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Charity Hospital New Orleans: 1898

1898

page 132

Act No. 105.]   AN ACT In relation to the organization and operation of State insurance companies, and of insurance companies organized under the laws of other States or countries: To regulate fire insurance and insurance by lightning or tempest on land; marine insurance including inland transportation or navigation: Insurance guaranteeing the fidelity of persons in position of trust to act as surety on official bonds. To regulate the insurance loss or damage to property or life caused by the explosion of steam boilers: Accident insurance; breakage of plate glass, local or in transit: Insurance against loss by water to any goods arising from the leakage or breakage of water pipes or sprinklers: Relative to elevators, bicycles and vehicles: To regulate credit insurance or guaranty: Life insurance: To regulate generally fire, river, inland navigation or transportation or marine insurance: How local mutual and stock companies may be formed, the provisions to be included in their charter: amount of capital stock required: Board of Directors: how organized, and duties of the same: officers, how elected, and their duties; capital, how invested; restrictions upon business to be carried on; how dividends are to be declared; how impairment of capital stock may be remedied; duties of Secretary of State; reductions of capital stock and regulations providing for the examination of companies by the Secretary of State and penalties for the violation thereof, and the regulations of insurance companies. Relative to companies organized under the laws of other States; to appoint Secretary of state attorney to accept service of process: To deposit with Secretary of State copy of charter: Deposit re. quired of companies organized under the laws of foreign countries: providing for the filing of annual statements with Secretary of State: Relative to compliance with the laws of this State: authorization and penalty for acting as unauthorized agent: prohibiting payment of broker- age, commission or rebate to any but authorized agents; authorizing revocation of certificate for cause: Providing that business must be written by resident agents in this State: Authorizing Secretary of State to investigate all violations of law and penalty for such violations. Reciprocal provisions: Advertisements, how made: Return premium on unconsumed portion of policy after payment of loss. Authorizing Secretary of State to make inquiry as he may deem necessary, and to examine into financial condition of the companies: the impairment of capital: limit of liability to be assumed on any one risk: penalty for making false oath, and providing that all fines recovered shall be paid to the Charity Hospital: Contracts with unauthorized companies null and void; How reserve required by fire insurance companies shall be computed. Tax collectors to require certificate from Secretary of State for the purpose of fixing the license. Providing for the adoption of the New York standard form of fire insur. ance policy. Organization and operations of local Insurance Companies: Insurance and reinsurance in unauthorized companies; how regulated; and to regulate generally the business of insurance in this State.

Approved July 13th, 1898.