Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-08-29


agreement under er BY which such ins;rance is E be
ld) A copy Of the form Of power Of attorney
or other authority Of such attorney under which such
insurance is to be effected exchanged.
te) rhe location Of the Office offices from which
such cautracts agreements are to be issued
III That applications have been made Tor indem-
nifty iDon at least hundred separate risks aggre
eating not less than enc and one hah million dollars
Isl oo0) as represented by executed contracts q
bona hde applications to become effective concur
rentiy or, in Of liability or compensation lnsur-
ance covering total pay roll Of not less than one
and one half million dollars ($l.500. 0VO).
tg) That there is on deposit with such attorney
and available for the payment Of losses sum q not
less than twenty i've thousand dollars t$2osOgO},
l. Concurrently with the filing Of the declaration
provided for by the terms Of subsection Ct this
section the attorney shall file with the commissioner
Of insurance an instrument In writing ed BY
him for said subscribers conditioned that upon the
Issuance of certificate Of authority provided for II
subsection 10 of this Section service OF process may
be had upon the commissioner OF insurance IN an
suits in this arising out OF SUCH policies, con-
tracts or agreements, which service shall be Tard
and binding upon al subscribers exchanging at any
time reciprocal interinsuTance contracts through
such attorney Three copies of such process SHAH De
served and the commissioner of insurance shall fife
one copy forward copy to said attorney. and re-
turn one copy with his admission Of service
s. There shall be fled with the commissioner or
insurance. BY such attorney statement ts under
amount Of indemnity upon any single
risk such attorney shall, whenever and as often
as the same shall be required, file with the commits
sioner of insurance a statement verified by his oath
to the effect that he has examined the commercial
rating such subscribers shown BY the reference
book of commercial agency having at least one
hundred thousand subscribers. and hat from sucn
examination from other Information In his posses
sion. it appears that no subscriber has assumed on
any single risk amount greater than ten per cent
Of the net worth Of such subscriber
6. There shall at all times be maintained as a
reserve a III cash or convertible securities equal
to fifty per cent of the net annual deposits collected
and credited to the accounts Of the subscribers on
policies having one year or less to rum and pro rata
Net ppD a
Ike construed to The advance payments of sub
schers after dedcting therefrom the amounts specl-
ncally provided in the subscribers agreements for
expenses. Said shall at no time be less than
twenty-five thousand dollars (S25000) and If at any
time fifty per cent OF the deposits 50 conected ana
credited shall not equal that amount then the SUD-
scribers or their attorneys for them, shall make up
any deficiency.
T. Such attorney shall within the time limited
for filing the annual eInent by insurance companies
transacting the same kind Of business make report
to the commissioner OF insurance for each calendar
year showing the financial condition OF affairs at the
Office where such contracts issued. and shall fur
nsh such additional information and reports as may
be required; provided. however. that such attorney
shall not be required to furnish the and ad-
dresses Of any subscribers nor the loss ratio The
business affairs and assets of such organizations shah
he subject to examination by the commissioner OF
insurance.
g. Any corporation now or hereafter organized
under the laws Of this state shall in addition to the
rights powers and franchises specified In its articles
Of Incorporation. have full power and authority to
exchange insurance contracts of the kind and char
actef herein menuOneQ. Inc rlBnV 10 exchange SUCH
contracts IS hereby declared to be incidental to the
purposes for which such corporations organized
and much granted as the rights and powers
expressly conferred.
8. Any attorney who shah. except for the purpose
Of applying for certificate Of authority herein
provided, exchange any contracts Of indemnity OF
the kind and character specified in this section or
directly indirectly solicit negotiate any applica-
lions for without first complying with the fore
going provisions shall be deemed guilty Of INSIDE
meanor. and upon conviction thereof shall be subject
to fine of not less than one hundred dollars ($l00)
more than thousand dollars ($1,O0O).
10. Each attorney, by through whom are issued
any policies Of contracts for indemnity OF the char
acter referred to In this section shall from
the commissioner Of insurance annually certificate
Of authority stating that all the requirements Of this
section have been complied with. and such
this section the commissioner Of insurance shall issue
such certificate. In Of breach Of any OF the
conditions imposed BY the provisions Of this section
the commissioner Of Insurance may revoke the GER
tifcate OF authority issued hereunder.
II. In lieu OF all other taxes. Licenses or fees
whatever, state local. such attorney shall
nualy account Of the transaction Of such business
In this state fling fee Of twenty five dollars ($25),
and q license fee Of two cent. q per cent?
upon the gross premiums or deposits during the
ceding calendar year. deductng all amounts returned
subscribers or credited their other than
for losses. except that the fee shall be at the nate Of
two and hree-eighths cent (2% per cent upon
the basis for the insurance mentioned in sub
section Of section 1897 and that from such latter
fees there shall be apart the fra department dues
and 1946n respectively
IL. Except as herein provided. law Of this
shall apply to the exchange Of such indemnity
tracts
Section s. This act shah take eject upon passage
and publication.
MAY 19lA