The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1919-04-24
No. l56

MIN y ADMPENSAilDA lNSt X
A&CE
II - hereby enacted by the General
Assembly os the State ot NeruonI
SNtii0u Mninai Associations Au-
ibouzrd Employers pho have accepted
ihe pfgas4aus IL thc wufkmcns com.
psilsafaoH 40 and sfc bound 70 pay com.
penAaiton tu their employees there
under. mas. aifh she approval ~ uc
INSURANCE commissioner, associate them
selyes ia accordance with the law iof the
formation ~ corporations without capi-
al stock 'oT the purpose ~ establishing
ard maintaining mutual associations 70
insure their Liabilities under such act
Srs Approval by Insurance Corn
missioner The insurance commissioner
may require THE ncopofatofs ~ such
sssnciai,on 30 include n their proposed
Certificate 81 Incorporation stich lawful
provisions iuf the regulation of the
affairs " the ASSOCIATION and the denim
iinn nt IT. powcts and the powers Of ~
osiiccrs directors and Inoorporaiofs As
shall satisfy him that Il is well designed
and wisely adapted 10 i,s proposed pur-
poses When such certificate IN form
and substance acceptable to the nsur-
ancr commissioner has been approved
ity aud fled aHh the secretary 81 state,
the incorporation shall forthwith cause
copies thereof 10 81 filed IN the office
81 The insurance commissioner and of
the commissioner OF industries
Sec I Membership Membership IN
such association shall be limited to such
employers ~ are liable for compensa-
ton 20 their employees under the work
meas compensation law and such asso-
citation shall have power by appropriate
bylaws 10 provide for the admission,
suspension, withdrawal or expulsion OF
members
Sec Control Of Association Elk
cc2i as herein otherwise provided such
association shall be subject to the same
regulations and control as is or may be
imposed By law upon other corporations
OF associations taking similar risks in
this state, and the insurance commits
sioner shall have such jurisdiction and
power over such association as may be
now or hereafter given by the insur
sncc laws OF this state.
Sec. 8 Policies A policy shall not
he issued by such association until
membership IN such number and with
such numbers Of employees as the in
suranec commissioner may decide will
give a fair diffusion OF risks shall have
Obligated themselves TO take policies i'm
medtately upon their authorization, nor
shall a policy be issued except such as
the insurance commissioner shall have
approved as conforming in all respects
20 the requirements OF this act II at
any time BY the retirement OF members,
reduction OF numbers OF employees or
other canse the membership of any asso-
cation shall appear 10 the insurance
commissioner no longer 10 afford fair
diffusion Of risks, he may suspend or
forbid the further issue OF policies until
the former conditions OF the association
have been restored
Sec. 8. Oficers and Voting The
affairs OF an association incorporated
under this act shall be managed by such
officers and directors as may be chosen
in a manner prescribed by the bylaws
OF the association, provided each mem
Der shall be entitled to cast at least
one ballot in all elections and votes and
that a member who has had for six
months am average of more than one
hundred and not more than two hun
bred fifty employees 10 whom he is
bound TO pay compensation under the
workmcn's compensation act shall be
entitled 10 two ballots, and that each
additional one hundred and fifty en-
pioyees shall eniitle such member to an
additional ballot, provided, however,
that no member shall be entitled TO
cas-, more than ten ballots
Sec :. Safety Rules. Such associa-
ton shall have power 10 prescribe and
enforce reasonable rules for safety regu-
laiions on the premises OF It's members,
subject, however, 10 the approval OF the
commissioner OF industries, and for that
purpose It's inspectors shall have free
access TO all such premises during rcgu-
lar working hours.
Sec. & Premium Rates Such asso
cation shall have power 10 determine
the premium rates for each occupation
or risk insured By j, and to prescribe
rates Of cash premiums sufficient to
cover losses incurred and current cost
The premium rate on each policy shall
prevail for a full year but annually may
lie changed BY tho directors The cur
rem, cost herein specified shall be such
an amount as is sufficient to cover the
losses and expenses incurred and a
premium reserve equal to fifty per cent
al all premiums and assessments levied
or paid Members Of such association
shall be required 10 pay yearly IN ad-
vance cash premiums and in addition
thereto an amount IN negotiable notes |
or cash sufficient 10 maintain a reserve 1
equal 20 that required OF other com
paiiies doing the same class OF business, |
Notes shall be payable in whole OF IN
nan on the vote % the directors OF the |
ASSOCIATION as such payments may be
required 10 meet estimated losses or
expenses in excess OF the current cost |
and 10 meet claims covering losses not /
PAYABLE within the same hscal year |
within which the claim originated The |
directors may FIX rates OF interest on 1
either notes or balances
Sec. o Assessments II an aSsocia-
ton has not sufficient funds Tor the pay /
lnent of losses incurred reserves and |
expenses, i shall make an assessment /
for the amount needed 50 pay such /
losses. reserves and expenses upon the
members in proportion 10 thelr several
pay rolls and rates
Sec. 10 Investments The funds al 1
.sch ASSOCIATION shzll be invested hy the /
directors in the same class of securities 1
IN whsch the funds Of insurance com
rsrirs rnsy be lawfully invested
Sec a. Bylaw. and Regulations /
e,eh association may subject 70 the /
supro, Il 81 the insurance commissioner.
,setcs5nme the premiums. contingent
itshilntcs. assessments, penalties and
dgssSende vi lis members and enforce
~ administer the same II may also
rake and amend hy-laWs o. regulations,
~ syeoaa,srnt with iis certificate ~
nrnsysoraitsn. ioF the prompt ocon0mi.
- 80 -. r.a.A..aa - stN aMatta AL