RESIDENT AGENTS—Act approved Feb. 9, 1900, Sec. I. "No fire insurance company or association not incorporated under the laws of this State, authorized to transact business herein, shall make, write, place or cause to be made, written or placed, any policy, duplicate policy, or contract of insurance of any kind or character, or any general or floating policy, upon property situated or located in this State, except after the said risk has been approved in writing, by an agent who is a resident of this State, who shall countersign all policies so issued, and receive the commission thereon when the premium is paid, to the end that the State may receive the taxes required by law to be paid on the premiums collected for insurance on any property located in this State * Railroad rolling stock and property in transit are excepted. Penalty for violation, $500 for each offense. SEMI-ANNUAL STATEMENTS-See "Tax Statements." STANDARD POLICY-The New York Standard form is required to be used. TAXES-Sec. 14. "In addition to the annual license fees now provided by law, the Commissioner shall require each foreign company of any class and all like classes of business not incorporated under the laws of the State of South Carolina, except benevolent institutions operating under the Grand Lodge System, to pay semi-annually to the Insurance Commissioner, as an additional and graduated license fee for a license, to be delivered by him to such company or corporation, an amount equal to two per centum on the total premiums, i. e., total income or total receipts from this State, less any dividend credits thereon, as the case may be, with such company, as collected from citizens of, or residents in, this State, during the six months immediately preceding the 30th day of June and 31st day of December of each year. *** Provided, That if the executive officer of the company shall file with the Insurance Commissioner a sworn statement, showing that at least one-fourth of the reserve on all policies issued in South Carolina are maintained in, and invested in any or all of the following securities, or property, to wit: bonds of this State, or of any county, city or town of this State, or first mortgage bonds on real estate in this State, or first mortgage bonds of solvent domestic corporations, where property is situate entirely within this State, or any property situate in this State and taxable therein; then the additional license fee shall be one and three-fourths per centum upon the receipts; if the investment be one-half of said reserve, the additional license fee shall be one and one-half per centum; if the investment therein be three-fourths of said reserve, the additional license fee shall be one and one-fourth per centum, and if the entire reserve be so invested then the additional license fee shall be one per centum: Provided, further, that the one-half of the said additional license fee, under the terms of said section allotted to the counties, respectively, shall be and is hereby appropriated to ordinary county purposes, and no additional county tax or license fee shall be levied on such companies. At the close of the semi-annual period, or as soon thereafter as possible, the Insurance Commissioner shall furnish the State Treasurer a statement showing the amount of gross premiums collected by each company in each of the several counties of the State, and the amount of additional license fees collected thereon; and the State Treasurer shall pay unto the County Treasurer of each county one-half of the additional license fee collected, as aforesaid, on the gross premiums collected by each insurance company in that county. Provided that nothing in this Act or any other Act, shall be construed as preventing any municipality from levying and collecting license fees or taxes in accordance with its ordinances.” The tax levied by Sec. 14 is collected upon net premiums. There is a tax of one-tenth of one per cent upon gross premium receipts, for the maintenance of the work of investigating incendiary fires, this tax payable semiannually to the Insurance Commissioner. See "Fire Department Tax." TAX STATEMENTS-Sec. 14. “* * * The returns of the premiums collected shall be made within thirty days after the 30th day of June and the 31st day of December, and if the returns are not so made, the Insurance Commissioner may suspend the license of the company until such returns are made." VALUED POLICY-Law of Feb. 28, 1896, Sec. 1. "That hereafter no fire insurance company or individuals writing fire insurance policies, doing business within this State, shall issue policies for more than the amount of the value of the property to be insured, the value of the property to be insured and the amount of insurance to be fixed by the insurer and insured, at or before the time of issuing said policies, and in case of total loss by fire, the insured shall be entitled to recover the full amount of insurance, and a proportionate amount in case of partial loss; provided, two or more policies written upon the same property shall be deemed and held to be contributive insurance, and if the aggregate sum of all such insurance exceeds the insurable value of the property as agreed by the insurers and insured, in the event of a total or partial loss, each company shall only be liable for its pro rata share of said insurance." After sixty days the insurer is estopped from denying the truth of any statement in the application for insurance, except for fraud. This act does not apply to insurance on chattel or personal property or builders' risks. Penalty for violation, withdrawal of license for three years. COUNTY TAXES AND FEES. The amount of gross premiums collected in each county by each company is reported by the Insurance Commissioner to the State Treasurer, and one-half of the tax collected on such premiums will be paid by the State Treasurer to the respective County Treasurers. MUNICIPAL TAXES AND FEES. ABBEVILLE-For each company, $10, payable November 1. AIKEN-For each company having one agency, on $500 or less of premiums, $5: $500-$1000, $7.50; $1000-$1500, $10; and $2.50 for each additional $500. Also tax of one per cent, payable October 15 to March 1. ALLENDALE-For each company, $2.50; for each agent, $2.50, payable November I. ANDERSON-For each company, $10 on first $100 of premiums and 1.10 per cent on each additional $100 of premiums or majority fraction thereof; for solicitor or special agent or adjuster thereof, unconnected with regular licensed local agency, or whose business does not pass through local agency, $50. BAMBERG-For each agent, $5, payable August 1. BARNWELL-For each agency, $5, payable September 15. BENNETTSVILLE-For each company, $5, payable by July 1. BISHOPVILLE-For each company, $5; for each agency, $10. BLACKSBURG-For each company, $5, payable upon commencing business. CAMDEN-For each company, $50, payable May 1. CHARLESTON-On premium receipts: $500, $50; $5 for each additional $100. CHERAW-For each agent, $50, payable April 1. CHESTER-For each company, $10, payable November 1; also 10 mills on $1 of premiums, payable by December 31. COLUMBIA—On premiums: $1000, $30; for each additional $100 or fraction, $1.50, payable on or before February 15; also 18 mills on gross. premiums, payable December 31; for each solicitor unconnected with regular licensed local agency of company, or whose business does not pass through said local agent, $30; for each transient solicitor or agent, $20 per week. CONWAY-For each company, $10, payable October 1. DARLINGTON-For each company, $10; payable January 15. DILLON-For each company, $10; for each agent, $3, payable September 1. DUE WEST-For each company, $3. EASLEY-For each company, $5; for each agent, for each company represented, $5, payable April 1. EDGEFIELD-For each agent, $5; for each company, $2.50; payable July 15. GAFFNEY—For each company, $10, payable March 1; also tax of 11 mills on net premiums, payable March 1. GEORGETOWN-For each company, $10 for first $1000 or less of premiums, and $5 for each additional $1000 or fractional part; for each agency, $10, payable by April 1. GREENVILLE-For each company, $30 for $500 or less of premiums; $40 for $500 to $1000; $50 for $1000 to $1500; $60 for $1500 to $2000; $65 from $2000 to $2500; $70 from $2500 to $3000; $75 from $3000 to $3500; $80 from $3500 to $4000: $85 from $4000 to $4500; $90 for $4500 and over. Local company with capital stock of $5000 or less pays $20; $50 for over $5000. Payable January 1. GREENWOOD-For each company, $5; for each agency, $25, payable July 1. JOHNSTON-For each agency, $5, payable January 1. KERSHAW-For each company or agent, $12.50, payable February 1. LAURENS For each company, $10, payable January 1. LEXINGTON-For each company or agent, $2.50. MANNING For each company, $10 per annum. MARION-For each agency, $15, payable April 30; for each company, onehalf of one per cent on gross premiums, payable October 15. MAYSVILLE-For each company, $5, payable January 1. NEWBERRY-For each company, $10, payable January 1; also 10 mills on gross premiums, due October 15. NINETY-SIX-For each company, $5, payable October 1. ST. MATTHEWS-For each company, $5, payable October 1. WALTERBORO-For each company, $25, payable annually November 1. WESTMINSTER-For each company, $5, payable annually May 1. WINNSBORO-For each agent, $5, payable July 1. YORKVILLE-For each company, $10, due November 15. STATE REQUIREMENTS. AGENTS DEFINED-No statutory definition. AGENTS' LICENSES-Agents must procure licenses, which expire March 1, and must be renewed annually after approval of company's statement. Each member of an agency firm must have a license. One license only is required for an agency corporation. Penalty for acting as agent without license, $200 or sixty days' imprisonment for each offense. Penalty for representing an unauthorized company, fine not exceeding $200 or two months' imprisonment, or both, for each offense. Domestic county and township mutual companies not required to have licensed agents. ANNUAL STATEMENTS—Must be filed on January 1, or within two months thereafter, showing condition and business for year ending on preceding December 31. Penalty for neglecting to file statement, suspension of business on notification by Commissioner, and $100 for each week's delay. ANTI-COINSURANCE-Coinsurance by a reduced rate average clause is included among clauses which are permitted to be used in connection with the Standard Policy, on request. Application, signed by applicant, and clause, signed by agent, to be attached to policy. ANTI-COMPACT-Law of 1903. "Sec. 1. Any combination, agreement, confederation, compact or understanding made and entered into either directly or indirectly by or between two or more fire insurance companies insuring property against loss or damage by fire and loss or damage from the elements, transacting business within this State, or between officers, agents or employees of any such companies relating to the rates to be charged for insurance, regulating and fixing the minimum price or premium to be paid for insuring property located within this State, the amount of commission to be allowed agents for procuring insurance or the manner of transacting the business of fire or other casualty insurance within this State, is hereby declared to be unlawful and any such company, officer or agent violating this provision shall be deemed guilty of a misdemeanor and on conviction thereof in any court having jurisdiction shall pay a penalty of not less than $100 nor more than $500 for each offense, to be recovered for the use of the general fund of the State, and any such company, corporation or association so offending shall not be permitted to transact business within this State." Affidavit of compliance required annually on or before July 1. ANTI-DISCRIMINATION-Chap. 244, 1913 Session Laws, provides that no insurance company, agent, broker, or solicitor shall offer, allow, or give directly or indirectly any rebate of or part of the premium payable on the policy, or agent's commission, or any other valuable consideration as in |