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unless the excess shall be reinsured by it in some good reliable company

or companies.” MISCELLANEOUS—Act of March 7, 1912. Sec. 9. "No insurance com

pany, corporation, association, partnership or individual doing an insurance business in Porto Rico shall limit the term within which any suit shall be brought against it to a period less than one year from the time when the

loss insured against shall occur." MUTUAL COMPANIES-Law of March 7, 1912. Sec. II. "Every mutual

company shall cause to appear in the body of its insurance policies the total amount for which the assured may be liable under the charter or articles

of association of said company." PRELIMINARY DOCUMENTS-Foreign and domestic companies are re

quired to file certified copies of their charters, together with verified statements, certificates of consent to be sued, and appointments of agents and

written consent of agents. RESIDENT AGENTS—Business is required to be written through resident

agents. SEMI-ANNUAL STATEMENTS—To be made to the Treasurer of Porto

Rico, showing the gross premium collections. STANDARD POLICY—The Treasurer of Porto Rico may prescribe standard

forms of policy and other insurance contracts and application blanks, and he shall have power to make all rules and regulations deemed necessary to properly carry out the provisions of this act and of Section 354 of the Political Code, and such rules and regulations, shall, when approved by the Executive Council, have the force of law, and non-compliance therewith may, in the discretion of the said Treasurer, be punished by an executive fine of not to exceed $10 for each offense; provided, that such fine may

be remitted by the proper court. TAX S-A tax of three per cent of the gross amount of all premiums or

funds collected in Porto Rico is imposed, payable semi-annually, and insurance companies are required to pay an annual tax of not less than 1.20 per cent, generally not more than 1.50 per cent, on all property owned by them in Porto Rico. There is also “a special stamp tax, to be paid by the affixture of internal revenue stamps, as follow's: For each bond or obligation of the nature of indemnity for loss, damage or liability, ***; half of one cent on each $1 or fractional part thereof of the amount of premium charged. ***; for each policy of insurance or other instrument, by whatsoever name it

may be called, by which insurance is made or renewed upon property of any description against peril by sea or by fire or lightning, or other

peril, half of one cent on each $1 of the amount of premium charged.” TAX STATEMENTS—Must be filed with the Treasurer of Porto Rico Janu

ary i and July 1, showing the monthly gross premium collections. Tax
statements for general property taxes must be filed as of date of January
15, or whenever company is notified.

MUNICIPAL TAXES AND FEES.
In all towns.

RHODE ISLAND.

STATE REQUIREMENTS. AGENTS DEFINED—Chap. 220, Sec. 10. “Every person who acts or aids

in any manner in negotiating contracts of insurance or reinsurance, or placing risks, or effecting insurance or reinsurance for any person other than himself, and receiving compensation therefor, and every person who shall so far represent any insurance company, established in any other State or country, as to receive or transmit proposals for insurance, or to receive for delivery policies founded on proposals forwarded from this State, or otherwise to procure insurance to be effected by such company for persons residing in this State, shall be deemed and taken to be acting as agent for and undertaking to make insurance as agent for and in behalf of such company, and shall be subject to the restrictions and liable to the penalties herein made applicable to agents of such companies." Chap. 39, Sec. 9. “Every person who acts or aids in any manner in negotiating contracts of insurance or reinsurance, or placing risks or effecting insurance or reinsurance, for any person other than himself, and receiving compensation therefor, in any insurance company not incorporated under the authority of this State, and who is accountable to any agent in this State of such insurance company

for premiums received, shall be known and designated as a sub-agent. AGENTS' LICENSES—Chap. 220, Sec. 18. “No person shall act as agent of

any insurance company until such company and such agent shall have complied with all the requirements of the laws of this State relating to such companies and their agents, nor until he has received from the Insurance Commissioner a license stating that such insurance company has complied with all the requirements of this State relating to the qualifications of such agents to do business in this State, which license shall contain the date of its issue, the name of the agent, the name of the company for which he is agent, the place of his business and his residence, and that said license will expire on the first day of April then next succeeding, unless revoked by the Insurance Commissioner.

Penalty for violation, fine of $1000. Each agent must file a bond for at least $200 with the general treasurer. Agents of foreign companies in any town are not permitted to establish a branch office in any other town in the State. Applications for license should be filed by company or general agent by April 1. Every agent of a fire insurance company must be licensed as a general agent. All employees of an agency working on a commission basis are required to be

licensed. ANNUAL STATEMENTS—Must be filed on or before the first day of Feb

ruary, showing condition as of December 31 preceding. Penalty for violation, see “General Penalty.” Penalty for refusing or neglecting to answer interrogatories concerning statement for thirty days, fine of $1000.

*

ANTI-COINSURANCE—No statute forbidding use of coinsurance clauses.
ANTI-COMPACT-No prohibition of co-operation.
ANTI-DISCRIMINATION-No provision.
ATTORNEY-Insurance Commissioner must be appointed attorney to accept

service of legal process. CANCELLATION OF POLICY—Provided for by standard policy. Five

days' notice required. CAPITAL REQUIRED--Company must possess a paid-in capital of at least

$100,000. COMMISSIONS TO NON-RESIDENTS-No provision. See “Licensed

Brokers.” DEPOSIT REQUIRED-Companies of foreign countries are required to

deposit $200,000 with Insurance Commissioner of Rhode Island or the proper officer of some other State, prior to admission, in securities which

shall be, at all times, at or above par. (Chap. 220, Sec. 8.) DOMESTIC COMPANIES—The general requirements are same as for other

companies. Provision is made for the optional establishment of guaranty surplus and special reserve funds. Premiums of domestic companies not taxed in other States are taxed in Rhode Island, as follows: Mutual com

panies, one per cent; stock companies, two per cent. EXAMINATIONS—Chap. 219, Sec. 2. “The Insurance Commissioner shall,

whenever requested by the Governor, visit any insurance company incorporated in this State, and shall have free access to its vaults and all its books and papers, and shall, if he deem it expedient, thoroughly inspect and examine all the affairs of such company and make all such inquiries as may in his opinion be necessary to ascertain the condition of such company and its ability to fulfil all its engagements, and whether it has complied with the provisions of law applicable to its transactions." Sec. 3. “The Insurance Commissioner may summon and examine under oath all directors, officers and other agents of such insurance company, and such other witnesses as he may think proper in relation to the affairs, transaction and condition of the same, and any such director, officer, agent or other person who shall refuse without justifiable cause to appear and testify whenever thereunto required as aforesaid, or who shall in any way obstruct said Commissioner in the discharge of his duties as prescribed in this chapter, shall be fined not exceeding $5000 or be imprisoned not exceeding two years, and in case the person so refusing or obstructing as aforesaid be a director, officer or agent of such company, such company may be proceeded against as hereinafter provided.” Chap. 220, Sec. 23. “The Insurance Commissioner, either personally or by a committee appointed by him, consisting of one or more persons not directors, officers or agents of any life, fire, marine, or fire and marine insurance company, doing business in this State, may at any time examine into the affairs of any life, fire, marine, fire and marine, casualty or any other insurance company, incorporated by, or doing business in, this State.

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under the provisions of this section shall be approved by and paid to the Commissioner by the company examined.” Certificates of agents of insol

vent or fraudulent companies shall be revoked. FEES—For filing copy of its charter or deed of settlement, $30; for filing state

ment preliminary to admission, $20; for filing annual statement, $20; for general agent's (or firm's) certificate, $2; for each broker's license, $10; for each service of process, $2; for publication of advance abstracts, $1. For examinations, actual expenses incurred. See “Retaliatory Law.” Fees

are payable to the Insurance Commissioner. FIRE DEPARTMENT TAX-No provision. See "Retaliatory Law.” FIRE MARSHAL-Provision for investigation of fires by local authorities. FOREIGN COMPANIES' HOME OFFICE STATEMENTS—No provision. GENERAL PENALTY—Chap. 220, Sec. 17. “If any insurance company, co

operative or otherwise, shall make insurance without complying with the provisions of this chapter, the contract shall be valid, but every person acting within this State as agent of such company within the meaning of Sec. 10 of this chapter, respecting the effecting of any insurance, shall be

fined not less than $300, nor more than $1000.” IMPAIRMENT—Chap. 220, Sec. 23.

* Whenever it shall appear to the Insurance Commissioner, from the statements, or from any examination of the affairs of any life, fire, marine, fire and marine, casualty, or other insurance company, not incorporated under the authority of this State, that such company is insolvent, or is conducting its business fraudulently, or refuses or neglects to comply with the laws of the State relating to insurance companies, it shall be the duty of said Commissioner to revoke the certifi

cate of authority issued to the agent or agents of any such company INVESTMENTS PRESCRIBED—No provision. LICENSED BROKERS-Chap. 221, Laws 1909. "Whoever, for compensa

tion, acts or aids in any manner in negotiating contracts of insurance or reinsurance, or placing risks, or effecting insurance or reinsurance for a person other than himself, and not being the appointed agent or officer of the company, in which such insurance or reinsurance is effected, shall be deemed an insurance broker.” Licenses are issued to brokers (including

non-residents), which are renewable annually. LIMIT ON A SINGLE RISK-One-tenth of the amount of paid-in capital LLOYDS-Chap. 220, Sec. 2. "The general provisions of law relating to the

duties, obligations, prohibitions or penalties which appertain to insurance companies not incorporated under the authority of this State, and defining the powers and duties of the Insurance Commissioner in reference thereto, shall be and they are applicable to all corporations, companies and associations, not incorporated under the authority of this state, and to all partnerships and individuals doing, as principals or otherwise, in this state, any

insurance business of any name, kind or description whatsoever." MISCELLANEOUS—If the charter, by-laws or contracts of any foreign com

pany contain a provision that no action shall be brought against the com

pany in any court of competent jurisdiction in Rhode Island, the licenses of such company and its agents shall be revoked. There is a safety fund law

somewhat similar to that of New York, which see. MUTUAL COMPANIES–See “Domestic Companies.” Mutual companies

may decline to receive premium notes, provided policyholders are made

liable by the policy contract up to twenty times the cash premium paid. PRELIMINARY DOCUMENTS—Company must file with the Commis

sioner a certified copy of its charter, a verified statement showing the condition and affairs of the company, copy of examination by home State authorities, power of attorney appointing the Insurance Commissioner attorney to accept service of process and a certificate of the appointment of a general agent of the company for Rhode Island. Certificate of compliance with laws of home State required annually, with annual statement,

or as soon as possible thereafter. PUBLICATION-Not required. REINSURANCE--No express prohibition of reinsurance in unauthorized

companies, and the attorney-general construes the law as not forbidding

such transactions. See “Resident Agents.” REINSURANCE RESERVE—One-half of premiums received on policies

having less than one year to run from the date of policy, and pro rata of

those for longer terms. RESIDENT AGENTS—Chap. 220, Sec. 6. “Foreign companies admitted to

do business in Rhode Island shall make contracts of insurance only through lawfully constituted and licensed resident agents.” Penalty for violation,

$100 to $500 for each offense. RETALIATORY LAW~Chap. 219, Sec. 23. “Whenever by the laws of any

other State of the United States any fees, charges, taxes, deposits of money or of securities or other obligations or prohibitions are imposed on insurance companies incorporated or organized under the laws of this State, or on the agents of such insurance companies so long as such laws continue in force, the like fees, charges, taxes, deposits and obligations shall be imposed on all insurance companies doing business in this State which are incorporated or organized under the laws of such other State, and on their

agents." SEMI-ANNUAL STATEMENTS—Not required. STANDARD POLICY—A standard form of policy similar to the New York

form is required to be used, under penalty of $50 to $200; but any policy issued will be held to be valid as against the company issuing it. Under a law passed in 1911, a company may, with the written approval of the Insurance Commissioner, vary the arrangement of the conditions and pro

visions of the Standard policy. TAXES—A tax of two per cent on the amount of premiums received and

assessments collected during the calendar year, after deducting reinsurance where the reinsuring company agrees to pay the tax and return premiums, except in cases where the reinsuring company is not ad

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