CHAP. 11. Contents of annua! statement. Superintendent may ad by the company, specifying the amount, number of shares, and par and market value of each kind of stock. 8. The amount of stocks held thereby as collateral security for loans, with the amount loaned on each kind of stock, its par value and the market value. 9. The amount of assessments on stock or premium notes paid and unpaid. 10. The amount of interest actually due and unpaid. 11. The amount of premium notes on hand on which policies are issued. THIRD. The liabilities of such company, specifying: 1. The amount of losses due and yet unpaid. 2. The amount of claims for losses resisted by the company. 3. The amount of losses incurred during the year, including those claimed and not yet due, and of those reported to the company upon which no action has been taken. 4. The amount of dividends declared and due, and remaining unpaid, 5. The amount of dividends, either cash or scrip, declared but not yet due. 6. The amount of money borrowed and security given for the payment thereof. 7. The amount of all other existing claims against the company. FOURTH. The income of the company during the preceding year, specifying: 1. The amount of cash premiums received. 2. The amount of notes received for premiums. 3. The amount of interest money received. 4. The amount of income received from other sources. FIFTH. The expenditures during the preceding year, specifying: 1. The amount of losses paid during the year, stating how much of the same accrued prior and how much subsequent to the date of the preceding statement, and the amount at which such losses were estimated in such preceding statement. 2. The amount of dividends paid during the year. 3. The amount of expenses paid during the year, including commissions and fees to agents and officers of the company. 4. The amount paid in taxes. 5. The amount of all other payments and expenditures. The superintendent of the insurance department is hereby authorized and empowered to address any inquiries to any insur CHAP II. ries to ance company, or the secretary thereof, in relation to its doings or dress inqui condition, or any other matter connected with its transactions, companies. and it shall be the duty of any company so addressed to promptly reply in writing to any such inquiries. ment to amount of Penalty for make state for trans acting busi such failure The statement of any company, the capital of which is com- When stateposed, in whole or in part, of notes, shall, in addition to the fore- exhibit going, exhibit the amount of notes originally forming the capital, notes, etc. and also what proportion of said notes is still held by such company and considered capital. The statement herein provided for shall be in lieu of any or all statements now required by any existing law or provision. Every fire insurance company organized failing to under any law of this State failing to make and deposit such state- ment, and ment or to reply to any inquiry of the said superintendent, shall be subject to the penalty of five hundred dollars; and an additional ness after five hundred dollars for every month that such company shall continue thereafter to transact any business of insurance. It shall be the duty of the superintendent of the insurance forms of department to cause to be prepared and furnished to each of statements the companies, and to the attorneys of companies incorpora- nished by ted by other States and foreign governments, printed forms of tendent. the statements required by this act; and he may, from time to time, make such changes in the form of such statements be changed as shall seem to him best adapted to elicit from the companies a true exhibit of their condition in respect to the several points herein before enumerated. Printed to be fur. superin. Forms may tion con statements municated It shall be the duty of the superintendent of the insurance de- Informapartment to cause the information contained in the statements re- tained in quired by this section to be arranged in a tabular form and to be comprepare the same in a single document for printing, which he to the legisshall communicate to the legislature annually. [As amended by Laws of 1854, chap. 369, § 4.] Devendorf v. Beardsley, 23 Barb. 656; 15 Abb. N. S. 563. (See Laws of 1859, chap. 366, § 3, ante, p. 5.) lature. cign com pany may take risk, 23. It shall not be lawful for any fire insurance company, When forassociation or partnership, incorporated by or organized under the laws of any other State of the United States, or any foreign government, directly or indirectly, to take risks or transact any business of insurance in this State, unless possessed of the amount of actual capital required of similar companies formed under the provisions of this act; and any such company desiring to transact any such business as aforesaid, by an agent or agents, in this CHAP. II. State, shall first appoint an attorney in this State on whom process To appoint attorney on of law can be served, and file in the office of the superintendent of cess may be the insurance department a certified copy of the vote or resolution whom pro served. process on company in this State. To file charter and statement. of the directors appointing such attorney, which appointment shall continue until another attorney be substituted; in case any such insurance company shall cease to transact business in this Service of 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 corporation for the purpose of serving process for commencing actions upon any policy or liability issued 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 a valid personal service upon such corporation; and also a certified copy of their charter or deed of settlement, together with a statement, under the oath of the president or vice-president, and other chief officer and secretary of the company for which he or they may act, stating the name of the company and place where located, the amount of its capital, with a detailed statement of its assets, showing the amount of cash on hand, in bank, or in the hands of agents, the amount of real estate, and how much the same is incumbered by mortgage, the number of shares of stock of every kind owned by the company, the par and market value of the same, amount loaned on bond and mortgage, the amount loaned on other security, stating the kind, and the amount loaned on each, and the estimated value of the whole amount of such securities, any other assets or property of the company, also stating the indebtedness of the company, the amount of losses adjusted and unpaid, the amount incurred and in process of adjustment, the amount resisted by the company as illegal and fraudulent, and any other claims existing against the comAlso copy pany, also a copy of the last annual report, 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 company, nor shall any agent or broker be allowed to negotiate for or place any risk with any company whose capital is impaired to the extent of Deposit of twenty per cent thereof, while such deficiency shall continue, and any company incorporated by or organized under any foreign government, shall, in addition to the foregoing, deposit with the superintendent of the insurance department, for the benefit and security of policyholders residing in the United States, a sum not less than two hundred thousand dollars in stocks of the United of last report Where capital is impaired. security. CHAP. II. may be Interests or dividends on deposits. Trustees from States or the State of New York, in all cases to be, or to be made to be, equal to a stock producing six per cent per annum, said stocks not to be received by said superintendent at a rate above their par value, or above their current market value, or in bonds and mortgages on improved, unincumbered real estate in the State of New York, worth fifty per cent more than the amount loaned thereon,or in such stocks and securities as now are or which may hereafter be receivable by the bank department as security for circulating notes.* The stocks and securities so deposited may be ex- Securities changed from time to time for other securities, receivable as afore- changed. said, and so long as the company so depositing shall continue solvent and comply with the laws of this State, may be permitted by the said superintendent to collect the interest or dividends on said deposit. The said deposits shall be in lieu of the investments in the name of trustees, as heretofore required, and upon its being duly made, either by the transfer of the trust funds, or otherwise, the trustees shall thereby be discharged from all liability, and where a deposit discharged is made of bonds and mortgages, accompanied by full abstracts of iability title 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 an appraisal of property shall be five dollars to each appraiser, not exceeding two, besides expenses for each mortgage. Nor shall it be lawful for Agents to any agent or agents to act for any company or companies referred certificate to in this section, directly or indirectly, in taking risks or transacting the business of fire or inland navigation insurance in this State, without procuring from the superintendent of the insurance department a certificate of authority stating that such company has complied with all the requisitions of this act which apply to such companies, and the name of the attorney appointed to act for the company. A certified copy of such certificate of authority, Copy of with statement, must be filed by the agent in the office of the clerk to be filed and pubof every county where such company has agents, and shall be published. lished in the paper in which the State notices are required to be inserted, four successive times after the filing of such statement, as aforesaid, and within thirty days thereafter proof of such publication by the affidavit of the publisher of such newspaper, his foreman or clerk, shall be filed in the office of the said superintendent. The statements and evidences of investments required * See note at bottom of p. 55, post. obtain of authority certificate CHAP. II Statements and evidences of investments, renewal of. Renewal certificates. Annual statements filed. by this section shall be renewed from year to year in such manner and form as may be required by said superintendent, with an additional statement of the amount of premiums received and losses incurred in this State during the preceding year, so long as such continues; and the said superintendent, on being satisfied agency that the capital, securities and investments remain secure, as hereinbefore provided, shall furnish a renewal of his certificate, as aforesaid, and the agent or agents obtaining such certificate shall file a certified copy of the same in the office of the clerk of the county in which such agency shall be established, within the month of January. But any company organized under or incorwhen to be porated by any foreign government may furnish and file such annual statements and evidences in the month of January in each year, made out for the year ending on the preceding thirtieth day of June, if accompanied, also, by an annual supplementary statement, duly verified by the attorney or general agent of the company in this State, showing the amount of risks written, premiums received, losses sustained and taxes paid in this State for the year ending on the preceding thirty-first day of December; said supplementary statement shall also contain a description of the investments of such company in this country, and such other information as may be required by the said superintendent. (Whenever, by the provisions of this section, it shall be unlawful for any fire insurance company, association or partnership herein specified, to take risks or transact the business of fire insurance within this State, through agents or otherwise, it shall be likewise unlawful for any broker or brokers, or other persons acting for persons, firms or corporations in this State or elsewhere, to negotiate for or place risks in any such insurance company, or in any way or manner aid such persons, firms or corporations in effecting such unauthorized insurances.) Any violation of any of the provisions of this section shall subject the party violating to a penalty of five hundred dol. lars for each violation, and of the additional sum of one hundred dollars for each month during which any such agent shall neglect to make such publication, or to file such affidavits and statements as are herein required. Every agent of any fire insurance combusiness by pany shall, in all advertisements of such agency, publish the location of the company, giving the name of the city, town or village in which the company is located, and the State or government under the laws of which it is organized. The term, agent or agents, used in this section, shall include an acknowledged agent Brokers not to place risks. Penalty. Advertise ment of place of agents. Term 66 agent" defined. |