Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

its liability upon risks assumed.
| 2, But no stock fire insurance or fire
reinsurance corporation shall expose tt
self to any loss on any one risk or haz-
ard to an amount exceeding ten per
centum. Of its paid up capital and sur
hazard which shall have been re-insured
as authorized by law shall be included In
determining the limitation Of risk pre-
scribed by this section.
| 8. No fire insurance or fire re-insur-
ance corporation or association shall as
sumo as re-insurer or otherwise, In
| any manner or form whatsoever, the
whole or any part Of any risk or liability
state of any fire insurance or fire REIN
surance corporation or association not
| authorized to transact business in this
state
| 4. The receiver Of any insurance COM
pany, when authorized by the court to
do so, may re-insure all its risks in any
| solvent corporation authorized to do a
| similar business in this state, if the as
| sets Of the corporation of which he is re-
| ceiver are sufficient to effect such re-
insurance; If such assets are insufficient
the receiver, upon the like consent, may
re-insure per centage of each such risk of
such corporation outstanding to the ex-
| tent of its assets available for that pur-
| pose.
Any fire insurance company or re-insur-
| ance company licensed to do business In
this state, shall, on retiring from business
| before the expiration Of it's policies or
contracts, file with the insurance COM
missioner written notice Of such inten-
| ton together with a sworn statement Of
it's outstanding liabilities or obligations
under such policies or contracts and shall
! re-insure such liabilities or obligations
in a company authorized to do business
| in this state.
Section 8. There are added to section
1915 Of the statutes four new subsections
to read: (section 1879 A.. No such
corporation organized under the laws of
any foreign government shall take risks
in this state unless it has a cash capital
| of two hundred thousand dollars, and
shall have made deposit with the treas
urer OF this state, Or with the proper
officer of some other state of the United
| States Of not less than two hundred
| thousand dollars in securities authorized
+, by law for Investments Of the capital by
| fire insurance corporations, in trust for
| the benefits Of It's pOlicyholders in the I'm
tied States; and no policy issued by such
| company to any citizen of this state shall
| be invalidated by the occurrence of hos
Titles between the government of the
1 the laws of which 1t was organized.
| 8. Every such foreign insurance COM
| pany shall, before admission to do bust
ness in this state, furnish to the insur-
ance commissioner a copy Of It's charter
or articles of association, of it's last an
nual report made in the country where it
| was organized, and the certificate of the
| officer holding in trust said deposit of
! two hundred thousand dollars, stating the
manner in which the same Is invested and
| the purposes for which the same is held
and it shall furnish annually to the In
surance commissioner a statement Of the
| condition of it's affairs in the United
| States, in such form as he shall require.
6. The capital of such foreign insur
ance company shall, for all the purposes
of the insurance laws Of this state. be the
| aggregate value of it's money or secur-
| tiles deposited as aforesaid, and all sums
| loaned on real estate security in any state
! in the United States, in conformity with
| the laws of such state providing for the
/ investment of the assets Of insurance
companies therein and all other assets
| IN the United States in which fire insur-
/ ance companies may legally invest; pro-
! Vtded, that such real estate securities and
| assets shall be held in the United States
! by trustees who are citizens of the United
| States approved by the insurance COM
missioner, for the benefit of all it's pol
| 1cyholders and creditors in the United
| States, after making the same deduction
from such aggregate value for losses and
| liabilities in the United States, and for
| unearned premiums upon risks therein
! not expired, as is authorized or required
| by the laws of this state, or by the regu-
lations of its insurance department, with
| respect to fire insurance companies or
ganized under the laws of this state
Such capital shall never be less than that
| required of domestic companies for the
| transaction Of the same kind or kinds of
insurance.
Z. The trustees referred to in subsec-
| ton Of section 1915 shall be appointed
! by the directors of such company and
| certified copy Of the resolution by which
| they are appointed and of the deed of
| trust shall be filed in the office of the in
| surance commissioner; and he may ex-
anime such trustees or the agents of such
company, under oath, and it's assets,
| books and accounts, in the same manner
| as he may examine the officers, agents,
| assets, books, and accounts, of any COM
| pany authorized to do fire insurance bus
| mess in this state.
! Section 4. There is added to the stat
utes new section to read: Section 1915.
l. The commissioner Of insurance shall,
upon being satisfied that any such insur-
| ance corporation has fully complied with
all provisions of law applicable thereto,
deliver to such corporation a license to
transact business in this state as pre-
| scribed in these statutes, and shall re-
new the same from year to year so long
| as such corporation shall desire to do
| business in this state, and shall have
complied with all of the laws thereof and
| it's capital, securities and investments
remain as required by law, and shall give
to every agent of such corporation a GER
| tificate that such corporation has COM
piled with all the provisions of law and is
authorized to transact business in this
| state, which she'll continue in force I'M
! less sooner revoked in case of fire, ma
rine, or inland navigation or transporta-
ton and mutual hail corporations, until
the thirty first day of January next af-
ter the date thereof, and in case of life
or accident corporations until the first
day of March next after the date thereof,
and shall be annually renewed.
g. The commissioner of insurance shall
have the same supervision and make the
same examination of the business and
affairs of every foreign insurance corpo-
ration doing business in this state, as of
domestic insurance corporations doing
the same kind of business and of it's
sets, books, accounts, and general condi-
ton. Every such foreign corporation ana
It's agents and officers shall always be
subject to and be required to make the
same statements and answer the same in
quiries and be subject to the same exam
nations, and, in case of default therein
to the same penalties and liabilities as
domestic insurance corporations doing the
same kind of business, or any of the
agents or officers thereof, are or may be
liable to under the laws of this state or
the regulations of the insurance depart
ment.
8. The commissioner may whenever
he deems it necessary, either in person or
by proper person appointed by him, re-
pair to the general office of such foreign
corporation, wherever the same may be-
and make an investigation and exam
nation of its affairs and conditions He