THREE LICENSES I ARE TAKEN AWAY State Insurance Department Is Busy Weeding Out Companies Companies Com Corn panics That Do Not Comply With Laws Law's Requirements Tho state Insurance department Is bus busy these days weeding out companies which do not come up to the legal leg re reQuirements requirements requirements re- re of tho ho In insurance code which went Into effect on March 23 3 of ot this y year ar George Georgo 13 D. Squires state Insurance alice ance commissioner has already noU fled three companies that their licenses 8 have havo been revoked ard that the they lie must cease from further business In inthiA thiA state Other companies aro on Of probation as ns It were Iero and unless the they fulfill all al requirements by Juno 30 their licenses will also ulso i bo o e revoked re Tho The three companies whoso whose licenses 9 have ha beon n revoked have havo done considerable considerable consider consider- r- r able ablo business In the tho state since enterIng enterIng enter- enter Ing big this Held field but according to th the lie provisions of at the now new codo cOllo they were not stron strong enough financially to fill the requirements The lhee e companies are arc the lie I National Livestock Insurance e ass cla- cla ion of or Portland Ore are the Farmers' Farmers Merchants Merchants' Insurance company of ot Lincoln Lincoln Lin Lin- coln Nob Neb and the Western I Life Ife fe Accident company of or Denver Cob Colu Col Cob Squires has not been disposed t tact tu act net arbitrarily In the matter of ot the re revocation revocation re- re vocation of or licenses Whore It was evident evi dent that the company had a n good chance of ot coming conning within the tho required I financial stan standing If It given a n short abort time In which to make satisfactory ments menta grace was extended On Eastern East East- cm ern company which was nas notified that Its annual statement mont did not warrant a license being Issue Issued 1 Increased Its surplus sufficient to come within the requirements an and 1 was written yesterday yesterday yester yester- day b by Commissioner Squires to the ef effect et- et feet teet that It would still be bo permitted to todo todo do business In Jn tho tIme state st to Jinny Inn Jh Requirement The Insurance companies mentioned came crime up tl to many requirements of ot the new code but failed In meeting the lie re requirements ro ro- s of or Section 20 26 with re regard to capital required Th This s section provides pro that no Joint stock fire Oro insurance shall be permitted to do an any business In this state unless It Is possessed of an actual Im paid up capital and surplus as follows 1 1 Companies with territory not limited to Utah a cap capital Il I of not ooL less les than and a net not surplus over o overall nil all liabilities lI of ot not less than or a capital and net surplus over all liabilities aggregating 5 No Joint stock Insurance compan company com corn I puny pan organized for Cor nil any other othor purpose than fire Insurance shall be permitted to do business In this state unless It ItIs itis Is 18 possess possessed ell of or a cash capital of ot not less than G No mutual or mutual assessment Insurance company organized for tor any other purpose than fire Ore Insurance shall shah be permit permitted tell to do business In this state unless It Is possessed of ot a a. guaranty guaranty guar guar- anty or ot surplus fund of ot not less than I The paragraphs quo quoted toll are arc tho the ones which were tho ho stumbling blocks to tolie the lie companies named GI I