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sidered as prohibiting an exchange of business between duly licensed recording agents.” Broker so licensed shall deal only with admitted companies. Provision is made in section 75 for the licensing of brokers or agents to deal with unauthorized companies upon filing a bond for $500 to $2000 to comply with the law. Such broker or agent must file a statement on or before February 15 yearly, showing business transacted in the preceding year, and shall pay to the State Treasurer through the Commissioner's office by March 1 the same tax that is required of domestic companies. Affidavits are required of the licensed agent and the parties for whom he procures insurance. Penalty for failing to file statement and to pay taxes, $25 for each day of delinquency and for any violation of the law the license shall be revoked and no license shall be issued to such agent

for at least one year, nor until all taxes and fines are paid. LIMIT ON A SINGLE RISK-Ten per cent of paid-up capital in the United

States, on a single risk, or a single block in the congested district of any city or town. Limit for other State mutual company, ten per cent of surplus assets, unless protected by simultaneous reinsurance. The capital of an alien company is interpreted as being the aggregate value of such sums or securities as the company may have on deposit with the Department of Washington and of other States of the United States for the benefit of policyholders in the United States, excepting such sums as are held by other States for the special protection of policyholders in such States, and of all mortgage loans legally made, and of all other assets and property legally invested if such mortgage, assets and property shall be held in the United States by trustees or citizens of the United States or deposited with a trust company for the benefit of all policyholders in the United States; after making deductions for liabilities, including unearned premiums as re

quired in Washington. LLOYDS—Provision is made for the formation of Lloyds associations to

consist of not less than twenty citizens of the United States, twothirds of them residents of Washington, each of whom must be worth not less than $20,000. Such association to transact fire and inland marine insurance, must have at least $150,000 of unimpaired assets, of which not less than $75,000 must be in cash and securities such as domestic companies may invest their funds in. Such association must deposit not less than twothirds of its assets with the State Treasurer. Policies of a Lloyds must

have the name and address of each underwriter printed on the back. MISCELLANEOUS-Joint policies may be issued by two or more companies,

but the names of the companies must appear thereon, and such companies shall be jointly and severally liable thereon. No policy shall be issued requiring such contract to be construed according to the laws of any State or country or depriving the courts of Washington of the jurisdiction of action against such company to a period of less than one year from the time when the cause of the action accrues. Misrepresentation does not avoid a policy unless made with intent to deceive. Overinsurance and policies for longer than five years are prohibited. No policy fee not specified in the policy shall be collected. Before paying insurance on a fire loss, company or agent must ascertain whether or not taxes have been paid on the insured

property, under the revenue law. MUTUAL COMPANIES-See "Domestic Companies.” The articles of in

corporation must state the minimum and maximum liability of members (two to six times the premium usually charged by solvent stock companies for similar risks, or, if not known, premiums according to “Dean” or “Universal Mercantile” schedules), and other customary details. If on cash premium plan, must have applications, for not exceeding $2000 each, aggregating $500,000, with at least $8000 in premiums and $6000 surplus. Provision is also made for assessment and class mutual companies. Sec. 88. “No alien or foreign mutual insurance company shall be licensed to make insurance in this State until it shall have accumulated from its underwriting business and earnings surplus assets of not less than $100,000, and

shall have a reinsurance reserve computed on a pro rata basis.” PRELIMINARY DOCUMENTS—Company must file copy of charter, or

articles of incorporation, and by-laws, with amendments and duly certified statement. If not incorporated, a certificate stating nature of business, location of principal office, names of members and officers of association, and amount of capital stock therein employed. Certificate of compliance with laws of company's home State is expected to accompany annual state

ment. PUBLICATION—None required. RATING SCHEDULES TO BE FILED—Insurance Code, Sec. 73. “Every

fire insurance company before it shall receive a license to transact the business of making insurance as an insurer in this State, must file in the office of the Insurance Commissioner a copy of its rating schedules. Every such company and its agents shall observe said rating schedules and shall not deviate therefrom in making insurance until amended or corrected rating schedules shall have been filed in the office of the Insurance Commissioner. Any company which shall make fire insurance in this State according to the advisory rates, or a stated deviation therefrom, furnished by a rating bureau as provided in the following section, may receive a license to transact the business of making fire insurance in this State, without filing a rating schedule, by filing written notice in the office of the Insurance Commissioner of its adoption of such advisory rates, stating the deviation therefrom, if any, at which it will make insurance, which deviation, if any, shall be uniformly applied to all purchasers of insurance from such company in this State.” Sec. 74. “Any person or persons or co-partnership, resident within this State, or a domestic corporation, may organize or maintain a rating bureau, for the purpose of inspecting and surveying the various municipalities and fire hazards in this State, and the means and facilities for preventing, confining, and extinguishing fires, for the purpose of estimating fair and equitable rates for insurance, and to furnish to municipalities, owners of property, insurance companies, agents, solicitors, or brokers information and advice as to measures to be adopted for the reduction of fire hazards on property within this State, and lessening the cost of insurance thereon. The business of conducting a rating bureau in this State is public service in character and shall be conducted without profit to any party, except that fair and reasonable compensation shall be paid for all services actually rendered, and necessary to the business. Every rating bureau shall, before publishing or furnishing any rates, file in the office of the Insurance Commissioner its rating schedules, and shall not deviate therefrom until amended or corrected rating schedules shall have been filed in the office of the Insurance Commissioner. The services of such rating bureau shall be available, equally and ratably in proportion to the service rendered, to any and all insurance companies, agents, brokers, and propertyowners. Each rating bureau shall keep an accurate and complete record of all work performed by it, which record must show all receipts and disbursements, and be open at all times to the inspection and examination of the Commissioner, his deputy, or examiner. No rating bureau operating under the provisions of this act shall, directly or indirectly, examine, stamp, or pass upon any “daily report" of policies issued by any company on property located within this State. Any person or party who knowingly violates any provision of this or the preceding section shall be punished by a fine of not

less than fifty dollars nor more than five hundred dollars." RECIPROCAL LAW—Sec. 47. “If, by the laws of any other State, any

taxes, fines, penalties, licenses, fees, deposits, or other obligations or prohibitions, in the aggregate, additional to or in excess of those imposed by the laws of this State, upon foreign insurance companies and their agents and solicitors, are imposed on insurance companies of this State and their agents doing business in such State, like obligations and prohibitions shall be imposed upon all insurance companies of such State and their agents

doing business in this State, so long as such laws remain in force." REINSURANCE—No prohibition of reinsurance in unauthorized companies,

except those of foreign countries not admitted to nor having a deposit in the United States; and this prohibition does not extend to marine risks. Rein

surances must be reported annually. REINSURANCE RESERVE_Pro rata of the amount received for premiums

on all unexpired risks. RESIDENT AGENTS—Sec. 36. “It shall be unlawful for any insurance

company admitted to do business in this State to write, place or cause to be written or placed, any policy of insurance covering risks located in this State, except through or by a duly authorized licensed agent of such company residing and doing business in this State; provided, that where the insured calls at the principal office of the company and requests a policy, the risk may be covered and the policy procured through the duly authorized agent in the territory wherein risk is located.” A licensed agent cannot solicit business for a company for which he is not licensed, nor can he

accept commissions for business placed in a company for which he is not licensed. A licensed agent of a given company may accept business through a general agent of the same company residing in another State, and may accept or pay commission on same; and he may pay commissions to a licensed broker in Washington, but he cannot place business with a broker and receive a commission therefor. A licensed agent cannot pay commissions to anyone except a licensed broker (aside from a general agent of his own company). Solicitors can only place business through the agency for which they are licensed, and can only receive salary or

commissions from such agency. SEMI-ANNUAL STATEMENTS—None required. STANDARD POLICY_From January 1, 1912, New York Standard form is

prescribed. This includes "riders” adopted by New York. TAXES—A tax of two and one-quarter per cent on all premiums collected or

contracted for, less return premiums and reinsurance premiums paid to admitted companies, is payable to the State Treasurer through the Insurance Commissioner's office. If fifty per cent or more of a company's assets is invested in bonds or warrants of the State of Washington or of any county, city or district in that State, or in taxable property, or first mortgages upon improved real estate in that State, the tax on premiums shall

be but one per cent. Taxes are due March 1. TAX STATEMENTS—Included in annual statements. VALUED POLICY-Insurance Code, Sec. 105/2. "Whenever any policy of

insurance shall be hereafter written or renewed insuring real property or any building or structure erected thereon or connected therewith, and the property insured shall be wholly destroyed, without criminal fault on the part of the insured, or his assigns, the amount of insurance written in such policy shall be taken conclusively to be the true value of the property when insured, and the true amount of the loss and measure of damages when destroyed. In case there is a partial destruction of the property insured, no greater amount shall be collected than the injury sustained; provided, that the insurer shall have the option to repair, rebuild or replace the property lost or damaged with other of like kind and quality if he gives notice of his intention so to do within twenty days after the receipt of notice of loss; provided, such insurer shall, within thirty days from receipt of notice above, commence such rebuilding or replacing and shall diligently prosecute the same to completion, and shall pay to the insured the reasonable rental value of the premises with the buildings thereon from the date of loss to the date of such completion."

COUNTY TAXES AND FEES.

None.

MUNICIPAL TAXES AND FEES. POMEROY-For each agent, $2.50 quarterly.

WEST VIRGINIA.

*

STATE REQUIREMENTS. AGENTS DEFINED—No statutory definition. AGENTS' LICENSES—Chap. 34, Sec. 56. "* No person shall act

as agent of any insurance company, corporation, association, partnership or combination of persons incorporated, organized, associated, or combined under or by virtue of the laws of this or any other State of the United States or any foreign country, directly or indirectly taking risks or transacting any kind or form of insurance business in this State, without procuring from the Insurance Commissioner a certificate of authority, stating that such company, corporation, association, partnership, or combination of persons, has complied with all the laws of this State relative to such companies, corporations, associations, partnerships, or combinations of persons, which certificate shall continue in force until the first of March next after its issue unless revoked for cause." As amended in 1913 the application for agents' licenses must be accompanied by properly executed answers to questions tending to establish fitness, competency and trustworthiness of the agents. Licenses may be revoked when agent does not measure up to a proper standard of competency and trustworthiness. An amendment of 1913 requires a license for solicitors defined to be the representative of the employing local agent who is responsible as principal for the acts of his solicitors. Penalty for violation, fine not exceeding $500. Agent acting for an unlicensed company becomes personally liable for all contracts made by or through him on behalf of such company. Applications for licenses should be made by company officials under seal. License required for each

member of an agency firm. ANNUAL STATEMENTS—Must be filed in January, showing condition as

of December 31 preceding. ANTI-COINSURANCE—No prohibition of use of coinsurance clauses. ANTI-COMPACT-No law forbidding co-operation. ANTI-DISCRIMINATION-Sec. 15 (Revised Laws of 1913) provides (1)

that the entire contract shall be expressed in the policy, and (2) that neither the insurer nor its representative shall offer or give any valuable consideration to the insured which is not specified in the policy contract of insurance,

nor shall the insured accept any such valuable consideration. ATTORNEY-The Auditor of State must be empowered to accept service of

legal process. CANCELLATION OF POLICY-At least five days' notice to insured is

required. CAPITAL REQUIRED-Company must possess at least $100,000 of actual

capital, invested in approved securities. A mutual company having $100,000 of available cash assets may be licensed.

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