Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1909-07-21
No. 40. Al Published April 10. 1909.
GIL PTER so LAWS OF 1909.


AN ACT to amend subsection OF seetioli
.ai7 of the statutes, relating TO ofsau a~
cion of domestic life insurance con
1orationS. =,
The people OF the State of Wisconsin,
represented in Senate and Assembly. 40
enact as follows: ,o,-
Section |. Subsection ) OF secroh g.
of the statutes is amended to read Sc,
ton la47 g. No such corporation snail
transact any business of insurance, UNI
all the following conditions shah ne eoA
a. If organized without capital STOCK
at least two hundred persons
shall have subscribed for not less NM NM
one Thousand dollars OF insurance c"'N
and passed a prescribed medical eXauih
alton and shall have each paid one iuli
annual premium in cash upon the insuf
anee subscribed for, amounting IN tnS ~
aggregate to at least twenty th9us ',b
dollars. Or, in lieu OF sucn sun
scriptions for insurance, the company snat i
provide and hold a special guaranty l"i ~
of at least twenty-five thousand doIitls ~
cash or Invested as prescribed IN sfct'on
1891 of the statutes, to be used ioI ~
purpose other than the payment OF aeaah
losses, until the largest policy III iolte'
ieducting any reinsurance thereon In au-
thnrized companies, shall not eXceeu one
half OF one per centnm or the totai ~
surance In force. dedueting all srch rem
surance. Such company may horro" .
sum of money sufficient to provlde I.ie
amount to be held as a special guaranty
fund and an additional sum TO defray slle
expenses OF organization not exceeding ten
thousand dollars. This loan shall not nS
q liability and the agreement THEREFOR snilli
SO provide and that the principal anu ln-
tereSt thereon shall only he renald Irnih
assets In excess of ali liabilities. the
agreement shah also provide for interest,"
at rate not exceeding eight ner"e.l'uih
per annnm and after the release OF us
special guaranty fund the principal shali
he repaid In the discretion Of the hoaru
Of directors or at such times rs hNed III
said agreement Solicitation Of snbscrip-
lions for insurance under this section may
he made by agents holding certificate
of authority to he issued by the comm.s-
sianer In insurance. Every application for
such Insurance shall contain statement
that the issuance Of the policy is cont,h-
gent upon the completion OF the organlz-
alton OF the company.
stock. until a capital stock of ar least one
hundred thousand dollars and a
special surplus of at least twenty I'VE
thousand dollars shall have been sub
scribed for and fully paid in and is held
In cash invested as provided in section
- 1851 of the statutes No part OF
snch special Surnius shall he used for any
purposp other than the payment Of death
losses Willie the largest policy In force,
deducting and reinsurance thereon IN au-
thorized companies shall exceed one pair
OF one per eentHm Of the total insurance
in force. deducting all such reinsurance
c. There shall have been
paid to the insurance commissioners IN
case of cornorat ton organized without
capital stock fee of one hundred dol
lars, and in case Of corporation organ
lied with capital stock, fee eqnal to that
required upon the Incorporation Of other
corpora tons under chapter sc of the stat
utes. hut no such fees shall be required
to he paid until at the time of the issuing
of the certificate of authority under sub
section q.
d. certificate shall have been made
and filed by the commissioner of insur-
ance In his office setting forth that such
corporation has complied with all the pro-
visions of the law and is authorized TO
transact the business of life insurance
Section 2. This net shall take effect
and be IN force from and after its passage
and publication.