Free trader-journal. (Ottawa, Ill.) 1916-1920, 1919-03-21
SCAN[AN FOSTERS
-FOUR IMPORTANT
INSURANCE BILLS
LA SALE COUNTY REPRESENTA-
TIVE PRESENTS LEGISLATION
TO HOUSE ALL OF WHICH is
REFERRED BACK TO COMMIT
TEE.

-Four new bills relating to insur
ance have been introduced in tn,
house by Representative Seaman o.
La Sale County. The bills have al
been referred to the committee on in
surance. They are:
Bill No. 32G Amends section 10 OF
an act to organize and regulate the
business of life insurance.
Would prohibit stock life insur
ance company from issuing new poll
cies in the state when its assets arr
less than the minimum amount o
capital stock required under this act
would prohibit a mutual compan'
from issuing new policies when il
assets are less than its liabilities, in
Guiding the net value Of its policies
Present section prohibits any life IN
surance company from issuing neN
policies when its actual funds are no
OF a net value equal to the net yalu
Of its policies, A heavier penalty !
imposed by this bin for violations {
this section.
Bill No. 327-Relates to the cor
solidation or reinsurance OF ins1ranc
companies. associations and socletic
and the transfer OF deposits belongin
to the same
Reorganzes the laws relating {
the consolidation or reinsurance OF il
surance companies. Reports and cor
tracts are to be filed with the d.
rector OF trade and commerce, VIII
will pass on the same. Provision
are made for nonresident cOmpanie
Present act relating to the consoild.
ton and reinsurance Of life insuranc
companies is repealed
Bill No 350--Proyides that the dc
partment OF trade and commerce ma
investigate any individual associa
ton or bureau making rates Tor insuI
ance against fire, lightning, wi4o
storms, etc, in this state and may n
quire that said companies or person
file schedules, rates and other infu
nation in writing. and the departme"
shall have power to examine any sue
rate bureaus, as often as it shall thin
necessary Provides that all the rate
made or charged for insurance co'
cred by this bill shall be just and rec
sonable. Every rating bureau sha
maintain an office within the state an
shah inspect every risk apecihCaiI
rated by it upon schedule, and make
written survey of such risk Whir
shall be filed as a permanent recor
in the office Of such bureau, on writ
ten complaint, to review any rate iNo
by any bureau for insurance COygre
by this bill for the purpose of deta
mining whether the same is discrim
natory. Any insurer or insured a,
grieved by any order or decision MAD.
by the department may appeal There
from to the Circuit Court of Sang
mon County within thirty days fro.
the making and fling of such dec
sion.
Bill No 35l-Giyes the department
OF trade and commerce power to e.
anime and supervise insurance cor
pOrations in the process OF organiza
ton The bill specifies what thing
insurance corporations may not d
when organizing, and prohibits thD
making of false statements or mis-
representation, or eXaggeration of th
earnings of such corporations, or thu
value of their corporate stock or Othe'
securities, or the profits to be derived
from its organization and manage
ment, and provides penalty for vie
lation Of any of the provisions Of {
fine not exceeding 81 600 or imprison
ment not exceeding one year or both
All fines recovered under the proyi
sions of this act shall be paid int
the county treasury of the county il
which such recovery was had