Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1907-06-17
News OF
State House

Charleston. w. Va. June H.
The monthly report oI the secretary
OF state shows that Ia charters
were issued In May. 81 OF when
were, Resident and 53 Resident
The receipts for tn. former netted
2.J35.OO and for the latter So
363.75. For increase I'm charters
$4,000 and from tax OH foreign
corporations who were granted a
right to do business in this state
$1,l30.00. The tax on seal amount
ed to $3lS.OO; on sale OF books
$4015 so, and on fees accruing Ina the
office $2,441.15, while attorney fees
for the auditor received in this Of
flee amounted to $4,000. The to-
tai license for the month was 81
1875, and the total revenue for the
Office $10,SO2.4O.
The insurance laws are giving a
number of companies no little con
Germ. After the end OF the present
Year that is December 81, 1907. fire
life and marine insurance will un-
dergo general change and result i'm
the withdrawal OF a number of com
panies from the West Virginia field.
There are "a number OF companies
There are number of fire insurance
companies who hae not a paid up
capital stock of 100000. which aC-
cording to the reading of the statute
will be barred from doing business
in West Virginia.
Section 3G of Chapter II provided
that no fire or fire insurance com
pany or association incorporated or
organized under the laws OF this
state or of any other state, territory
or county in the United States OF
the District of Columbia or any for
eign country shall, directly or ind
rectly, take risks or transact am
business in this state unless pos
sessed of at least one Hundred
Thousand Dollars cash capital pal
up and securely invested, and every
such company shall deposit with tn,
insurance commissioner certified
copy of its charter and statement
under oath of it's president or vic
president, and security. or other pro
er officer, stating its name and 10
cation and other particulars requir
ed by section thirty-fi e. This par
of the lay does not become effective
until January LIST next but it i
already evident that number VIII
have been doing business for man
Years will either discontinue business
or change their present charters t
with the new law.
Another vital question affects lif
insurance com anies who have beer
writing participating and non-parti
policies.
Chapter 33 of the Acts OF 100
says: On and after the first day of
January, 1908, no domestic life in
surnce company and no domestic
stock life insurance company here
after issuing or processing to issue
any participating policies, shall issue
any policies. except annuities, whic
do not by their terms give to the
holders thereof full right to partici-
pate in the accumul lions OF sale
as provided by law. After
the first of the coming year no life
insurance company will be permitte,
to do business i'm West Virginia tina
issue both a participating and non
participating policy This does no
mean chat such company will be
permitted TO sell either one or tn.
other form OF politics. but that the!
are barred II the company write.
both forms The state auditor ha
had a great deal Of correspondence
with companies over this point and
the indications now are that mum
Der Of eastern companies who both
write forms forms will withdraw
from the state rather than comply
with the law. The larger insurance
companies, however, have already
complied with the provisions in the
West Virginia law which is almost
a duplicate Of the law now in force
In the state OF New York.
There seems to be some doubt as
to whether It was intended to put
ont OF business the small domestic
fire Insurance companies that exist
in every section Of the state. This
phase was discussed when the bill
was up in the senate. but It went
through later and became a law. and
only now are many Of these small
compnies beginning 10 reIize they
are mp against &c.