The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1909-07-29

(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
(b) 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: 1: (a) Except as other
wise provided by law the maximum sin
gle risk shall be ten per centum of the adj
mitted assets.
90 In a mutual company it may be
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 ii of section 1897, in stock
company. it shall be one-twentieth OF the
paid up capital.
2. 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 1913. No domestic insurance
company shall begin to transact the bust
ness of insurance until
"a 1t shall issue simultaneously pol
lcies upon one hundred or more risks, each
WITHIN the maximum single risk prescribed
(b, 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,
b which fund shall be used for the payment
of losses only and may be repaid only aft
err the risks outstanding shall exceed the
minimum prescribed in section 1880
(c)' 1t shall have received in cash, one
annual premium upon each risk outstand
ing. :. .:a,'
Section 19O1j Except as otherwise pro-
vtded 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 Atty per cemtum 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 the year, which
ever Is the greater
Section 1901m A mutual Insurance
company may classify the property or risks
Insured" at the time Of insuring the same,
under different rates corresponding as
risks which may be attached thereto.
section 1901n. Except rs otherwise pro-
= vided by law, no mutual fire insurance
company shall make any contract for in
surance expiring more than five years aft
er the date thereof.
Section 1897t. 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
standing, as the case may be, and as re-
quired by law;
(b) That its 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 its articles Increasing It's 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 It's passage and
publication.
Approved June 16. 1909.