River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1909-07-15

(al Upon any policies written, issued
or delivered during any time when the risks
outstanding shall be below the minimum
prescribed by section 1S9Sd, and
OBJ For the excess Of any policy above
the maximum single risks prescribed by
section 1898 during the time while such
policy exceeds such maximum single risk.
Section 1895 /. (al Except as other
wise provided by law, the maximum sin
gle risk shall be ten per centum of the ad-
mitted assets
OBJ In a mutual company it may be a
greater amount not exceeding three times
the average policy or oneeighth of one
per centum of the insurance In force,
whichever is the greater.
to- Upon the business mentioned In
subsection IA of section 1897, in stock
company, 1t shall be one-twentieth of the
paid up capital
2. Any Reinsurance taking effect stimuli
taneously with the policy snail be deducted
In determining such maximum single risk.
section 1880. The minimum of risks
outstanding shall be two hundred, each
WITHIN the maSimum single risk prescribed
Section 1S97s. No domestic insurance
company shall begin to transact the bust
ness Of insurance until:
la) 1t shall issue simultaneously pol
icies upon one hundred or more risks, each
within the maximum single fisk prescribed
In section 1898; or
(b) 1t shall hold a fund In excess of
the capital stock, If any, in cash, OF invest
ed as provided by law, equal to ten times
the maximum single risk to be assumed,
which fund shall be used for the payment
of losses only and may be repaid only aft.
er the risks outstanding shall exceed the
minimum prescribed in section 1S9Sd.
(c) 1t shall have received, In cash, one
annual premium upon each risk outstand-
ing
Section 1901j. Except as otherwise pro-
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 ffty per centum Of the premiums
and assessments collected during the year
or In excess OF one-half Of one per centum
on the greatest amount of insurance in
force at any time during tho year. which
ever is the greater.
Section 19O1m. mutual insurance
company may classify the property or risks
under different rates corresponding as
risks which may be attached thereto.
Section 1901n. Except as otherwise pro-
company shall make any contract for in
surance expiring more than five years aft
er the date thereof.
Section 1s97t. No domestic Insurance
company shall begin to transact insurance
until the same shall have been fully ex-
amined by the commissioner of insurance
and he shall Issue certificate
Gay That such company has capital,
standing, as the case may be, and az re-
quired by law;
(b) That It's funds are held In cash or
invested as required by law;
(c) That those making applications
for insurance are In a position to perform
the same;
(d) That the incorporators and pro-
posed directors are financially responsible
for and understand the obligations i'm
posed upon them by law; and
(e) That said company has fully COM
piled with all requirements of the law.
Section 2. Section 1908 of the statutes
Is amended to read Section 1908. I'm
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 it's articles increasing its capital stock
shall be adopted as otherwise provided by
law, and shall not be filed by the commits
sioner of insurance until after he shall
have made the same examination in the
same manner, and on the same conditions,
as upon the organization or admission of
a like corporation.
Section 8. This act shall take effect and
be in force from and after Its passage and
publication.
Approved juno 1e, 1909.