Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1909-08-13

(al Upon any policies written. issued
or delivered during any time when the risks
outstanding shall be 6 below the miniinu"
prescribed by section 1884, ana
OBJ For the excess of any policy ABOVE
the maximum single risks prescribed py
section 1898 during the time while such
Section 1898 l. (a) Except as other
wise provided by law, the maximum SIN
gle risk shall be ten per centum OF tne au-
mtted assets.
1b) In mutual company it may be
greater amount not exceeding three times
the average policy or oneeighth OF one
per centum of the Insurance III Iorce'
whichever is the greater.
subsection IA of section 1897, IN STOCK
company, it shall be onetwent1eth OF the
paid up capital. -,
taneously with the policy snail be deducteo
in determining such maximum single rlsK
Section 189Sd. The minimum OF risks
outstanding shall be two hundred, eac1
within the maximum single risk prescribed
In section 1898.
Section 1897s. No domestic insurance
company shall begin to transact the ousi-
ness Of insurance until:
(a) 1t shall issue simultaneously pol
icies upon one hundred or more risks, eacn
within the maximum single risk prescribed
In section 1898; or
(bl It shall hold a fund in excess of
the capital stock, If any, in cash, or invest
ed as provided by law, equal TO ten times
the maximum single risk to pc assulne z
which fund shall be used for the payment
of losses only and may be repaid only art
er the risks outstanding shall exceed the
minimum prescribed in section 1880.
(c) 1t shall have received, IN cash, one
annual premium upon each risk outstand-
ing.
Section 1901j. Except as otherwise pro
vided by law and excepting companies
transacting only disability insurance no
mutual Insurance company shall pay or In.
cur in any year any expense, exclusive OF
investment expenses, taxes ana fees' IN e1
cess of fifty per centum OF the premiums mum
and assessments collected during the year !;
or in excess Of one-half of one per centum
on the greatest amount Of insurance IN
force at any time during the year, which
ever is the greater , ,,suraoa
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 19o1n. Except as otherwise pro-
vided by law, no mutual hre insurance
company shall make any contract Tor IN
surance expiring more than hVe years art
er the date thereof.
Section 1S97t 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 certificate:
(a) That such company has a capital,
surplus and applications for risks out
quired by law
CD That it's 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 Q. Section 1908 of the statutes
is amended to read = Section 1908. I'm
less otherwise provided IN the articles no
insurance corporation shall increase it's
capital stock without the written consent
of the holders of three-fourths Of the
capital stock outstanding. The amendment
of it's articles increasing it's capital stock
shall be adopted as otherwise provided by
law, and shall 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
q like corporation.
Section 8. This act shall take effect and
be in force from and after its passage and
publication.
Approved June 16, 1909.