The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1913-05-02

and all proceedings of every kind and descrip.
notices by
legalized and declared to be valid and in full
force and etfect to the same extent as though "
ou XpproS Saa april sd s IS, iSdeN "
CHAPTER 4e4-H. F. No. 1881.
AN ACT authorizing and regulating certain
! classes OF indemnity contracts empowering
corporations to make such contracts and
fixing certain fees. and the penalty for vio-
lation thereof.
BE it enacted by the Legislature OF the State
of Minnesota:
corporations of this State, hereby designated
), subscribers, are hereby authorized to ex-
tracts with each other. or with indiSaduais
partnerships and corporations Of other states
and countries. providing indemnity among
sured against under other provisions Of the
laws, excepting life and marine insurance.
Sec contracts may De sxssuted by
herein designated Attorney. duly authorized
and acting for such Subscribers.
among n themselves shall through their Attor'
ney Ale with the Insurance Commissioner OF
this State a declaration verified by the oath
| of such Attorney, setting forth:
ta) The name or title of the cf1ce at which
such Subscribers propose to exchange such in
demnity contracts. Said name or title shall
not be so similar to any other name or title
previously adopted by a similar organization
or by any insurance corporation or associa-
ton as in the opinion Of the Insurance Com
missioner Is calculated to result In confusion
or deception.
b) The kind or kinds Of insurance to be
effected or Exchanged
| (c) A copy Of the form Of policy contract
or agreement under or by which such insur-
aneH is to be effected fSs Or sxehangsd
torney or other authority Of such Attorney
under which such insurance Is to be effected
or exchanged.
(e) The location, Of the of.lce or Offices
from which such contracts or agreements are
to be issued.
IL That applications have been made fol
indemnity upon at least one hundred separate
aa Man poars s as
resented by executed contracts or bona hde
applications. to become concurren,ly effective,
+ or, in case of Liability: Compensation in
surance. covering total pay roll of not less
than One and One Half Million 81. 5oo, 10000
Dollars
| (g> That there is on deposit with such At
torney and available for the payment OF
Losses a SUN nst of Of no not less than twenty-five
| Provided, however, that in case Of liability
or compensation insurance all subscribers
shall be engaged in the same class of bust
ness and have an annual pay roll in Mime
sofa of not less than Four Millions $4,000
OoOOOW Dollars and q deposit with such AT
torney and available for the payment Of losses
Sec j. concurrently with tho filing Of the
ton hereof, the Attorney shall file with the
Writing executed BY him for said subscribers,
Gates Of Authority provided for in Section Ten
hereof, service OF process may be had upon
the Insurance commissioner In all suits in
| tracts or agreements which service shall be
valid and binding upon all Subscribers ex-
changing at any time Reciprocal or Inter-
Insurance contracts through such Attorney.
Three copies Of such process shall be served
and the Insurance Commissioner shall file one
copy. forward one copy to said Attorney and
return one copy with his admission OF service.
Sec. s. There shall be filed with the 1nsur-
a1fe OF this Ste State BY such
Attorney showing the maximum amount OF
indemnity upon any single risk and such
same shall be required. file with the Insur-
ance Commissioner q statement verified by
cial Agency having at least One Hundred
examination Or from other information in bis
possession it appears that no subscriber has
assumed on any single risk an amount greater
subscriber.
Sec. 6. There shall at all times be main
tanned as reserve sum in cash or con.
the net annual deposits collected and credited
to the accounts Of the Subscribers policies
having one year or less to run and pro rata
posts shall bs Construed to mean the ad d
vance payments Of Subscribers after deduct
vided in the Subscribers agreements, for ex-
penses, Said sum shall at no 30, time be less
lars, and il at any time fifty per cent Of the
deposits SO collected and credited shall not
equal that amount, then the Subscribers or
their Attorney for themS shall make up any
Sec. Z: Such Attorney shall make "a report
end are year on the rst Day Of March showing
the financial condition Of affairs at tho Office
where such contracts are issued and shall
ports as may be required:
Provided, however. that such Attorney
shall not be required to furnish the names
ratio
The business affairs and assets Of such Or
CARNATIONS shall be subject to examination
by the Insurance Commissioner.
! Sec 8. Any corporation or hereafter
organized under the laws Of this State shall,
chtses specified in its Articles Of Incorpora-
ton have full power and authority to ex-
Character herein mentioned The lght to . ex-
change ouch contracts is hereby declared to
be incidental to the purposes for which such
corporations are organized and as much grant
ferred.
| Sec. .. Any attorney who shall, except for
thority as herein provided, exchange any con
tracts Of Indemnity Of the kind and charac-
ter specified In this Act. or directly or in
for same without first complying with the
foregoing provisions shall be deemed guilty
of misdemeanor, and, 1pon conviction there
than. One Hundred $100.OO Dollars nor more
than One Thousand Isl 10000 Dollars:
| Sec. TO- Each Attorney by or, through
whom are issued any policies Of or contracts
for Indemnity of the character referred to In
this Act shall procure from the Insurance
Commissioner annually a Certificate. Of Au-
thority stating that all the requirements Of
this Act have been complied with, and upon
such compliance and the payment OF the
fees required by this Act the Insurance
Commissioner shall issue such Certificates. In
case of breach Of any of the conditions
imposed by the provisions OF this Act the IN
surance Commissioner may revoke the Ger
tiacate Of Authority issued hereunder
Sec. IL. Such Attorney, in Lieu Of all
taxes. State, County and Municipal. shall
pay to the State with tho fling Of each an
nual report, as an annual license fec 2 per
cent Of the gross premiums or deposits for
the preceding calendar year, deducttng all
amounts returned to Subscribers or credited
to their accounts; and he shall pay q fling
fee Of So 90. e. ,.s5:S !: $50
Sec. z. Except a. her,n provided no law