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CHAP. III, SEC. 20. Charter to continue until repealed. 21. Any existing company may avail themselves of this act; may
increase capital stock.
life insurance repealed.
1840, Ch. 80 — Insurance by wife on life of husband ...
71 Sec. 1. Wife may insure life of husband ; insurance payable to her free
of claims of representatives and creditors; exception.
will or deed.
1851, Ch. 95 - General act ...
(Repealed except as to existing companies by L. 1853, ch. 463, 8 22.) SEC. 1. $100,000 to be deposited with comptroller.
2. Money how held and managed.
1853, Ch. 469 – Mutual companies subject to taxation.....
Sec. 1. Mutual life companies to be subject to taxation.
1855, Ch. 83
76 SEC. 1. Id. to be subject to taxation on $100,000 only. 1860, Ch. 328 - Reorganization of companies
76 Secs. I and 2. Amend L. 1853, ch. 463.
3. Reorganization of existing companies. 1865, Ch. 328 — General act amended Sec. I. Amends L. 1853, ch. 463.
2. Amount of capital and deposit of securities required.
77 SEC. 1. Report to superintendent showing dividends to stockholders.
2. Report when and how to be made.
1867, Ch. 708 — Special deposit of securities ; special reports.. 78 SEC. I. Additional deposit of securities. 2. Securities to be transferred to superintendent; not to be alien
ated; special deposits. 3. When registered policies may be issued. 4. Charge for policies, etc.; annual return; securities; access to
books; salary of treasurer. 5. Withdrawal of securities; interest on securities. 6. Bonds to be delivered to superintendent ; registration and re
turn of original; expenses, how paid and reimbursed , muti.
lated policies. 7. When company to show cause why its business should not be
closed ; proceedings in supreme court; duties of receiver.
Sec. 8. Receiver to appoint actuary ; duty of actuary ; confirmation of
report; notice to pay premium, how served; re-insurance of registered policies; when court may direct conversion of securities ; when proceeds to be paid receiver ; how applied;
surplus. 9. Excess of receipts when to be invested ; in case of deficiency
portion of securities may be sold. 10. Annual investigation of affairs of company ; contingent fund;
disposition of surplus; scrip to bear interest ; final accounting. 11. Effect of this act upon business of certain companies. 12. Powers of receiver. 13. Compensation of receiver ; may employ clerks and actuaries;
how paid. 14. Inquiries by superintendent, of companies; penalty for failure
to reply. 15. Examination of affairs of companies. 16. Duty of officers of company as to securities deposited with su
perintendent. 1868, Ch. 118- Dividends...
87 SEC. 1. Annual dividends.
1868, Ch. 482 - Investment of funds
87 Sec. I. Companies may invest funds in county, town or village bonds
of this State. 1869, Ch. 634 - General act extended
87 Sec. I. Majority of trustees or directors to be residents of this State. 1869, Ch. 902 (Amends L. 1867, ch. 708)... .
88 1872, Ch. 100 — Dividends....
88 Sec. I. Life companies may ascertain and distribute proportion of sur
plus accruing to each policy. 1876, Ch. 341 — Forfeiture of life insurance policies ..... 87 SEC. I. Policies not to be declared forfeited for non-payment without
notice to pay; proviso.
2. Evidence of notice, 1877, Ch. 229— Reinsurance of policy obligations ...
89 SEC. 1. Reinsurance.
2. Consent of owner to reinsurance.
3. Reinsurance by receivers of companies. 1877, Ch. 321 – Forfeiture act amended ..
90 SEC, I. Amends L. 1876, ch. 341.
2. Evidence of notice. 1877, Ch. 439 — Insurance of plate-glass
90 SEC. I. Plate-glass insurance companies to deposit securities ; nature of
securities. 2. No policies to be issued, or agent to act till security is filed;
individuals not to issue policies under fictitious name. 3. Penalty for violation of this act.
4. Repeal. 1879, Ch. 248 - Assignment by wife of policies for her benefit.
92 SEC. 1. Assignment of policies for benefit of married women.
1879, Ch. 347 — Rights of policyholders protected
2. Endowment policies.
2. Return to treasurer and comptroller.
action to recover tax.
4. Lands of companies to be assessed where situated. 1881, Ch. 434 – Prohibiting compensation to officers for ne- 95
gotiating loans.. SEC. 1. Officers and directors of life insurance companies not to receive
compensation for negotiating loans. 2. Penalty.
may be in
L. 1853, Chap. 463 – An Act to provide for the incorpo
ration of life and health insurance companies and casualty insurance companies and in relation to agencies of such companies.*
PASSED June 24, 1853. SECTION 1. Any number of persons not less than thirteen in number may associate and form an incorporation or company for any of the purposes specified in either of the following depart- purposes ments:
coporated. First Department. To make insurance upon the lives of persons, and every insurance appertaining thereto or connected therewith, and to grant, purchase or dispose of annuities.
Second Department. To make any of the following kinds of insurance: First, upon the health of persons; second against injury, disablement or death of persons resulting from traveling, or general accidents by land or water; third, guaranteeing the fidelity of persons holding places of public or private trusts ; fourth, upon the lives of horses, cattle and other live stock; fifth, upon plate-glass against breakage; sixth, upon steam boilers against explosion and against loss or damage to life or property resulting therefrom; seventh, against loss by burglary or theft, or both. [As amended by Laws of 1865, chap. 328, 81, and by Laws of 1879, chap. 485, 8 I.] People v. McCann, 67 N. Y. 506.
(See Laws of 1865, ch. 329, 82, fost, p. 77.)
* The title of this act was amended by Laws of 1879, chap. 161, 8 1, by adding thereto the words "and casualty insurance companies," which are inserted above.
§ 2. No company organized under this act, for the purposes Limitations named in the first department, shall undertake either of the risks
mentioned in the second department, and no company organized under this act for either of the purposes mentioned in the second department shall undertake any business mentioned in the first department nor shall any such company hereafter organized undertake or do more than one of the several kinds of insurance mentioned in said second department; and no company organized under this act shall undertake any business or risk, except as herein provided; provided that nothing herein contained shall affect the business of any company heretofore duly organized under the second department of this act. [As amended by Laws of 1862,
chap. 300, § 1, and by Laws of 1879, chap. 485, $ 2.] Declaration § 3. The persons referred to in the first section of this act shall to be filed. be designated as corporators, and they shall file in the office of
the superintendent of the insurance department a declaration signed by each of the corporators setting forth their intentions to form a company for the purpose or purposes named in this act, and the department under which the company is intended to be formed, which declaration shall comprise a copy of the charter they propose to adopt, and the said charter shall set forth the name of the company, the place where it is to be located, the kind of business to be undertaken, and the department of the first section of this act by which such business is authorized; the mode and manner in which the corporate powers of the company are to be exercised; the manner of electing the trustees or directors and officers, a.majority of whom shall be citizens of this State, and the time of such election; the manner of filling vacancies, the amount of capital to be employed, and such other particulars as may be necessary to explain and make manifest the objects and purposes of the company, and the manner in which it is to be conducted. (As amended by Laws of 1869, chap. 404, § 1, and by Laws of 1879, chap. 485, 8 3.]
(See Laws of 1869, chap. 634, post, p. 87.) Attorney § 4. Whenever the corporators shall file such declaration with general to certify to the superintendent of the insurance department it shall become his declaration.
duty to submit the same to the attorney-general for examination; and if found by him to be in accordance with the provisions of
this act, and not inconsistent with the constitution and laws of the Declaration United States and of this State, he shall certify to the same and decorded.
liver it back to the said superintendent, who shall cause the said
to be re
tion to form
the State paper.
declaration, with the certificate of the attorney-general, to be recorded in a book to be kept for that purpose, and, upon applica- copy of detion of the corporators to the said superintendent, it shall become be furnishhis duty to furnish a certified copy of such declaration and certifi- erintendcate to the said corporators.
§ 5. Whenever the corporators shall have received from the said Corporasuperintendent the certified copy provided for in the last section, lish intenand desire to proceed to organize such company, they shall pub-company in lish their intentions in the paper in which the State notices are directed to be inserted; and when such intentions have been published in said paper for six weeks they may open books to receive subscriptions to the capital stock, and keep such books open until Beopened the amount required by this act is subscribed, and may then
pro- scription. ceed to distribute the stock among the subscribers, if more than the necessary amount is subscribed, and proceed to collect in the said capital and complete the organization of the company.
§ 6. No company shall be organized under this act for the pur- Amount of poses mentioned in the first department, with a less capital than capital re
. one hundred thousand dollars, and no company shall be organized for the purposes mentioned in the second department with a less capital than one hundred thousand dollars. The whole capital of Andtof such company shall, before proceeding to business, be paid in and consist. invested in stocks or in treasury notes of the United States or of the State of New York, or in bonds and mortgages on improved unincumbered real estate within the State of New York, worth seventy-five per cent more than the amount loaned thereon, exclusive of farm buildings thereon, or in such stocks or securities as now are or may hereafter be receivable by the bank department.* And it Change shall be lawful for any company organized under this act to change investment
of capital. and reinvest its capital, or any part thereof, at any time they may
* The following are the statute provisions prescribing the kind and nature of the stocks receivable by the bank department:
“The stocks which banking associations or individual bankers now,or hereafter to be, organized under the provisions of the act 'To authorize the business of banking,' passed April 18, 1838, and the amendments thereto, shall hereafter deposit with the superintendent, shall be New York State stocks, in all cases to be, or to be made to be, equal to stock producing six per cent per annum, or at least one-half the amount so deposited shall be in the stocks of the State of New York, as before mentioned, and not exceeding one-half in stocks of the United States, in all cases to be, or to be made to be, equal to a stock producing an interest of six per cent per annum; and it shall not be lawful for the superintendent to take such stocks at a rate above their par value, or above their current market value." [See Laws of 1849, chap. 313, § 1.]
In lieu of stocks one-half of the deposit of securities in the bank department may consist of seven per cent bonds and mortgages on improved, productive, unincumbered lands within this State, for not exceeding two-fifths of the value of said lands, excluding build