The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1909-07-15
40. $50, Al Published April Is. 1909.
CHAPTER 50 LAWS OF 1anQ

No. 5J9, A. Published April Is. 1909
CHAPTER SO, LAWS OF 1909.
AN ACT to amend subsection s of section
194I. of the statutes. relating TO organiz-
alton of domestic life insurance cor
pofations.
The people of The State of Wisconsin,
represented>>in Senate and Assembly. do
enact as follows
Section l. Subsection 3 of section 1917
of the statutes is amended TO read. Sec
ton 1871 3. No such corporation shall
transact any business OF insurance until
all the following conditions shall be COM
piled with:
4. II organized without capital stock
At least two hundred persons
shall have subscribed for nor less than
one thousand dollars o. Insurance each
and passed . prescribed medical examin-
alton and shall have each paid one full
annual premium in cash upon the inSur-
ance subscribed for. amounting in the
aggregate to at least twenty thousand
dollars. Or, in lieu of such sub
serlpt.ons for insurance. the company shall
provide and hold n special guaranty fund
OF at least twenty-five thousand dollars in
cash or invested as prescribed in section
1901 OF the statutes. to be used fer no
purpose other than the payment Of death
losses, until the largest policy in force.
deductlng any reinsurance thereon in au-
thorlzed companies, shall not exceed one
halI or one per centum of the total in
sufance in force, deducting all such rein
Surance. Such company may borrow Il
sum OF money sufficient to provide the
amount to be held as 4 special guaranty
fund and an additional sum TO dcflay the
expenses of organization not exceeding ten
thousand dollars. This loan shall not be
a liability and the agreement therefor shall
so provide and that the principal and in
ferest thereon shall only he repaid from
assets III excess of all liabilities The
agreement shall also provide for interest
at Il rate not exceeding eight percentum
per annum and after the release of the
special guaranty fund the principal shall
ne repaid in the discretion of the board
OF directors or at such times rs fixed in
said agreement. Solicitation of subscfip-
lions for insurance under this section may
be made by agents holding certificate
OF authority to be issued by the commits
sioner in insurance. Every application for
such insurance shall contain a statement
that the issuance of the policy is contin-
gent upon the completion of the organic
alton of the company.
b. If organized with capital
stock. until capital stock of at least one
hundred thousand dollars and Il
special spec surplus OF at least twenty-five
scribed for and fully paid in and is held
In cash or invested rs provided in section
1881 of the statutes. No nart of
such special surplus shall be used for any
purpose other than the payment of death
losses while the largest policy in force,
deduct1nG and reinsurance thereon in au-
thorlzed companies, shall exceed One-half
Of one per centum OF the total insurance
IN force, deducting All such reinsurance.
g. There shall have been
paid to the insurance commissioners in
case of corporation organized without
capital stock, Il fee of one hundred dol
lars and in case Of Il corporation organ
lied with capital stock a fee equal to that
required upon the incorporation of other
corporations under chapter Sc of the stat
utes. but no such fees shall he required
to he paid until at the time of the issuing
OF the certificate of authority under sub
section d.
d. certificate shall have been made
and fled by the commissioner of insur-
ance in his office setting forth that such
corporation has complied with all the pro-
visions of the law and is authorized to
transact the business of life insurance
Section 2. This act shall take effect
and be in force from and after its passage
and publication.
Approved April 10, 1909