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

any business or transaction done therein,
or In case 1t shall violate or fail to COM
ply with any provision Of law applicable
to such insurer. or in case it's capital
shall be impaired to the extent of twenty
per cent, and shall not be made good
within such time as the commissioner Of
| insurance shall require, if such commits
| sioner shall, in either case declare it's
| license revoked therefor
I'D Such insurer shall also appoint
| in writing, the commissioner Of insurance
and his successors in office to be its
true and lawful attorney upon whom all
| legal process in any action or proceed
ings against it may be served. and in
/ such writing shall agree that any legal
| process against it which is served on
! said attorney shall be of the same legal
| force and validity as If served on the
insurer, and that such authority shall
continue in force so long as there is any
| liability outstanding against the insurer
! in this state, whether the license of such
| insurer to do business in this state shall
remain in force or shall be revoked or
! otherwise terminated. A copy of such
writing, duly certified, shall be filed in
! the office of the commissioners, and copies
F.; certified by him shall be deemed suffici-
i ent evidence thereof
(c) Service upon such attorney shall
| be deemed sufficient service for all pur-
poses upon the principal, and shall be as
| enectual for all purposes as though made
| upon a corporation or other insurer eX-
| listing under the laws of this state The
| service of such process shall be made
| by leaving duplicate copies thereof in
! the hands or office of the commissioner
! of insurance and paying to him for the
use of the state fee of two dollars A
certificate by the commissioner of in
Surance showing such service and attach
| ed TO the original or a third copy of
such process presented to him for that
purpose shall be sufficient evidence
! thereof.
| (d) A record shall be kept by the COM
missioner showing the day and hour
when any such process has been so serv-
! ed He shall also Immediately forward
by mail copy of such process to the
/ secretary or attorney in fact Of the COR
porat1on or other insurer upon whom SER
| vice shall be so made, or in case of
corporation or other insurer from a
foreign country such copy shall be for
warded to the resident manager or at
| torney in fact if any, in this country.
! Section 4. There is added to the
| statutes a new section to read: Section
1915m. /. Individuals, partnerships. and
| corporations of this state, hereby deS-
ignated subscribers, are authorized to
exchange reciprocal or inter-insurance
! contracts with each other, or with the
| individuals, partnerships. and corpora
| lions of other states and counties, pro-
Viding indemnity among themselves from
| any loss which may be insured against
under other provisions of the laws eX-
cepting life insurance
z. Such contracts may be executed by
an attorney, agent, or other representa-
| tive, herein designated attorney, duly
authorized and acting for such SUBJ
scriberS.
8. Such subscribers so contracting
attorney, file with the commissioner of
! insurance declaration verified by the
oath of such attorney, setting forth:
| (a) The name or title of the office at
which such subscribers propose to eX-
change such indemnity contracts. Such
name or title shall not be SO similar to
any other name or title previously adop-
ted by a similar organization, or by any
insurance corporation or association, as.
in the opinion of the commissioner Of
insurance, is likely to result in CONFUSION
or deception.
90 The kind or kinds of insurance to
be effected or exchanged.
Co A copy of the form of policy con-
tract or agreement under or by which
such insurance is to be effected or eX-
changed.
CD A copy of the form Of power Of
attorney or other authority of such at
torney under which such insurance is to
be effected or exchanged.
(e) The location Of the office or offices
from which such contracts or agree
ments are to be issued.
(f) That applications have been made
for indemnity upon at least one hun
dred separate risks aggregatlng not less
than one and one-half million dollars
($1 500, 000), as represented by executed
contracts or bona fide applications. to
become effective concurrently. or, in case
of liability or compensation insurance
covering total pay roll of not less than
one and one-half million dollars ($l.-
$780, 000).
(g) That there is on deposit with such
attorney and available for the payment
of losses a sum of not less than twenty
five thousand dollars ($25,000).
d. Conveniently with the filing of the
declaration provided for by the terms OF
subsection of this section, the attorney
shall file with the commissioners of in
surance an instrument in writing exc
cuted by him for said subscribers.
conditioned that upon the issuance
of certificate of authority provided
ton, service of process may be had upon
the commissioner of insurance in all
suits in this state arising out of such
policies, contracts, or agreements, which
service shall be valid and binding upon
all subscribers exchanging at any time
reciprocal or inter-inSurance contracts
through such attorney Three copies or
such process shall be served and the
commissioner of insurance shall file one
copy, forward one copy to said attorney,
and return one copy with his admission
s. There shall be filed with the COM
missioner of Insurance. by such attOr-
ney, statement, under the oath or such
attorney, showing the maximum amount
of indemnity upon any single FISK ana
such attorney shall, whenever and as
often as the same shall be required, HE
with the commissioner Of insurance. a
statement verified by his oath to the
erect JldC ne mas 0NdllIeu TIC Gull
mercial rating of such subscribers az
shown by the reference book of COM
mercial agency having at least one hun
dred thousand subscribers, and that
from such examination, or from other
information in his possession, it APP
pears that no subscriber has assumed
on any single risk an amount greater
than ten per cent. Of the net worth Of
such subscriber.
g. There shall at all times be main
tanned as a reserve a sum in cash or
convertible securities equal to fifty per
cent of the net annual deposits col
lected and credited to the accounts Of
The subscribers on policies having one
year or less to run, and pro rata on
those for longer periods Net annual de-
posts shall be construed to mean the
advance payments of subscribers after
deducting therefrom the amounts speci-
ficaIly provided in the subscribers agree
ments for expenses. Said sum shall at
no time be less than twenty-five thous
and dollars ($25,000), and if at any time
fifty per cent of the deposits so collect
ed and credited shall not equal that
amount, then the subscribers, or their
attorney for them, shall make upan de-
ficiency.
Z. Such attorney shall within the
time limited for filing the annual state
ment by insurance companies transact
ing the same kind Of business make
report to the commissioner of insurance
for each calendar year showing the