The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1913-05-02
CHAPTER 534-S. F. No. $40.

AN ACT to amend Section So of Chapter IT'S
OF the General Laws of 1896 as amended by
Cnapter l3O OF the General Laws OF 1905
autn nas associations of individuals known
Be 1t enacted by the Legislature of the State
of Minnesota: VIC ''a'e
J., Section l. That Section So of Chapter 175 of
the General Laws of 1895 as amended by
Chapter 100 of the General Laws Of 1908 he
ana =. me same is hereby amended so as to read
as follows:
Section IS. Associations Of individuals.
cltlzens or the United States, whether or
ganized within this state or elsewhere, within
the United States, formed upon the plan
known as Lloyds. whereby each associate un-
bder"riter becomes liable for proport1onate
part OF the whole amount insured by a policy
may be authorized to transact insurance other
enan ne IN this state in such manner and
OH sucn terms as the insurance commissioner
may dlrect, providing that If such organiza-
ton shall be possessed of cash hand and
the insurance commissioner after deductinp
all liabilities except insurance reserve, to the
amount of not less than $3.50, 600 co. and in
addition thereto shall be possessed Of guaran-
teed subscriptions other securities of the
underwriters satisfactory to the insurance com
mans feta of Of 9st Lee tSan
sessed, and II the net cash on hand shall be
equal to the reinsurance reserve calculated on
DaSls or 30 per cent Of the premiums In
force en- policies running one year or less
from date OF policy, and prorate amount
on policies running more than year from
date Of policy, except upon inland and marine
risks. which shall be computed by charging
30 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
insurance commissioner. and If evidence shall
be be furnished ,rl to the insurance commissioner
that the underwriters are men of good iflan-
cial standing, responsible for their obligations,
and that the organization does not issue poll
cles or insurance on any risk in greater
sums than ono-ffth 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 nm
less the excess shall be provided for by rein
surance, the commissioner shall license then,
under similar requirements are made and
prescribed in this act for the admission of
as the same may reasonably apply Said
association Of individuals known" as Llodvs
are herein expressly authorized to transact
insurance known as Sprinkler Leakage Insur-
ance."
Sec. ?. No lloyds not now licensed to
40 business IN this state shall hereafter be
visions Of this act but Lloyds heretofore IL
censed and now doing business under thu pro-
visions Of said Section s. of Chapter IT'S of
Laws of 1895 az amended by Chapter 1870 of
the Laws of 1905, may have their license re-
newed without increasing their cash and SO.
curities and subscription hand to the
set aside the reserves required by this act
Sec. ). Provisions OF all acts or parts OF
acts inconsistent with this act are hereby re-
pealed
Sec. 4. This act shall take effect and be
in force from and after It's passage.
Approved April o6, 1913.