Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1909-07-21

fa) Upon any policies written. issued
or delivered during any time when the risks
outstanding shall ybe below the minimum
(b) For the excess of any policy ABOVE
the maximum single risks prescribed oy
section 1898 during the time while sueh
Section 1898. /. (a) Except as other
wise provided by law, the maximum SIN
gle risk shall be ten per centum OF the ao-
mitted assets.
greater amount not exceeding three times
the average policy or one-eighth OF one
per centum of the insurance in force,
whichever is the greater
(c) Upon the business mentioned IN
subsection IA of section 1897, in stock
company, it shall be one-twentieth of the
3. ANY Reinsurance taking effect stimuli
taneousIy with the policy snail be deducted
in determining such maximum single FISK.
Section 1S98d The minimum OF risks
outstanding shall be two hundred, eacn
within the maximum single risk prescribed
In section 1888
Section 1875 No domestic insurance
company shall begin to transact the ousi-
ness of insurance until:
(a) 1t shall issue simultaneously pol
lcies upon one hundred or more risks, each
within the maximum single risk prescribed
In section 1895; or
(b) 1t shall hold 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 be assumed,
which fund shall be used for the payment
of losses only and may be repaid only art
er the risks outstanding snail exceed the
minimum prescribed in section 1880
(c) 1t shall have received, In cash, one
annual premium upon each risk outsrand
Ing.
Section 1901j Except as otherwise pro-
vided by law and excepting companies
mutual insurance company shall pay or In.
cur in any year any expense. exclusive 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-hatf of one per centum
on the greatest amount of insurance In
force at any time during the year, which
Section 19O1m A mutual insurance
company may classify the property or risks
insured, at the time Of insuring the same,
nearly as may be to the greater or less
risks which may be attached thereto.
Section 1901n. Except as otherwise pro-
vided by law, no mutual fre insurance
company shall make any contract for In
surance expiring more than five years aft
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 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. IN
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 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
a like corporation.
Section 8. This act shall take effect and
be in force from and after its passage and
publication.
Approved June 16, 1909.