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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 ob-
ligation in any other insurance company. When the reinsurance is
made by any other than a life insurance company, the company so re-
ducing 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 ac-
tual 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 re-
duces by insurance 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 lia-
bilities, to any company transacting business in this State for reinsurance
made in companies not authorized to issue policies n this State.” Sched-
ules 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 and licensed to transact insurance business in Utah for said company, who shall countersign all policies so issued and receive their commission thereon, and also to the end that the State may receive the taxes required by law to be paid on the premiums collected for insurance written herein. This section shall not apply to reinsurance policies nor insurance covering the rolling stock of railroad corporations, where such railroad line lies

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partially within and partially without the State of Utah, or to property in transit while in the possession and custody of common carriers.” Refusal to submit to examination to ascertain possible violations of above section will be deemed conclusive evidence of violation. Penalty for violation, , $300 for each offense; for non-payment of judgment for thirty days, revo

cation of license for one year. SEMI-ANNUAL STATEMENTS-None required. STANDARD POLICY-No provision. TAXES—Ins. Code, 1909, Sec. 17. “*** All insurance companies engaged

in the transaction of business of insurance in this State shall annually, on or before the first day of March in each year, pay to the Commissioner of Insurance 12 per cent of the gross amount of premiums received less the amount of all premiums returned, within this State during the year ending the previous 31st day of December; provided, that if any insurance company shall have paid a property tax during said year, it shall be entitled to deduct from the tax therein provided the amount of such property tax paid for general State purposes.” Sec. 18. “The taxes and fees, as provided herein, shall be in lieu of all other taxes, licenses and fees of every kind and character by the State or any subdivision or village, town or

municipality thereof." TAX STATEMENTS—Must be filed before March 1. See “Taxes." VALUED POLICY-No law of this character.

COUNTY TAXES AND FEES.

None.

MUNICIPAL TAXES AND FEES. BRIGHAM-For each agent, $6, payable annually.

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 solicit

ing for an agency corporation is required to have a license. ANNUAL STATEMENTS—Domestic mutual fire companies' statements

must be filed by August 15 for the year ending July 31 preceding; other fire insurance companies must file their state nents in January covering the

preceding calendar year. ANTI-COINSURANCE—No prohibition of use of coinsurance clauses. ANTI-COMPACT—No law forbidding co-operation. ANTI-DISCRIMINATION—No provision. ATTORNEY—The Secretary of State 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 Secretary of State as attorney, fine of $100

to $1000. 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 mortgages. COMMISSIONS TO NON-RESIDENTS-Commissions must be received

by resident agents. DEPOSIT-None required. DOMESTIC COMPANIES-Chap. 203, P. S., Sec. 4760. "No domestic stock

fire insurance company or corporation shall be hereafter organized with a less capital stock than $100,000 paid in cash.” Sec. 4756. “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 cominissioners a certi

ficate stating that fact and authorizing it to issue policies." EXAMINATIONS—Chap. 203, Sec. 4803. "At least once in each five years

and whenever the Insurance Commissioners determine it to be prudent, they 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 provisions of law. When they 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 or 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 examinations shall include a computa

tion 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 pay

able to the Insurance Commissioners. FIRE DEPARTMENT TAX-Governed by reciprocal law. FIRE MARSHAL-No provision for investigation of fires. FOREIGN COMPANIES' HOME OFFICE STATEMENTS—None re

quired. GENERAL PENALTY-Chap. 203, Sec. 4766. "When the Insurance Com

missioners 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 forth with report the fact with any information they have relating thereto to any State's Attorney, 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 prosecutirn.” 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. IMPAIRMENT-Chap. 203, Sec. 4766. "* But the Insurance Com

missioners may, in their discretion, license a company to do business whose impairment of capital does not exceed twenty per cent of the above

rule.” 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 mortgage owned by it or by purchase or set-off on execution upon judgment

for debts due it in the course of its legitimate business. LICENSED BROKERS—Chap. 203, Sec. 4812. Amended in 1912 to read:

"The Insurance Commissioners may, upon the payment of $10, issue to a suitable person who is a resident of this State a license to act as an insurance broker to negotiate contracts of insurance, or reinsurance, or place risks, or effect insurance or reinsurance with a domestic insurance company or its agent, or with the authorized agent in this State of a foreign insurance company duly admitted to do business in this State. An applicant for such license shall file with the Insurance Commissioners an application in writing in the form prescribed by said Commissioners.” Chap. 203, Sec. 4815. “The Insurance Commissioners may issue a license to any person or resident of this State, permitting the person named therein to procure policies of fire insurance on property in this State in foreign insurance companies not authorized to transact business in this State. ***" Such brokers pay a tax of three per cent on gross premiums less return premiums, upon filing their annual statements in January. Quarterly state

ments are also required. LIMIT ON A SINGLE RISK-No restriction. LLOYDS—No provision. Law applies to companies and copartnerships. MISCELLANEOUS-Chap. 203, Sec. 4779. "It shall be the duty of

every fire insurance company or association transacting business in this State to report to the Insurance Commissioners, within ten days after the adjustment of every loss, the amount of all policies issued by said company on the property destroyed or damaged, the amount paid or payable on account of such loss, and such other information relating to the matter as the Insurance Commissioners may require.” A clause in a policy limiting the time of commencement of an action thereunder to less than twelve months, or making an award by appraisers a condition precedent to a suit, is null and void. Companies are liable for the acts of their agents as between them and the insured; and this must

be stated in their policies if not specified in their articles of incorporation MUTUAL COMPANIES—Chap. 203, Sec. 4766. “A foreign mutual or co

operative insurance company, association or society shall not do business in this State, unless it has assets amounting to $100,000, invested in securities readily convertible into cash, not less than one-half of which is invested in cash securities other than mortgages of real estate, nor unless it has such assets equal to its outstanding liabilities, including reinsurance, to be estimated as in the case of joint stock insurance companies, and including the guarantee capital as a liability, nor until the laws of this State relating to insurance companies of other States have been complied with.” Domestic mutual companies must file before August 15, annually, statements covering the year ending with the 31st of July preceding. Such companies need not keep a cash reinsurance reserve or funds invested in securities other than their premium notes, when the latter amount in gross

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