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CHAP. II.

ance.

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, 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. Re-insur

§ 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 state

ment of its condition in said department. Reserved 8 4. When reinsurance is made by any person, partnership assocase of re- ciation, corporation or company, as provided in this act, such perinsurance.

son, 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 herein

before provided. Penalty. $ 5. Any fire insurance company organized or incorporated un

der 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.

on risks.

CHAP. II.

§ 6. All acts or parts of acts inconsistent herewith are hereby

Repeal. 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. SECTION 1. Hereafter when an investigation is made by author- Investiga

tions; what ity of the superintendent of the insurance department into the af- may be a fairs 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 Liabilities, 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, § 2. It shall be the duty of the superintendent of the insurance

Superindepartment to insert in the blanks now required to be furnished tendent to to the companies for making their statements such interrogatories togatories as will best elicit and exhibit the information called for in the preceding section.

§ 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 preor renewed, at any time, by request of the party insured, or his le-to be re; gal 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. $ 4. It shall be the duty of the receiver of any fire or fire and

Receivers inland navigation insurance company organized or incorporated un

policies der the law of this State, hereafter appointed, on the receipt by and issue him of any policy in force hereafter issued or renewed by said of indebt

be can

to cancel

CHAP. II.

bilities.

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 report lia

company in his statements to the insurance department the total amount of the outstanding certificates of indebtedness, as afore

said, not canceled at the date of making such statement. Penalty $ 5. Any company of this State, or the receiver of any such for violating this act. 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 attorney

general. Repeal. $ 6. All acts and parts of acts inconsistent herewith are hereby

repealed.

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. Policies SECTION 1. All joint-stock fire insurance companies organized against

under the provisions of the general insurance acts, known as damage by 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.

loss or

CHAP. II. 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. SECTION 1. All joint-stock fire insurance companies heretofore

Policies organized, or which shall hereafter be organized under the pro- against loss visions of the general insurance laws of this State, are hereby by wind authorized to issue policies providing against loss or damage by tornadoes. wind-storms and tornadoes.

L. 1882, Chap. 243 – An Act in relation to insurance

companies which have changed from mutual to jointstock corporations under and pursuant to the provisions of chapter four hundred and sixty-six of the laws of eighteen hundred and fifty-three, and the acts amendatory thereof, and more particularly defining the effect of such change.

PASSED May 31, 1882. 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

joint-stock 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.

deemed ex

.7

CHAPTER III.

LIFE, HEALTH AND CASUALTY INSURANCE

COMPANIES.

PAGE.

53

1853, Ch. 463 — The general act.....
SEC. I For what purposes may be incorporated.

2. Limitations on business.
3. Declaration to be filed.
4. Attorney-general to certify to declaration; id. to be recorded.
5. Corporators to publish intention to form company; books to be

opened for subscriptions.
6. Capital stock of companies; change and reinvestment of cap-

ital; deposit of $100,000 to be made with superintendent. 7. Superintendent to furnish certificate of deposit; when author.

ized 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. 11. Companies formed to be bodies corporate and politic. 12. Statement, under oath, to be made annually to superintendent. 13. Superintendent to arrange information contained in statements

for his annual report; rate of interest and mortality; standards may be varied ; superintendent may accept valuation of other State, when; table of mortality based on American ex

perience. 14. Agents when to act for companies of other States ; certificates

to be furnished as security: saving clause ; attorney to be appointed on whom process may be served ; charter to be filed; service of process; statement to be filed; no agent to act without procuring certificate ; annual statements to be

filed ; renewal certificate to be issued and filed. 15. When agent can act for foreign companies; attorney to be ap

pointed on whom process may be served ; service of process; statement to be filed ; agents not to act without certificate; same to be filed ; annual statement; what to contain ; when renewal certificates to be issued ; foreign companies to pay

tax; when collectible out of interest on securities. 16. Fees to be paid county clerk. 17. Superintendent to cause examination to be made; books to be

opened for inspection ; examination of officers ; publishing result; duty of superintendent where capital stock is impaired ; failure to make capital stock good ; action by attorney-general ; winding up; reducing capital stock ; 'action for dissolution for failure of assets; when judgment of dis. solution to be granted; proceedings; distribution ; condition

of company how estimated ; verification of report; expense. 18. Penalty for violation of this act. 19. Proceedings in case company wishes to relinquish business ;

when securities to be delivered up by superintendent; manner of discontinuing business.

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