Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1909-07-08

| (a) Upon any policies written. issued
or delivered during any time when the risks
outstanding shall be below the minimum
prescribed by section 1S9Sd, and
! Oh 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 1898. !. (a) Except as other
! wise provided by law, the maximum sin.
! gle risk shall be ten per centum OF the ad,
mitted assets.
/ % In a mutual company 1t may be a
greater amount not exceeding three times
the average policy or one-eighth OF one
per centum of the insurance In force
/ whichever is the greater.
(C) Upon the business mentioned in
subsection Ia of section 1897, In Il stock
company, it shall be one-twentieth Of the
/ paid up capital.
! ?. Any re insurance taking effect stimuli
| taneously with the policy snail be deducted
! in Determining such maximum single risk.
! Section 1S9Sd. The minimum of risks
! outstanding shall be two hundred, each
| within the maximum single risk prescribed
| In section 1898.
| Section lS9Ts No domestic Insurance
| company shall begin to transact the bust.
| ness of insurance until:
| (a) 1t shall Issue simultaneously pol
| tcies upon one hundred or more risks, each
| within the maximum single risk prescribed
| In section 1898 or
(o) 1t shall hold a fund in excess Of
| the capital stock. If any, in cash, or 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 IS9Sd
! (cl 1t shall have received, In cash. one
| annual premium upon each risk outstand-
! Section 19O13 Except as otherwise pro-
| vi6ed by Law and excepting companies
| mutual Insurance company shall pay or In
| cur In any year any expense. exclusive of
| Investment expenses, taxes and fees, in ex-
! cess OF fifty per centum OF the premiums
| and assessments collected during the year !;
| or In excess OF one-half Of one per ccnturo
| on the greatest amount OF insurance In
force at any time during the year, which
| ever Is the greater.
| company may classify the property or risks
| insured, at the time OF insuring the same,
| under different rates corresponding as
| nearly as may be to the greater or less
risks which may be attached thereto
| Section 1901n. Except as otherwise pro-
| vided by law, no mutual ire insurance
company shall make any contract for In
surance expiring more than five years aft
| er the date thereof.
| Section IS97t 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 a certificate:
(a) That such company has capital,
| surplus and applications for risks out
| ShhAAAA'ss' ns Nlo NdbS AuaS We AAN ub AC
| quired by Law:
| (b> That It's funds ara held in cash or
| invested as required by law;
| (c) That those making applications
for insurance are in 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 Outsta niing The amendment
| OF its articles increasing its capital stock
shall be adopted as otherwise provided by
/ law, and shall not DO filed by the commits
| sioner OF insurance until after he shall
| have made the Same examination In the
| same manner, ard on the same conditions,
Pc upon the organization or admission of
| a like corporation.
| Section g. This act shall take erect and
be IN force from and after it's passage and
! publication.
| Approved June I6. 1909.