The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1903-02-27
NEW INSURANCE ACT
is INTRODUCED
Bill Requiring InsurVuce
Companies to File Item=
lied Reports

anu dulnOlict tltlh 70 ND pNoiANeos
Be It enacted by the legislative as
sembly Of the territory Of Oklahma
Section 1. That in addition to such
other requirements as may be in-
posed by law. every insurance com
pany. wherever incorporated, shall
comply with the provisions of this act
as a condition precedent to the right
to do business in the territory Of Ok
lahoma
Sec. ?. That prior to the first DAY of
March each year. such company shall
file with the commissioner Of insur-
ance statement in writing, verified
by the oath of it's president. secretary
or general agent. setting forth and
showing the gross premiums (gross
premiums is defined as the total
amount of premiums on all policies is
sued. less the amount OF premiums re-
turned on policies not taken and can
cened: and less premiums paid for re-
insurance to companies authorized to
do business in this territory, paid and
unpaid. earned or contracted for on
business done in TIE territory during
the preceding calendar year up to and
including the last day 3f December,
including all premiums paid or con
tracted to be paid for insurance,
whether to the company or its agents.
Sec. 3. That at the time Of or az.
ter, the fling of sucn statement, and
in every case prior to "a first day Of
March each year, such company shall
pay into the treasury Of the territory
a sum equal to two per centum Of all
such premiums so contracted, earned
or paid, which shall be in lieu of all
taxes for the preceding year, except
taxes upon real property; and no tax
shall be imposed upon such company
or its agents in addition thereto, ex-
cept upon real property, by the terri
tory or any county or municipality
therein.
Sec 4. That the treasurer of the
territory shall issue his receipt in
duplicate for every such payment and
upon presentation thereof to the com
missioner of insurance. such commits
sioner shall issue his certificate recit-
ing a compliance by such company
with the provisions of this act, which
certificate shall entitle the company
to do business in the territory until
the expiration Of the time within
which it must make such statement
and payment for the following year.
Sec. 3. That the companies doing
business in the territory prior to the
first day of January 1908, shall com
ply with this act, and make the state
ment and payment herein provided for
within sixty days after the approval
hereof, such statement to show all
premiums contracted duriag the year
preceding the said first day of JanI-
ary. and such payment to be two per
centum thereof. less such sums as
may have been paid by the company
as taxes for the preceding year to
tie territory, or some county or muni-
cipality thereof. for which the territory
shall give credit upon the presentation
TO the territorial treasurer of the re
ceipt showing that such tax has been
paid, and not upon any other showing
Sec. s. The word Insurance az
understood by this act shall include
llfe health. burglary. accident casu
atty, fidelity guaranty, FIRE, lightning
and tornado insurance. and being un
derstood TO be a system of business
BY which one party. for an agreed con
slderation. proportionate 20 the risi
involved. undertakes for a specified
sum and under stipulated conditions
ia indemnity another against pecuni
airy loss arising from the destruction
OF or injury to property or life frop
certain perils. accidents or disease. o.
to pay stipulated sum upon the deatl
or physical disability Of a specifies
person. or upon his or her attaining
certain age.
Sec. 2. That the insurance commits
sioner shall receive the following fee
for performing the duties herein pc
scribed Examining statement, nv
dollars filing statement, three dollars
issuing license. one dollar; issuin
license 70 each agent fifty cents.
Sec. s. ANY person or firm in thi
territory who receives OF reciDts 70
any money on account of, or for an
contract of insurance made by him O
them, or for any such insurance con
pany or individual aforesaid, for
iio.. - irs,,ranca "a, any -en,o,-s