Page:United States Statutes at Large Volume 42 Part 1.djvu/440

 412 SIXTY-SEVENTH CONGRESS. Ssss. II. C11. 93. 1922. Trn.1; IX.—PRomsrr1oN or UNAUTHORIZED INsUaANoE—L1cENs1Nc or Bsoxmzs IN CERTAIN CASES. mg SEc. 23. That any insmance agent or broker, incorporated or 1min— far ¤¤1i¤¤¤s¤d ¢<>mva· cor orated, or an other person, partnershi, or corporation, who or Ines, P » yl • lll) · • • which, with or without compensation, sha , m or from the District, act for or with, or aid, in any manner, either directly or indirectly, any other person, association, partnership, or corporation in soliciting, procuring, or tilansacting rparineflrisulrance githior drontl any cprpora— ion par ners p associa ion oy s in 1Vl ua un erwri ers or reinsurers not authorized by liizense of the supermtendent to transact tllie business of insurance therein, and whetther tlipusubject riiatter of t e insurance or reinsurance is or may e wit or wit out the District, except as in this chapter hereinafter provided, shall be guilty of a misdemeanor and shall forfeit to the District the sum of not less f,°}§§‘,j'°· 0,,,,,,,,, 0, than $100 nor more than $1,000 for each offense: Promkled, That for ,Y1¤*¢¢uj*}a§1¢g¤¤,¢¤¤m, gg thepurposes of this chapter any office outside of the United States of sum. an msurer organized under the laws of any foreiggn country, whether siagdlipsiger bedlicegslecggriodp business m thte itidlted Sctiattgs or noté s e eeme an e e an msurer no au orize transac I .mkm_ the business of insurance  the District. _ _ {  iisgsagamgé Sec. 24. That the superintendent, in consideration of the yearly ,§’u,,mS_ payment of $100, shall issue to any person or corporation who is trustworthy and is competent to transact a marine insurance business m such manner as to safeguard the interests of the insured and who maintains in this District a regular office for the transaction of an insurance brokerage business a license, revocable for cause by the supgrintplndgit, permitting tlge paity named in guclh hcenselto act wit m the istrict as agent or the assure or ro er to so icit or negotiate or place contracts of marine insurance with corporations . . ., . . . . . · partnerships, associations, Lloyd s, mdividual underwriters, and intermsurers which are not authorized to transact the business of insur- P [ l ancekiply Distrip)t, arjdd slrplilll rene]? the same annually, unless  I”f$a°a.°i.?§`T.ff§r°}’Z..Zi,.g¤ c3.i¤`£§§ .’§$3"§§iy“ié2§E§Fi’i§’E€aS.fl the bus1ness_of insurance in any State or Territory of the United States and with respect to insurers organized under the laws of any State or Territory of the United States, said license shall not issue unless the superintendent shall be satisfied that said insurers show within the United States the same standards of solvency as would be required if said insurers were l1censed_at the tune of issue of said license to transact the business of mar1ne insurance in the District. Said license shall dprovide and the licensee thereunder shall airs that it may be revoke by the superintendent in his discretion in t_ e event C n H t_ I T that said licensee does not comply with the terms and conditions of ,,,bfQ,,S,°,,§ §Y’“ ‘°‘ "‘°` said license and of this chapter: Provided, That if a branch, associate, agent, correspondent, or head office of any_broker so licensed by the superintendent, or such broker, shall, outside of this District, do or perform any of the acts or things forbidden to an unlicensed broker Compliance mh in this District the superintendent may, in his discretion, cancel and Pmugons or Ae }s revoke the license of such licensee: Provided, however, That nothi '*“"“ ‘ herein contained shall authorize any person or corporation so licensgd to act as msurer gr guarantee the performance of any agreement, instrument or po `c of insurance or reinsurance as aforesaid or coiintersigp ofr issilile  the Distrxdlct any agreement, policy, or_ other ins rumen 0 suc msurance u ess suc person or_corporation so Bmw; m,u;_c_ licensed shall have comphed with the provisions of this Act. mms. ‘ ‘ SEc. 25: That any person or corporation holding such license from the superintendent w o shall do or perform any or all of the aforer said acts in connection with marine insurance with any corporation, person, partnership, association, Lloyd’s, mdividual underwriters, or