Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1903-06-19
A Wildcat Concern.

State of Oregon
information has reached this Depart
ment to the effect that the ''Union Fire
Insurance Company OF Chicago" has
been and is now soliciting insurance, by
means of circular letters and otherwise,
from agents authorized to represent
companies regularly admitted and IL
censed to do business in this state.
This company is not authorized or
licensed to transact business in Oregon,
neither is it licensed by the insurance
Department of the State of Illinois or
of any other state, so far as can be as
certained, and is what is known as a
wild cat" insurance company.
In soliciting insurance in this state,
it is violating the laws which have been
enacted for the protection of the inter-
ests of the insuring public to secure to
the people insurance in sound reliable
companies, to provide available and
convenient methods for enforcing the
payment of claims and the fulfillment
OF contracts and to require from the
companies their just measure of the
revenue required for state purposes.
The insurance laws of this state posi-
lively prohibit any fire insurance COM
pany organized outside of the state
from doing business herein until it
makes the requisite deposit and COM
plies with certain statutory require
ments, and also provide that it shall be
unlawful for any insurance company or
association to write, place or cause to
be written or placed any policy or con-
tract for indemnity for insurance on
property situated or located in the
state of Oregon, except through or by
the duly authorized agents residing
and doing business within the state.
The requirements of the laws of this
state are not so onerous Or so expensive
as to deter any solvent, honest COM
pany from complying. When COM
pany undertakes to do business in this
state surreptitiously, in violation of
law and without submitting to its obli-
cations, it is a justifiable conclusion
that 1t is either too dishonest to will
ingly submit to its requirements, or is
in an insolvent financial cupdilion. In
the event of loss or the refusal of such
company to pay the holder of pol
icy, he would be compelled to 60 to the
state where it is located to bring suit
and collect judgment. If also, for any
reason. he should desire to cancel his
policy in an unauthorized company, he
would have no means of compelling
the return of unearned premiums. Ir
short he is unprotected by any laws OF
this state. In the case of licensed
company, policy holder has the Sc
curity of the deposit made by then
and can secure service, in case of suit
upon the resident general agent of the
J company.
The only possible excuse that can 81
offered for placing insurance in thi
class of companies is possible lowe
} rate. This, however, considering tn,
chances of recovery in case of loss, i
certainly penny wise and pounc
foolish"
The published reports of this depart
ment are always available for informa
ton concerning companies licensed Il
do business in Oregon and, in tn
, interest of the insuring public and tn
legitimate authorized insurance com
, panies who are licensed to do bushes
in the state and contribute to its reve
nues, | respectfully ask the co-opera
ton of all the agents in enforcing tn
laws, by placing insurance only in reg
ularly licensed companies.
+. |. DUNBAR,
Secretary of State and ex ofiicio Ir
: suranee Commissioner OF the State q
= Oregon.