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licenses and fees as are required to be paid by mutual companies with principal offices similarly located and transacting the same kind of business. In the application of the retaliatory law, the taxes and fees exacted by another state from a Lloyds insurance with principal offices in Indiana shall apply.

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[Acts 1917, p. 47. In force May 31, 1917.]

4819. Organization and management.-1. That any number of persons not less than ten (10), may form an incorporated company for the purpose of mutual insurance of the property of its members against loss by fire or damage by lightning, which property to be insured shall embrace dwelling-houses, barns, accompanying outbuildings and their contents, farm implements and machinery, hay, grain, wool and other farm products, livestock, wagons, carriages, automobiles, gasoline engines, tractors, harness, household goods, wearing apparel, provisions, musical instruments, libraries, such property or any part thereof being used for farming or gardening purposes, and also churches outside of the corporate limits of cities and towns and their contents. The articles for forming such associations shall be signed by the persons who at first form such association, and shall be recorded in the office of the recorder of the county or counties where such association does business, such association shall be managed by such officers as their articles may provide for, and in the election of such officers each member of the association shall be entitled to one vote. Every such association may sue or be sued by such name as shall be set forth in the articles of association and shall have all the other powers of corporate bodies: Provided, That no company organized under this act shall do any business, or take any risks, or make

any insurance in more than three (3) counties, which counties shall be contiguous and shall be set forth in its articles of association; And, Provided further, That any mutual farm insurance company heretofore organized and doing business pursuant to the laws of the State of Indiana may without reorganization, avail itself of, and be governed by, all of the provisions of this act, by the adoption by its board of directors a resolution accepting the provisions of this act. A copy of such resolution, duly certified by the president and secretary of such company, shall be filed with the recorder of the county or counties where such association does business. All mutual farm insurance companies hereafter organized pursuant to the laws of the State of Indiana shall be subject to all of the provisions of this act.

This act amends section 4819 of the Revised Statutes of 1914.

By-laws of a mutual insurance company that are not inconsistent with the provisions of a policy become a part of the contract of insurance, and effect of provisions in a policy and by-laws as to the liability of the company when a house that is insured is destroyed by fire when vacant. Brashears v. Perry County Farmers' etc. Ins. Co., 51 App. 8, 98 N. E. 889.

[Acts 1919, p. 673. In force September 30, 1919.]

For

4819a. Farmers' mutual fire insurance companies.-1. A county farmers' mutual insurance company may be organized to effect insurance against loss or damage by fire or lightning in this state, in any one county, or in not exceeding three (3) adjoining counties. this purpose, any number of persons, not less than twenty (20), residing within the territory of such proposed company as hereinbefore provided, may make in duplicate articles of incorporation in substantially the following form:

"We the undersigned, residents of the county (or counties) herein named, each owning insurable farm property worth not less than five hundred dollars ($500), which we desire to insure, do hereby associate for the purpose of forming a mutual fire insurance company under the provisions of chapter .... of the laws of 1919. Such insurance shall be effected within the county (or counties) of

in the State of Indiana.

The name of such corporation shall be (insert name), which shall include the word mutual. The board of directors shall consist of (insert number, not less than five (5) or more than fifteen (15) members, and the officers shall be a president, a vice-president, a secretary and a treasurer, and such other officers as may be provided for in the by-laws. Unless otherwise provided in the by-laws, the office of such company shall be at the place of residence or place of business of the secretary, and the date of the annual meeting of the members shall be as provided in the by-laws. These articles may be amended by a two-thirds (2/3) vote of the members present at any annual or special

meeting, provided that each member shall have been given at least thirty (30) days' notice of such meeting and proposed amendments. The following shall constitute the board of directors, until successors are elected and qualified. (Insert names of directors.)

In Witness Whereof we have hereunto subscribed our names this .. day of 19..."

....

[Acts 1921, p. 773. In force March 11, 1921.]

4819b. Approval of commissioner, powers.-2. Such articles, in duplicate, shall be submitted to the commissioner of insurance herein called "commissioner," and, upon his approval, one (1) copy shall be filed in his office and the other copy, together with the certificate of his approval, shall be returned to the incorporators. The corporation shall have legal existence from the approval and filing of such articles, and the incorporators and such others as may become associated with them and their successors shall constitute a corporation for all the purposes of this act, with the power to sue and be sued, and to acquire, hold, convey or dispose of real or personal property and to do all acts and things necessary or convenient in the transaction of the business authorized by this act. For the filing of such articles of incorporation there shall be paid to the commissioner of insurance, a fee of one hundred dollars ($100.00). Amendments to the articles shall be approved and filed in like manner, and for the filing of such amendments there shall be paid to the commissioner of insurance a fee of five dollars, ($5.00).

This section amends section 2, Acts 1919, p. 673.

4819c. By-laws, election of officers.-3. The directors named in the articles shall adopt by-laws and elect temporary officers and prescribe the forms of application and policy to be used by said company. A copy of such by-laws and form of application and policy, certified by the secretary, shall be filed with the commissioner, and, upon his approval thereof, the company shall be entitled to solicit applications for policies of insurance.. Changes in the by-laws and form of applications or policy shall be filed and approved in like manner. Upon the filing of any such instrument and upon his approval thereof there shall be paid to the commissioner of insurance, a fee of five dollars ($5.00) and a like amount upon the filing and approval of any changes in the by-laws, or form of application or policy.

This section amends section 3, Acts 1919, p., 673.

[Acts 1919, p. 673. In force September 30, 1919.]

4819d. Required number of applications, certificate of authority. -4. No policy of insurance shall be issued until the company shall hold at least fifty (50) applications for a total insurance of not less

than one hundred thousand dollars ($100,000) nor until such applications shall have been submitted to the commissioner, who shall thereupon grant a certificate of authority to said company to issue policies under this act.

4819e. Meetings, quorum, election of directors.-5. At all meetings of the members, each member shall be entitled to one (1) vote. Ten (10) members shall constitute a quorum. The election of directors shall be by ballot.

4819f. Policies, scope of.-6. Such company may issue policies only upon farm dwellings and other farm buildings, including silos, and the contents of such buildings; farm machinery, vehicles, automobiles, auto trucks, tractors, threshing outfits, and other farm equipment; farm products; live stock; country school houses and churches and other country buildings and their contents; and similar detached risks upon ground within the corporate limits of cities and towns used for farm or gardening purposes.

4819g. Restrictions on risks.-7. No such company shall insure property against any hazards except those of fire and lightning; nor shall it insure any building or group of buildings subject to destruction by a single fire for a greater amount than two thousand dollars ($2,000) until its insurance in force shall be equal to one million. dollars ($1,000,000) or more; nor shall it later insure any such building or group of buildings for a sum greater than one-fifth of one per cent (1/5 of 1%) of the insurance in force.

4819h. Territorial boundaries, power to enlarge.-8. Except as hereinafter provided, such company shall not insure any property located outside the territory described in its articles of incorporation. A company whose aggregate insurance amounts to not less than five hundred thousand dollars ($500,000) for each county in which it then operates, may, by amendment of its articles of incorporation, increase its business territory by the addition of adjoining counties, until such territory includes a total of not exceeding ten (10) adjoining counties. Such company may issue policies of reinsurance to other farmers' mutual companies located anywhere in this state and may accept policies of reinsurance from such other companies, and may also issue policies of insurance jointly with such other companies, but the total amount of loss or damage payable by all such companies upon a given risk shall, in no case, exceed the cash value of the property at the time of loss.

48191. Classification and rates.-9. Such company may classify property insured under different rates, corresponding, as nearly as possible, to the greater or less fire hazard that the property in question may be deemed to involve.

4819j. Fees, initial charges and assessments.-10. The company shall collect from its members such fees, initial charges, and assessments as the directors shall find necessary or as precribed in the bylaws. Each member shall be liable for his share of the amount necessary to pay all losses and necessary expenses incurred while his insurance has been in force, provided that the company may in its by-laws limit the contingent liability of its members during any one (1) year to an amount equal to not less than three per cent (3%) of the insurance carried. If any member shall fail or refuse to pay his share of such losses and expenses which shall be the assessment or assessments levied, the directors shall enforce the same by proper suits and proceedings. Such companies may collect and maintain such reserves as the by-laws may provide.

4819k. Directors, power to borrow, losses.-11. The directors may borrow for the payment of losses an amount not to exceed three dollars ($3) on each thousand dollars ($1,000) of insurance in force: Provided, That any sum necessary to pay such loan in full shall be included in the next assessment, and such assessment shall be levied not later than twelve (12) months after the incurring of the losses paid from such loan.

48191. Withdrawals, surrender of policy.-12. Any member of such company may withdraw therefrom upon written notice to the company as provided in the policy, the surrender of his policy and the payment of his share of all losses and expenses incurred while his policy remained in force. The company may cancel any policy upon five (5) days' written notice to the member. Such company may in its by-laws provide for the suspension of its liability for loss upon any policy from the date when an unpaid assessment has become due, and the payment of such assessment shall only reinstate such policy from the date of such payment and no allowance shall be made in any assessment because of such suspension.

[Acts 1921, p. 773. In force March 11, 1921.]

4819m. Annual report of president and secretary.-13. The president and secretary shall annually make and file with the commissioner such report as he may require; for filing such statement there shall be paid to the commissioner of insurance the sum of five dollars ($5.00). The commissioner may at any time examine the books and affairs of such company. If the commissioners shall find that such company is not paying its losses and otherwise complying with law, or is conducting its business in a manner detrimental to the interests of the policy holders or the public, he shall order the levy of an assessment if necessary, or order the company to cease issuing new policies or take such other action as shall best protect the inter

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