The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1903-10-02

Section 10 provides for increase in
capital stock, OH condition that it is
paid in United States legal tender. Sec
ton IL prohibits anyone from acting as
agent for any insurance company with.
| in the Territory until all conditions
have been complied with.
| Section 10 provides that:
If the Insurance Commissioner has
reason to believe that any insurance
company or corporation organized out
side of this Territory has less than the
Ipaid-up unimpaired cash capital or net
surplus required by this Act, it shall
be the duty of the Commissioner to
make such investigation or require such
proof as shall be satisfactory to him
concerning the financial condition of
such organizations: Provided, however,
the certificate of the Insurance Officer
of any State having an Insurance De-
partment that such organizations has
the required paid-up and unimpaired
cash capital or net surplus shall be ac-
copied by the Commissioner as salts
factory. If such organization does not,
within sixty days after demand of the
1
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
If 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-
1 NJ IN ,ies Tay
ritory, while such certificate of author
lily is withdrawn or withheld, he shall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 filing 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
is also required to file with the COM
missioner 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 adj
vance:
For filing articles of incorpora-
ton. or certified copies of arti-
Giles. bylaws, or other certifi-
Gates required to be filed in his
office. 300
For issuing certificates of author
1ty. OBSERVATION-DISCLOSURES. 1O.OO
For each renewal certificate Of
authority. .............. 1000
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...... .25
For certifying copies. each...... LOO
For agents license for each COM
pany represented ........... 200
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
insured the unearned premium on the