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Annual Statements.-Annual statements must be filed with the Auditor on or before March 1, showing the condition of the association December 31 preceding.
Fees.-For issuing certificate of authority, $25; for each statement filed, $10; agent's certificate, $5.
Fraternal Orders.—The insurance laws do not apply to fraternal societies.
WISCONSIN. Preliminary Docunients.-Association must make application on form prescribed by the Commissioner, setting forth its membership, condition, etc.; must also file copies of its charter, constitution and by-laws, application, medical examination blank, and its certificate or policy; also a certificate from the proper officer of the State in which it is incorporated, certifying that it is authorized to legally transact business in that State, that its business is honestly conducted, and that for a period of two years prior to date of application for admission it has paid its claims in full, and that it has accumulated a fund equal in amount to one assessment upon all its members. Assessment accident companies are required to deposit with the State Treasurer securities to the amount oi $1000 for the protection of policyholders.
Annual Statements.-Annual statements must be filed with the Commissioner on or before March 1, showing its condition on December 31 preceding.
Fees.-Annual license fee, assessment life associations, $300; assessment accident associations, $25; fraternal associations of other States not having a Grand Lodge in Wisconsin, $25; for filing annual statement, $25.
Fraternal Orders.-Society must file with the Commissioner of Insurance an application for admission, upon a form prescribed by the Commissioner of Insurance, setting forth its membership, claims paid, resources, etc., together with a copy of its articles of incorporation, a copy of its constitution and by-laws, a copy of its application, a copy of its certificate or policy issued to its members, a certificate from the Commissioner of Insurance of the State in which said corporation is incorporated, certifying that the said corporation is authorized to legally transact business in that State; that its business is honestly conducted, and that for a period of two years it has paid the face value of its largest certificate in full with the collections of an ordinary assessment upon its members; that its by-laws require, and the laws of the State where incorporated permit, the accumulation of a reserve or emergency fund; provided, also, that the membership of such corporation shall not have diminished during the year of such application for license or during the year next preceding the date of such application for license; provided, that the provision requiring a reserve or emergency fund shall not apply to a corporation which is engaged in the business of accident or casualty insurance, and only pays death losses caused by accident; provided, however, that such corporation shall have accumulated and maintained a fund equal to and applicable to the payment of the face of the largest certificate or policy in force.
WYOMING. Preliminary Documents. - Association must secure authority to do business from the Insurance Commissioner, and must file with him a certified copy of its charter, a copy of its statement for the preceding year, and a verified certificate that an ordinary assessment upon its members is sufficient to pay its maximum certificate of membership to the full limit named therein; also copies of its certificate of membership, application and by-laws. and must designate the Auditor of State to accept service of legal process. A certificate must be filed accepting the State constitution.
Annual Statements.-Annual statements must be filed on or before April 1, showing the condition of the association December 31 preceding.
Fees.-Payable in advance. For issuing license, $50; filing annual statements, $25; certificate accepting State constitution, $2.50. Agents' license, $1.
Policy Conditions.-All companies, corporations, societies or associations-except fraternal orders--inust have the words “assessment insurance” printed in large bold type, not less than half an inch high, across the face of every application and policy used in the State.
Penalties.--For neglect to make annual statement within the specified time, license to do business will be revoked; or doing business without a license, or for soliciting business for an unauthorized association, subjects the offender to a fine of not less than $50 nor more than $1000, or imprisonment in the county jail not less than thirty days nor more than one year, or both fine and imprisonment, in the discretion of the court.
Taxes.—There is imposed upon each and every insurance company transacting the business of insurance within this State a tax of two and one-half per centum per annum upon the gross premiums received by it for insurance within this State from the beginning unti he close of the calendar year ending on the thirty-first day of December. Such tax shall become due and payable from the first day of February to the thirtieth day of March in each year.
Fraternal Orders.-Association must do business on the lodge plan, and file a certified copy of its charter and by-laws; an acceptance of the State constitution; a copy of its annual report of the preceding year; and appoint the Auditor its attorney to accept legal process. Fees for filing preliminary papers, $15; annual statement, $10; acceptance of State constitution, $2.50. Annual reports must be made on or before March 1.
CANADA. Preliminary Documents.-Company must file certified copy of its charter, act of incorporation or articles of association, a statement of its condition and affairs on December 31 preceding, or up to the usual balancing day of the company, and power of attorney to its chief agent in Canada.
Deposits.-A Canadian association must be licensed, and must make a deposit of $50,000. A foreign corporation or association must be licensed by the Minister of Finance, but before receiving a license must deposit with him the sum of $50,000. License entitles it to do business so long as it continues to pay its losses to the full limit named in the certificate. Other additional deposits may be required by the Minister of Finance upon a report of the Superintendent of Insurance, approved by the Treasury Board.
Annual Statements.-Annual statements of Canadian business must be filed with the Superintendent of Insurance on or before March 1, showing the business transactions of the preceding year ending December 31, and statement of the general business on or before June 1, verified in the same manner as statements of ordinary life companies. Canadian companies must file their full statements on or before March 1.
Fees.- The Superintendent is empowered to assess all insurance companies to defray the expenses of his office pro rata upon gross premiums received in Canada during each year. Such assessment to be paid on demand of the Superintendent.
Penalties.—Neglect to file annual statements subjects the offender to a penalty of $10 for each day during which such company remains in default. Transacting business for an unauthorized company subjects the offender to a penalty of not less than $20 nor more than $50 for the first offense; for the second offense imprisonment, without the option of a fine.
MEANS AND END. Is it worth while to leave property behind ? Does anyone consider the money he leaves, or the house he lives in, his farm, or his factory, or his yacht, wasted ? Does he consider them worthless, and their cost so much robbed from the enjoyment he might have had, because he can't take them with him? Does he mean to spend every cent he earns, to consume it in some way, to live so close that there will be just enough to bury him with?
Nobody would waste breath arguing such questions. Men love money and the things it will buy, not only to use and enjoy, but to leave behind, whether they leave anybody to need it or not. They not only want to live rich, but to die rich, and they will worry and skimp, and toil and intrigue, to do it. It is a great satisfaction not to be empty-handed when the grave closes over one. This desire is what has made civilization.
Then what difference does it make how one accomplishes it? It is the end that is important, not the means. How can a man say that it is a good thing to leave $5000 in money or other property, and in the same breath say that a regular life policy is of no value to him, because he can never handle a dollar of it himself?
He can't of his other property either. He can't gloat over his house or furniture or pictures any more, or sail his yacht, or enjoy his dividends, or push his business; they will be no more to him than the proceeds of a life policy after he is dead. If one sort is worth leaving, why not the other?
Is not money paid by an insurance company as valuable as money paid by an auctioneer? How can one consider the money invested in a property worth thousands, as soon as he is gone "wasted?” And is it not better to have the certainty of property, whether one lives or not, than take the chance of having the luck to live long enough to amass it and nerve enough to scrimp all his life?
What nonsense it is to admit that it is a good thing to leave property, and yet say it is a waste of money to do it in the easiest possible way, and the only way most people can do it at all? And yet many a man will think himself able and fortunate if, by pinching all his life and foregoing half the things that make it worth living, he can die with $5000 in money or a house for someone else to enjoy, and consider that it pays for all his privations !
STATISTICS OF FOREIGN COMPANIES.
The statistics given under this heading have been condensed from The PostMagazine Almanack for 1904, except in a few instances where credit is given.
DIRECTORY OF LIFE AND MISCELLANEOUS COMPANIES
IN GREAT BRITAIN.
DIRECTORY OF LIFE AND MISCELLANEOUS COS. IN GREAT BRITAIN—Con.
Date of Organic zation.
NAME AND LOCATION OF COMPANY.
Character of Business.
Name of Manager or Secretary.
1823 1886 1823 1900
1839 1762 1899 1835 184+ 1900 1890 1832 1885
1837 1893 1836 1889 1848 1840 1821 1863 1696 1884 1896 1875 1868 1881 1873
Ecclesiastical Insurance Office, Lon.
Fire, Burg., G., Hail
Geo. Todd, Act. and Sec.
William Luxon, Sec.
Lise, End. and Annu. Archd. Hewat, Man, and Act.
Sick., Burg., Cycle A. Robertson-Cowper, G. Man.
C., Disease and Fid. and Sec.
Eng., B. and El. P... E. Moss, Sec.
H. W. Manley, Act. and Sec.
Lawrence Tolkien, Man. Dir. Equitable Reversionary, London, W.C. Reve., Life Int., An.. C.H. & F. H. Clayton, Secs. Equity and Law, London, W. C...... Life...
A. F. Burridge, Act. and Sec. Farmers, York..
Fire. Acc't & Em. L.. John Hetherton, Man. Dır. Fine Art and General, London, E. C.. F., B., E. L., Ac., T. A. P. Fedden, Sec. and Man. Friends Provident I surance, Bradford. Life, Ann., End., etc W. H. Gregory, Sec. General Accident, Perth..
Ac., Burg., C., F., E.
L., Fid., W. C., S. F. Norie Miller, Gen. Man.
Industrial, Life George Betts, Sec.
J. R. Freeman, Man. and Sec.
J. Simpson Fraser, Sec.
D. A. Bumsted, Act.
Life, End. and Annu. J. H. Scott, G. Man. and Sec.
Augustus Muzio, Sec.
Fire, Life, Acc., Burg/ T. G. C. Browne, Act. and Sec.
Thomas Harris, Man. and Sec.
F. Shellard, Sec.
W. Lappage, Gen. Man. & Sec.
Leonard M. Hodges, Sec.
F. L., A., Bur., P. G. Benj. S. Essex, Man. Dir.
James Marsh ul, Sec.
H. Fishwick, Man. and Sec.
F. C. Norman, Man. Dır.
Rev. Marshall Hartley, Act. Tr.
ing Fund Assurance E. H. Holt, Man. and Sec.
Rev., Life Int., Loans W. Oscar Nash, Act, and Sec.
loss of license.. J. O'Donoghue, G. Man. & Sec.
W. H. Cochran, Sec. and Man.
Industrial Life... Arthur Henri, Sec.
C. Harrison, Venning, Sec.
DIRECTORY OF LIFE AND MISCELLANEOUS COS. IN GREAT BRITAIN-Con.
Date of Organization.
NAME AXD LOCATION OF COMPANY.
Character of Business.
Name of Manager or Secretary.
London & Co. Pl. Gl's, London, E. C. Plate Glass.... Henrı Mare, Sec.
W. P. Clirehugh, Mar, and Ac.
J. A. Bushell, Man., M. D. & S.
E. W. Mawer, Man. and Sec.
W. C. and Burg.. E. G. Laughton Anderson, Sec.
Chas. D. Higham, Act. & Sec.
Wm. R. Ockerby, Sec.
Industri il Life. John Roughsedge.
F. Addiscott, Sec.
Bernard Woods, Sec.
Charles J. Hunt, Sec.
Boilers, En., Dy., etc. E. G. Hiller, Ch. En. and Man.
F. W. Rutherford, Man. & Sec.
James Murray, Man.
G. Marks, Act. and Man.
A. Smither, Act. and Sec.
J. H. Brown, Man. Dir.
F., A.,B.,P.G., Em.In. A. Brown Fraser, Ger. Man.
Life and Investment.. F. A. Eardley, Man.
Richard Duffy, Man.
Fire and Life.
H. E. Wilson, Gen. Man. Northern Accident, Glasgow.... Ac., W. C., Fid., B.,
Fev., P.G.,P.O., etc. R. W. Thompson, Man. & Sec.
J. M. Dunn, Man. Dir.
B., F., H. and P. G. Sir C. R. Gilman, Man.
J. J. W. Deuchar, Sec. and Ac.
E. B. D., B. and L. Richard J. Paull, G. M. & Sec. Patriotic, Dublin....
L., Fire, A. and E. L. B. H. O'Reilly, Man. and Sec. Pearl, London, E. C...
P. J. Foley, Man. Dir.
James Sorley. Act. & Gen. Man.
Life and Accident. J. R. Ormerod.
Fred. J. Austin, Sec.
H. B. Brain, Sec.
Baron Profumo, Man. Dir.
S. A. Beaumont, Man.
W. B. Winckle, Sec.
T.C. Dewey, W. Hughes, Mans. Railway Passengers, London, E. C... R., G. A., E. L., Fid.
and Plate Glass A. Vian, Sec. kefuge, Manchester.......
Ordinary & Ind. Life. J. Proctor & R. W. Green, Jt.
Cleaning, Southwark, S. E........ Pla'e Glass.... C. Salmon, Sec.
1809 1894 1836 1882
1898 1888 1856
1824 1864 1797 1891 1852 TOOI 1840 1876 1865
1889 1806 1885 1848 1849