Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04
No. 465, ST. Published June 8, 1911

No. 81 81 E75 } ~ 3 1911
AN ACT to amend subsections and
to create subsection A OF section
1919 of the statutes, relating to the
organization and management OF In
surance companies.
The people Of the State Of Wisconsin,
presented in Senate and Assembly,
DO enact as follows:
Section !. Subsections and of
section 1891 Of the statutes are amend
ed to read (Section 1879 5. Liza
bility Insurance. Against loss or dam
age by the sickness, bodily injury, or
death by accident Of anv person and
Of any person by accident, for which
loss or damage the insured is liable.
g. Credit Insurance. Against loss
the ga assured SUI to o. meet their liabilities in
Guiding the insurance or guarantee OF
d""ositors or deposits in banks or trust
Section 2. Section 1914 of the stat
utes Is amended to read Section
1919. 1. Companies may be formed
upon the stock or the mutual plan to
transact any kind Of insurance author
q No company shall be formed for
the purpose of engaging in any other
kind of insurance than that specified
ton 1897, or more kinds Of Insurance
than are specified in a single subsec-
ton. except that company may be
a. For the purpose specified in sub
sections /, and IL; or
b. For the purposes specified in sub
sections or A; or
O. For any or all Of the purposes
specified in subsections 4 to
and 10 to 10, y inclusive.
d. For the purpose specified in sub
section 8.
3. Insurance under each subsection
of section 1897 shall be written in sep
arate and distinct policies, except that
the same policy may embrace risks
specified in subsections 1 and IL or
and 5. .
4. Insurance against damage by hail
to crops shall be written in separate
and instinct policies from other in
Surance mentioned in subsection OF
S. Insurance in one policy may be
effected, by any company licensed to
sections /. 2, ., or 10 of section 1897
| upon automobiles and vehicles and the
accessories and other property tran
! sported upon and used in connection
| Herewith, against loss by collision and
. alnst loss by legal liability tor dam
| age to property resulting from the
maintenance and use of such automo-
| biIes or vehicles and AGAINST loss by
burglary or theft, or both, and against
any risk mentioned in said subsectiOns
| 1, g. or 10, which said company may
assume under it's license. For this pur-
|
| not use the standard fire policy.
| Section g. There is added to section
| 1919 a new subsection to read: (Sec-
ton 1S97g,) 4. Subject to the con-
ditions of this subsection, any mutual
insurance company may borrow money
without discount of the payment OF
commissions, and upon receiving the
full amount of the principal to be used
solely for the business OF Insurance
may issue it's notes, to be, known as
surplus notes. which shall fully re-
cite said conditions. Except as herein
provided, such notes and Indebtedness
Shall not be 81 liability or claim against
any of the assets of the company. The
principal shall be payable only whcT
tho amount of the surplus of the com
pany over all liabilities Is double that
O. such principal then unpaid. The
interest shall only be payable from the
surplus and shall not exceed such sun
as may be fixed nor In any case ter
per centum per annum. On a dissolu-
ton of the company the principal and
interest shall be payable from the sur
plus. The amount thereof outstanding
with the unpaid interest shall be STATED
in each annual report.
Section 4. This act shall take effect
and be in force from and after it's pass
age and publication.
Approved June 7. 1911. Copy Law