Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04

No. 5 aAfTnR r. RuR hAWs 6 5F'f iyY Il 1911
AN ACT to amend subsection 1 and the
preceding paragraph, and subsection z,
Of section 1916 and to create subsec-
ton 8, Of Section 1915, of the statutes
relating to the admission of insurance
companies from other states and for
eign countries, and the conditions up
on which they may do business.
The people of the State of Wisconsin,
represented in Senate and Assembly,
do enact as follows:
Section 1. Subsection 1 and the pre-
ceding paragraph, and subsection Z, OF
section 1915, of the statutes, are amended
to read: l. No = company in
state or of any territory or of any for
eign government or other insurer having
it's home office outside of this state shall,
directly or indirectly, take risks or trans
state except upon compliance with and
maintenance Of the Following require
ments:
(a) If stock company, it
paid up cash capital
equal to that required of like companies
organized under the laws Of this state
(b) Mutual companies may be admit
ted subject to the same requirements us
to solvency and the same limitations as
to expenses as like companies of this
state.
Co Lloyds associations .
may be admitted by complying in all re-
spects with the laws applicable to fire
insurance corporations organized under
the laws of any foreign government.
Cd Individual firms and corporations
who make contracts Of insurance among
themselves on their own property or risks
on the reciprocal or inter-insurance plan,
shall not be required to act through a
resident agent or use the standard fire
policy, but any contract or policy 1nsur-
ing against loss by fire shall contain in
c.1lh ctnnna nj the standard
fire policy
(e) The commissioner Of Insurance. be-
fore issuing license for the admission
Of any corporation or association, shall
make a personal examination Of the af-
fairs and financial condition thereof, and
if found to meet the conditions and re-
quirements of law shall issue such GER
Section, 2. There is added to section
read: (Section 1879 g.. Before, any in
licensed to transact Insurance in this
state, shall be admitted or licensed to
transact the business of insurance there
in, notice of its application for that
purpose shall be published at the eX-
pense of the. company Ut least once in
each week for three successive weeks
In two newspapers to be designated by
the commissioner, which notice shall fix a
plication before the commissioner, and
prior to which any person interested
may file any statement giving informa-
ton relative to the condition of such
company or the manner Of transacting its
business, and any objection to the ad-
mission or licensing Of such company,
and any person filing such statement,
shall be entitled to be heard before the
commissioner on the day of hearing SO
fixed.
Section 8. Subsection 7, Of section
1915, of the statutes, is amended to read;
(Section 1870 7. It shall pay to the state
treasurer the license fees required to be
paid by - law at the time and
in the manner therein prescribed.
Section 4. This act shall take effect
and be in force from and after it's pas
sage and publication.
Approved June 7, 1911. Copy Law.