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§ 92. No forfeiture of policy without notice.-No life insurance corporation doing business in this state shall within one year after the default in payment of any premium, installment or interest declare forfeited or lapsed, any policy hereafter issued or renewed and not issued upon the payment of monthly or weekly premiums, or unless the same is a term insurance contract for one year or less, nor shall any such policy be forfeited, or lapsed, by reason of non-payment when due of any premium, interest or installment or any portion thereof required by the terms of the policy to be paid, within one year from the failure to pay such premium, interest or installment unless a written or printed notice stating the amount of such premium, interest, installment, or portion thereof, due on such policy, the place where it shall be paid, and the person to whom the same is payable, shall have been duly addressed and mailed to the person whose life is insured, or the assignee of the policy, if notice of the assignment has been given to the corporation, at his or her last known post-office address in this state, postage paid by the corporation, or by any officer thereof, or person appointed by it to collect such premium, at least fifteen and not more than fortyfive days prior to the day when the same is payable. The notice shall also state that unless such premium, interest, installment or portion thereof, then due, shall be paid to the corporation, or to the duly appointed agent or person authorized to collect such premium by or before the day it falls due, the policy and all payments thereon will become forfeited and void except as to the right to a surrender value or paid-up policy as in this chapter provided. If the payment demanded by such notice shall be made within its time limited therefor, it shall be taken to be in full compliance with the requirements of the policy in respect to the time of such payment; and no such policy shall in any case be forfeited or declared forfeited, or lapsed, until the expiration of thirty days after the mailing of such notice. The affidavit of any officer, clerk, or agent of the corporation, or of any one authorized to mail such notice that the notice required by this section, has been duly addressed and mailed by the corporation issuing such policy shall be presumptive evidence that such notice has been duly given. No action shall be maintained to recover under a forfeited policy, unless the same is instituted within one year from the day upon which default was made in paying the premium, installment, interest or portion thereof for which it is
claimed that forfeiture ensued. (As amended by chap. 218 of
1897, § 2.)
$93-added 1901 c. 635- "Valuation of policies of Health insurance
FIRE INSURANCE CORPORATIONS.
SECTION 110. Incorporation.
111. Mutual fire insurance corporations.
112. Subscriptions to capital.
113. Capital stock notes and deposit notes.
114. May unite cash capital as an additional security.
115. Deposit notes and cash payments by members of mutual cor
116. Assessments in mutual corporations.
117. How surplus profits to be estimated.
118. Allowance of assets and estimation of liabilities upon examina-
119. Liability of directors and corporators.
120. What to appear on face of policy.
121. Standard fire insurance policy to be prescribed and used.
122. Payment of return premiums on cancellation of policy.
123. Cancellation of policies by receiver and issue of certificates of
124. Extension of joint-stock corporations.
125. Mutual may become joint-stock corporations.
126. Extension of term of charter.
127. Existing corporations may reincorporate.
128. Duration of charter.
129. Merger of fire insurance corporations.
130. Guaranty and special reserve funds.
131. Funds, how invested.
132. Proceedings in case of extensive conflagrations.
133. Payment of tax by agents of foreign fire insurance corporations
to fire departments.
134. Undertaking of agents.
135. Penalty for refusal to pay.
136. Penalty for refusing to exhibit foreign fire policies.
137. License to agents in excepted cases.
§ 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 by fire, lightning, wind storms or tornadoes, 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, and to effect reinsurance 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 of 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.
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.
§ 111. Mutual fire insurance corporations. No domestic mutual fire insurance corporation shall commence business, if located in the city of New York, or in the county of Kings, nor establish any agency for the transaction of business in either of such counties, until agreements have been entered into for insurance with four hundred applicants, citizens of this state and freeholders, each owing real estate within this state to the value of at least five thousand dollars, the premiums on which insurance shall amount to two hundred thousand dollars, of which forty thousand dollars shall have been paid in in cash, and notes of solvent parties, founded on actual and bona fide applications for insurance, shall have been received for the remainder. No such corporation in any other county of the state shall commence business until agreements have been entered into for insurance with at least two hundred applicants, citizens of this state and freeholders, each owning real estate within this state to the value of at least two thousand five hundred dollars, the premiums on which insur
ance shall amount to one hundred thousand dollars, of which twenty thousand dollars shall have been paid in in cash, and notes of solvent parties founded on actual and bona fide applications for insurance shall have been received for the remainder. No one of such notes shall amount to more than five hundred dollars. No two shall be given for the same risk, or be made by the same person or firm, except where the whole amount of such notes shall not exceed five hundred dollars. No such note shall be represented as capital stock unless a policy be issued upon the same within thirty days after the organization of the corporation upon a risk located within the state and such policy shall be for no shorter period than one year. Such notes shall be called capital stock notes and shall be payable in part or in whole at any time when the directors shall deem the same requisite for the payment of losses and such incidental expenses as may be necessary for transacting the business of the corporation. The solvency of each of the makers of such notes shall be examined into by the superintendent of insurance, or by one or more competent and disinterested persons specially appointed by him for that purpose. No note shall be received as a capital stock note unless the maker thereof shall be approved by the superintendent of insurance, or by the person or persons appointed by him for that purpose, as being pecuniarily good and responsible for the same, and is also owner of real estate as required by this section, nor until such note has been finally approved by the superintendent of insurance. No such note shall be valid as a capital stock note, unless the corporators or officers of such corporation shall certify under oath that it is the bona fide property of the corporation. No domestic mutual fire insurance corporation transacting business with capital stock notes or deposit notes shall underwrite any property not located within this state, or reinsure policies written upon such property by other insurance corporations. (As amended by chap. 147 of 1898, 1.)
§ 112. Subscriptions to capital.-Upon filing in the office of the superintendent of insurance the declaration and copy charter and proof of publication of notice of intention to form a corporation as herein before required, which proof of publication shall be made by the affidavit of the publisher of the newspaper in which the notice was published, or his foreman or clerk, such corpora. tion, if a stock corporation, may open books for subscription to
its capital stock and keep the same open until the full amount specified in the charter is subscribed. If it is a mutual insurance corporation, it may open books to receive propositions and enter into agreements and receive capital stock notes in the manner and to the extent specified in this article.
§ 113. Capital stock notes and deposit notes.-All capital stock notes of any domestic mutual fire insurance corporations shall remain as security for all losses and claims, until the accumulation of profits invested as required by law shall equal the amount of cash capital required to be possessed by stock fire insurance corporations, the liability of each note decreasing proportionately as the profits are accumulated. Any note which may have been deposited with any mutual fire insurance corporation subsequent to its organization in addition to the cash premium on any insurance effected with such corporation, may, at the expiration of the time of such insurance, be relinquished and given up to the maker thereof or his representative, upon his paying his proportion of all losses and expenses which may have accrued thereon during such term. The directors of any such corporation shall have the right to determine the amount of the note to be given in addition to the cash premium by any person insured therein, but in no case shall the note be more than five times the whole amount of the cash premium, and every person. effecting insurance in any mutual fire insurance corporation, and his heirs, executors, administrators and assigns continuing to be so insured, shall thereby become members of the corporation during the period of insurance, and shall be bound to pay for losses and necessary expenses accruing in and to such corporation in proportion to the amount of his deposit note or notes.
§ 114. May unite cash capital as an additional security. -Any domestic mutual fire insurance corporation may unite a cash capital to any extent as an additional security to its members, over and above their cash premiums and premium notes. Such cash capital shall not be less than thirty thousand dollars, and shall be invested as capital of stock fire insurance corporations is required to be invested. The corporation may allow interest on such cash capital, and a participation in its profits, and prescribe the liability of the owners thereof to share in the losses of the corporation, and such cash capital shall be liable as the cash capital of the corporation in the payment of its debts. Such cash capital shall in all cases be paid in at the organization of the corporation, and