Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1903-05-01

HISTORICAL
aC!E ~

Roider ts to the apply P1S' to e The e 5ud g q P0 IL
district court Of and for the county
where the principal office Of the company
Is l sSeb f,d or. H f6 act tn tier aef to the Of Judge MIssS Of
any district court in the state for an IN
Junction restraining it In whole or in part
from further proceeding with ITS 6Hs1,
issue an injunction forthwith or issue me
same upon notice and hearing, and after
q full nearing Of the matter may dissolve
or modify such Injunction or mage ~
crees needful In the premises, and may
appoint agents or receivers to take pos
session Of the property and etfects OF tne
company, and to settle its affairs subject
to such rules and orders as the court may
from time to time prescribe: Service OF
process in such proceedings shall be suf1l-
cient If made upon any officer OF the COM
pany.
Sec; 10. The insurance commissions IN
addition to the powers and authority
vested in him by the provisions Of sec
authorized ana empowered to call for a
report OF and from any organ
lied under the PROVISIONS of this act.
when in his judgment the interests OF the
public and the policy holders require, and
it shall be the duty of the proper offteers
OF such company to make prompt return
and reply to such call, and fully, answer
az Ggn a,ulie coggditinn and all mat
tiers lawfully inquired about. in ADDITION
to tho annual statement and such per
sonal examination and Inspection as the
commissioner may require. II any of1lcer
Of the company having charge of its
books and papers, shall lail or neglect &c
make such report promptly, or II sucn
company shall carry on It's business III a
fraudulent, e~xtravagant and unsafe man
ner, and so as not to afford. to It's p0lcy
holders protection against loss or dam
age to their property, or II said company
80 - ~c +Io -y01yicinno nf lie r
or if the expenses other than the absc-
lutte payment of losses Of any mpa
shall exceed in any year., one Per cent Oh
the face amount Of the r1sks' me drsui1
and empowered to revoke the authoflty
and license of such COMPANY to 90 ousl-
ness in this state.
And whenever the Insurance commits
siorer shall have reason to DOUBT the
solvency Of any company, or to believe
that any company is doing a fraudulent
e~xtravagant and unsafe business: NJ
may, at the expense of such c1ompan'
cause an examination Of it's books, rec
ords, papers and securities, and II upo2
such examination the commissioner shnh
legal obligations or is conducting it's bust
ness in q fraudulent, e~xtravagant or IN
safe manner. or is violating any, OF the
provisions Of this act or OF laW w. d ne = may =
Institute proceedings for the Wlnding NJ
Of its affairs as provided IN sectaon Twelve
az Of this act.
Sec. Il. No company organized under
property other than hay, grain, corn and
g1oSF EARN or Wits e1Hps in the bin. crib Or
granary upon the premises OF inc m
farm buildings and their contents, and
live stock while on the premises Of the
insured or running at large: Pr9vloeo
ment insure more than one hui dred ana
sixty Q6O) acres in any one section ara
net to exceed thirty-two hundred (5zVo)
acres in any one township.
the provisions of this act are authorized
to issue policies of insurance signed by
the president and secretary. contracting
to pay to the persons insured under sucn
erty insured, which they may sustain sodt;o on
fourteen q4) of this act, for a period not
exceeding five 90 years, and in a sum
not exceeding the amount and subject to
the conditions specified In the appllcatlon
and policy Of insurance.
Sec. Is. Every company organized and
pursuant to this act, and every company
now engaged in the business OF lnsurlng
against loss by hail, tornadoes,. cyclones
and hurricanes, as a mutual insurance
company, under the laws of this state,
shall create a guaranty surplus fund for
the better protection of its p~olicyholders
and for the payment Of it's losses when
it's annual premium receipts are INSULT
ClCllI ~ 1CiO1, LII 4oA LIS puApOSS VI
creating such fund every such company
shall set aside and credit to such fund
all of the income received In each year
remaining after the payment of all legal
obligations of such company, until such
FUND shall lave to it's credit the sum Of
one hundred thousand dollars, and shall
annually thereafter be set aside, In the
same manner n from the same fund,
a sufficient sum to maintain such guar
anty surplus fund. Provided, that such
fund so created shall not exceed the sum
Of one hundred thousand dollars.
Such fund may, and if possible shall, be
invested at interest upon securities n
in the manner provided by section thirty
two (32l Of chapter one hundred seventy
five 175) Of the Gener Laws Of one
thousand eight hundred ninety-fve qs95)
and amendments thereto.
Sec. II: The secretary or other proper
officer of each company doing business
each annual meeting of the company,
make a detailed statement Of its condi-
ton, financially and as to its business
transacted during the preceding year,
port to the insurance commissioner, at
the time. In the manner, upon the blanks
and as fully as he shall require, and
such annual statement shall, in a COM
pact and comprehensive form, be pub
lished once in a weekly legal newspaper
having general state circulation in Min
nesota.
The filing and making Of the annual
statement to and with the insurance
commissions shall be d condition prece-
dent to the issue by the insurance COM
missioner OF an annual license or certif-
cate Of authority to continue its business.
Upon the filing Of such report 1t shall be
the duty OF such commissioner annually
to issue to such company a renewal GER
t1f1cate- OF authority to continue it's bust
ness If such report is satisfactory to
him, which certificate shall be issued
promptly and with no unnecessary delay,
any may be filed in the office of the reg,
lister of deeds In the county where the
principal office Of the omp is located
Sec. Is. Foreign insurance companies.
of the same character, provided to b. or
ganized under this act, may. upon com
plying with the following conditions, be
admitted to transact business in this
state by IT'S duly licensed and constituted
surance business authorized by this act,
subject to all general laws now or here
after IN force relative to the duties. OBJ
legations. prohibitions and penalties Of
insurance companies, and all laws of this
state applicable to the transaction Of
such business by foreign insurance COM
panies and their agents.
shall be so admitted and authorizes ~
do business until:
% It shall deposit with the insurance
commissioner a certified copy Of it's char
ter, or articles of Incorporation and of
it's bylaws, and a statement under oath
of its financial condition signed by its
president and secretary or other proper
sioner for the filing of such copy the sum
Of thirty dollars, and for the filing of
UGH statement the sum Of twenty dol
lars.
(2) It shall satisfy the insurance COM
missioner that it is fully and legally Or
gained under the avs Of it's own state.
to do the business 1t proposes to trans
act and that it is conducted on as safe a
basis as companies Of the same class or
gained and doing business in this state.
60 1t shall, by a duly executed instru-
ment in writing, filed in his office, con-
stitute and appoint the commissioned or
his successor it's true and lawful attor-
ney in fact, upon whom all lawful pro
cesses in any action or legal proceeding
against may be served, and therein shall