PART L 4. The amount of dividends declared and due, and remain ing unpaid. 5. The amount of dividends, either cash or script, 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 comptroller is hereby authorized and empowered to address any inquiries to any insurance company or the secretary thereof, in relation to its doings or condition or any other matter connected with its transactions, and it shall be the duty of any company so addressed to promptly reply in writing to any such inquiries. The statement of any company, the capital of which is composed in whole or in part of notes, shall, in addition to the foregoing, exhibit the amount of notes originally forming the capital 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 under any law of this state failing to make and deposit such statement or to reply to any inquiry of the comptroller shall be subject to the penalty of five hundred dollars; and an additional 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 comptroller to cause to be prepared and furnished to each of the companies, and to the attorneys of companies incorporated by other states and foreign governments, printed forms of the statement required by this act, and he may, from time to time, make such changes in the form of such statements as shall seem to him best adapted to elicit from the companies a true exhibit of their condition in pect to the several points herein before enumerated. It shall be the duty of the comptroller to cause the information contained in the statements required by this section to be arranged in a tabular form, and prepare the same in a single document for printing, which he shall communicate to the Legislature annually. Thus amended by Laws of 1854, ch. 369. CHAP. XX. When for panies may eign com take risks. an attorney. $ 23. It shall not be lawful for any fire insurance company, association 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 To appoint such company desiring to transact any such business, as aforesaid, by an agent or agents in this state, shall first appoint an attorney in this state on whom process of law can be served, and file in the office of the Superintendent of the Insurance Department a certified copy of the vote or resolution 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 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 To file charcertified copy of their charter or deed of settlement together statement. with a statement, under the oath of the president or vicepresident, 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 encumbered 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 company; also a copy of the last annual report, if any, made under any law of the state by ter and PART I Capital to be unimpaired. security. may be changed. which such company was incorporated; and no agent shall be allowed to transact business for any company, whose capital is impaired to the extent of twenty per cent thereof, Deposit of 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 policy holders residing in the United States, a sum not less than two hundred thousand dollars, in stocks of the United 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 or 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 Securities Bank Department as security for circulating notes; the stocks and securities so deposited may be exchanged from time to time for other securities receivable as aforesaid, 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 deposit 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 is made of bonds and mortgages accompanied by full abstracts of 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 any agent or agents to act for any company or companies referred 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 And file the attorney appointed to act for the company; a certified copy of such certificate of authority, with statement, must be filed by the agent in the office of the clerk of every county where such company has agents, and shall be published 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 invest Obtain a certificate. game.. CHAP. XX. certificaten. ments required by this section shall be renewed from year to Annual year in such manner and form as may be required by said statements. 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 agency continues; and Renewal the said Superintendent, on being satisfied 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; the fees for each certificate of authority and certified copy thereof shall be five dollars. But any company organized under or incorporated 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. Any violation of any of the provisions of this Penalties. section shall subject the party violating to a penalty of five hundred dollars 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 business. of any fire insurance company 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 or surveyor, or any other person or persons, who shall, in any manner, aid in transacting the insurance business of any insurance company not incorporated by the laws of this state. The provisions of this section shall apply to all foreign companies, partnerships, associations and individuals, whether incorporated or not. Thus amended by Laws of 1862, ch. 367. Place of ler to ap persons to $ 24. It shall be the duty of the comptroller, whenever he Comptrolshall deem it expedient so to do, to appoint one or more per- point one sons, not officers of any fire insurance company doing busi- or more ness in this state, to examine into the affairs of any fire insu- make exarance company incorporated in this state, or doing business by its agents in this state; and it shall be the duty of the officers or agents of any such company doing business in this minations. PART I. the result. Proceed ings after investigation. Power of the court. state to cause their books to be opened for the inspection of the person or persons so appointed, and otherwise to facilitate such examination so far as it may be in their power to do; and for that purpose the comptroller, or person or persons so appointed by him, shall have power to examine, under oath, the officers and agents of any company relative to the busiTo publish ness of said company; and whenever the comptroller shall deem it for the interest of the public so to do, he shall publish the result of such investigation in one or more papers in this state; and whenever it shall appear to the comptroller, from such examination, that the assets of any company incorporated in this state are insufficient to justify the continuance in business of any such company, he may direct the officers thereof to require the stockholders to pay in the amount of such deficiency within such period as he may designate in such requisition, or he shall communicate the fact to the attorney-general, whose duty it shall then become to apply to the supreme court for an order requiring them to show cause why the business of such company should not be closed, and the court shall thereupon proceed to hear the allegations and proofs of the respective parties; and in case it shall appear to the satisfaction of said court that the assets and funds of said company are not sufficient, as aforesaid, or that the interests of the public so require, the said court shall decree a dissolution of said company and a distribution of its effects. The supreme court shall have power to refer the application of the attorney-general to a referee, to inquire into and report upon the facts stated therein. Any company, receiving the tockhold aforesaid requisition from the comptroller, shall forthwith call upon its stockholders for such amounts as will make its capital equal to the amount fixed by the charter of said company; and in case any stockholder of said company shall refuse or neglect to pay the amount so called for, after notice personally given or by advertisement, in such time and manner as the comptroller shall approve, it shall be lawful for the said company to require the return of the original certificate of stock held by such stockholder, and in lieu thereof to issue new certificates for such number of shares as the said stockholder may be entitled to in the proportion that the ascertained value of the funds of the said company may be found to bear to the original capital of the said company; the value of such shares for which new certificates shall be issued to be ascertained under the direction of the comptroller, and the company paying for the fractional parts of shares; and it shall be lawful for the directors of such company to create new stock and dispose of the same, and to issue new certificates therefor, to an amount sufficient to make up the original Liability of capital of the company. And it is hereby declared that in the event of any additional losses accruing upon new risks, taken after the expiration of the period limited by the comptroller in the aforesaid requisition for the filling up of the Calls may ers. directors. |