The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1920-12-02
SENDS OUT, ADVICE
ABOUT STOCK MEN
McSwain Gives Some Valuable Sug
gestions.

Inc STATE.
w. A. McSwain, insurance commits
sioner, has issued some timely sugges-
ticns to the public in reference TO
buying stock and being taken in by
'bluc cky" men. His circular letter,
in part, is given below:
Property owners should be care
full in placing insurance and deal on
" with agents and companies au-
,horized to transact business in this
state. All licensed companies list
thei;. agents with this department
and the insurance commissioner shall
have power to revoke said license al
ter 80 days notice and examination
whenever it shall appear that said
agent has violated the laws OF this
state or has willfully deceived OF
dealt unjustly with citizen Of this
state.
"An companies licensed to trans
ed act business in this state are re-
uuired to execute a certificate sign
ed by it's executive officer that the
said company has not violated any
OF the laws of the state of South Car
.olina and that it accepts the terms
and obligations imposed by the laws
OF this state as part OF the consld-
Grafton for the issuance to 1t by the
insurance commissioner Of the said
state of a license to do business in
the state. In addition every insurance
company of other states or foreign
countries, is required as condition
precendent for receiving license to do
business in this state to appoint the
Insurance commissioner as its attor-
ney to accept service in legal pro-
cesses arising in the state so long as
such compsnies may have outstand-
ing policies in this state and until
all claims Of every character, held
by the state or any citizen OF the
state shall have been settled; also to
deposit with the insurance commits
sioner approved bonds or approved
securities conditioned upon the pay
ment of any judgment entered up
against any such company in any
court of competent jurisdiction In this
state and such judgment shall be a
lien upon the bond or securities. De-
posits required as as follows:
Each legal reserve life insurance
company $4,000; each fire accident,
casualty or surety company $1O,-
900; miscellaneous, not specified
above, $4,000.
Mutual companies are exempt
from the deposit of securities. All
classes of companies, except mutual
companies, are required to pay tax
on gross premium receipts, less re-
turn premiums and cash dividends,
of 2 per cent, which may be reduced
by investment in South Carolina Sc
curities.,
Fire insurance companies are re-
quired topay additional tax OF
l per cent. on premiums collected in
certain cities and towns known as the
fire department equipment tax; also
one-tenth' of per cent. on all pre-
MUM receipts known as the fire in
spection tax.
"All companies are required to pay
state license fees Of 800 except mu-
tual cimpanies, and in addition the
following departmental license fees:
life $50, fire $40, accident $40, mis-
cellaneous $40; foreign mutual COM
panies including fraternal benefit
societies, $25, farmers mutuals, $40.
ITO do business with unlicensed
companies you deprive the state Of
the revenue that would accrue under
the above. You are deprived of pro-
lection afforded you by state laws" "