Gainesville daily sun. (Gainesville, Fla.) 190?-1938, 1909-07-29
eHaprER yss7-(No. 49,.

AN ACT 10 Amend Section s7so Of the General
Statutes oil the State OF Florida. Providing for
the Issuance OF Certificates to Insurance Com
panies, and Providing Other Prerequisites.
Re h Enacted BY the Legislature Of the State oi
Florida:
section .. That Section ,5S9 Of the General
Statutes OF the State OF Florida be. and the same
Is hereby amended 10 read as follows:
1850. (s1I9). Other Prereeuisites-issue Of
Cefttticates.-No insurance Company, association.
firm OF individual not OF this State nor agent nor
representative thereof shall transact any business
OF insurance IN this State. unless such company.
association. firm or individual 10 possessed of at
least two hundred and fifty thousand dollars. IN
value. invested in United States or State bonds or
other bankable interest bearing stocks issued in
the United States. at their market value. Upon
complying with the preceding section and furnish
ing evidence TO the satisfaction OF the Board of
Insurance Commissioners that such company. as
ISOLATION, hrm or individual has actually invested
hereinbefore mentioned, the State Treasurer shall
issue a certificate thereof, with the authority Of
such company. association. firm or individual to
transact the business Of insurance in this State.
Insurance companies Incorporated under the laws
OF this State, any association. firm individual
OF the State. however. shall be entitled 20 such
The satisfaction OF the said Board that such com
pany association, firm or individual a. possessed
OF. and has actually invested at least twenty-five
other bankable stocks or securities issued in the
United States. at their market value and by other
wise complying with the provisions hereof The
Board Of Insurance Commissioners shall, in ad-
dition 20 the certificate hereinbefore provided for
issue q certificate TO any insurance company in
corporated under the laws OF this State and which
shall have previously thereto deposited with the
State Treasurer one hundred thousand dollars in
United States or State bonds. or other negotiable
stocks or securities issued in the United States at
their market value, as a guaranty fund for the
security Of the policy holders OF such company,
upon satisfactory evidence 20 them that such Sc
curtics 90 such an amount have been deposited
with the State Treasurer. Life insurance com
panies incorporated organized under the laws OF
another State shall be entitled TO a certificate 10
transact the business OF insurance in this State by
furnishing 90 the satisfaction OF the Board that IL
IS possessed OF and has actually invested two hun
dred thousand dollars in United States bonds or
other bankable or interest bearing stocks issued in
United States az their market value or ia mort
cages or unencumbered real estate worth double
the amount loaned thereon. inclusive Of buildings
thereon, and by otherwise complying with the
provisions thereof. Insurance Companies insur-
ina live stock or domestic animals incorporated
or organized under the laws of any other State
shall be entitled 10 such certificate Of authority by
furnishing evidence TO the satisfaction OF the
Board that such company. association, firm or in
divduai IS possessed Of and has total assets OF Al
least two hundred thousand dollars and by other.
wise complying with the provisions hereof
Soc. T. All laws and parts OF laws in conflict
with this Act be- and the same are hereby repealed
Approved June =. 1899.