CHAP. II. Re-insur ance. Reserved fund in case of reinsurance. of its paid-up capital stock and net surplus; and no person, partnership association, corporation or company of another country shall issue any policy or policies in this State, or on risks located in this State, in excess of ten per centum of the capital stock, as ascertained under the provisions of chapter eight hundred and eightyeight of the laws of eighteen hundred and seventy-one, a statement of which has been duly filed with the insurance department of this State and the certificate of the superintendent issued therefor. § 3. It shall not be lawful for any fire insurance company organized or incorporated under the laws of this State to reinsure any risk with any person, partnership association, corporation or company which, at the date of such reinsurance, was not authorized to transact business in this State; and no person, partnership association, corporation or company organized or incorporated under the laws of any other State or country shall reinsure any risk written or located within this State, with any person, partnership association, corporation or company not admitted to transact business in this State; and it shall be the duty of the superintendent of the insurance department to require schedules of reinsurances from each person, partnership association, corporation or company transacting business in this State, whenever such person, partnership association, corporation or company files a true statement of its condition in said department. § 4. When reinsurance is made by any person, partnership association, corporation or company, as provided in this act, such person, partnership association, corporation or company so reinsuring shall be required to hold as an unearned premium fund an amount equal to the unearned portion of the gross premiums charged on such reinsured policies from the date of their issuance Exceptions by the company thus reinsured. When any part of the risk shall as to limits be reinsured under this act the amount so reinsured shall not be included in the ten per centum to which risks are limited as hereinbefore provided. on risks. Penalty. § 5. Any fire insurance company organized or incorporated under the laws of this State, or person, partnership association, corporation or company of any other State or country violating any of the provisions of this act, shall be subject to the payment of a penalty of five hundred dollars for each violation, which shall be sued for and recovered in the name of the people by the attorney-general, and the said penalty, when recovered, shall be paid into the treasury of the State. § 6. All acts or parts of acts inconsistent herewith are hereby repealed. L. 1880, Chap. 110 - An Act to regulate the examinations and reports of fire and fire and inland navigation insurance companies. PASSED April 9, 1880. CHAP. II. Repeal. lowed as SECTION 1. Hereafter when an investigation is made by author- Investigations; what ity of the superintendent of the insurance department into the af- may be alfairs of any fire or fire and inland navigation insurance company assets. doing business in this State, or whenever such company renders a statement to the insurance department, there shall not be allowed as assets any investments that are not held as prescribed by the law at the date of such investigation, or rendering of such statement; provided, however, that unpaid premiums on policies written within three months shall be admitted as available resources. In estimating the liabilities when such investigation is being made or statement rendered as above, there shall be charged, in addi- estimated. tion to the capital stock and all outstanding claims, a sum equal to the total unearned premiums on the policies in force, calculated on the gross sum, without any deduction on any account, charged to the policy-holder for each respective risk from the date of the issuance of the policy. Liabilities, how to be Superin insert inter § 2. It shall be the duty of the superintendent of the insurance department to insert in the blanks now required to be furnished tendent to to the companies for making their statements such interrogatories rogatories as will best elicit and exhibit the information called for in the preceding section. in blanks. be can request, turned, less 3. Any person, company, association or corporation transact- Policies to ing the business of fire or fire and inland navigation insurance celed on in this State shall cancel any policy of insurance hereafter issued and premium paid or renewed, at any time, by request of the party insured, or his le- to be regal representative, and shall return to said party or his representa- short-rate. tives, as aforesaid, the amount of premium paid, less the customary short-rate premium for the expired time of the full term for which said policy has been issued or renewed, any thing in the policy to the contrary notwithstanding. Receivers to cancel policies and issue certificates § 4. It shall be the duty of the receiver of any fire or fire and inland navigation insurance company organized or incorporated under the law of this State, hereafter appointed, on the receipt by him of any policy in force hereafter issued or renewed by said of indebt edness. CHAP. II. company, and at the request of the policy-holder (in writing) to cancel the policy of such person, and to issue in lieu thereof a certificate of indebtedness as such receiver to said policy-holder for the amount of the premium paid, less the proportional premium for the expired time of the full term for which the policy had been issued or renewed; and upon the receipt of said certificate of indebtedness by the policy-holder the policy shall become null and void, any thing in the policy to the contrary notwithstanding. It Receiver to shall be the duty of the receiver to report in the liabilities of the bilities. company in his statements to the insurance department the total report lia Penalty for violat ing this act. Repeal. amount of the outstanding certificates of indebtedness, as aforesaid, not canceled at the date of making such statement. 5. Any company of this State, or the receiver of any such. company violating the provisions of this act, shall be subject to a fine of five hundred dollars for each and every violation, to be sued for and recovered in the name of the people of the State of New York by the attorney-general, and the said penalty, when recovered, shall be paid into the treasury of the State. Any company, person, association or corporation of another State or country refusing to comply with the requirements of this act, shall have their certificates of authority revoked by the superintendent of the insurance department upon the request (in writing) of the attorneygeneral. § 6. All acts and parts of acts inconsistent herewith are hereby repealed. Policies against loss or damage by L. 1880, Chap. 452 – An Act to authorize joint-stock fire insurance companies to issue policies providing against loss or damage by lightning. PASSED May 27, 1880. SECTION 1. All joint-stock fire insurance companies organized under the provisions of the general insurance acts, known as lightning. chapter three hundred and eight of the laws of eighteen hundred and forty-nine, and chapter four hundred and sixty-six of the laws of eighteen hundred and fifty-three, and the acts amendatory thereof and supplemental thereto are hereby authorized to issue policies providing against loss or damage by lightning. L. 1882, Chap. 218 - An Act to authorize joint-stock fire insurance companies to issue policies providing against loss or damage by wind-storms and tornadoes. PASSED May 27, 1882. CHAP. II. Policies or damage SECTION 1. All joint-stock fire insurance companies heretofore organized, or which shall hereafter be organized under the pro- against loss visions of the general insurance laws of this State, are hereby by windauthorized to issue policies providing against loss or damage by tornadoes. wind-storms and tornadoes. storms and L. 1882, Chap. 243 – An Act in relation to insurance companies from joint-stock deemed ex SECTION 1. Every insurance company which has heretofore been Charters of changed from a mutual to a joint-stock corporation under and changed pursuant to "An act to provide for the incorporation of fire in- mutual to surance companies," passed June twenty-fifth, eighteen hundred to be and fifty-three, and the acts amending the same, shall be deemed tended. and be held by such change to have continued and extended its charter for the period named therein (not exceeding thirty years) from the time of such change; and the charter of any such company adopted at the time of such change, or a certified copy thereof, may be used in evidence in all courts and places for or against any such corporation, in like manner and with like force and effect in all respects as if such corporation had been originally incorporated under said act at the time of the change and for the term then named in its charter. 7 CHAPTER III. LIFE, HEALTH AND CASUALTY INSURANCE COMPANIES. 1853, Ch. 463 - The general act........ SEC. I For what purposes may be incorporated. 2. Limitations on business. 3. Declaration to be filed. PAGE. 53 4. Attorney-general to certify to declaration; id. to be recorded. 6. Capital stock of companies; change and reinvestment of cap- 7. Superintendent to furnish certificate of deposit; when authorized to commence business. 8. Funds, how invested. 9. Purchase of real estate; sale thereof. 10. To adopt seal, make by-laws, etc.; suits may be maintained. 14. Agents when to act for companies of other States; certificates 15. When agent can act for foreign companies; attorney to be ap- 16. Fees to be paid county clerk. 19. Proceedings in case company wishes to relinquish business; |