The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1913-03-06

brought in the county or state in which
the property insured Is situated. service OF
process may be had on the insurance conf
missioner, which service shall be valid and
binding upon all Subscribers exchanging
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. Said attorney, agent or other rep
resentative is hereby authorized to file the
above mentioned instrument appointing
the insurance commissioner of this state
to receive service of process, which in
strument shall be binding upon all of the
subscribers.
insurance commissioner of this state by
such attorney, agent or other representa-
tive. statement under oath of such at
torpey. agent or other representative,
showing tie maximum amount of indem,
nifty upon any single risk and such at
torney agent or other representative
whenever ana as often as shall be required,
shall file with the insurance commissioner
a statement verified by his oath to the ef-
feet that he has examined the commercial
rating OF all subscribers to the power OF
attorney above referred to. as shown by
the reference book of commercial agency
having at leaSt one hundred thousand sub
scrbers, and that from such examination
or other information in his possession, 1t
appears that no subscriber has assumed on
any single risk an amount greater than ten
per centum of the net worth of said sub
scriber.
Section A. There shall at all times, be
maintained as reserve q sum In cash or
convertible securities or in bona fide agree
ments to pay. sufficient to pay at least one
total loss equal to the maximum line on
any one risk.
Section 5. Such attorney, agent or other
representative shall make report to the
insurance commissioner for the calendar
year on or before the thirty-first day OF
January showing the financial condition OF
affairs at the office where such contracts
are issued and shall furnish such add
tional information and reports as he may
require, provided, however, that such at
torney shall not be required to furnish the
names and addresses of any subscribers;
The books, records, assets and anairs OF
the subscribers at the office of the attorney
shall be subject to examination by the IN,
surance commissioner or bis autnorlleu
representative and reasonable expense in
CURED in making such examination snail
be borne by said subscribers.
Section 6. Any corporation, now or here
after organized under the laws OF TINS
ers and franchises specified in Its articles
of Incorporation. have full power and au,
thority to exchange contracts OF the kino
and character herein mentioned The right
to exchange such contracts Is hereby de-
clared to be incidental to the purposes
for which such corporations are organized
and as much granted as the rights and
powers expressly conferred.
Section T. Any attorney, agent or other
representative who shall except for the
purposes or applying IOr the VI
authority as herein provided, exchange any
contracts of indemnity OF the kind ana
character specified in this act or directly
or indirectly solicit or negotiate any apph-
cations for the same without first comply
ing with the foregoing provisions. or In
case of an employee of said attorney,
agent or other representative unless his
principal shall have first complied with the
foregoing provisions, shall be deemed guilty
of misdemeanor and upon conviction
thereof shall be subjected to a fine OF not
less than one hundred dollars and not more
than one thousand dollars.
Section S. Each attorney, agent or other
representative by or through whom are is
sued any policies of or contracts Tor IN
demnity OF the character referred to In
this act shall procure from the insurance
commissioner annually 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 certificate
authorizing such attorney, agent or repre-
sentative to do business In this state, sub
ject 10 the provisions OF this act, until the
first day of next July and such certihcate
may be renewed annually thereafter. The
fee FOR such certificate and for each re-
newal thereof shall be twenty dollars. In
case of breach of any of the conditions
imposed by the provisions of this act. the
insurance commissioner may revoke the
certificate of authority issued hereunder.
Section O. Such attorney, agent or other
representative, In lieu of all other taxa
state, shall annually pay a tax at the rate
OF two per centum on gross premiums or
deposits actually received during the year
after deducting amounts actually returned
to polcyholders as the unused part of such
premium or deposit, such part as may
be credited on the renewal or extension OF
the indemnity. Such attorney, agent or
other representative shall, on or before the
thirty-first day of each January, make
return, under oath, to the insurance com
missioner showing the gross premiums or
deposits actually received during the pre-
oeding calendar year and such unused part
of such permium or deposit as has been re-
turned to policyholders or credited on re-
newal or extension of the indemnity. Said
tax shall be assessed by the board of state
assessors. upon the certificate of the insur-
ance commissioner, to be seasonabiy FUR
nished therefor, and certified to the treas
urer of state on or before the first day or
April and the same shall be paid on or be-
fore the first day of May following The
treasurer shall notify the attorney agent
or other representative of the assessment
and unless same is paid as aforesaid, the
insurance commissioner shall suspend the
right of such attorney, agent or other rep
resentative to do any further business In
this state until the tax is paid.
lApproved March 81, 1913.
CHAPTER 1875.
AN ACT to Amend Section -Four of Chap
tor FiftV-fOur of the Revised Statutes