« PreviousContinue »
FIRE AND INLAND NAVIGATION AND TRANS
PORTATION INSURANCE COMPANIES.
1853, Ch. 466 — The general act .....
13 SEC. 1. Corporations may be formed; their purposes.
2. Power to effect re-insurance.
or Kings county unless complying with certain provisions.
capital to be made by superintendent or three commissioners. II. By-laws; seal. 12. No dividends to be made except from surplus profits; penalty
for improperly declaring dividends. 13. Notes to be held as security for losses; persons insuring to be
members of mutual companies; settlement of losses, etc. 14. Mutual companies may unite cash capital as additional security;
joint-stock companies may allow insured to participate in
profits. 15. Word “Mutual” to appear on policies and renewals of mutual
companies, and “Stock on those of stock companies. 16. Suits may be maintained by corporation against members and
stockholders and vice versa. 17. Trustees and corporators to be responsible for debts. 18. Existing joint-stock companies may reorganize under general
act; mutual may become joint-stock companies; may extend
term of charters. 19. Companies may increase capital stock, change name, etc. 20. Companies formed under act of April 10, 1849, brought under
this act. 21. Companies formed to be bodies corporate and politic. 22. Annual statement to be made by company to superintendent;
its contents; annual report of superintendent to legislature. 23. When foreign company may take risk; to appoint attorney; to
file charter and statement; where capital is impaired; deposit of security; securities may be changed; agents to obtain certificates of authority ; to file and publish same; renewal thereof; brokers not to place risks; penalty ; agents' place of business to be advertised; terms "agent and i broker" defined.
Sec. 24. Superintendent may appoint persons to make examinations ;
may publish result: proceedings after investigation; court
28. Repeal ; exception.
Sec. 1. Members of mutual companies not to vote by proxy for di
1853, Ch. 528 — General act amended
35 SEC. 1. Amends L. 1853, ch. 466. 2. Certain joint-stock companies may be organized under act of
1861, Ch. 92 — Inland navigation companies.
2. Id., as to new companies.
1873, Ch. 851 - General act amended ...
36 SEC. I. Amends L. 1853, ch. 466. 2. Examinations to be made by superintendent; when court may
1874, Ch. 189— Security against conflagrations; safety funds.. 36
tice on policies.
surplus profits to be set apart, to constitute funds. 4. Guaranty fund, how to be invested. 5. Special reserve fund, how invested and deposited. 6. Profits of company, how estimated ; how long restrictions on
dividends shall continue. 7. In cases of extensive conflagrations; making up capital stock ;
annual statements; guaranty surplus fund; books, etc., not
assets. 8. When capital stock has become impaired, how to be made up ;
limit on insurance; interpretation.
1877, Ch. 241 — False statements prohibited..
42 SEC. I. False statements of assets prohibited.
2. What advertisements, etc., to contain.
1878, Ch. 98 — Merging of corporations....
43 Sec. 1. Merger of corporations organized under general act.
2. Ratification by directors and stockholders
1879, Ch. 489 — Issuance and reissuance of policies....
45 SEC. 1. Limits as to risk.
2. Limits as to risks taken by foreign companies.
1880, Ch. 110– Examinations and reports.....
47 SEC. 1. Investigations; what may be allowed as assets ; liabilities, how
to be estimated.
returned less short rate.
ness; to report liabilities.
48 Sec. I. Joint-stock companies authorized to issue policies against loss
or damage by lightning.
1882, Ch. 218 — Damage by windstorms and tornadoes..
49 Sec. I. Joint-stock companies authorized to issue policies against loss
or damage by windstorms and tornadoes.
1882, Ch. 243 — Charters to be deemed extended......
49 SEC. I. Charters of companies changed from mutual to joint-stock to be
L. 1853, Chap. 466 – An Act to provide for the incorporation of Fire Insurance Companies.*
PASSED June 25, 1853.
SECTION 1. Any number of persons, not less than thirteen, may Corporaassociate and form an incorporated company for the following be formed. purposes, to wit:
To make insurance on dwelling-houses, stores and all kinds of buildings, and upon household furniture and other property, against loss or damage by fire, and the risks of inland navigation and transportation.
Sands v. Lilienthal, 46 N. Y. 541. (See Laws of 1861, chap. 92, post, p. 35.)
§ 2. Any company organized under this act, shall have power to effect to effect re-insurance of any risks taken by them respectively.
Casserly v. Manners, 48 How. 219.
does the text of the act.
CHAP. II. Declara
notice of intention
what to contain.
& 3. Such persons shall file in the office of the superintendent tion to be of the insurance department* a declaration signed by all the cor
porators, expressing their intention to form a company for the published. purpose
of transacting the business of insurance as expressed in the first section of this act, which declaration shall also comprise a copy of the charter proposed to be adopted by them, and shall publish a notice of their intention in a public newspaper, in the county in which such insurance company is proposed to be located, for at least two weeks successively. [As amended by Laws
of 1873, chap. 851, § 1.] Charter, 8 4. The charter comprised in such declaration shall set forth
the name of the company, the place where the principal office for the transaction of its business shall be located, the mode and manner in which the corporate powers granted by this act are to be exercised, the mode and manner of electing trustees or directors, a majority of whom shall be citizens of this State, and of filling vacancies (but each director of a stock company shall be the owner in his own right of at least five hundred dollars worth of the stock of such company at its par value), the period for the commencement and termination of its fiscal year, and the amount of capital to be employed in the transaction of its business; and the superintendent of the insurance department shall have the right to reject any name or title of any company applied for, when he shall deem the name too similar to one already appropriated, or likely to mislead the public in any respect.
(See Laws of 1877, chap. 211, post, p. .) Company 8 5. No company formed under this act shall, directly or indiin goods, rectly, deal or trade in buying or selling any goods, wares, mer
chandise or other commodities whatever, excepting such articles as may have been insured by any company, and are claimed to be
damaged by fire or water. Joint-stock
§ 6. No joint-stock company shall be incorporated under this
act in the city and county of New York, nor in the county of formed ink Kings, nor shall any company incorporated under this act establish countyorfin any agency for the transaction of business in either of said Kings, counties, with a smaller capital than two hundred thousand dolplying with lars, nor in any other county in this State with a smaller capital visions,
than fifty thousand dollars ; nor shall any company formed for the purpose of doing the business of fire or inland navigation
*The words "said superintendent” or “superintendent of the insurance department," are substituted for “comptroller" throughout these laws, in accordance with the provisions of chap. 366, Laws of 1859.
not to deal
company not to be
insurance, on the plan of mutual insurance, commence business, if located in the city of New York or in the county of Kings, nor establish any agency for the transaction of business in either of said counties, until agreements have been entered into for insurance with at least four hundred applicants, the premiums on which shall amount to not less than two hundred thousand dollars, of which forty thousand dollars at least shall have been paid in cash, and notes of solvent parties, founded on actual and bona fide applications for insurance, shall have been received for the remainder ; nor shall any mutual insurance company in
other Mutual in county of the State commence business until agreements have companies, been entered into for insurance with at least two hundred appli- mence busicants, the premiums on which shall amount to not less than one
ance with certain
on complihundred thousand dollars, of which twenty thousand dollars at
conditions. least shall have been paid in cash, and notes of solvent parties, founded on actual and bona fide applications for insurance, shall have been received for the remainder. No one of the notes received as aforesaid shall amount to more than five hundred dollars; and no two shall be given for the same risk, or be made by the same person or firm, except where the whole amount of such notes shall not exceed five hundred dollars ; nor shall any such note be represented as capital stock unless a policy be issued upon the same within thirty days after the organization of the company, upon a risk which shall be for no shorter period than twelve months Each of said notes shall be payable, in part or in whole, at any time when the directors shall deem the same requisite for the payment of losses by fire or inland navigation, and such incidental expenses as may be necessary for transacting the business of said company. And no note shall be accepted as part of such capital stock, unless the same shall be accompanied by a certificate of a justice of the peace or supervisor of the town or city where the person making such note shall reside, that the person making the same is, in his opinion, pecuniarily good and responsible for the same, and no such note shall be surrendered during the life of the policy for which it was given. No fire insurance company organized under Restriction. this act, or transacting business in this State, shall expose itself to any loss on any one fire or inland navigation risk, or hazard, to an amount exceeding ten per cent of its paid-up capital. [As amended by Laws of 1854, chap. 369, § 1, and by Laws of 1862, chap. 367, 8 I.]
(See Laws of 1877, chap. 209, as amended by Laws of 1878, chap. 337, post, p. amount of capital required.)
, as to