The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1909-07-30
CHAPTER sss7-(No. 49,.

AN ACT to Amend Section z7so of the General
Statutes of the State of Florida, Providing for
the Issuance of Certificates to Insurance Com
panies, and Providing Other Prerequisites.
Be il Enacted by the Legislature of the State Of
Florida:
Section 1. That Section 27se of the General
Statutes of the State of Florida be, and the same
is hereby amended TO read as follows
z7s9. Caro-. Other PREREQUISITES of
CertificateS-No insurance Company association,
firm or individual not of this State, agent nor
representative thereof shall transact any business
of insurance in this State, unless such company,
association, firm or individual is possessed OF at
least two hundred and fifty thousand dollars, IN
value invested in United States or State bonds or
other bankable Understanding stocks issued in
the United States, at their market value Upon
complying with the preceding section and furnish
ing evidence to the satisfaction OF the Board OF
Insurance Commissioners that such company, as
ISOLATION. firm or individual has actually invested
the amount above stated IN SUCH securities as
herenbefore mentioned, the State Treasurer shall
issue certificate thereof, with the authority of
such company, association, Arm or individual to
transact the business OF insurance in this State.
Insurance companies incorporated under the laws
OF this State or any association, firm or individual
of the State, however shall be entitled to such
certificate of authority by furnishing evidence to
the satisfaction of the said Board that such COM
pany, association, hrm or individual is possessed
of, and has actually invested at least twenty-five
thousand dollars in United States or State bonds
or other bankable stocks or securities issued in the
United States at their market value, and by other
wise complying with the provisions hereof. The
Board of Insurance Commissioners shall, in ad
dition to the certificate hereinbefore provided for
issue a certificate to any insurance company in
corporated under the laws of this State, and which
shall have previously thereto deposited with the
State Treasurer one hundred thousand dollars in
United States or State bonds, or other negotiable
stocks or securities issued in the United States at
their market value, as a guaranty fund for the
security OF the policy holders of such company,
upon satisfactory evidence to them that such Sc
curities to such an amount have been deposited
with the State Treasurer. Life insurance com
panies incorporated organized under the laws of
another State shall be entitled to a certificate to
transact the business of insurance in this State by
furnishing to the satisfaction of the Board that it
IS possessed of and has actually invested two hun
dred thousand dollars in United States bonds, or
other bankable interest bearing stocks issued in
United States at their market value or in mort
cages or unencumbered real estate worth double
the amount loaned thereon, inclusive of buildings
thereon, and by otherwise complying with the
provisions thereof. Insurance Companies insr1r-
ing live stock or domestic animals, incorporated
or organized under the laws of any other State
shall be entitled to such certificate of authority by
furnishing evidence TO the satisfaction of the
Board that such company, association, firm or in
dlvldual IS possessed Of and has total assets of at
least two hundred thousand dollars and by other
wise complying with the provisions hereof.
Sec. 2. All laws and parts of laws in conflict
with this Act be, and the same are hereby repealed
Approved June 4. 1899.