CHAP. V. companies, associations or individuals may be incorporated or authorized for that purpose by any other State or country. (See Laws of 1849, chap. 178, ante, p. 120, and Laws of 1882, chap. 410, post, P. 135.) Limit of insurance company. L. 1871, Chap. 888- An Act in relation to insurance com- SECTION 1. No foreign insurance company shall make any conby foreign tract of insurance, of any kind or description, against loss or damage by fire or inland navigation risks, nor expose themselves to any such loss by any one risk or hazard for any greater amount in proportion to its capital, as determined by the provisions of this act, than companies organized under the laws of this State may do. Capital of, what shall be consid dered. (See Laws of 1879, chap. 489, ante, p. 45.) 2. The capital of such foreign insurance company doing fire insurance business in this State, or any such company hereafter admitted to such business in this State, shall, for all the purposes of this act and of the general insurance laws of this State, be the aggregate value of such sums or securities as such company shall have on deposit in the insurance and other departments of this State, and of the other States of the United States, for the benefit of policyholders in any of such States, or in the United States; and all bonds and mortgages for money loaned on real estate in this State or any State of the United States, provided such loans have been made in conformity with the laws of such State providing for the incorporation of insurance companies therein, and the investment of their capital, and all other assets and property in the United States, in which fire insurance comed in trus- panies organized under the laws of this State may, by the laws proved by thereof, invest, provided such bonds and mortgages, assets and property, shall be vested in and held in the United States by trus tees approved by the superintendent of the insurance department of this State, and citizens of the United States, for the general benefit and security of all its policyholders and creditors in the United States, after taking from such aggregate value the same deductions for losses, debts and liabilities in this and the other States of the United States, and for premiums upon risks therein To be vest tees ap superin tendent. CHAP. V. ments. not yet expired, as is authorized or required by the laws of this State, or the regulations of its insurance department with respect to fire insurance companies organized under the laws of this State. InvestThe said trustees are hereby authorized to invest in and hold and convey real estate to the same extent, and subject to the same restrictions, rules and regulations to which companies incorporated in this State are subject. (See Laws of 1881, chap. 484, post, P. 133.) capital, mined. § 3. To determine the amount of such capital, the agent or Amount of attorney of such foreign insurance company doing fire insurance how deterbusiness in this State shall, within four months after the passage of this act, and in the month of January of every year thereafter, render to him a detailed statement of the items making up the said capital, and of the deductions to be made therefrom, subscribed and verified by the oath of such agent or attorney, and said superintendent shall have authority to make such examinations in respect to such assets and liabilities as he shall deem proper, and upon compliance with the requirements of this act it shall be his duty thereupon, and from year to year thereafter, to issue to such foreign insurance company a certificate of the amount of its so determined capital, and that the requirements of this act have been complied with, upon which capital it may transact business in this State, but subject to all the restrictions and limitations of the laws regulating fire insurance companies incorporated under the laws of this State. how ap examined § 4. The trustees referred to in the second section of this act Trustees, shall be appointed directly by the board of managers or directors pointed. of such foreign insurance company, and a duly certified copy of the vote or resolution by which they were appointed shall, together with a certified copy of the trust deed or instrument under which they are to act, be filed in the office of the superintendent of the insurance department; and the said superintendent shall have the same power to examine such trustees, or the agent or attorney of May be such company, under oath, and their assets, books and accounts, on oath. either in person or by one or more persons to be appointed by him, as by law he has as to the officers, agents, assets, books and accounts of any company authorized to do the fire insurance business in this State. And if by such examination it shall appear that the net capital for which the last certificate shall be outstanding has been materially reduced, the superintendent may call in such certificate and issue another, correspondent with such reduced capital. CHAP. V. Certificate 5. No foreign insurance company, or any agent or attorney required. thereof, shall be admitted to transact the business of fire insurance in this State, or take risks, until, in addition to all other requirements of the laws now in force in this State, such company shall comply with the provisions of this act, and receive the certificate of the superintendent of the insurance department, mentioned in the third section of this act. Restrictions as to re-insur ance. Capital subject to taxation. Supervision tendent. § 6. It shall not be lawful for any such foreign insurance company, their agent or attorney, directly or indirectly, to contract for or effect any re-insurance of any risk on property in this State, with any insurance company, corporation, association, partnership or individual, other than such as companies chartered by the State of New York may lawfully make re-insurance in. § 7. The capital of any foreign insurance company, so determined and certified, shall be subject to taxation the same as the capital of fire insurance companies organized under the laws of this State, to be levied, assessed and collected as prescribed by the laws of this State, at such place in this State as such foreign insurance company shall have its principal office. § 8. The affairs of every foreign insurance company doing fire of superin- insurance business in this State shall be subject to the same supervision and examination by the superintendent of the insurance department as those of fire insurance companies organized under the laws of this State, as to the examination of its books, assets, accounts and general condition; and every foreign insurance company doing fire insurance business in this State, and its agents and trustees, shall at all times be subject to and be required to make the Same statements, and to answer the same inquiries, and be subject to the same examinations, and in case of default therein, to the same penalties and liabilities as fire insurance companies organized under the laws of this State, or any of the officers thereof, are or may be liable to by the laws of this State or the regulations of its Examina- insurance department; and the said superintendent is hereby authorized, whenever he shall deem it necessary, either in person, or by a proper person or persons by him appointed, to repair to the general office of any such foreign insurance company, wherever the same may be, and make an investigation and examination of Certificate, the affairs and condition of such company. The said superintendent is hereby authorized to cancel and revoke the certificate of any foreign insurance company refusing or unreasonably neglecting to comply with any of the provisions of this act, or to allow the tion of affairs of. for what revoked. examination herein provided for to be made, and to prevent such company from doing business in this State. CHAP. V. § 9. Any violation of any of the provisions of this act shall sub- Penalties. ject the party so violating to a penalty of five hundred dollars for each violation, which shall be sued for and recovered in the manner provided for in section twenty-five of "An act to provide for the incorporation of fire insurance companies," passed June twenty-five, eighteen hundred and fifty-three, and the amendments thereto, with the same liability to imprisonment in case of nonpayment as therein provided. What included in § 10. The term foreign insurance company, as used in this act, includes any company, corporation, association, partnership or in- this act. dividual of any foreign government doing fire insurance business in this State. whether incorporated or not. L. 1875, Chap. 465–An Act to require the payment of certain premiums to the fire departments of cities and incorporated villages, by fire insurance companies not organized under the laws of the State of New York, but doing business therein. PASSED May 28, 1875. non-resident com pay two the hun depart SECTION I. There shall be paid to the treasurer of the fire depart- Agents of ment of every city or incorporated village of this State, for the use and benefit of such fire department, and when no treasurer of a fire panies to department exists, then to the treasurer of such city or village, dollars on who, for the purpose of this act, shall have the same powers as the dred to fire treasurers of fire departments, on the first day of November of ments. each year, by every person who shall act as agent for or on behalf of any individual or association of individuals, not incorporated by or under the laws of this State, to effect insurance against loss or injury by fire upon property in this State, although such individual or association may be incorporated for that purpose by any other State or country, the sum of two dollars upon the hundred dollars, and at that rate upon the amount of all premiums, which, during the year or part of a year ending on the last preceding first day of September, shall have been received by such agent or person, or received by any other person for him, or shall have been agreed to be paid for any insurance effected or agreed to be effected, or promised by him, as such agent or otherwise, to be effected, against loss or injury by fire, upon property situate within CHAP. V. Agents to give bonds. Penalty for doing business without giving bond. the corporate limits of such city or village. [As amended by Laws of 1876, chap. 359, § 1.] People v. Imlay, 20 Barb. 68; Fire Department of N. Y. v. Noble, 3 E. D. Smith, 440; Fire Department of N. Y. v. Wright, id. 453. (See Laws of 1849, chap. 178, § 5, ante, p. 121.) § 2. No person shall, as agent or otherwise, for any individual, individuals or association, effect or agree to effect any insurance upon any property situate in any city or incorporated village of this State, upon which the above duty is required to be paid, or as agent or otherwise procure such insurance, to be effected until he shall have executed and delivered to the treasurer of the fire department of the city or village in which the property insured is situated, or, if no treasurer of a fire department exists, then to the treasurer of such city or village, a bond to such fire department in the penal sum of five hundred dollars, with such sureties as such treasurer shall approve, with a condition that he will annually render to said treasurer, on the first day of November in each year, a just and true account, verified by his oath that the same is true of all premiums which, during the year ending on the first day of September preceding such report, shall have been received by him or by any other person for him, or agreed to be paid for any insurance against loss or injury by fire upon property situate in such city or village which shall have been effected or procured by him to be effected for any individual, individuals or association not incorporated by the laws of this State as aforesaid, and that he will annually, on the first day of November in each year, pay to said treasurer two dollars upon every hundred dollars, and at that rate upon the amount of such premiums. [As amended by Laws of 1876, chap. 359, § 2.] (See Laws of 1849, chap. 178, § 2, ante, p. 120.) §3. Every person who shall effect, agree to effect, promise or procure any insurance specified in the preceding sections of this act, without having executed and delivered the bond required by the preceding section, shall for each offense forfeit two hundred dollars, for the use and benefit of the fire department of such city or village; such penalty of two hundred dollars shall be collected by lected, ap- and in the name of the fire department of the city or village in portioned and paid which the property insured, or agreed to be insured, is situated, and the treasurer or chief financial officer of any city or incorporated village, having no incorporated fireman's relief or benevolent society, receiving any money under the provisions of chapter Penalty, how col over. |