Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-04-12
REGULATING INSURANCE.
Draft of Bill Submitted Relating to De-
posts and Other Matters.

CORPORATION Counsel A. B. Duvall today
forwarded to the Commissioners a revised
draft of a proposed bill submitted by the
superintendent of insurance, relating to
deposits by insurance companies, reinsur-
ance and resident agents. Commissioner
mcfarland recommends that the revised
bill be sent to Congress with a request for
it's enactment.
Section / of the revised bill provides that
hereafter no regular or "old line legal re-
serve life insurance, or casualty insurance
company of any kind, organized by special
act of Congress or under the laws of the
District or any states of the Union, shall
be licensed to do business in the District
without having fully paid-up capital OF
100000 in cash, or invested in securities
the market value of which shall be not less
than $1OO Geo. which amount or securities
shall in the case of companies organized
under the laws of the District or by act Of
Congress be deposited with the controller
of the currency of the United States; and
in the case of companies organized in one
of the states, shall be deposited as above
or with the proper public officer of some
state in which the company has been IL
censed to do business.
Companies that have already been IL
censed to do business in the District shall
within ninety days from the passage of the
act, deposit the money or securities in the
manner previously provided.
With regard to the matter of reinsurance
the bill provides that 1t shall be unlawful
for any insurance company of any kind IL
censed to do business in the District to re-
insure in any other insurance company
whether the latter be licensed to operate in
the District not; and it shall be unlawful
for any insurance company of any kind, Ii
censed to do business In the District to re-
ceive any reinsurance from any other insur-
ance company, whether or not ii is licensed
to operate i'm the District, without first hav-
ing procured the approval of the supcrin-
tendent of insurance of tie District to such
reinsurance.
Companies insuring property in the Dis
trict are required to do business through
legally authorized agent in the District.
Provision is also made for policies issued
to railway corporations insuring rolling
stock, ETC.. and provision is also made for
the issuance of special licenses to legally
authorized agents, permitting the person
named In the license to procure policies of
fire, marine or casualty insurance in COM
panies not authorized to transact business
In the District, but an affidavit must be
hled with the superintendent Of insurance
that the person desiring the insurance is
unable TO procure the amount of insurance
deemed necessary In companies already au-
thorized to do business in the District
The bill provides for the filing of state
ments of insurance companies showing the
gross premiums charged for insurance and
various other Information concerning the
operations Of the companies.
any insurance company of any kind or
any insurance agent, who knowingly re-
ceives any kind of insurance business from
or through an unlicensed insurance COM
pany or agent shall be subject to a reyo-
cation of its or his license In addition To the
penalty imposed by section s4S Of the Dis
trict CODE