Der Sonntagsbote. (Milwaukee, Wis.) 1906-1912, 1909-07-11

fa1 Upon any policies written. Issued
: Or delivered during any time when the risks
outstanding shall be below the minimum
prescribed By section 1s9Sd. and
90 For the excess Of any policy above
the maximum single risks prescribed by
section 1895 during the time while such
policy exceeds such maximum single risk
Section 1888 ]. ca Except as other
wise provided by law. the maximum sin
gle risk shah be ten per cenfuEn Of the aa-
mitted assets
greater amount not exceeding three mes
the average policy or One-eighth Of one
per ceutum q the Insurance In force.
whleheveF Is the greater.
fc) Upon the business mentioned IN
subsection "a Of section 1897, IN a stock
company. II shall be one-twenriefh OF the
paid up capital.
? Any re Insurance taking effect simul-
taneously with the policy snali be deducted
"a determining such maximum single risk.
Section ls9sd. The minimum Of risks
outstanding shall be two hundred. each
within the maximum single risk prescribed
Section 1895. No domestic Insurance
company shall begin 70 ira usact the busi-
ness OF Insurance eutil:
lal II shall issue simultaneously pol
teies upon one hundred or more risks, each
within the maximum single risk prescribed
n section s or
% II shall hold q fund in excess Of
the capital stock, II any, In cash, or invest
LNHN HNHH AAA4H EN@N
the maximum single risk 10 be assumed.
which fund shall be used for the payment
q Losses only and may be repaid only aft
Ct the risks outstanding shall exceed the
minimum prescribed IN section 1S9Sd.
(c) IL shall have received. in cash. one
annual premium upon each risk cutstand-
ing.
Section 1eO1L Except as otherwise pre-
vided BY law and excepting companies
transacting only disability Insurance no
mutual Insurance company shall pay or in
cur IN any year any expense. exclusive Of
Investment expenses, taxes and fees. in ex-
cess Of afty per centum Of the premiums
ana assessments collected during the year;
or In excess q one-half Of one per centum
on the greatest amount OF Insurance in
force at any time during the year, which
ever IS the greater.
Section 1901m. A mutual insurance
company may classify the property or risks
insured, az the tine Of lnsuring the same.
under different rates corresponding as
nearly as may be to the greater or less
risks which may be attached thereto.
section l90ln. Except as other wise pro-
Vlaeu 0y law, no mutual IRE insurance
company shall make any contract for in
surance expiring more than I've years aft
sr to date thereof.
Section le97t. No domestic insurance
company shall begta 70 transact insurance
until the same shall have been fully ex-
amtned By the commissioner Of insurance
and be shall issue q certificate:
tal That such company has a capital,
P.tr anu tpplcallOuS Tor rlSks out
standing, as the case may be, and as re-
quired by law:
tbl That les funds are held In cash Or
Invested as required by law;
tc) That those making applications
for Insurance are in a position to perform
the same;
tdl That the incorporators and pro-
posed directors are financially responsible
Tor and understand the obligations i'm
posed upon them By law and
tel That said cOmpany has fully COM
piled with all requirements Of the law.
Section 2. Section zoos Of the statutes
Is amended to read Section 1908. IN
less otherwise provided in the articles no
Insurance corporation shall increase Its
capital stock without the written consent
OF the holders OF three-fourths OF the
capital stock outstanding. The amendment
OF its articles Increasing its capital stock
shall be adopted Us otherwise provided BY
law. and shall not be fled by the commits
sioner OF Insurance until after he shall
have made the sane examination IN the
same manner. and on the sane conditions.
as upon the organization or admission OF
a Ike corporation. . .
Section 3. This act shall take effect and
be ~ force from and after its passage and
publication.
Approved June 10. 1909.