chartered by and doing business solely in this State, with a capital stock not exceeding twenty-five thousand dollars and which pays losses from assessments against its policyholders or members, shall pay a license tax of one per centum upon the gross amount of all premiums with above deductions allowed. This shall not apply to mutual fire insurance companies chartered in this State and doing a local business in this State, as defined by an act approved March 7, 1904. And, provided further, That nothing herein shall be construed to apply to Sec. 28 of Chap. 1, and Sec. 14 of Chap. 2, of an act concerning the Bureau of Insurance, approved March 9, 1906, providing that the expenses of maintaining the Bureau of Insurance shall be paid by the insurance companies doing business in this State, and providing that the expenses of keeping the bonds deposited with the Treasurer of the State shall be paid by the insurance company depositing same. * * *" Tax shall be paid to State Treasurer. Sec. 26. "The real estate and tangible personal property, situated or located in this State, of every person, partnership, company or corporation, whether organized by the laws of another State or country, or organized under the laws of this State, and doing an insurance business in this State, shall be listed and assessed on the land and property books of the Commissioners of the Revenue in the same manner as other real estate and tangible personal property is assessed, and shall be taxed at the same rate as other like property is taxed in this State. Sec. 260. "The license tax on gross premiums, as provided in Sec. 23, and the tax on real estate and tangible personal property herein provided to be paid by every person, partnership, company or corporation doing such an insurance business in this State, shall be in lieu of all other license fees, taxes and levies whatsoever for State, county, municipal or local purposes, which shall be construed to include their agents, except that the certificate fee of one dollar required to be paid by all such agents to the Bureau of Insurance shall be paid by them as heretofore." Sec. 28. "The expenses of maintaining the said Bureau of Insurance shall be assessed annually against the companies, foreign, alien and domestic, of the classes mentioned in this chapter, doing business in this State, except fraternal benefit orders, associations or societies, as defined and regulated in Chap. 5 of this act, in proportion to their respective gross premiums, assessments or dues, on business done in this State, not exceeding one-tenth of 1 per centum on the gross amount of the premiums, assesments, or dues of each of such companies, to be apportioned and assessed against such companies and by them to be paid as prescribed in the next succeeding section of this chapter." TAX STATEMENTS-Must be filed by March 1, showing business of the preceding calendar year. Penalty for failing to report, $50 per day; for failure to pay tax, revocation of license and addition of 10 per cent to amount of tax. See "Taxes." The act of March 9, 1906 (as amended March 15, 1908) assessing the expenses of the Bureau of Insurance upon the insurance companies, provides that such companies shall annually report, on or before May 1 upon forms to be furnished by the Commissioner of Insurance, the amount of their gross premiums during the preceding calendar year. VALUED POLICY-No statutory requirement. COUNTY TAXES Now prohibited by law. MUNICIPAL TAXES AND FEES. Prohibited by Sec. 26a, Insurance Law. (See under "Taxes.") On or before CALENDAR-VIRGINIA Fee payable to State Treasurer for holding deposits. Premium tax is payable. April 30 May July I Annual registration fee is payable. Affidavit of compliance with Resident Agents Law must be filed. Company license must be secured. Separate license required for each underwriters' agency. Tax payable for maintenance of Bureau of Insurance. Premium report for Bureau of Insurance tax must be filed. Agents' licenses must be procured. An'l Election Within 30 days after annual election names of officers and direc tors must be filed. WASHINGTON. STATE REQUIREMENTS. ADJUSTERS' LICENSES-An adjuster must secure an annual license expiring March 31, to adjust losses for authorized companies and unauthorized companies, on policies written through their duly licensed agents. "He shall also secure a license for each separate company for each loss adjusted by him for non-admitted or unauthorized companies on policies which have not been written by or through a regularly licensed agent for such companies in this State. Agents for licensed companies may adjust their own losses without procuring an adjuster's license. AGENTS DEFINED-Insurance Laws, March 10, 1911, Sec. 2. is a person, co-partnership, corporation, attorney, board or committee duly appointed and authorized by an insurance company to solicit applications for insurance, to be known as a soliciting agent, or to solicit applications and effect insurance in the name of the company, to be known as a recording or policy-writing agent, and to discharge such other duties as may be vested in or required of the agent by the company." AGENTS' LICENSES-Agents must make application for license on blanks furnished by the Insurance Commissioner, which application must be approved by a company to be represented. Licenses expire annually March 31. A license issued to a firm or agency corporation permits each member of the firm or officer of the corporation to solicit or effect insurance, but the names of such members or officers shall be specified and appear in the license. See "Reciprocal Law." ANNUAL STATEMENTS-Must be filed on or before February 15, showing condition as of December 31 preceding. Penalty for non-compliance $25 for each day of delinquency. Alien companies must file capital statements in February. No other statement is required annually. ANTI-COINSURANCE-No provision. ANTI-COMPACT INSURANCE CODE, Sec. 32 (as amended in 1915). "It shall be unlawful for any insurance company authorized to transact business in this State, or any manager, or any agent or representative thereof, or solicitor or broker to, either within or outside of this State, directly or indirectly, enter into any contract, understanding, or combination, with any other insurance company, or any manager, or any agent or representative thereof, or solicitor or broker, or to jointly or severally do any act or engage in any practice or practices for the purpose of controlling the rates to be charged for insuring any risk, or class or classes of risks, in this State, or for the purpose of discriminating against or differentiating from any company, manager, agent, solicitor or broker by reason of its or his plan or method of transacting business or its or his affiliation or nonaffiliation with any board or association of insurance companies, managers, agents, representatives, solicitors or brokers, or for any purpose detrimental to free competition in the business or injurious to the insuring public. Whenever the Commissioner shall have knowledge of any violation of this section, he shall forthwith order such offending company, manager, agent, representative, solicitor or broker to immediately discontinue such practice or show cause to the satisfaction of the Commissioner why such order should not be complied with. Within thirty days from the receipt of such order, and upon failure to comply with such order, the Commissioner shall forthwith revoke the license of such offending company, agent, solicitor or broker, and no renewal of the license so revoked shall be granted within three years from the date of revocation." See "Rating Schedules to be Filed." ANTI-REBATE-Insurance Code, Sec. 33. "No insurance company, by itself or any other party, and no licensed insurance agent, solicitor, or broker, personally or by any other party, shall offer, promise, allow, give, set off, or pay, directly or indirectly, any rebate of, or part of, the premium payable on the policy, or on any policy, or agent's commission thereon, or earnings, profit, dividends, or other benefit founded, arising, accruing or to accrue thereon, or therefrom, or any other valuable consideration or inducement to or for insurance, on any risk in this State now or hereafter to be written, which is not specified in the policy contract of insurance; nor shall any such company, agent, solicitor, or broker, personally or otherwise, offer, promise, give, sell, or purchase any stocks, bonds, securities, or property, or any dividends or profits accruing or to accrue thereon, or other thing of value whatsoever as inducement to insurance or in connection therewith which is not specified in the policy. The license of any insurance company, agent, solicitor, or broker who violates the provisions of this section shall be revoked and no license shall be issued to such company, agent, solicitor, or broker within one year from the date of the revocation of the license. No insured person or party shall receive or accept, directly or indirectly, any rebate of premium or part thereof, or agent's, solicitor's, or broker's commission thereon payable on the policy, or on any policy of insurance, or any favor or advantage or share in the dividend or other benefit to accrue thereon, or any valuable consideration or inducement, not specified in the policy contract of insurance; the amount of the insurance whereon the insured has received or accepted, either directly or indirectly, any rebate of the premium or agent's, solicitor's, or broker's commission thereon, shall be reduced in such proportion as the amount or value of such rebate, commission, dividend, or other consideration so received by the insured, bears to the total premium on such policy, and any such insured shall be liable, in addition to having the insurance reduced, to a fine of not more than two hundred dollars. No person shall be excused from testifying, or from producing any books, papers, contracts, agreements, or documents at the trial of any person charged with violating any provision of this act, on the ground that such testimony or evidence may tend to incriminate himself, but no person shall be prosecuted for any act concerning which he shall be compelled so to testify or produce evidence, documentary or otherwise, except for perjury committed in so testifying. ATTORNEY-The Insurance Commissioner must be appointed to accept service of legal process. CANCELLATION OF POLICY-Policies may be canceled upon five days' notice. Members of mutual companies may withdraw on five days' notice, but cannot escape statutory liability for losses prior to cancellation. CAPITAL REQUIRED-Stock company must have capital of at least $200,000 to transact fire and inland marine insurance, with $100,000 additional if ocean marine or automobile (all kinds) insurance is written, and $50,000 additional if plate glass, sprinkler and motor vehicle (excepting against the hazard or injury to persons) insurance is written. To write all of foregoing classes companies must have $350,000. $450,000 if full coverage of automobiles is desired in conjunction with all the other classes enumerated. Domestic companies are also required to have a surplus of at least $50,000. COMMISSIONS TO NON-RESIDENTS-Commissions must be paid to residents of the State who are licensed as agents. DEPOSIT-A Law of 1915, Sec. 24, provides that like deposits shall be required of such companies whose home State requires deposits from Washington companies. * * DOMESTIC COMPANIES-Insurance Code, Sec. 84. No stock insurance company shall make insurance in this State under class I of section 83 of this act, without having capital stock of at least $200,000, of which not less than one-half must be paid in in cash or like securities authorized by this act, and the remainder, in cash or like securities, paid within one year after the company is incorporated, and a surplus of not less than $50,000. Not less than the respective numbers named of citizens of the United States, two-thirds of whom must be residents in Washington, may incorporate domestic companies as follows: Stock, five; mutual, ten; Lloyds, twenty; inter-insurers, twenty-five. Duly acknowledged articles of incorporation must be filed with the Secretary of State, the Insurance Commissioner and the Auditor of the county in which principal office is located. Number of trustees or directors, five to eleven. Name must not closely resemble that of another company. Expense of incorporation and organization, including placing of stock, must not exceed 71⁄2 per cent of par value of stock sold. Stockholders are liable for debts, beyond par value, up to 100 per cent of par value. By an amendment of 1913 companies organized before passage of the 1911 code are given four years from 1912 to meet requirements. EXAMINATIONS—Each domestic company must be examined at least once each year and whenever the Commissioner deems it prudent. Outside companies may be examined whenever the Commissioner deems it advisable. Penalty for refusing to permit examination, revocation of license. Penalty |