Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1909-07-08
No. 500, Al Published April 10. 1909.
CHAPTER 50. LAWS OF 1909.


AN ACT to amend subsection Of section
1917, of the statutes, relating to organic
alton of domestic life insurance cor
porations.
The people of the State of Wisconsin.
represented in Senate and Assembly, do
enact as follows;
Section 1. Subsection of section 1947
of the statutes is amended TO read: Sec
ton 1947. 3. No such corporation shall
transact any business OF insurance. until
all the following conditions shall be COM
piled with:
a. If organized without capital stock
at least two hundred persons
shall have subscribed for not less than
one thousand dollars OF insurance each
and passed n prescribed medical eXnmin-
alton and shall have each paid one fun
annual premium in cash upon the insur-
ance subscribed for, amounting in the
aggregate 10 at least twenty thousand
dollars. Or, in lieu of such sub
Scriptions for insurance the company shall
provide and hold special guaranty fund
OF NJ least twenty five thousand dollars IN
cash or invested as prescribed I'm section
1881 of the statutes, to be used for no
purpose other than the payment OF death
losses, until the largest policy in force,
0eductlng any reinsurance thereon In au-
thorl2ed companies, shall not exceed one
half Of one per CSntum Of the total iu-
suC0nce In force, deduCting all such rein
surance. Such company may borrow Il
sum OF money sufficient to provide the
amount to be held rs Il special guaranty
fund and an additional sum to defray the
expenses or organization not exceeding ten
thousand dollars This loan shall not be
liability and the agreement therefor shall
so provide and that the principal ana In
tereSt thereon shall only he repaid from
assets in excess of all liabilities. The
agreement shall also provide for interest
at a rate not exceeding eight perCentum
per annum and after the release Of the
special guaranty fund the principal shall
be repaid In the discretion of the board
Of directors or at such times as fixed IN
said agreement. Solicitation OF suhscrip-
tOns for insurance under this section may
be made by agents holding a certificate
of authority to be issued by the commits
sioner in insurance. Every application for
such insurance shall contain statement
that the issuance OF the policy is contin-
gent upon the completion OF the organic
alton OF the company.
b. II organized with capital
stock, until a capital stock Of at least one
hundred thousand dollars and a
thousand dollars shall have been sub
scribed for and fully paid in and is held
in cash or invested as provided In section
1851 Of the statutes No part OF
such special surplus shall he used for any
purpose other than the payment of death
losses while the largest policy in force,
deducttng and reinsurance thereon In au-
thoriZed companies, shall exceed one-halr
OF one per CentUm OF the total insurance
in force, deductlng all such reinsurance.
c. There shall have been
paid to the insurance commissioner in
case Of corporation organized without
capital stock, fee of one hundred dol
lars, and I'm case OF n corporation organ
lied with capital stock, Il fee equal to that
required upon the Incorporation of other
corporations under chapter Sc Of the stat
utcs, but no such fees shall be required
to be paid until at the time OF the Issuing
OF the certificate Of authority under sab
section d.
d. A certificate shall have been made
aud filed by the commissioner % insuT-
ance in his Office setting rnrtl that such
corpora ton has complied with all the pro
visions of the law and is authorized TO
transact the business Of life insurance.
Section ?. This act shall take effect
and be in force from and after Its passage
and publication.
Approved April Is, 1909.