The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1912-05-02
lays
down RULES
For Insurance Companies and
Agents in State for the
Future.

Future.
CHARLESTON, April 2s-The re-
port Of the insurance commissioner.
State Auditor j. s. .Darst. for the
month of.April has just been printed
and is now ready for distribution.
Especial importance is attached by
the insurance commissioner to the
decision of the supreme court in the
case of the Standard Home Com
pany which was refused a writ OF
mandamus to compel the secretary
OF state to issue to it a certificate
authorizing it to do business in West
Virginia. The supreme court held it
was building and loan company
under the laws of this state and
therefore would have to secure per-
mission to do business in this state
from the banking commissioner, but
as that official had previously re-
fused to grant them permission, they
are barred from the state. In pre-,
venting the company from doing
business in West Virginia, the insur-
ance commissioner says: Eve feel
we have accomplished our purpose
and thereby protected the people
from buying contracts, which in nine
cases out of ten would prove very
Disappointing"
One very important feature from
an insurance viewpoint is the action
of the department in reference to
the appointment of nonresident
agents. on this the report says:
! eve have Just received an opin-
ion from the attorney general in re-
gard to the proper Interpretation OF
the Resident Agents Law. Section /,
Chapter 16, Acts Of 1901.
! Nils opinion is to the effect that
tho insurance commissioner has au-
thority to issue an agents license to
a resident of another state. thus CIV
ing him authority to act as agent
for life insurance company, pro-
viding a resident agent approves the
risks, countersigns the policies and
receives the commissions.
ION account OF the restriction
contained in Section 45, Chapter
n, Acts of 1907, only residents may
be appointed agents for fire insur-
ance companies.
Owing to the restriction contained
in Section 81, Chapter n, Acts Of
1907, only residents may be ap-
pointed agents of foreign companies
other than life and fire.
This department will, in the flu
ture, conform its acts to this opln-
ion"
: Especial attention is also called
to the decision of the supreme court,
rendered recently, in the case OF
Hinkle VS.. North River Insurance
Company, from Randolph county, in
which the valued policy law was he'd
to be in full force in this state. IN
der that opinion Chapter SO, Acts OF
1889, have not been repealed, and
under it where the loss OF house
by fire is total, the insurance COM
pany has no right, to demand arbi-
tration of the amount of loss, though
the policy provides for It..
According to the reports received
by the insurance commissioner the
loss at Beckley on April IA, in which
thirty-tive buildings were destroyed,
was $11Sl260 on buildings and
s139,6OO on contents. The insur-
ance on the buildings was $S5,S6O
and on the contents 9,O25, or al
total loss of $204,8S5.
The fire losses for the month of
March throughout the state is given
as $SO,217, the total value of the
property, $21O,71O. and the insur-I
ance on the property $152,25O.
The heaviest loss as to the county
was Marshall by the destruction of a
a school house at Benwood, the loss
being $4,000; Richie county,
Stark Pyere's store, loss $11,5OO;
Fayette county, three dwellings, loss
$3.50; Monroe county, $500; and
Gi!mer county, $500.