The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-07-15

fa) Upon any policies written. issued
or delivered during any time when the risks
outstanding shall be below the minimum
I (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. l. (a) Except as other
wise provided by law, the maximum sin
| gle risk shall be ten per centum Of the ad-
| mitted assets.
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.
tc) Upon the business mentioned In
] subsection IA of section 1907, in a stock
| company, 1t shall be Onetwentieth Of the
paid up capital.
q Any re insurance taking effect stimuli
taneously with the policy snail be deducted
| In determining such maximum single risk.
Section 1S98d. The minimum Of risks
outstanding shall be two hundred, each
within the maximum single risk prescribed
In section 1898.
Section 1s07s No domestic insurance
company shall begin to transact the bust
ness of insurance until:
ta) IL shall Issue simultaneously pol
lcies upon one hundred or more risks, each
within the maximum single risk prescribed
In section 1898; or
(b' 1t, shall hold fund in excess Of
the capital stock, II any, in cash, or invest
ed as provided by law. equal to ten times
the una ximum single risk to be assumed,
which fund shall be used for the payment
er the risks outstanding shall exceed the
minimum prescribed In section 1S9Sd
tc) IL shall have received. in cash. one
annual premium upon each risk outstand-
ing
Section 1901. Except as otherwise pro-
vided by law and excepting companies
transacting only disability insurance no
mutual insurance company shall pay or In.
investment expenses taxes and fees, in ex-
cess of 6fty per ceutum Of the premiums
and assessments collected during the year !;
or In excess Of one-half OF one per centum
force at any time during tho year, which
ever Is the greater.
Section l9Olm A mutual insurance
company may classify the property or risks
under different rates corresponding as
nearly as may be to the greater or less
risks which may be attached thereto
Section l9O1n. 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
until the same shall have been fully ex-
amined by the commissioner of insurance
and he shall issue certificate;
tal That such company has a capital.
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:
tcl That those making applica lions
for insurance are in position to perform
the same:
td) 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 g Section 1908 Of the statutes
Is amended to read: Section 1908. Tn
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 its capital stock
shall be adopted as otherwise provided by
law. and shall DOT be fled by the commits
sioner Of insurance until after be shall
have made the same examination In the
same manner, and on the same conditions
as upon the Organization or admission OF
q like corporation.
Section 5. This act shall take effect and
be In force from and after Its passage and
publication.
Approved juno 10. 1909.