed in his
office. Observation-Disclosures. $500
For issuing certificates of author
ity. Observation-Disclosures. 1000
For each renewal certificate of
authority. Observation-Disclosures. 1906
For filing the annual statement
of condition. ............... 1000
For filing each annual statement
of business transacted in the
Territory. .................... 1000
For filing any other paper...... Loo
For furnishing copies of papers
filed in his office, per folio...... %
For certifying copies. each...... Loo
For agents license for each COM
| pany represented ............... 2.OC
The fees are payable now, and the
tax must be paid before April 18th.
Section 20 provides that:
In the event of the total destruction
of any insured building, on which the
amount of the appraised or agreed
loss shall be less than the total amount
issued thereon, the fire insurance com
pany or companies shall return to the
insured the unearned premium on the
policies involved in the loss for the ex-
cess of insurance over the appraised or
agreed loss. to be paid at the same
! time and in the same manner as the
loss shall be paid
The commissioner of insurance is re-
quired to make an annual report to the
legislature. The concluding section OF
the law is as follows:
Section "a No insurance company OF
corporation licensed to do business in
this Territory shall accept any appli-
cation for insurance. nor shall it write
issue, or deliver any policy of insur-
ance covering a risk located within
this Territory except through a duly
appointed agent of such insurance
company or corporation, who is a
bona fide resident, firm or cor
poration of this Territory, resident
herein, and licensed as agent of such
insurance company or corporation by
the Commissioner to write and solicit
insurance for such insurance company
corporation or association. The license
of any such insurance company or cor
poration which shall violate this Section
shall be revoked by the Commissioner
and such organization shall not be
again licensed to do business in this
Territory until it shall have paid into
the Treasury of the Territory the sun
of Five Hundred Dollars as a license
fee This Section does not apply to the
acceptance of or effecting of reinsur-
ance.
A number of the insurance companies
have obtained certificates to do bust
ness in the Territory, but practically
none of them has complied with the
law. They are all given until the enc
of this month to file the statements anC
various documents required under the
law. An insurance agents license OF
authority and a certificate of authority
was issued by Deputy Commissioner
Smithies yesterday to f. l.. Winter OF
the Mutual Reserve Life Insurance Co
of New York.
Charles Motley has been withdraw
from the Home Rule ticket and Fran