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liciting business for any company authorized to transact business in this territory without first procuring a certificate from the superintendent of insurance, shall be guilty of a misdemeanor, and, upon conviction thereof shall be punished by a fine of one hundred dollars for each and every offense.
No insurance company or association, organized by any other authority than the Territory of New Mexico, shall, directly or indirectly issue policies, take risks or transact business in the territory until it shall have first appointed, in writing, the superintendent of insurance, to be the true and lawful attorney of such company or association in and for this territory, upon whom all lawful processes in any action or proceeding against the company may be served with the same effect as if the
existed in this territory. Said power of attorney shall stipulate and agree, upon the part of the company, that any lawful process against the company which is served on said attorney shall be of the same legal force and validity as if served upon the company, and that the authority shall continue in force so long as any liability remains outstanding against the company in this territory. A certificate of
, such appointment, duly certified and authenticated, shall be filed in the office of superintendent of insurance, and copies certified by him shall be deemed sufficient evidence; service upon such attornev shall be deemed sufficient service upon the principal.
Whenever lawful process against any insurance company shall be served upon the superintendent of insurance, he shall forthwith, forward a copy of the process served on him, by mail, postpaid and directed to the secretary of the company, or, in case of companies of foreign countries, to the resident manager in this country; and shall also forward a copy thereof to the general agent of the said company in this territory. For each copy of process the superintendent of insurance shall collect the sum of two ($2) dollars, which shall be paid by the plaintiff at the time of such service, the same to be recovered by him as part of the taxable cost, if he prevails in the suit.
Sec. 17. No insurance company, not incorporated, or organized under the law of this territory, shall transact any insurance business in this territory, unless it shall first file in the office of the superintendent of insurance a duly certified copy of its charter, or articles of incorporation, or deed of settlement together with a statement, under oath, of the president and secretary, or other chief officers of said company, showing the condition of affairs of such company on the 31st day of December next preceding the date of such oath. The statement shall be in the same form and shall set forth the same particulars as the annual statement required by this act, and shall also, before permission is given to transact business and before the renewal of its certificate of authority, file a certificate signed by its president or chief officer to the effect that all the provisions of this act are accepted by it as a part of the conditions of its right and authority to transact business in this territory: Provided, That insurance companies complying with the provisions of this section shall not be required to comply with Section 1, of Chapter 65 of the Acts of the 35th Legislative Assembly of the Territory of New Mexico, entitled "An Act to regulate the admission of foreign corporations and providing a penalty for corporations failing to comply with the law," approved March 14, 1903,
Sec. 18. Every insurance company doing business in this territory shall on or before the first day of February in each year render to the superintendent of insurance a report, signed and sworn to by its chief officer, of its condition on the preceding 31st day of December, which shall include a detailed statement of assets and liabilities, the amount and character of its business transacted and moneys received and expended during the year, and such other information as the superintendent of insurance may deem necessary, and shall annually and at such other times as the superintendent may require make such report as may be prescribed by him of all re-insurance or cessions of risks or liabilities contracted for or affected by it in any manner whatsoever upon property located in this territory, such return to be verified by the oath of its president and secretary, if a company, society, association or partnership of one of the L'nited States, and if of a foreign country by the oath of its manager in the United States. The refusal of any such company, society, association or partnership to make such return shall be presumptive evidence that it is guilty of violating the provisions of this act, prohibiting re-insurance of risks of a company not authorized to do business in this territory.
Sec. 19. No fire or life insurance company having capital stock shall be permitted to do any business in this territory unless it is possessed of an actual paid up cash capital as follows: Fire insurance companies of not less than two hundred thousand dollars, and life insurance companies not less than one hundred thousand dollars. Sec. 20. That the superintendent of insurance shall have power
. and it shall be his duty to examine the form of all policy contracts hereafter issued or proposed to be issued by any insurance company, association or corporation now authorized by law, or that may hereafter apply to be authorized to transact business of fire insurance in this territory. The superintendent of insurance shall refuse to authorize any fire insurance company, association or corporation to do business in this territory, whenever the form of policy, contract issued or proposed to be issued by any such company, association or corporation does not provide for the cancellation of the same at the request of the insured upon equitable terms; nor whenever the form of policy does not provide that in case the policy shall be cancelled at the request of the insured,the premium having been actually paid, that the unearned portion shall be returned on surrender of the policy or last renewal, the company in no event retaining an amount in excess of the amount shown to be the earned portion of said premium, as per the customary short-rate table.
Sec. 21. In case of any violation of this act it shall be the duty of the superintendent of insurance to revoke the authority of such company to do business in this territory, and the same shall not be renewed during a period of six (6) months thereafter.
Sec. 22. No fire insurance company, society, association or partnership not incorporated under the laws of this territory, but legally authorized to transact business herein, shall make, write, place or cause to be made, written or placed, any policy, duplicate policy or contract of insurance of any kind or character, or any general or floating policy, upon property situated or located in this territory except after the said risk has been approved, in writing, by an agent who is a resident of this territory, regularly commissioned and licensed to transact insurance business herein, who shall countersign all policies so issued and receive the commission thereon when the premium is paid, to the end that the territory may receive the taxes required by law to be paid on the premiums collected for insurance on all property located in this territory.
Sec. 23. No fire insurance company, society, association or partnership shall reinsure or assume as a re-insuring company, or otherwise, in any manner or form whatsoever, the whole or any part of any risk or liability, covering property located in this territory, of any insurance company, society, association or partnership not authorized to transact business in the territory.
Sec. 24. Whenever the superintendent of insurance shall have or receive information that any fire insurance company, society, association or partnership, not incorporated under the laws of this territory has violated any of the provisions of Section 22 of this act, he is authorized at the expense of such company, society, associa. tion or partnership, to examine by himself or his accredited representative, at the principal office or offices of such company, society, association or partnership, located in the United States of America, or in any foreign country, and also at such other offices or agencies of such company, society, association or partnership, as he may deem proper all books, records and papers of such company, society, association or partnership, and may examine under oath the officers, managers and agents of such company, society, association or partnership as to such violation or violations. The refusal of any such company, society, association or partnership to submit to such examination or to exhibit its books and records for inspection shall be presumptive evidence that it has violated the provisions of the Twenty-second Section of this act, and shall subject it to the penalties prescribed and imposed by this act.
Sec. 25. The provisions of this act shall not be construed so as not to prevent any fraternal, religious or benevolent society from issuing indemnity to anyone against loss by death or accident of any of its members, and such society shall not be held amenable under or governed by any of the provisions of any article in this act pertaining to accident or life insurance, except as to rendering an annual statement of the condition of said association or society. The fee for filing the annual statement as herein provided shall be five ($5.00) dollars. But all life and accident associations hereinafter organized under the laws of this territory to operate on the mutual assessment plan shall comply with all the provisions of this act so far as applicable, and shall be under the full supervision of the superintendent of insurance. All such companies now existing shall comply with this law, within ninety days after its approval, and thereafter shall be subject to examination; shall take out certificates of authority and in all ways contemplated herein be under the direction of the insurance department.
Sec. 26. No provisions of this act shall be so construed as to repeal Sections 2136 and 2139 of the Compiled Laws of the Territory of New Mexico for the year 1897, but said sections are hereby re-enacted and continued in force.
Sec. 27. The words “Insurance Company,” as used in this act shall be held to include all companies organized for the purpose of insuring property against loss by fire, floods, tornado, or other accident; companies organized to write insurance upon the health of persons, against injury, disablement or death of persons; upon the lives of horses, cattle or other live stock; upon plate glass against breakage; upon steam boilers against explosions, and against loss by burglary or theft or both, and companies guaranteeing the fidelity of persons holding places of trust, public or private, and titles to land.
Sec. 28. Whenever by the laws of the Territory of New Mexico as heretofore enacted reports are to be made or papers
kind transmitted by or on behalf of insurance companies to the territorial auditor such reports shall be made and papers transmitted to the superintendent of insurance.
Sec. 29. All insurance companies organized under the laws of the Territory of New Mexico shall within thirty days after the completion of their organization file a certified copy of their articles of incorporation with the superintendent of insurance.
Sec. 30. That sections 2115, 2117, 2118, 2119, 2120, 2122, 2123, 2124, 2125, 2126, 2128, 2129, 2130, 2131, 2132, 2133, 2134, and 2135 of the Compiled Laws of 1897, of the Territory of New Mexico, and An Act of the Legislative Assembly of the Territory of New Mexico approved January 26, 1861, entitled, An Act to incorporate a fire company in the city of Santa Fe, and Chapter 106 of the Laws of the 34th Legislative Assembly, approved March 31, 1901, be and each of them are hereby repealed.
Sec. 31. Nothing in this act contained shall affect policies or insurance contracts issued and in force prior to the passage of this act, or the payment or collection of premiums thereon, and all the insurance companies now authorized to do business in this territory are hereby allowed a period of ninety (90) days within which to comply with the requirements thereof.
Sec. 32. This act shall be in full force and effect from and after its passage and approval.
AN ACT EMPOWERING CITIES AND TOWNS TO BUILD STREET
CROSSINGS AND TO ASSESS THE COST THEREOF AGAINST PROPERTY OWNERS. C. B. No. 19; Approved February 10, 1905.
Sec. 1. City council to establish district in which crossings desired. City engineer
to make estimate of cost of crossings. Sec. 2. City council to name time and place at which property owners to be heard
on necessity of crossing improvements. Notice of hearing.