St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1913-05-02
CHAPTER 5s4-S. n No 67a

LEX O04ES. r.. NO. 619.
AN = to amend Section s5 Of Chapter ITS
OF the General Laws of 1895 as amended by
Chapter 1870 of the General Laws of 1o05
authorizing associations of individuals known
as Lloyds.
of Minnesota:
section l.. That Section IS Of Chapter IT'S of
Chapter $50 Of the General Laws Of 1905. be
and the same is hereby amended So as to read
as follows:
Section IS. Associations Of individuals.
e caniend Of the United States, whether or
the United States, formed UPON the plan
known as Lloyds, whereby each associate IN
derWriter becomes liable for a prcportionate
may be authorized to transact insurance other
than life in this state in such manner and
on such terms as the insurance commissioner
ton shall be possessed of cash on hand and
securities of the underwriters satisfactory to
tle insurance commissioner after deducting
all liabilities except insurance reserve. to the
amount Of not less than $3.50, OOO.O 90, and in
a ss.d thereto shall bs possessed of guaran-
satisfactory to the Insurance COM
missioner to an amount Of not less than $780,
oo:Oo. making a total of $500. 100000 SO pos
sessed, and if the net cash on hand shall be
equal to the reinsurance reserve calculated on
a basis Of so per cent Of the premiums in
force en- policies running one year or less
AOui = VI pOllCy, ana g DrOrate amount
on policies running more than one year from
date of policy, except upon inland and marine
risks. which shall be computed by charging
80 per cent Of the amount Of premium written
in Its policies upon yearly risks and upon risks
covering more than one passage not termi-
mated. and the full amount Of premiums writ
ten in policies upon all other inland and ma
rine risks not terminated, and such other
reserves as may be required by law and the
be furnished to the insurance commissioner
that the are men of good fnan-
cial standing, responsible for their Obligations,
and that the organization does not issue poll
cies of insurance on any one risk in greater
sums than one-fifth Of the aggregate Of the
cash paid in, the aforesaid securities and the
subscriptions Of the several underwriters or the
amount to which they may become liable. UNI
.css the excess shall be provided for by rein
surance, the commissioner shall license them
under similar requirements as are made and
prescribed in this act for the admission of
foreign mutual fire insurance companies so far
association OF individuals known as Llodys
are herein expressly authorized to transact
insurance known as Sprinkler Leakage Insur-
ance."
Sec. 2. No lloyds not now licensed to
ldo business in this state shall hereafter be
visions of this act. but Lloyds heretofore IL
censed and now doing business under the pro-
visions of said Section SIS of Chapter 175 of
Laws of 1895 as amended by Chapter 1870 of
the Laws of 1905, may have their license re-
newed without Increasing their cash and Sc.
Icurities and subscription on hand to the
set aside the reserves required by this act.
Sec. 3. Provisions of all acts or parts of
acts inconsistent with this act are hereby re-
Dealed.
Sec. 4. This act shall take effect and be
in force from and after its passage.
Approved april rs, 1913.