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notes taken for premium on risks which are undetermined and outstanding at the time of making the dividend must not be treated as profiits nor divided except as provided in this chapter. 1887 R. S. Sec. 2743.

Declaring dividens: See note

der Sec. 2106. Section 2218. Limitation on Amount of Insurance, Liability of Directors: If any insurance corporation is under liabilities for losses to an amount equal to its capital stock, and the president or directors, after knowing the same, make any new or further insurance, the estates of all who make such insurance or assent thereto, are severally and jointly liable for the amount of any loss which takes place under such insurance. 1887 R. S. Sec, 2744.

Section 2219. Capital Stock to be Paid Within Twelve Months: The entire capital stock of every fire insurance corporation must be paid up in cash within twelve months from the filing of the articles of incorporation, and no policy of insurance must be issued or risk taken until twenty-five per cent. of the whole capital stock is paid up.

1887 R. S. Sec. 2745.

Section 2220. Must Certify to Capital Stock Paid up: The president and a majority of the directors must, within thirty days after the payment of the twenty-five per cent. of the capital stock, and also within thirty days after the payment of the last installment or assessment of the capital stock limited and fixed, prepare, subscribe and swear to a certificate setting forth the amount of the fixed capital and the amount thereof paid up at the times respectively in this section named, and file the same in the office of the county recorder of the county where the principal place of business of the corporation is located.

1887 R. S. Sec. 2746.

Section 2221. Property Which May be Insured: Every corporation formed for fire insurance may make insurance on all insurable interests within the scope of its articles of incorporation, and may cause itself to be re-insured. 1887 R. S. Sec. 2747.

Hartford Fire Ins. Co. v. Haas, 87 Ky. INSURABLE INTEREST:

A per

531, 2 L.. R. A. 64, 9 S. W. 720. In mort. son has an insurable interest in prop- gaged property, by a mortgagor before erty if he will suffer pecuniary loss the expiration of the period of redempby its destruction.- Wainer v. Milford tion.-Essex Savings Bank v. Meriden M. F. Ins. Co. 153 Mass. 335, 26 N. E. F. Ins. Co. 57 Conn. 335, 4 L. R. A. 759, 877. In property in respect to which 17 Atl. 930, 18 Atl. 324. In a barge he has a partly executed oral contract by one who has it in his custody and for conveyance to him.-Id. In the possession.-Murdock v. Franklin Ins. property of corporation, although Co. (W. Va.), 7 L R. A. 572, 10 S. E. that interest does not amount to ar 777. In a building belonging to an esestate, either legal or equitable in the tate of a deceased debtor by a simple property insured.--Riggs V. Comm. contract creditor which building may Ins. Co. 125 N. Y. 7, 25 NE.. 1058. In be subject to his debt because the perproperty against which he holds sonal property is insufficient to pay the claim for the payment of



debts of the estate.-Creed v. Sun Fire brances or debts, though the claims Office (Ala.), 23 L. R. A. 177, 14 So. barred by the statute of limitations.- 323. In the entire partnership stock


of one partner who in case of loss must account to the firm for such sums as he receives under the policy.-Manhattan Ins. Co. v. Webster, 98 Am. Dec. 332. In property sold where the vendor has not parted with all of his interest in the property.-Norcross Ins. Cos. 55 Am. Dec. 571. In property purchased by a purchaser who is in possession, before conveyance, and he may recover upon a total loss notwithstanding a previous policy taken out by his vendor upon the same property. Aetna F. Ins. Co. v. Tyler, 30 Am. Dec. 90; Franklin Fire Ins. Co. v. Martin, 29 Am. Rep. 271. In real property where a title bond therefor has been assigned to the assured, and the obligee in such bond has made valuable improvements on such property. -Ayres v. Hartford Fire Ins. Co. 85 Am. Dec. 553. In property upon which the insured holds a mechanic's lien. ---Stout v. State Fire Ins. Co. 75 Am. Dec. 539.

As to insurable interest in the rights of a

mortgagor under insurance of mortgaged property, see extensive note, 54 Am. Dec. 693-700.

REINSURANCE: Insurers have no insurable interest in the property insured by them, regarded in the light of owners, and therefore can have no action on a policy of double insurance made for the benefit of whom it may concern.-Alliance Marine Ins. Co. v. Louisiana State Ins. Co. 28 Am. Dec. 117. The insurer who has insured his risks with another insurer has power to assent to the transfer of one his policies according to its provisions in the absence of anything in the contract of reinsurance depriving him of such power.--Faneuil Hall Ins. Co. v. Liverpool & L. & G. Ins. Co. 153 Mass. 63, 6 N. E. 244. A reinsurer may be required to pay the amount of the loss for which it is liable directly to the insured or to the party ultimately entitled to the money

when the company reinsurei! has become insolvent.-Hunt v. N. H. Fire Underwriters Ass'n. (N. H.), 39 L. R. A. 38 Atl. 145. An agreement

issue a policy of reinsurance in the

usual form and for the usual premium made after the property was destroyed, of which both parties Here ignorant, would not become operative by relating back to the beginning of the riginal insurance, but will be deeined to commence at the day of the contract.-Union Ins. Co. v. Americir. Fire Ins. Co. 107 Cal. 327, 28 L. P. A. 692, 40 Pac. 431. Where a two thousand dollar policy of reinsurance provided that a loss on a six thousand dollar original insurance should be payable "pro rata, at the same time and in the same manner as the reinsured company," and a loss happened for which the reinsured had to pay $ 600, hela. that it could only recover $200 of the reinsurer.-Ill. Ins. Co. v. Andes Ins. Co. 16 Am. 620.

VACANT AND UNOCCUPSED CLAUSE: A policy of fire insurance on a flouring mill of the plaintiff The Bellevue Roller Mill Company, da:September 9, 1893, for one year provided as follows “This policy, unless otherwise provided by agreement 1.1dorsed hereon or added hereto, shall be void if the subject of the insurance he

manufacturing establishment, an! cease to operate for more than ten con. secutive days." It appeared that sail mill was compelled to suspend opera. tions during a portion of each year h... cause of the water freezing in the wii! race which conducted it to the mill. and that the agent of the insuralis, company, knowing this fact, har granted repeated renewals of the insurance of said mill for periods of 0116 year, and that on the 9th of September. 1893, the policy sued on was issued its a renewal, for one year, of a formei policy, without written application, and received the premium thereof. On December 9th, 1893, the mill closeri down, and so remained until May !'. 1894, when the loss occurred. Helil, that under the facts of the case, the insurance company had waived the provisions of the policy above quotel. --Bellevue Roller Mill ('o. et London & L. Fire Ins. Co. (Idaho', 35 Pac. 196.



Section 2222. Funds May be Invested, How: Every fire insurance corporation may, by its board of directors or as the bylaws direct, invest its funds in loans upon real or personal property, or in the purchase of stocks, bonds or other securities, but no loan must be made on the stock of the corporation as security. 1887 R. S. Sec. 2748.

Section 2223. Risk, Limitation of: No fire, marine or inland insurance company doing business in this state shall expose itself to any loss on any one risk, to an amount not exceeding ten per

cent. of its paid up capital, unless the excess shall be reinsured by such company in some other solvent insurance company. 1901, 6th Ses. p. 170, Sec. 10.

Section 2224. Amount to be Reserved Before Making Dividends: No corporation transacting fire insurance business under the laws of this state, must make any dividends except from profits remaining on hand after retaining unimpaired :

First. The entire subscribed capital stock;

Second. All the premiums received or receivable on outstanding risks:

Third. A sum sufficient to pay all losses reported or in the course of settlement, and all liabilities for expenses and taxes. 1887 R. S. Sec. 2750.

Section 2325. Capital Stock of Life and Accident Companies: Every corporation formed with the purpose of mutual insurance on the life or health of persons, or against accidents to persons for life or for any fixed period of time or to purchase and sell annuities, must have a capital stock or assets of not less than one hundred thousand dollars. It must not make any insurance upon any risk or transact any other business as a corporation until its capital stock is fully paid up in cash. 1901, 6th Ses. p. 169, Sec. 6.

Section 2226. Capital of Foreign Insurance Companies: It shall be unlawful for any fire, marine, inland, life or health or casualty insurance company, incorporated by or under, or organized pursuant to the laws of any foreign government or any state or territory of the United States, or any person or persons,

directly or indirectly, to take any risks or transact any business of fire. marine, inland, life health or casualty insurance in this state, unless possessed of an actual paid up capital or assets of not less than one hundred thousand dollars ($100,000). 1901, 6th Ses. p. 169, Sec. 7.

Section 2227. Must Obtain Certificate to do Business: It shall not be lawful for any person to act within this state as an agent or otherwise in soliciting or receiving applications for insurance of any kind whatever or in any manner to aid in the transaction of the business of any insurance company incorporated in this state, or out of it, without first procuring a certificate of authority from the insurance commissioner. 1901. 6th Ses. p. 167, Sec. 1.

Section 2228. Fire Insurance Risks, by Whom Written, Penalty, Annual Statement: All fire insurance risks covering in this state must be written in companies authorized to do business in this state, and only through their licensed agents

cate of the president, secretary or manager that this section has not been violated. 1901, 6th Ses. p. 170, Sec. 12.

Section 2229. Annual Statement Required: It shall be the duty of the president, or the vice president and secretary of every insurance company doing business in this State, annually, on or before the first day of April of each year, to prepare, under oath, and deposit with the insurance commissioner of this state a full, true and complete statement of the condition of said company on the last day of the month of December preceding. 1901, 6th Ses. p. 167, Sec. 2.

Section 2230. Same, Contents of: The annual statement required by the preceding section shall exhibit the following items and facts :

I. The name of the company and where located.

2. The names and residences of the officers of said company doing business in the state. 3.

The amount of the capital stock or assets of the company. 4. The amount of capital stock paid up.

5. The property or assets held by the company, viz. : The real estate owned by such company: the amount of cash on hand and deposited in banks to the credit of the company; the amount of cash in hands of agents; the amount of cash in course of transmission; the amount of loans secured by first mortgage on real estate, with the rate of interest thereon: the amount of all bonds and other loans, the rate of interest thereon: all other securities, their description and value.

6. The liabilities of such company, specifying the losses adjusted and due; losses adjusted and not due: losses unadjusted: losses in suspense and the cause thereof; losses resisted and in litigation: the amounts due banks or other creditors; the amount of money borrowed by the company: the rate of interest thereon and how secured: the net value of all policies in force, circulated as per the combined experience table of mortality, at 4 per cent interest, and all other claims against the company, describing the same.

7. Net surplus over all liabilities.

8. The income of the company during the preceding year. stating the amount received for premiums, specifying separately health, life. fire, marine or inland premiums, deducting reinsurance: the amount received for interest and from all other sources.

9. The expenditures during the preceding year, specifying the amount of losses paid during said term; the amount paid for return premiums.

ΙΩ. The amount of risk written during the preceding year. 1901, 6th Ses. p. 167, Sec. 3.

Section 2231. Company to File By-Laws and Names of Officers: Each life, health, fire, marine, inland or casualty insurnce company shall file with the insurance commissioner its acts of incorporation and all amendments thereto, and a copy of its by-laws, together with the names and residence of each of its officers and directors, all of which shall be certified under the hand of the president and secretary of such company. 1901, 6th Ses. p. 168, Sec. 4.

Section 2232. Company to Designate Agent Within the State: Any insurance company not incorporated or organized under the laws of this state, desiring to transact business in this state, shall file with the insurance commissioner of this state a written instrumeni of power of attorney, duly signed and sealed, appointing and authorizing some person who shall be a resident of this state,to acknowledge or receive service of process, and upon whom process may be served for and in behalf of such company in all proceedings that may be instituted against such company in any court of this State, or any court of the United States in this State, and consenting that service of process upon any agent or attorney appointed to accept service under the provisions of this section shall be taken and held to be as valid as if served upon the company, and such instrument shall further provide that the authority of such attorney shall continue until revocation of his appointment is made by such company by filing a similar instrument with the said insurance commissioner, whereby another person shall be appointed as such attorney. 1901, 6th Ses. p. 168, Sec. 5.

Section 2233. To File Statement and Pay Annual Tar: All insurance companies now doing business in this State, or that may hereinafter do business in this State, under the provisions of this chapter must file with the insurance commissioner annually, on or before the fifteenth day of April of each year, a statement under oath stating the amount of all premiums received by said company during the year ending December 31st preceding in this State, and the amount actually paid policy holders during the same time, and shall pay into the State treasury a tax of two per centum on all such premiums collected, less the amount of all losses actually paid policy holders, and premiums returned. The commissioner shall file such verified statement and schedule in his office and certify the amount of gross receipts, less amounts of losses actually paid policy holders and premiums returned as aforesaid to the State treasurer. Within thirty days thereafter such insurance company shall pay or cause to be paid into the State treasury a tax of two per centum, or two per centum upon all such gross receipts, less such amounts of losses actually paid policy holders and premiums returned in the State of Idaho, which payment, when made, shall be in lieu of all taxes upon the personal property of such company, and the shares or stock or assets therein. Any organization failing or refusing to render such statement and to pay the required tax of two per centum thereon for more than thirty days after the time so specified shall be liable to a fine of one hundred dollars for each additional day of delinquency, and the taxes may be collected by restraint and a fine recovered by an action to be instituted by the attorney general in the name of the State in any court of competent jurisdiction,

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