Page images
PDF
EPUB

CHAP. VIII

company be admitted to transact business in this State unless it
shall file in the office of the superintendent of the insurance de-
partment an agreement under its corporate seal that it will not
(while authorized to do business in this State) transact in this
State any business which any fire insurance companies of this
State, organized under the general act, is prohibited from trans-
acting, and any company violating the provisions of said agree-
ment shall have their certificate of authority revoked by the said
superintendent forthwith; provided the assent of the attorney-
general shall be previously obtained. [As amended by Laws of
1879, chap. 490, § 1, and by Laws of 1881, chap. 671, $ 1.]

8 3. All acts or parts of acts inconsistent with this act are hereby Repeal. repealed.

name of any other

company.

L. 1877, Chap. 211–An Act in relation to the names of insurance companies.

Passed May 2, 1877. SECTION 1. No fire, life, marine or other insurance company Not to take hereafter organized under the laws of this State shall use a corporate name or title which shall at the time of such organization be used to designate any fire, life, marine or other insurance company already existing under the laws of this State ; and it shall be the duty of the superintendent of the insurance department to Duty of

superinreject any name which he shall deem to be so nearly similar to

tendent. any already in use as to lead to confusion or uncertainty on the part of the public.

(See Laws of 1853, chap. 466,-8 4, ante, p. 14.)

L. 1877, Chap. 245 –An Act authorizing the State treasu

rer and other State officers to publish in the State paper, monthly statements of bank balances, and for other purposes.

PASSED May 9, 1877. SECTION 1. The State treasurer is hereby authorized and di- State treasrected to cause to be published in the State paper, on or before quired to the tenth day of each month, a detailed statement of the balances certain in the several banks designated by the canal board, commissioners of the canal fund, or other State officers, as depositories of State funds. Such statement shall give the name of each bank, and the

statements, of insurance in certain cases.

CHAP. VIII

tendent of insurance

State officers to

similar statements,

amount subject to draft at the close of the month preceding such

publication. Superin- § 2. It shall be the duty of the comptroller, secretary of State,

superintendents of the insurance and banking departments, and department and other the clerk of the court of appeals, to cause to be published in said

State paper similar statements, at the time and in the manner publish

aforesaid, giving the name of the bank, and the amount on deposit at the close of the month preceding such publication, and it shall be the further duty of the State officers named in this section, to certify to the State treasurer on or before the tenth day of the months of January, April, July and October, in each and every year, the amount on deposit, at the close of the quarter preceding such certificate, in each and all of the banks designated by them, respectively, and the amounts so certified shall be transferred to the general depository of State funds in the city of Albany, by check signed by the State treasurer, and countersigned by the officer making the deposit.

this State

from enter

L. 1881, Chap. 463–An Act prohibiting the courts of

this State from entertaining jurisdiction of actions on policies of insurance in certain cases.*

PASSED June 6, 1881. Courts of

SECTION 1. Whenever, by the laws of any other State of the

United States, any restriction shall be imposed upon any company prohibited taining organized under

any law of this State for the purpose of transjurisdiction acting the business of insurance, whereby any such company, or on policies

any of its agents, shall in any manner be, either absolutely or conditionally, prohibited from making a free and full examination or inspection of any risk within such State, or from collecting or receiving premiums therein, or from examining into or adjusting any loss within such State, or whereby any penalty or damages other than interest shall be imposed upon any such company for the non-payment of any claim arising under a policy issued by it; or whenever by the laws of any other State a compliance with any conditions or terms specified in said laws shall be required to enable any person within such State to solicit insurance in behalf of any insurance company, organized under the laws of this State, or to take or transmit to such company any application for insurance, or to examine or inspect any risk, or to receive or collect any premiums for or on behalf of any such company, or to exam

* Repealed by Laws of 1883, chap. 20.

CHAP.VIII

ine into, or adjust or aid in adjusting any loss or claim within said State arising under any policy issued by said company; or whenever by any law of any other State of the United States, it shall be made unlawful for any person to do any of the acts or things hereinbefore specified within such State, for or on behalf of any insurance company not organized under the laws of such State, except upon terms and conditions specified in said laws, more onerous than those imposed by the laws of New York in like cases, then and in every such case no suit, proceeding or action shall be instituted, conducted or maintained in any court of this State, to recover or enforce any claim founded upon or arising under any policy of insurance issued by any corporation organized under the laws of this State, where the loss under such policy shall have occurred, or where the person whose life was insured thereby shall have died within the State where any such laws as are hereinbefore specified shall be in force at the time such loss or death occurred, or at the time such suit, proceeding or action shall be brought, and whenever in any action now pending or hereafter brought in any court of this State, any of the facts hereinbefore specified shall be established, it shall be the duty of the court to dismiss such action.

L. 1881, Chap. 486 - An Act to facilitate the giving of bonds required by law.

PASSED June 13, 1881. SECTION 1. Whenever any person who now or hereafter may

be

authorized to guarantee

Certain required or permitted by law to make, execute, and give a bond or may accept undertaking with security conditioned for the faithful performance as surety, a of any duty or for the doing or not doing of any thing in said bond or undertaking specified, any head of department, surrogate, judge, bonds, etc. sheriff, district-attorney or any other officer who is now or shall hereafter be required to approve the sufficiency of any such bond or undertaking, may in the discretion of such officer accept such bond or undertaking and approve the same whenever the conditions of such bond or undertaking are guaranteed by a company duly organized or authorized to do business under the laws of this State, and authorized to guarantee the fidelity of persons holding positions of public or private trust, and all such corporations are hereby vested with full power and authority to guarantee such bonds and undertakings. But this act shall not prevent a justifi

CHAP.VIII

When not to be

pany exceed assets.

cation on the part of such company through its officers as required by law of other sureties.

8 2. It is further provided that the guaranty of any such comaccepted. pany shall not be accepted by heads of departments, or others, as

provided in section one of this act whenever its liabilities shall exceed its assets as ascertained in the manner provided in section

three of this act. Duty of § 3. Whenever the liabilities of any such company shall exceed tendent in its assets the superintendent of the insurance department shall reties of com- quire the deficiency to be paid up, within sixty days, and if

it is not so paid up then he shall issue a certificate showing the extent of such deficiency, and he shall publish the same

a week for three weeks in the State paper, and henceforth and until such deficiency is paid up such company shall not do business under the provisions of this act. And in estimating the condition of any such company under the provisions of this act the superintendent shall allow as assets only such as are authorized under existing laws at the time, and shall charge as liabilities in addition to eighty per cent of the capital stock all outstanding indebtedness of the company and a premium reserve equal to fifty per centum of the premiums charged by said company, on all risks then in force. Nothing herein contained shall apply to bonds given in criminal cases.

once

CHAPTER IX.

GENERAL STATUTES, RELATING TO CORPO

RATIONS AND JOINT STOCK COMPANIES,
APPLICABLE TO INSURANCE COMPANIES.

PAGE.

ARTICLE I.- CRÉATION OF CORPORATIONS. 1846 Constitution, Art. VIII.. ...

194 SEC. I. Corporation, how created.

2. Debts of corporations.

3. “Corporations," defined. 1828 R. S., Part 1, Ch. VII, Title III – Applications to legislature

194 SEC. 1. Notice of intention to be published,

2. Publication of notice by certain associations.
3. Notice, how published.
4. Contents of notice.

ARTICLE II.- TAXATION OF CORPORATIONS, JOINT-STOCK

COMPANIES AND ASSOCIATIONS. 1828, R. S., Part 1, Ch. XIII, Title IV-Assessment of taxes, etc., 196 Sec. I. Companies liable to taxation.

2. Officers to deliver statement to assessors.
3. And to comptroller.
4. Penalty.
5. Suit therefor.
6. Companies, how assessed.
7. Repealed by L. 1853, Ch. 654.
8. Preceding sections extended.
9-14. (Repealed.)
15. Taxes to be stated and collected.
16. Duty of supervisors.
17. Duty of collector.
18. Taxes, how paid.
19. Proceedings if taxes cannot be collected.
20. Id.
21. Attorney-general to file petition in supreme court.
22. Powers of court.
23. Further remedy,

« PreviousContinue »