States or the District of Columbia, or either of them, worth at least fifty per cent more than the sum invested or loaned thereon. (2) Domestic insurance companies hereafter organized may, after complying with the provisions of this Act, invest their additional surplus or other funds, in such securities as are named in paragraph (1) hereof; or may loan upon, or purchase real estate or mortgage bonds of railroad companies organized under the laws of said State, or the District of Columbia, or either of them, or operated therein, or the capital stock, bonds, securities, or evidences of indebtedness created by any corporation or corporations created under the Laws of the United States, or of this, or any other State, except the stock of mining companies; provided, that no loan shall be made or retained on any of the above-mentioned securities, except the bonds or stocks issued or created by the United States, or this State, exceeding ninety per centum of the market value thereof; and provided, further, that no loan shall be made by any company on its own stock." LICENSED BROKERS-No provision. LIMIT ON A SINGLE RISK-Ten per cent. of paid-up capital and surplus (net). A mutual company's limit is 5 per cent of net premium income in preceding year. LLOYDS—Ins. Code, 1909, Sec. 2. "That in this Act, unless the context otherwise requires, "Company" or "Insurance Company" shall include all corporations, associations, partnerships, or individuals engaged as principals in the insurance business, excepting fraternal and benevolent orders and societies." MISCELLANEOUS-Misuse of company's funds by an agent is larceny. MUTUAL COMPANIES-Ins. Code, 1909, Sec. 62. "Twenty-five or more persons, citizens of this State, may form a corporation to carry on the business of insurance on the mutual plan or fire insurance upon the assessment plan. The Secretary of State shall not issue a certificate of incorporation to any such insurance company organized on the mutual or the assessment plan unless it shall appear by affidavit of at least three of the incorporators that a guaranty or equivalent fund shall have been provided, as required in Section 26 of this Act, and until the Commissioner shall have approved the same." The word "Mutual" must be embodied in the title. County and district (a district is defined as not less than one county. nor more than four) mutuals may be organized by 50 residents owning $50,000 of property, when $100,000 shall have been written in risks (as amended in 1915). PRELIMINARY DOCUMENTS-Company must file with the Insurance Commissioner a copy of its last annual statement showing the condition of the company, also certified copies of its articles of incorporation and bylaws and certificate of incorporation, coupled with an acceptance of the provisions of the Ins. Code of the State. Penalty for doing business in Utah without authority, fine of $100. Articles of incorporation and by-laws, and acceptance of constitution, are filed but once. PUBLICATION—A statement prepared by the Commissioner of Insurance, together with a copy of certificate of compliance, must be published annually within thirty days after issuance of certificate of authority, at least four times, in newspaper published at the capital, at the company's expense. Charge is $8, payable directly to publisher upon presentation of bill for same. RECIPROCAL INSURANCE-Requirements governing corporations are held to regulate reciprocals and inter-insurers. See "Lloyds." RECIPROCAL LAW-None. REINSURANCE-Ins. Code, 1909, Sec. 56. "Every insurance company doing business in this State may reinsure the whole or any part of any policy obligation in any other insurance company. When the reinsurance is made by any other than a life insurance company, the company so reducing its direct amount at risk shall, for the purpose of computing its unearned premium fund, deduct from the original or policy premium on said direct amount at risk, the net sum actually paid for reinsuring such risk. The company taking over or acquiring the risk, through reinsurance, shall enter in premium in force at any time the premiums actually received for risks thus acquired through reinsurance, the unearned premium to be computed by the company ceding the risk upon the balance of policy premium in force after deducting the sum actually paid as a premium consideration for the risk so ceded. The company taking over such reinsurance shall compute its unearned premium fund on account thereof upon the basis of the actual amount of net premium so received and in force at the time of such computation. But this provision shall not apply to a company that reduces by reinsurance its direct liability to the holders of its policies as a step preliminary to its permanent or final retirement from the business. Said retiring company shall then be credited in reduction of its outstanding policy liability with the original or policy premium reinsured, irrespective of the net sum actually paid for such reinsurance, and the company taking over such outstanding risks shall be charged with an unearned premium fund on the original or policy premium on said risks, as the same appear in the outstanding policies of the retiring company. No credit of any kind shall be allowed or given, either as a reduction of taxes or of liabilities, to any company transacting business in this State for reinsurance made in companies not authorized to issue policies in this State." Schedules of insurance may be required at any time by the Commissioner of Insurance. REINSURANCE RESERVE-"The amount required to safely reinsure all outstanding risks." RESIDENT AGENTS-Insurance Code, 1909, Sec. 34. "No insurance company or association (other than life) not incorporated under the laws of this State, shall make, write or place any policy or contract of insurance of any kind or character binding in law upon any person or property situated or located in this State, except after the said risk has been approved by an agent resident of this State, regularly commissioned SEMI-ANNUAL STATEMENTS-None required. and may not be used if disapproved. TAXES-Ins. Code, 1909, Sec. 17. "*** Forms and riders must be filed, All insurance companies engaged in the transaction of business of insurance in this State shall annually, on TAX STATEMENTS-Must be filed before March 1. See "Taxes." None. COUNTY TAXES AND FEES. MUNICIPAL TAXES AND FEES. BRIGHAM-For each agent, $6 per annum, payable semi-annually, January I and July I. CALENDAR-UTAH Company license must be secured. Annual statement must be filed. Synopsis of annual statement for publication must be obtained and publication made by March 30. Premium tax is payable. Tax statement must be filed. New power of attorney must be filed. VERMONT. STATE REQUIREMENTS. AGENTS DEFINED-No statutory definition. AGENTS' LICENSES-Agents must procure licenses, which are renewable annually on April 1. Agents may act as brokers if license fees amount to $10. Penalty for acting for unauthorized company, $100 to $1000. Applications for licenses need not be signed, under seal, by company ofcials. Each member of firm who solicits insurance and each person soliciting for an agency corporation is required to have a license. ANNUAL STATEMENTS—All fire insurance companies' statements must be filed not later than February 15 for the year ending December 31 preceding. ANTI-COINSURANCE-No prohibition of use of coinsurance clauses. ATTORNEY-The Insurance Commissioner must be authorized to accept. service of legal process. In case of non-compliance with the provisions of the law, service may be had on any agent. Penalty for transacting business without having appointed the Insurance Commissioner as attorney, fine of $100 to $500. CANCELLATION OF POLICY-No requirement as to notice to insured. CAPITAL REQUIRED-Company must possess an unimpaired capital of $100,000, at least one-half of which must be invested in cash securities other than real estate mortgages. COMMISSIONS TO NON-RESIDENTS—No prohibition. DOMESTIC COMPANIES-Chap. 225, P. S., Sec. 5419. "No domestic stock fire insurance company or corporation shall be hereafter organized with a less capital stock than $100,000 paid in cash." Sec. 5415. "No domestic insurance company or association shall issue policies until, upon examination of said commissioners or their deputy, it is found to have complied with the laws of this State, and obtained from said commissioners a certificate stating that fact and authorizing it to issue policies." EXAMINATIONS-Chap. 225, Sec. 5467. "At least once in five years and whenever the Insurance Commissioners determine it to be prudent, said Commissioner shall personally, or by their deputy or examiner, visit each domestic insurance company, and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfil its obligations, and whether it has complied with the provision of law.*** Sec. 5468 "When said Commissioners determine it to be prudent for the protection of policyholders in this State, they shall in like manner visit and examine, or cause to be visited and examined by some competent person or persons whom they may appoint for that purpose, any foreign insurance company applying for admission or already admitted to do business by agencies in this State, and such company shall pay the proper charges incurred in such examination, including the expenses of the Commissioners or their deputy and the expenses and compensation of their assistants employed therein. Such examination shall include a computation of the reinsurance reserve." FEES-For each company license, $5; for each license or renewal to agents (one for each member of firm), $2; for each broker's license, $10; for license to place insurance in unauthorized companies, $10, if issued between April 1 and September 30, and $5 if issued between October I and March 31; filing annual statement, $20; for filing charter on admission (reciprocal), $30; for each service of process, $1. It is not optional with the department to reduce or remit any of above fees, which are payable to the Insrance Commissioner. All fees are governed by the reciprocal law. FIRE DEPARTMENT TAX-Governed by reciprocal law. FIRE MARSHAL—Act 160, Sec. 4, provides for the investigation of all fires by the Insurance Commissioner, who shall, ex-officio, be Fire Marshal. FOREIGN COMPANIES' HOME OFFICE STATEMENTS-None required. GENERAL PENALTY-Chap. 225, Sec. 5487. "When the insurance Commissioners believe that an insurance company organized under the laws of this or any other State, or an officer or agent thereof, or any other person, has violated the law relating to insurance, or has not complied with its requirements, they shall forthwith report the fact with any information they have relating thereto to the Attorney-General, who shall, if in his judgment it is advisable so to do, prosecute therefor; and the offender shall be fined not more than $2000 and cost of prosecution." Penalty for not paying judgment within thirty days, revocation of license; company or agent issuing policy after suspension may be fined not more than $200. A foreign company's license may be revoked for any violation of law. IMPAIRMENT-Chap. 225, Sec. 5425. ***But the Insurance Commissioners may, in their discretion, license a company to do business. whose impairment of capital does not exceed twenty per cent under the above rule." (See "Capital Required.") INVESTMENTS PRESCRIBED-Capital of foreign companies must be in securities readily available into cash, not less than one-half of which is invested in cash securities other than mortgages on real estate. Capital of domestic companies, surplus funds and other assets, shall be invested in such securities as are permitted by law to savings banks, savings institutions and trust companies, but such funds shall not be invested in or loaned upon its own stock or the stock of any other insurance company. Real estate convenient for the accommodation of its business may be held at a cost not exceeding twenty-five per cent of its available cash assets and not otherwise, but may hold real estate acquired under the conditions of any |