Page:United States Statutes at Large Volume 42 Part 1.djvu/431

 SIXTY-SEVENTH CONGRESS. Sess. II. Ch. 93. 1922. 403 sonal injury and death, and liability of the insured therefor, from explosions of steam boilers and engines, pi es and machinery connected therewith, and breakage of flywheel; or machine, and to make and certify inspections thereof; and against loss if use and pocupancy from any cause; against loss by burglary, theft, and B¤’8l°'Y» °*°· orgery. Sixth. Against loss or damage from failure of debtors to pay their F**¤¤*¤ 0* ¤¤b*<>*¤· obligations to the insured. _ Seventh. Against loss from encumbrances on or defects in titles. Tm °°'°°“· °*°· Eighth. Against loss or damage by theft, injury, sickness, or A¤¤¤¤m¤¤f*S¤¤¢<= death of animals, and to furnish veterinary services. Cmaltv 0,,,,,,, ,1,,,, Ninth. Against any loss or liability arising from any other casualty gf? H i¤S¤iri¤¤<>¤, wd or hazard not contrary to public policy, other than that apperta` ¤· beiiaiiig. md mm to or connected with (1) life insurance (including the granting of endowments and annuities), and (2) fidelitly and surety bonding. _ An insurance comtpany organized for the transaction of one or c,,§’,‘{Q,"P:,'§,°S°’}'“§’,,0'§‘,; more of the kinds o insurance permitted under subdivisions three classes ormsurnnce to nine, inclusive, of this section, shall also, if complying with this Act, be admitted or licensed to write any or all insurance and reinsurance comprised in any one or more of the other subdivisions of P M this section: Provided, That nothing in this section shall be con- Biisiness of existing strued as reventing any insurance com any, now formed, admitted, §,‘;,“{}§_&“°° mt ‘“* or licensed) to transact insurance in the l))istrict, from continuing the writing of those kinds of insurance which it may have been authorized to write on the date when this Act goes into effect. Sc Every company formed, admitted, or licensed to transact in the be °s °° District an of the kinds of insurance `tted by the several numbered subdivisions of this section sh5 maintain separate and dis- Swck <=¤m1>¤¤i¤s- tinct reserves for each kind of insurance so written, and if a stocks comp`a1;,1y shall not transact the business of insurance in the District ess- _ (e) it has e eepaei stock actually paid an, in cash or invested as ,.3*.5*.% “° mm provided b law, of at least $100,000 for the insurance specined in any one subdivision of this section, nor unless it has a surplus of money or other lawful assets over its authorized capital and all other liabilities of at least $50,000; (b) With an additional $50,000 of capital stock and $25,000 of ,,,,{§§{“°"°“°' °“‘°' surplus for the insurance authorized b any other subdivision of this se<2t§onI_ia.1nd which may be transacted by sucll; compang; f swam? c at every compan writin more t an one c ass o insur— mq ,,,,,,,°°°°"“,,,, §§'}§,· ance, as authorized in theyseveral gubdivisions of this section, shall ¢¤=¤¤m¤¤¤¤¤¤•~ keep a separate account of all receipts in respect to each class of insurance, as directed by the superintendent, and the receipts in respect to each class of insurance shall be carried to and form a separate insurance fund with an appropriate name, which fund, exclu- Remmm mm 0, sive of the capital stock and eneral surplus of the company, shall be f¤¤<1· as absolutely the security of ghe policyholders of that c ass as though it belonged to a company writing no other business than the insurance business of that class, and shall not be liable for any contracts of the company for which it would not have been liable had the business of the company been only that of insurance of that class, and shall not be applied, directly or indirectly, for anfy purposes other than those _ of the class of insurance to which the und is applicable: Provided, §Z,,,,”’,§,f’§,;,,,v,,,,,,,,,,,, That nothing in this subsection shall require the investments of any md ¤¤¢ ¤°°$S“’Y· such fund to be kept se arate from the investments of an other _ _ ftmd: Provided further, That nothing in this subsection shall he con- d,{’,§;l“’“°°“ °‘ ‘*“"‘ strued as preventing a company, at the end of each calendar year, from declaring dividends out of profits earned in any particular class of insurance, apr from allocaiiing such pZr<}6ts,ueithrie11;in part or in whtolleé Not mmm to to its ener s lus: A pr urt .r, at nothin  in ,,,,, ,,,,',,, ,,,,,,¤ sectionihall be siljglicable to companies now operating, or w `ch shall mm