Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1909-07-14


tal Upon any poii'ies written. Issued
OF ,isiRereS during any Lme when tie risks
Outstanding shall Be below the 10 lnimum
PRESERVED by section IS9Sd, and
I'd For the excess of any policy above
the maximum single risks prescribed by
seetion 1898 during the time while such
pollcy exceeds such maximum single risk
section !59s. l. ta) Except as other
wise PROVIDED by law. the maximum sin
mitted assets.
lb) In mutual company it may be a
greater amount not exceeding three times
the average policy or one-eighth OF one
per ceBtum Of the Insurance in force,
whichever Is the greater.
90 Upon the business mentioned in
subsection IA OF section 1897 in a stock
company, It shall be one-twentieth of the
paid up capital
?. Any reinsurance 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
Section 1875. No domestic insurance
company shall begin 10 transact the bust
ness Of insurance until:
Ia 1t shall Issue simultaneously pol-
leies upon one hundred or more risks each
within the maximum single risk prescribed
In section 1898; or
(b) 1t shall hold a fund in excess of
the capital stock, IL any, in cash, or invest
Ed as provided by law, equal ito ten times
the maximum single risk 10 be assumed,
which fund shall be used for the payment
OF losses only and may be repaid only aft
er the risks outstanding shall exceed tI:e
minimum prescribed in section 1S9Sd. 3
(c) 1t 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
avnla tciw of
Investment expenses, taxes and fees, in ex-
cess of fifty per centum Of the premiums
and assessments collected during the year
or In excess of one-ha1f Of one per eentum
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
nearly as may be to the greater or less
risks which may be attached thereto.
Section 1901n. Except as otherwise pro-
Vnted 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 a 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 its capital stock
shall be adoNted as otherwise provided by
lazy. and 81 all 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. Phis act shall take effect and
be in force from and after its passage and
publication.
Approved June 16, 1909.