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CHAP. III.

must de

insurance against loss or damage to plate glass, and every partnership engaging in the business of insuring against loss or damage posit securto plate glass shall be required to deposit with the superintendent amount of

$100,000. of the insurance department of this State, for the benefit of all their policyholders, securities amounting to at least one hundred thousand dollars; and no corporation, association or company created by or existing under the laws of any other State of the United States, with authority to insure against loss or damage to plate glass, shall be permitted to transact business in this State without having previously deposited for the benefit of all their policyholders, securities amounting to at least one hundred thousand dollars with the superintendent of the insurance department, treasurer or chief financial officer of the State wherein such corporation, association or company is organized; such deposit shall consist of Nature of the same securities in character and description as are required to

securities. be made by companies under the act providing for the formation of life, health and casualty insurance companies and in relation to agencies of such companies, passed June twenty-fourth, eighteen hundred and fifty-three, and the amendment and addition thereto, [As amended by Laws of 1881, chap. 628, $ 1.] People v. McCann, 67 N. Y. 506.

§ 2. No such corporation or company, or partnership, as referred No policies to in the first section of this act, shall issue or deliver any policy, act li se certificate or contract of insurance upon plate glass within this curity is State in any name unless such corporation or company, or partnership shall have first complied with the provisions of this act prescribing and regulating deposits, and no person or persons shall act within this State as agent, surveyor or otherwise in soliciting, receiving or procuring applications for such insurance, or premiums therefor, or in delivering policies of insurance, or in adjusting or replacing losses, or in any manner whatever in aid of transactions relating to the business of plate-glass insurance, of or for any company or corporation, or partnership, unless such company or corporation, or partnership shall have fully complied with the provisions of this act. No individual, individuals or partnerships of indi- Individuals viduals shall issue policies or contracts of any kind covering the policies insurance or replacement of plate glass under a corporate or fictitious tious name or under any name, style or title other than the true name of such individual or individuals, whether forming a partnership or otherwise, without complying with the insurance laws in regard to casualty insurance. It shall not be lawful for any

agent to

not to issue

under ficti

names,

+

violation of this act.

CHAP. III.

person transacting plate-glass insurance in the name of any individual or individuals, or any one in their behalf, to issue any policies or contracts, or renewals thereof, for the insurance or replacement of plate glass or to advertise the same in any manner, in any name, title or designation other than the true name of the individual or individuals responsible for such policies or contracts.

As amended by Laws of 1881, chap. 628, § 2.] Penalty for § 3. Every violation of this act shall subject the corporation,

company, association, individual or individuals, or partnership committing such violation to a penalty of five hundred dollars for each violation, which penalty shall be sued for and recovered in the name of the people of this State by the district attorney of the county in which the company, corporation, association, individual or individuals or partnership is located, or in which the manager or managers, agent or agents, shall have committed such violation, and one-half of such penalty, when recovered, shall be paid into the treasury of such county, or in the city of New York to the chamberlain of said city, and the other half to the informer of said

violation. [As amended by Laws of 1881, chap. 328, $ 3.] Laws of

§ 4. Chapter six hundred and seventeen of the laws of eighteen 1873, ch. pealed.

hundred and seventy-three, entitled “An act regulating the deposit of securities by plate-glass insurance companies, is hereby repealed.”

617, re

ment of

benefit of married women.

L. 1879, Chap. 248 – An Act for the relief of policyholders in life insurance companies.

PASSED May 5, 1879. Assign- SECTION 1. All policies of insurance heretofore or hereafter policies for issued within the State of New York upon the lives of husbands

for the benefit and use of their wives, in pursuance of the laws of the State, shall be, from and after the passage of this act, assignable by said wife with the written consent of her husband; or in case of her death by her legal representatives, with the written consent of her husband to any person whomsoever, or be surrendered to the company issuing such policy with the written consent of the husband.

Brummer v. Cohn, 86 N. Y, 11; Living v. Domett, 26 Hun, 150; Leonard v. Clinton, id. 288.

(See Laws of 1840, chap. 8o, ante, p. 71.)

CHAP. III.

Surrender

years

L. 1879, Chap. 347 – An Act to protect the rights of policyholders in life insurance companies.

PASSED May 21, 1879. SECTION 1. Whenever any policy of life insurance hereafter issued by any company organized or incorporated under the laws value of

policies in of this State, after being in force three full years, shall by its orce terms lapse or become forfeited for the non-payment of any premium, or of any note given for a premium, or loan made in cash on the policy as security, or of any interest on such note or loan, unless the provisions of this act are specially waived in the application, and notice of such waiver written or printed in red ink on the margin of the face of the policy when issued, the reserve on such policy, including dividend additions, calculated at the date of the failure to make any of the payments above described, according to the American experience table of mortality, and with interest at the rate of four and a half per cent per annum, after deducting any indebtedness of the insured on account of any annual, semi-annual or quarterly premium then due, and any loan made in cash on such policy evidence of which is acknowledged by the insured in writing, shall on demand made, with surrender of the policy within six months after such lapse, be taken as a single premium of life insurance at the published rates of the company at the time the policy was issued, and shall be applied, as shall have been agreed in the application and policy, either to continue How to be the insurance of the policy in force at its full amount, so long as such single premium will purchase temporary insurance for that amount, at the age of the insured at the time of lapse, or to purchase upon the same life at the same age, paid-up insurance payable at the same time, and under the same conditions, except as to payment of premiums, as the original policy. Provided, that if no such agreement be expressed in the application and policy, the said single premium may be applied in either of the modes above specified, at the option of the owner of the policy; notice of such option to be contained in the demand hereinbefore required to be made to prevent the forfeiture of the policy. Provided, also, that the net value of the insurance given for such single premium under this section, computed by the standard of this State, shall in no case be less than two-thirds of the entire reserve after deducting the indebtedness as specified; but such insurance shall not participate in the profits of the company.

CHAP. III.

Endowment policies,

§ 2. If the reserve upon any endowment policy, applied according to the preceding section as a single premium of temporary insurance, be more than sufficient to continue the insurance to the end of the endowment term named in the policy, and if the insured survive that term, the excess shall be paid in cash at the end of such term, on the conditions on which the original policy was issued.

Tax on Life Ins. Cos.

Amount.

Return to treasurer

L. 1880, Chap. 534–An Act to provide for the taxation of life insurance companies.

PASSED May 31, 1880. SECTION 1. Every life insurance company incorporated under the laws of this State shall annually, on or before the first day of February, pay to the treasurer of the State, as a tax on its corpotate franchise or business in this State, a sum equal to one per

centum upon the gross amount of premiums, interest and other Jincome, exclusive of rents, received by such company during the

year ending the preceding thirty-first day of December, from persons residing in this State, or investments represented by or based upon property situated in this State.

People, ex rel. Burrows, v. Supervisors of Orange, 17 N. Y. 235; People, ex rel. Hopkins, v. Supervisors of Kings, 52 id. 556.

8 2. Every such insurance company shall annually, on or before and comp- the first day of February, make a return to the treasurer and

comptroller of the State, signed and sworn to by its president and secretary, giving the total amount of premiums, interest and other income, exclusive of rents, received by such company during the year ending the preceding thirty-first day of December from persons residing in this State, or investments represented by or

Based upon property situated in this State. Misde

$ 3. If any officer of any life insurance company, required by willfully neglect

the preceding section to make and execute a return, shall refuse or willfully neglect to make or execute the same, such officer shall be guilty of a misdemeanor, and any such officer who, in such return, shall make a willfully false statement, shall be subject to the pains and penalties of perjury. All taxes unpaid when due by such company under this act may be collected by action brought in the supreme court in the name of the people of the State by the attorney-general at the instance of the comptroller, and in such action the court may issue an injunction restraining the further prosecution of the business of the corporation named

meanor to

or refuse to make return,

Action to recover tax.

CHAP. III.

assessed

therein until such tax, due and unpaid, together with interest and the costs of the action, are paid, and until the return required by this act is made. § 4. The lands and real estate of life insurance companies shall Lands of

companies continue to be assessed and taxed where situated for State, city, to be town, county, village, school, or other local purposes, but the where

situated. personal property of said companies and shares of stock therein shall hereafter be exempt from assessment or taxation except as in this act prescribed.

(The foregoing act is deemed to be inoperative, by reason of the failure to distinctly state therein the object to which the tax is to be applied, as required by Article III, section 20 of the constitution.)

L. 1881, Chap. 434 - An Act in relation to life insurance

companies.

PASSED May 31, 1881. SECTION 1. No director or officer of a life insurance company Officers shall receive any money or valuable thing for negotiating, procur- tors not to ing, or recommending any loan from such company, or for selling compensaor aiding in the sale of any stocks or securities to or by such com- negotiating pany.

§ 2. Any person violating the provisions of this act shall forfeit Penalty. his position either as director or officer, or both, and shall be disqualified forever after from holding any such office in any life insurance company.

loans,

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