miums received in cash for risks not terminated, as would be requisite. to reinsure the same. If doing business in any other city or town, the sum of at least fifty thousand dollars shall be paid in and invested in like manner, and be subject to like conditions and restrictions. All business and investments on account of the stock department of such companies shall be separately kept, and the returns to the insurance commissioners respecting the same shall be according to the form marked A. The business done on the mutual principle shall also be kept separate, and returns made agreeably to the form marked C. Such combined companies shall not take on any one risk in their stock department a sum exceeding one-tenth of their capital stock; and when the capital stock is reduced in any way, the amount thereafter to be taken on any one risk shall forthwith be correspondingly reduced to the limitation in section thirty-two, until the capital is restored to its original amount. sure. 1856, 252, § 38. SECT. 57. Mutual fire insurance companies incorporated in this state Where may inpreviously to the third day of July in the year eighteen hundred and fifty-six, may issue policies on any property included in the terms of their charters, situated in the New England states and New York; but such companies incorporated after that date shall not insure property situated without the limits of this state. 1856, 252, § 39. SECT. 58. No policy shall be issued by a mutual fire insurance com- $250,000 to be pany incorporated subsequently to the twenty-seventh day of March in subscribed bethe year eighteen hundred and fifty-eight, until the sum of two hundred issue. and fifty thousand dollars has been subscribed to be insured and entered 1858, 150, § 1. on the books of the company. The policies issued and the deposit notes given for said insurance, which notes shall not exceed double the amount paid as cash premium, shall be of the same date. ties, and create 1843, 82, §§ 1, 2. SECT. 59. A person holding property in trust may effect insurance Trustees may on such property in any mutual fire insurance company incorporated in assume liabili this state, and for that purpose may as such trustee assume the liabilities liens. and create all the liens upon the property so insured which other persons on becoming members of such insurance companies assume and create. He shall not be liable in his individual capacity upon such contract of insurance. LIFE INSURANCE COMPANIES. into operation. Redemption of 1856, 252, § 40. SECT. 60. Before any mutual life insurance company goes into opera- When may go tion, a guarantee capital of one hundred thousand dollars shall be paid to operat in money and invested as required by sections thirty and thirty-one. Dividends. The subscribers or holders of guarantee stock in a mutual life insurance guarantee company shall choose the first board of directors; at all subsequent stock, elections they shall choose one-half of the directors until the redemption of the guarantee stock, when the insured shall choose the directors. The stockholders shall be entitled to such annual dividends not exceeding seven per cent., as may be agreed upon at the time of subscribing the capital, if the net surplus over a requisite reservation for liabilities and contingencies is sufficient to pay the same; and if less than the sum originally agreed on, it shall be made equal to it when the profits of the company are sufficient. One-quarter of the estimated surplus fund above a sufficient fund to provide for risks, losses, expenses, and dividends, shall be reserved to be appropriated to the redemption of the guarantee stock; and after the expiration of ten years from the organization, when the amount reserved is sufficient and the insured so vote, the guarantee stock may be redeemed. At the expiration of every five years the residue of the estimated surplus fund may be divided among the assured in proportion to the amount of premiums paid by them respectively on account of the risk on their policies for any part or the whole of the preceding five years: provided, that any policy on which the premium is To pay to Mass. Policy for bene- By one person another. 1856, 252, § 42. payable otherwise than by equal annual payments, shall not be entitled to a larger distribution than if the premium had been so paid. SECT. 61. Every company empowered to make insurance on lives land shall be subject to the same obligations for the payment of a upon certain share of the profits to the Massachusetts General Hospital as are imposed on the Massachusetts Hospital Life Insurance Company. SECT. 62. A policy of insurance on the life of any person, expressed to be for the benefit of any married woman, whether procured by herself, whom to inure. her husband, or any other person, shall inure to her separate use and benefit and that of her children, independently of her husband or his creditors, or the person effecting the same or his creditors. A trustee may be appointed by the party obtaining the policy, or if no such appointment is made, then by the judge of the probate court for the county in which the party for whose benefit said policy is made resides, to hold the interest of the married woman in such policy or the proceeds thereof. When a policy is effected by any person on his own life or on the life of another, expressed to be for the benefit of such other or his representatives, or a third person, the person for whose benefit it was made shall be entitled thereto against the creditors and the representatives of the person effecting the same. If the premium is paid by any person with intent to defraud his creditors, an amount equal to the premium so paid with interest thereon shall inure to the benefit of his creditors. 11allen 224 Treasurer to re- on deposit. come of such 1856, 252, § 43. In SECT. 63. The treasurer of the commonwealth in his official capacity shall take and hold on deposit the securities of any insurance company incorporated under the laws of this state which are deposited by any such company for the purpose of complying with the laws of any other state in order to enable such company to commence business in such state. The company depositing such securities shall have the right to receive the income thereof, and at any time to exchange the same according to the laws of the states in which they may be doing business. SECT. 64. Every insurance company doing business in this comtion of policies. monwealth shall annually pay into the treasury of the same, by the way of compensation for the valuation of the policies, one cent on every thousand dollars insured by them on lives. Tax for valua To take no fire No insurance SECT. 65. No life insurance company shall issue policies insuring fire or marine risks. FOREIGN COMPANIES. SECT. 66. No foreign insurance company with a specific capital shall by its agent in this state insure property therein or contract for insur ance with any residents in this state, unless its capital stock amounts to one hundred thousand dollars, all of which sum has been paid in cash and 1856, 252, § 44. invested, exclusive of stockholders' obligations of any description not by foreign mutual without posit notes. secured as required in section thirty-one and the debts of the company; nor unless the company is restricted by its charter or otherwise from incurring any greater hazard in one risk than one-tenth of its unimpaired capital, nor unless the company has complied with the provisions of this chapter. SECT. 67. No foreign insurance company doing business upon the mutual plan by their agent in this state shall insure property therein or contract for insurance with any resident thereof, unless said company has one hundred thousand dollars in cash or available cash funds securely invested, and at least one hundred thousand dollars in deposit notes. And before foreign companies, whether doing business on the stock or mutual plan, shall by their agents transact any business in this state, they shall satisfy the board of insurance commissioners that they have the amount of funds required by this chapter, and have complied with all other provisions of the same. nies to appoint Service upon 1856, 252, § 46., 10 atten SECT. 68. Every foreign insurance company before doing business in Foreign compa this state shall in writing appoint a citizen thereof, resident therein, a agent by writgeneral agent upon whom all lawful processes against the company may ing filed. be served with like effect as if the company existed in this state; and agent to be sufsaid writing or power of attorney shall stipulate and agree on the part ficient. of the company making the same, that any lawful process against said company which is served on said general agent, shall be of the same legal force and validity as if served on said company. A copy of the writing duly certified and authenticated shall be filed in the office of the insurance commissioners, and copies certified by them shall be sufficient evidence. This agency shall be continued while any liability remains outstanding against the company in this state, and the power shall not be revoked until the same power is given to another and a like copy filed as aforesaid. Service upon said agent shall be deemed sufficient service upon the principal. 1856, 252, § 46. SECT. 69. The general agent shall before any insurance is made by Agent to give said company give a bond to the treasurer of the commonwealth with bond. one or more sureties to be approved by him in the sum of two thousand dollars, with condition that he will accept service of all lawful processes against the company in the manner provided in this chapter. Every agent of a foreign insurance company doing business in this state shall before any business is done by him for said company give a bond to the treasurer with one or more sureties to be approved by him in the sum of one thousand dollars, with conditions that he will on or before the fifteenth day of November in each year make return on oath to the treasurer of the amounts insured by him, the premiums received, and assessments collected, during the year ending on the thirty-first day of the October preceding, and at the same time pay to the treasurer the taxes provided in the following section. upon compa SECT. 70. When, by the laws of any other state, any taxes, fines, Taxes, &c., penalties, deposits of money, or of securities, or other obligations or pro- ules, &c., Imhibitions, are imposed upon insurance companies incorporated or organ- posed in other ized under the laws of this state and transacting business in such other posed here. state, or upon the agents of such insurance companies, so long as such 1856, 252, § 47. laws continue in force, the same taxes, fines, penalties, deposits, and obligations, shall be imposed upon all insurance companies doing business in this state which are incorporated or organized under the laws of such other state, and upon their agents. And insurance companies transacting business in this state whose charters or other powers are derived from governments or authorities out of the United States, shall through their agents in this state, in lieu of the relative taxes herein before indicated, be subject to the payment annually of a tax of one per cent. on all premiums and assessments collected by the agents of such companies. SECT. 71. The general agent of every foreign insurance company Foreign agents shall before any insurance is made deposit with the insurance commis- to deposit statesioners a copy of the charter of the company, and a statement in the of charter of form appended to this chapter adapted to the business done by such nies, and pubcompany, signed and sworn to by the president and secretary, and shall lish statement. before the fifteenth day of November annually transmit to the insurance commissioners a statement in the form appended to this chapter, signed and sworn to by the president and secretary, made up to the thirty-first day of October preceding, and shall publish a copy thereof twice in two different newspapers in each county in which the company has established an agency, and three successive weeks in counties in which but one newspaper is published. ment and copy their compa 1856, 252, § 48. agents liable. SECT. 72. If insurance is made by a foreign insurance company with- When contracts ont complying with the requisitions of this chapter, the contract shall valid, but be valid, but the agent making the insurance shall be liable to the pen- Company with alty provided in section seventy-four. And any such company which out agent not to 231 ments. recover assess1856, 252, § 49. Foreign agents to exhibit name neglects to appoint a general agent agreeably to the provisions of this chapter, shall not recover any premium or assessment made by it on any contract of insurance with a citizen of this state until the provisions of this chapter are complied with. SECT. 73. Every person acting for an insurance company not incorof state on sign, porated in this state shall exhibit in conspicuous letters on the sign desand print same, ignating his place of business, the name of the state under whose &c., on policies, authority the company he represents has been incorporated. And said &c. Persons not to act as agents. company and agent shall also have printed in large type the name of such state and the kind of office, whether chartered as a mutual or stock company, upon all policies issued to citizens of this state, on all cards, placards, and pamphlets, and in all advertisements published, issued, or circulated, in this state, by them or him, relating to the business of such company. SECT. 74. No person shall act as agent of an insurance company not complying not incorporated in this state until he has complied with all the requirements of the laws of this state relating to such companies and their agents; and every person so acting without such compliance, or who knowingly procures payment or any obligation for the payment of any premium for insurance, by fraudulent representations, shall be punished by fine not exceeding one thousand dollars for each offence. Companies U. S. to make SECT. 75. Insurance companies chartered beyond the limits of the chartered out of United States and doing business in this state, shall make return of their standing on the first day of June in each year agreeably to the form required of companies doing a similar business in this state, said returns to be made to the insurance commissioners on or before the fif teenth day of November annually, and verified and sworn to before some consul or vice-consul of the United States, by two or more of the principal officers of such insurance company. Penalty on for lecting to make returns. Exception. 1858, 49, § 1. SECT. 76. Every agent of a foreign insurance company neglecting to eign agent neg. make the returns required by this chapter, shall forfeit twenty-five dollars for each neglect, to be recovered by the treasurer of the commonwealth. Every agent so neglecting shall be immediately notified thereof by the treasurer; and if he continues said neglect for ten days after such notice is deposited in the post-office, he shall forfeit five hundred dollars for every such neglect, to be recovered by the treasurer: provided, that no agent shall be held liable if it is made to appear to the satisfaction of the treasurer that the returns were duly made and deposited by said agent in the post-office, properly directed to the insurance commissioners, and that there was no neglect on his part. Penalty on SECT. 77. An agent making insurance in violation of any law of this agents insuring state regulating insurance companies, shall forfeit for each offence a sum contrary to law. 1857, 259, § 1. not exceeding one thousand dollars; and the governor and council may allow such reasonable compensation for services rendered and expenses incurred in enforcing the laws relating to insurance companies as they deem proper. "Foreign" con SECT. 78. The word foreign used in this chapter applies to all com1856, 252, § 55. panies not incorporated by the legislature of this commonwealth. strued. Forms for re turns. 1856, 252. 1859, 146. FORMS. Form of Return for Insurance Companies with Specific Capitals. 1. State the name of the company. 2. Where located. 3. When incorporated. 4. Amount of capital. 5. Amount of capital actually paid in. 6.. Number of shares and par value of each. 7. Amount of fire risks outstanding. 8. Amount of marine risks outstanding. 9. Total amount of outstanding risks. 10. Amount of United States stock or treasury notes owned by the company; state amount of each kind, and par value and market value of each. 11. Amount of state stocks; state amount of each kind, and par value and market value of each. 12. Amount of bank stocks; state amount of each kind, and par value and market value of each. 13. Amount of Forms for rerailroad stocks; state amount of each kind, and par value and market value of each. turns. 14. Amount of railroad bonds; state amount of each kind, and par value and market value of each. 15. Cash value of real estate owned by the company. 16. Amount of cash on hand. 17. Amount of cash in hands of agents. 18. Amount loaned on mortgage of real estate. 19. Amount loaned on collateral. 20. Amount loaned without collateral. 21. Amount of all other investments. 22. Amount of premium notes on risks terminated. 23. Amount of borrowed money, specifying collaterals given for the same. 24. Amount of losses due and unpaid. 25. Amount of losses claimed and unpaid. 26. Amount of losses reported, upon which the liability of the company is not determined. 27. Amount of all other claims against the company. 28. Amount of cash received for premiums on fire risks. 29. Amount of cash received for premiums on marine risks. 30. Amount of notes received for premiums on fire risks. 31. Amount of notes received for premiums on marine risks. 32. Amount of cash received for interest. 33. Amount of income received from all other sources. 34. Amount of fire losses paid last year. 35. Amount of marine losses paid last year. 36. Amount of dividends paid the last year. 37. Amount paid for expenses of office. 38. Amount of other expenditures. 39. Amount received in cash for fire risks not terminated. 40. Amount required to reinsure all outstanding risks. 41. Amount of premium notes on risks not terminated. 42. Amount of delinquent notes not charged to profit and loss. 43. Highest rate of interest received. 44. Highest rate of interest paid on money borrowed. 45. How many shares of the capital stock are pledged to the company. 46. Balance to credit of profit and loss account. 47. Balance to debit of profit and loss account. 48. How many shares of the capital stock are owned by the company, or not subscribed for. 49. What amount of the capital consists of the stockholders' notes. B. Form of Return for Mutual Marine, and Mutual Fire and Marine Insurance Companies. C. Form of Return for Mutual Fire Insurance Companies. 1. Name of the company. 2. Where located. 3. When incorporated. 4. Date of commencement of business. 5. Amount insured by existing policies, in each class. 6. Amount of premiums and deposits on the same, in each class. 7. Amount of premiums and deposits received in cash, in each class. 8. Number of shares in each bank; state par value and market value, per share. 9. Number of shares in each railroad; state par value and market value, per share. 10. Amount of bonds of each railroad; state par value and market value, per share. 11. Amount invested in real estate, at cost, on the books of the company. 12. State in full all other investments. 13. Are any of the assets or securities of the company pledged for liabilities of the company? if yea, state particularly what. 14. Cash on hand and in |