in relation to insurance corporations, constituting chapter twentyeight of the consolidated laws," as last amended by chapter two hundred and ninety-four of the laws of nineteen hundred and seventeen, is hereby amended to read as follows: § 150. Incorporation. Thirteen or more persons may become a corporation for the purpose of making insurances upon vessels, freights, goods, wares, merchandise, specie, bullion, jewels, profits, commissions, bank-notes, bills of exchange, and other evidences of debt, bottomry and respondentia interests, and every insurance appertaining to or connected with marine risks and risks of transportation and navigation, including the risks of lake, river, canal and inland transportation and navigation, insurance upon automobiles and airplanes, seaplanes, dirigibles or other aircraft, whether stationary or being operated under their own power, which shall include all or any of the hazards of fire, explosion, transportation, collision, loss by legal liability for damage to property resulting from the maintenance and use of automobiles and airplanes, seaplanes, dirigibles or other aircraft, and loss by burglary or theft or both, but shall not include insurances against loss by reason of bodily injury to the person, and of reinsuring any risks taken by it, by making, acknowledging and filing in the office of the superintendent of insurance a declaration signed by all of them, stating their intention to form a corporation for one or more or all of such purposes, with a copy of the charter proposed to be adopted by it, which charter shall set forth the name of the corporation, the place where its principal office shall be located, the mode in which its corporate powers are to be exercised, and of electing directors, each of whom, if a stock corporation, shall be the owner in his own right of five hundred dollars par value of its stock and a majority of whom shall be citizens of this state, the mode of filling vacancies in the office of director, the period for the commencement and termination of its fiscal year, the amount of its capital or capital stock and the number of shares into which it shall be divided, if a stock corporation. Thereupon such persons and all others who shall become stockholders or members thereof, shall be a corporation by the name expressed in the charter. No such corporation shall commence the transaction of the business of insurance until after publication of a notice of its intention to do so, once a week for at least six weeks, in a public newspaper in the county in which it is proposed to be located, nor if a stock corporation, until its capital stock shall all have been paid in in cash. Every such corporation shall continue in existence for thirty years, or for such less time as may be specified in its charter. No such corporation shall directly or indirectly deal or trade in buying or selling goods, wares or merchandise, or other commodities, except such as may have been insured by it, and such as may be sold under judicial process or otherwise in which or in the profits of the sale of which it may be interested by reason of having previously become insurers of the same or of some share or portion thereof. A stock marine insurance corporation incorporated under this section, having a capital paid in in cash of at least four hundred thousand dollars, may, by taking the proceedings required in section fifty-two of this chapter, amend its charter so as to include therein, in addition to its marine powers, any or all of the powers which may be exercised by a fire insurance corporation organized under section one hundred and ten of this chapter. § 2. This act shall take effect immediately. Chap. 393 AN ACT to amend the insurance law, in relation to the powers of fire insurance corporations. Became a law May 5, 1919, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Section one hundred and ten of chapter thirty-three of the laws of nineteen hundred and nine, entitled "An act in relation to insurance corporations, constituting chapter twenty-eight of the consolidated laws," as last amended by chapter two hundred and twenty-five of the laws of nineteen hundred and seventeen, is hereby amended to read as follows: § 110. Incorporation. Thirteen or more persons may become a corporation for the purpose of making insurances on dwelling houses, stores and all kinds of buildings and household furniture, and other property against loss or damage, including loss of use or occupancy, by fire, lightning, windstorm, tornado, cyclone, earthquake, hail, frost or snow, bombardment, invasion, insurrection, riot, civil war or commotion, military or usurped power, and by explosion whether fire ensues or not, except explosion on risks specified in subdivision seven of section seventy of this chapter, and also against loss or damage by water to any goods or premises arising from the breakage or leakage of sprinklers, pumps or other apparatus erected for extinguishing fires, and of water pipes, and against accidental injury to such sprinklers, pumps or other apparatus, and upon vessels, boats, cargoes, goods, merchandise, freights and other property against loss or damage by all or any of the risks of lake, river, canal and inland navigation and transportation, as well as by any or all of the risks specified in section one hundred and fifty of this chapter, including insurances upon automobiles and airplanes, seaplanes, dirigibles or other aircraft, whether stationary or being operated under their own power, which shall include all or any of the hazards of fire, explosion, transportation, collision, loss by legal liability for damage to property resulting from the maintenance and use of automobiles and airplanes, seaplanes, dirigibles or other aircraft, and loss by burglary or theft or both, but shall not include insurance against loss by reason of bodily injury to the person, and to effect reinsurances of any risks taken by it, by filing in the office of the superintendent of insurance a declaration signed by all of them, of their intention to form a corporation for the purpose of transacting the business of making any or all of such insurances, which shall comprise a copy of the charter proposed to be adopted by them, setting forth the name of the corporation, the place of location of its office, the mode in which its corporate powers are to be exercised and its directors elected, a majority of whom shall be citizens of this state, and if a stock corporation, the owner in his own right of at least five hundred dollars of the stock of the corporation at its par value, the mode of filling vacancies in the office or director, the period for the commencement and termination of its fiscal year and the amount of capital to be employed in the transaction of its business; provided that a corporation including in its charter a provision to assume any of the risks of ocean marine insurance as specified in section one hundred and fifty of this chapter must have a capital, paid in in cash, of at least four hundred thousand dollars. No such declaration shall be filed, unless the persons signing the same shall have previously published for at least two weeks successively a notice of their intention to form such a corporation in a public newspaper in the county where its office is to be located. Every such corporation shall be known as a fire insurance corporation. No such corporation shall directly or indirectly deal or trade in buying or selling any goods, wares, merchandise or other commodities whatever, except such articles as may be insured by it and are claimed to be damaged by any cause so insured against. Any such corporation which, by its charter, is authorized to make insurances against loss or damage by explosion, as defined in this section may make insurances against loss or damage to property caused by bombardment, invasion, insurrection, riot, civil war or commotion, or military or usurped power. This act shall take effect immediately. Chap. 394 AN ACT to amend the insurance law, in relation to advertisements. Became a law May 5, 1919, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Section forty-eight of chapter thirty-three of the laws of nineteen hundred and nine, entitled "An act in relation to insurance corporations, constituting chapter twenty-eight of the consolidated laws," as amended by chapter two hundred and five of the laws of nineteen hundred and thirteen, is hereby amended to read as follows: § 48. Contents of advertisements. Every advertisement or public announcement, and every sign, circular or card issued by any insurance corporation or association incorporated by or existing under the laws of this state or of any other state of the United States and doing business in this state, purporting to make known its financial standing, shall exhibit the amount of the capital actually paid in in cash, the assets owned, the liabilities, including therein the premium and loss reserves required by law, and the amount of net surplus of assets over all its liabilities actually available for the payment of its losses and claims, and held for the protection of its policyholders, and shall correspond with the verified statement made by it to the insurance department next preceding the making or issuing of the same. Every advertisement or public announcement, and every sign, circular or card issued by any insurance corporation or association incorporated by or existing under the government or laws of a country outside of the United States and doing business in this state, purporting to make known its financial standing, shall exhibit as capital and as assets only the capital and assets held by its United States branch, the liabilities, including therein the premium and loss reserves required by law, and the amount of net surplus of assets over all its liabilities actually available for the payment of its losses and claims and held for the protection of its policyholders in the United States, and shall correspond with the verified statement made by it to the insurance department next preceding the making or issuing of the same. For every violation of this and the preceding section by any such corporation, it shall forfeit for the first offense to the people of the state the sum of five hundred dollars, and for every subsequent offense the sum of one thousand dollars, which sums, when recovered, shall be paid into the treasury of the state. life insurance corporation. This section shall not apply to any 2. This act shall take effect immediately. |