Year: 1870

from the companies true exhibit of their


in respect to the several points hereinbefore men
| toned. 1t shall be the ddty of the secretary OF
i state to cause the information contained in the


statements required by this section to be arranged
/ in tabular FORM and publish the same on or be-


fore the first day of May next succeeding.


Sec 90. 1t shall not be lawful for apv fire ins71r


ance company, association partnership incorpo.


rated by or organized under the laws of anv other


state of the United States, or any FOREIGN cavern


ment for any of the purposes SD ecifed in fhis act


directly indirectly, to take risks or transact anv


business of insurance in this state unless possessed


of the amount of actual capital required of similar
companies formed under the provisions of this acf


and any such company desiring to transact any such


business aforesaid by any agent or agents in this


state shall first appoint attorney in this state on
! whom process OF law can be served containing an
| agreement that such company viii not remove he
suit for trial into the United States circuit court or


federal court, and file in the office of the secretary
/ of state written instrument, duly signed and
sealed, certifying such appointment which shall
continue until another attorney be substituted; and


any process issued by any court of record in this
/ state, and served upon any such attorney by the
proper officer of the county in which s11ch attorney
/ may resiGe or may be found, shall be deemed a
/ sufficient AeF-sce OF process upon such company


but service OF process upon such company may also
/ be made IN any othef manner now provided by law
In any insurance company not Incorporated in
this state, shall to transact business in This
state according to the laws thereof the agents last


designated or acting as such for such corporation


shall be deemed to continue agents for such corpo


ration for the purpose of serving process for com


menclng action upon any policy or liability incurred
| or contracted while such corporation transacted
business in this state and service of such process
for the causes aforesaid upon any such agent shall
be deemed valid personal service upon such cor
poratiOn, and every such company association or
partnership, shall also file certified copy of their
| charter or deed of settlements, together with
statement, under oath, of the president or vice
president or other chief officer, and secretary of
the company for which be or they may act stating
the name of the company and place where locat d.


the amou 1T of its capital with detailed statement
OF It's assets. showing the amount of cash on hand
IN bank the amount OF real estate and how much
the same is encumbered by mortgage the number
of shares of stock of every kind owned by the COM
pany the par and market value of the same amount
loaned on bond and mortgage, the amount loaned
on other security, stating the kind and amount
loaned each and the estimated value of tie
whole amount of such securities, any other assets
or property of the company, also stating the ndebt-
edness of the company, the amount of losses adjust
ed and unpaid, the amount incurred and in process
OF adjustment the amount resisted by the company
as illegal and fraudulent and all other claims exist
ing against tne company, also copy of the last
port, if any made under any law of the state by
which such company was incorporated and no
agent shall be allowed to transact business for any
such company whose capital is impaired to the ex-
tent of twenty per cent thereof while such def
cheney shall continue, and any company incorpo-
rated by or organized under any foreign govern
ment, shall in addition to the foregoing file in the
office of the secretary of state statement verified
by the oath of the president, secretary or manager
OF such company, resident in the United States


showing to the satisfaction of the secretary of state
that such company has invested in the stocks or
bonds of the United States of the state of New York
or Wisconsin; such stocks or bonds to be in all
cases equal to stock producing six per cent. per
annum, or in bonds and mortgages on unincunl-
bered real estate worth fifty per cent more than the
amount loaned thereon, the sum of at least two
hundred thousand dollars, and hat such stocks or
bonds deposited with the superintendent of the
insurance department, state treasurer or other
proper state officer of of the states of the
United States, held by citizen citizens of
a 1Sia md 4hat
such securities not pledged or incumbered but
are held and remain for the benefit and security of
the policy holders of such company residing in the
United States, in default of such statement shall


deposit with the state treasurer for the benefit and
security of policy holders residing il the United
States, sum not less than fifty thousand dollars
in stocks of the United States or of the state of
Wisconsin, in all cases to be equal to stock pro-
duclng SIX per cent. per annum said stocks not to
be received by said treasurer rate above tn cir
par value, or above their current market value or
in bonds and mortgages on improved unincumbered
real estate in the state of Wisconsin, worth fifty per
cent. more than the amount loaned thereon. The
stocks and securities deposited may be EXCHANGED
from time to time for other securities receivable as
aforesaid; and so long the company deposit
ing shall continue solvent and comply with the laws
of this state, such company association may be
permitted by the said treasurer to collect the inter-
est or dividends on said deposit, and where de-
post is made of bonds and mortgages accom- panied
by full abstracts of titles and Searches the fees for
an examination of title by counsel, to be paid by
the party making the deposit. shall not exceed
twenty dollars for each mortgage, and the fees for
ppraisal of property shall be five dollars to
each appraiser, not exceeding two, besides ex-
penses, for each mortgage shall it be lawful for
any agent agents, or other persons, to act for
any company or companies referred to in this sec
ton directly indirectly taking risks or trans


acting the business of fire inland navigation in
surance in this state, without procuring from the
state treasurer certificate for the deposit so made
and from the secretary of state certificate of au
thority, stating that such company has complied
with all the provisions of this act which apply to
Slcl anies and the of the attornev an
pointed to act for such company. The statements
and evidence of Investments and deposits required
by this section shall be renewed from year to year


in manner and form as may be required by the sec
retary of state, with additional statement of the
amount of premiums received and losses incurred
IN the state during the preceding year, long as
such agency continues, and the secretary Of state


being satisfied that the capital securities and in


vestments remain secure, as hereinbefore provided


shall furnish renewal of the certificate as afore-


said. Any violation Of any of the provisions of this
act shall subject the party violating the same to


penalty of five hundred dollars for each violation
and of the additional sum of one hundred dollars
! for each month during which any such agent shall
neglect to file affidavits statements and certificates
| as are herein required The term agent or agents
used in this section shall include an acknowledged
| agent, surveyor, broker or any other person who
shall receive any application make any contract
for insurance, collect receive any premium or
deliver any policy, or in any assist or aid in
the transaction the business of any insurance
company not incorporated by the laws of this state
| The provisions of this section shall apply to all
| foreign companies partnerships, corporations or
individuals, whether incorporated or not All in
surance companies associations or corpora ions in
corporated by or organized upder the laws of any
other state of the United States any foreign gov


ernment, transacting the business of fire inland
insurance or other kind Of ipeaance in this state,
shall make annual statements " their condition
and affairs to the secretary of state in the same
manner and in the same form as similar companies
organized under the laws of this state. In case of
neglect or refusal to make such annual statements


of their condition and affairs aforesaid all per-


sons acting in this state agents otherwise i'll


ransacting the business of insurance for such COM


panieS, corporations associations partnership


individuals, shall be subject to the same penalties


provided by this act in of failure of any insur


ance company organized under the laws of this


state, herein provided. Foreign insurance compa-
nies shall be required to make out and Fl their
statements as provided in this act the first day


of January OF each year, or within thirty days
thereafter made out for the year ending December
31st, Immediately preceding; such statement shall
set forth their business and affairs in the United
States, duly verified by the resident manager of
| such company Tor the United States. Whenever
any lch foreign insurance company or corporation


shall elect to discontinue business within the state


and shall have risks unexpired property insured


within the state, such company shall before with
drawing its bonds and other securities deposited
with the state treasurer, hereinbefore provided
| reinsure in some good and solvent company au-
thorized by this to transact business within the


state all such unexpired risks, to the satisfaction
| of the insured and the secretary of state. When


such risks rensured, it shall be the duty of
the secretary state 10 same the
treasurer who shall forthwith surrender and deiy-


up to the said company its bonds and other sec-


rites in his custody but surrender or delivery
| of such bonds or securities shall be made by said


treasurer except the certificate of the secretary


of state that there unexpired risks within the


state which have not been reinsured by such COM
pany, as herein required.


Sec, %. It shall be the duty of the secretary of


state, whenever he shall deem it expedient SO to do


or when any responsible party shall file with such


officer written charges against any insurance COM


pany, alleging that any return statement hlad by


such company with said secretary of state is false


or that the affairs of such company are in an un-


sound condition, IN person. or by one or more per-
sons, to be appointed by him for that purpose not


officers agents of, or in any manner interested
| in any insurance company doing business in this


state, except policy holders. to examine into the


affairs Of any insurance company, Incorporated in


this state, doing business by its agents in this


state and it shall be the duty of the officers or


agents of any such company, deing business in this


state TO cause their books to be opened the in


spection of the secretary of state the person or


persons so appointed, and otherwise to facilitate


such examination far as it may be in their power


to do, and to pay all reasonable expenses incurred


therein and for that purpose the said secretary of