of the company, and may vote accordingly as a stockholder; and every person who shall pledge his stock as aforesaid, may nevertheless represent the same at all such meetings, and may vote accordingly as a stockholder. SEC. 25. If by the terms of any act incorporating a manufacturing company, directors, managers or the like are not required to be chosen, and none are chosen under and by virtue of the by-laws of the corporation, the certificates required by the second, eleventh and fifteenth sections, signed and sworn to by the officers required to be chosen by the charter or by-laws, shall have the same effect as if signed and sworn to by the officer or officers, and a majority of the directors required in said second, eleventh and fifteenth sections. SEC. 26. All manufacturing corporations now existing shall continue to exercise and enjoy their powers and privileges according to their respective charters, and to the laws in force at the time when the provisions of this chapter took effect as a law, and shall continue subject to all the liabilities to which they were subject at that time; excepting so far as the said powers, privileges and liabilities shall be modified or controlled by the provisions of this chapter; and the alteration of the law heretofore in force concerning such corporations shall not affect any rights that may have vested under the law, nor any liabilities heretofore incurred by the said corporations, or by the stockholders or officers thereof; and the charter of any corporation that shall be established under the provisions of this chapter, or that shall adopt the said provisions, may be revoked by the general assembly, for any cause which they shall deem sufficient. SEC. 27. The provisions contained in this chapter may be amended or repealed, at the pleasure of the general assembly; but such amendment or repeal shall not take away or impair any remedy given against any such corporation, its members or officers, or enlarge or extend the liability of such corporation, its members or officers, for any debt or liability which shall have been incurred previous to such amendment or repeal. SECTION of company; what the statement shall 9. What the statement of life, health, or 10. Statement to be published. 11. Capital of foreign insurance company 12. Returns of agents to general treasurer. 15. Of the sign of such agent, and what 16. What payments shall be deemed premiums. 17. Penalty on agent for effecting contract of insurance without complying with provisions of this chapter. SECTION 18. Penalty on company for neglecting to appoint attorney when notified. 19. Penalty upon person acting as agent without complying with provisions of this chapter. 20. Of the board of insurance commissioners. 21. Penalty upon agent for refusing to answer interrogatories. 22. Commissioners to prepare abstract of returns. 23. Compensation of commissioners. SECTION 1. No fire insurance company, marine insurance company, fire and marine insurance company, life insurance company, health insurance company, or live-stock insurance company, unless incorporated by the general assembly, shall make any insurance on property within this state, nor contract for insurance with any party resident within this state, until such insurance company shall have complied with the provisions of this chapter. SEC. 2. Every such insurance company shall, by a written power appoint some citizen of this state, resident therein, their attorney, with power and authority to accept service of all lawful process against such company in this state, and to cause an appearance to be entered in like manner as if such company had existed and been duly served with process within this state. SEC. 3. A copy of such power of attorney, duly certified and authenticated, shall be filed with the secretary of state, and copies thereof, duly certified, shall be received in evidence in all courts of this state. SEC. 4. If such attorney shall die, or resign, or be removed, it shall be the duty of such company to make a new appointment as aforesaid, and file a copy with the said secretary as above prescribed, so that at all times, and while any liability remains outstanding on such insurance, there shall be within this state an attorney authorized as aforesaid; and no such power of attorney shall be revoked until after a like power shall have been given to some competent person, and a copy thereof filed as aforesaid. SEC. 5. Service of process upon such attorney shall be deemed sufficient service upon his principals. SEC. 6. Every person who shall so far represent any insurance company, established in any other state or country, as to receive or transmit proposals for insurance, or to receive for delivery, policies founded on proposals forwarded from this state, or otherwise to procure insurance to be effected by such company for persons residing in this state, shall be deemed and taken to be acting as agent for and undertaking to make insurance as agent for and in behalf of such company, and shall be subject to the restrictions and liable to the penalties herein made applicable to agents of such companies. SEC. 7. Every such agent, before making any such contract of insurance as aforesaid, shall deposit with the general treasurer of this state a copy of the charter of the company or corporation for which he is agent as aforesaid, and a copy of the power of attor ney given to him by such company, and shall pay to the general treasurer five dollars for the use of the state. SEC. 8. Every such agent shall also, before making any contract of insurance as aforesaid, deposit with the general treasurer of this state, a statement, signed and sworn to by the president and secretary of the company for which he acts, specifying if such company is either a fire insurance company, marine insurance company, or fire and marine insurance company, the amount of its capital, and the manner of its investment, designating the amount invested respectively in mortgages, in public securities, in the stock of incorporated companies, (stating what companies,) and also the amount invested in other securities, particularizing each item of investment; the amount of marine risks not terminated, and the premium paid thereon; the amount of fire risks not terminated, and the premium paid thereon; the amount of liabilities, specifying therein the amount of outstanding claims, adjusted or unadjusted, due or not due, and in case said company is incorporated upon the mutual principle, said statement shall set forth, in addition to the foregoing, the whole amount of risks insured by the same; the whole amount of premium thereon; what portion of it has been paid in cash; what security has been taken for the remainder; and what is the largest sum insured in any one risk. SEC. 9. If the company for which such agent acts is either a life insurance company, health insurance company, or live-stock insurance company, such agent shall also, before making any contract of insurance as aforesaid, deposit with the general treasurer a statement signed and sworn to by the president and secretary of the company for which he acts, specifying the amount of its capital and all its assets, and the manner of its investment, designating the amount invested respectively in mortgages, in public securities, in stock of incorporated companies, (stating what companies,) and also the amount invested in other securities, particularizing each item of investment; the amount insured by existing policies, the amount of liabilities, specifying therein the amount of outstanding claims, adjusted or unadjusted, due or not due, and the largest sum insured in any one risk. SEC. 10. Such agent shall publish said statement for the space of three weeks in some newspaper printed in the county wherein he transacts the business of his agency; and shall also, on the first Monday of January in every year, deposit with the general treasurer, a similar statement of the capital of the company and the investments and risks and premiums as aforesaid, to be made up to the first day of December, annually, signed and sworn to as before directed, and he shall cause said statement to be published in some newspaper printed in the county in which he has his place of business, for six weeks successively next after the return of said statement to the general treasurer as aforesaid. SEC. 11. No person shall be allowed to act as agent as aforesaid for any such insurance company in making any contract of insurance with any person in this state, unless the capital stock of the company for which he acts, amounts to the sum of one hundred thousand dollars, actually paid in in money and invested, exclusively of any obligations of the stockholders of any description; nor unless said company shall be restricted, by its charter or otherwise, so that it cannot lawfully incur in any one risk a greater hazard than one tenth part of the amount of its capital. SEC. 12. Every such agent shall, on the first Monday of January in every year during the continuance of his agency, make a return on oath to the general treasurer, of the amount insured or procured to be insured by him, in this state, as such agent, during the year preceding, and of the amount of premiums received and assessments collected during the said period; and shall, at the same time, pay to the general treasurer a tax of two per cent. on the amount of such premiums and assessments. SEC. 13. If any such agent shall neglect to make such returns and payments as are prescribed by the preceding section, or if he shall make the same falsely or fraudulently, he shall be fined for every such offence not exceeding one thousand dollars. SEC. 14. Every such agent shall, before making or procuring to be made any contract of insurance as aforesaid, give bond to the general treasurer, with two or more sureties, to be approved by him, in the sum of one thousand dollars at least, with conditions to make the annual returns before prescribed and to pay said tax. SEC. 15. Every such agent shall exhibit, in conspicuous letters on the sign designating his place of business, the name of the state under whose authority the company he represents has been incorporated; and said company and agent shall have printed in large type the name of such state upon all policies issued to citizens of this state, on all cards, placards and pamphlets, and in all advertisements published, issued or circulated in this state by them or him relating to the business of such company. SEC. 16. All payments made for policies, whether in money or by note, or other security, shall be taken and deemed to be premiums within the meaning of the twelfth section of this chapter. SEC. 17. If any such insurance company shall make insurance without complying with the provisions of this chapter, the contract shall be valid; but any agent of such company acting within this state, respecting the effecting of any policy of insurance, shall be fined not exceeding one thousand dollars nor less than three hundred dollars; and all persons shall be deemed agents of such company, and acting as such, respecting the effecting of a policy of insurance within the meaning of this section, who are agents and do acts within the terms of the sixth section hereof. SEC. 18. In case any such company, when thereto notified by the general treasurer, shall neglect to appoint an attorney, agreeable to the provisions of this chapter, such company shall not be entitled to recover any premium or assessment made by them on any contract of insurance with any citizen of this state until such company shall have complied with the provisions of this chapter. SEC. 19. No person shall be allowed to act as agent of any such company, until such company and such agent shall have complied with all the requirements of the laws of this state relating to such companies and their agents, and every person so acting without such compliance shall be fined one thousand dollars. SEC. 20. The secretary of state, state auditor and general treasurer, are hereby constituted a board of insurance commissioners; and it shall be their duty, annually, in the month of January, to examine the statements and returns required to be made by the companies and agents aforesaid; and if in their opinion any statement or return shall be obscure, defective or unsatisfactory, it shall be their duty immediately to require answers under oath, from the agent by whom such obscure, defective or unsatisfactory statement or return shall have been deposited or made, to such interrogatories as they may deem necessary or proper to be answered, in order to explain such statement or return, and exhibit a full and accurate view of the business and resources of the company represented by such agent. SEC. 21. Any agent refusing or neglecting to answer such interrogatories for the space of thirty days, shall be deemed not to have complied with the provisions of the laws of this state; and if he continue to act as agent as aforesaid, shall be liable to the penalty prescribed in the nineteenth section hereof. SEC. 22. Said commissioners shall prepare an abstract of the statements and returns made by such companies and their agents, which abstract shall be printed and laid before the general assembly in the month of January in each year. SEC. 23. For any services rendered or expenses incurred by said commissioners in enforcing the provisions of this chapter, a reasonable compensation shall be allowed and paid by the general assembly. SEC. 24. All stock, mutual, life, health and livestock insurance companies incorporated in this state are hereby required to make and publish the same statements and returns as are required of foreign insurance companies by sections eight, nine and ten of this chapter; and shall also be subject to the same penalties as would be incurred by said foreign insurance companies in case of the violation of the provisions of either of the said sections, except that the said returns shall be made up to the thirty-first day of December in each year, inclusive. SEC. 25. It shall be the duty of the attorney-general to cause the provisions of this chapter to be executed and enforced. |