The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-08-25
WILL GIVE
MORE TIME
Kepoikai Talks to
Insurance
Men.
The Question of Double
Taxation is
Raised.
New Law Is Generally Discussed
and Everyone Appears to
Be Satisfied.

At meeting held yesterday between
Insurance Commissioner Kepoikai and
the insurance men of the city it was
agreed that the foreign companies
should be given an extension of time
| in which to comply with the new law
Aside from this. the chief point of dis
cussion related to the payment of the
two per cent tax, which was claimed
to be double taxation for six months,
as the income tax return included these
last six months of the present year
! Seventeen insurance men were pres
ent at the meeting in the rooms of the
Board of Underwriters in the Mcintyre
| building. Mr.. Kepoikai was asked to
preside and Deputy Insurance Conn
missioner Smithies was also present.
| Treasurer Kepoikai opened the meet
ing with statement that it had been
called in order that both he and the in
surance agents should get better I'M
Outstanding of the law. He said the
companies must comply with Sections
and 4, which he read as follows:
Section g. 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. a copy of its articles
of incorporation with any amendments
made thereto:
Second-If Incorporated under the
laws of any other State or country, a
copy of it's articles of incorporation or
charter. certified by the officer having
the custody of such articles that it is
organized under the laws of such State
or country, that it is authorized to do
business therein, and stating the
amount of the capital stock, or net
surplus.
Section T. The Commissioner shall |
issue to any insurance company or cor |
poration a certificate of authority to |
transact business in this Territory I'M
der the following conditions:
F'irst-If a company or corporation |
organized under the laws of this Ter |
ritory when he is satisfied that the |
provisions of this Act in relation to |
such company or corporation have been |
complied with:
Second-If company or corporation |
outside of the Territory of
Hawaii, when he is satisfied that the |
company or corporation has paid up |
and unimpaired capital or net surplus
of not less than One Hundred Thou
sand Dollars.
In response to a question, the COM
missioner stated that in the matter of
certified copies of the corporation ex-
hibit, where there was no insurance
as in Germany, the
American Consul could approve the
papers.
In answer to a question from Emmett
May, Mr.. Kepoikai said that full
power of attorney was not necessary,
but that it should confer power to be
sued.
Mr.. Berg of Bishop & Co. aked if ,
here could be an extension of time in (
,ase the papers had not been filed
within the time limit-October list.
he said also that the Commissioner
lad been very kind and the relations
between him and the underwriters were
most pleasant.
H. X. Myers suggested that the Com (
missioner ought to prepare blanks {
howing the form of power Of a,tor-
ley. and the reply was that they would
e ready Wednesday.
IT am willing to be lenient as to
Ime." said Mr.. Kepoikai, but 1 don't =
rant you to take advantage of my \
eniency and extend the time unrea-
onably 1 am willing to grant a
,onth but the power of attorney and
ertificate of capital stock must be 9
led Y
Mr.. Graham asked also in regard to <
he payment of the two per cent tax, K
aging that the return under the in x
,me law included the last six months q
the year while the insurance law @
so provided for tax during the same @
sriod Mr. Lansing suggested that O
III laws inconsistent with the insur- =
ice law had been repealed" =
Mr.. Kepoikai said that he would K
fer the question to the Attorney K
aneral and give his opinion to the x
surance men. Deputy Commissioner O
nithies also explained at the meeting. O
hat he had done with reference to =
e preparation of blank forms and Z
stated that they would be ready v
r submission on Wednesday.