Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1909-07-14
No. $50, A Published April Il. 1909
CHA PIER go LAWS OF 1QnQ


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 / Subsection 3 of section 1947
Of the statut~s is amended to read: Sec
ton l94f. 3. No such corporation shall
transact any business Of insurance, until
al The following conditions shall be COM
piled with
a. II organized without capital stock
at least two hundred persons
shall have subscribed FOR not less than
one thousand dollars of insurance each
mud passed prescribed medical examin-
alton and shah have each paid one full
annual T~emium In cash upon the insur-
ance subscribed for amounting IN the
aggregate 70 at least twenty thousand
uoiiarS or, In lieu OF such sub.
Scripuoos fer insurance. the company shall
provide and hold special guaranty fund
ar At least twenty five thousand dollars In
cash or Invested as prescribed I'm sector
lHal " the statutes, 10 be used for no
purpose other than the payment Of death
losses. until the largest policy in force.
dednctnE any reinsurance thereon in au-
Jborized companies shall not exceed one
half OF one per ccutnm Of the total in
surance in force, deductinE all such rein
surance. such company nay borrow a
sum OF money sufficient - provide the
amount To he held as special guaranty
fund and an additional sum TO defroy the
expenses OF organization not exceeding ten
thousand dollars This loan shall not he
a liability and the agreement therefor shall
SO provide and that the principal and in
terest thereon shall only he repAid from
assets III excess % NIL liabilities. The
agreement shRll also provide for interest
at a rate not exceeding eight percentnm
per annum and after the release Of the
special guaranty fund the principal shall
Ice repaid IN the discretion of the board
of directors or at such times ms fixed In
lions for insurance under this section may
be made by agents holding certificate
Of authority to be Issued by the commits
sioner In Insurance Every application FOR
that the issuance Of the policy is eontin-
gent upon the completion OF the organic
alton OF the company.
h, II organized with capital
stock. until capital stock Of at least one
hundred thousand dollars aud a
special surplus Of at least twenty .hve
seribed for and fully paid in and is held
in cash or invested as provided I'm section
1871 Of the statutes. No part Of
such special surplus shall be used for any
purpose other than the payment Of death
Losses while the largest policy In force
deducting aud reinsurance thereon IN au-
thoriged companies, shall exceed one half
Of Que per centum Of the total insurance
In force deductinp all such reinsurance
-. There shah have been
paid Ia the Insurance commi Ssioner In
use Of corporation organized without
capital stock, q fee OF one hundred dol
lars aai Ia ease Of corporation organ
lied with capital stock. a fee equal to that
rcgG,rti npOn the incorporation Of other
corporations under chnpter sc Of the stat
utes, hut NO such fees shall be required
Co be paid until NJ the time OF the issuing
OF the certificate Of authority under sub
section 4.
4. A certificate shall have been made
and fled by the commissioner Of inslr-
anCe I'm his office setting forth that such
corporation has compiled with nil the pro.
visions of the law and Is authorized 20
transact the business Of life insurance.
Section .. This net shalt take erect
aud be In force from and after Its passage
and publication.
Approved ApYll 10 1909