| Show S OF DF F INTEREST TOt TO t INSURANCE PEOPLE Y i Senate Proposes to Establish 1 a Department With Commissioners Com Corn missioners in Charge FINES FOR PENAL PENALTIES TI S Certificates of Incorporation I Only to Mutual Benefit Companies S Th The establishment of oS an insurance department with will a commissioner of ot S J fn insurance In lii charge s 1 nd lId separate from I S 'S un any other stab office and a more mON I I stringent regulation of ot tho the Insurance IlL business In Utah are aro proposed in two J bills hills presented to the Senate yesterday S. S by bj Senator S. S J. J and amI sent to tc the committee on state affairs affaire The They I were entered as Senate Bills No Nos 2 S and 2 29 25 Ii Senate Bill thu No o. o 25 S amends sections tf I 04 JOS 08 no HI r 1 s 11 JIG 4 0 41 I and anu L 1 of ot the Compiled Laws of or 1 1007 01 tS and provides plo to enact four new nc sec sec- r lions to be bo known as itS it'S 12 and rho Tho bill bUl provides that no certificate or of Incorporation Inc shall Hhall be I Issued to any my Insurance company other than those organized organised on the thc mutual or benefit I plan unless tho sub subscribed capital is at least The Tho of mutual and assessment companies aro aroot set lot ot out at length The bill sets out that n n. sworn statement o of the condition condition condition condi condi- tion of ot each corporation shall be lied flied liedwith with the tho commissioner of ot insurance annually before the first of or March Bach ach company must also aho publish an an- at Us Its own expense at least four lour times a So complete statement of or Its affairs between March l 1 and May Ia 1 1 whether a n. domestic or 01 foreign corpora corpora- tion Uon p The bill provides that nn any company doing doln business In ID the state tato without having ha procured a license shall forfeit at least for tor every day before a permit Is granted and each agent soliciting business without a permit will Ill bo be fined 25 25 for tor each day tho the suits to be Instituted b by the attorney general or county count attorney If tho In- In commissioner fin finds a company compan doing business In a manner to mislead The te public or in an any way irregular ho lie i notify the directors and tho If It I the course courso Is not changed ho can cnn re revoke re- re yoke voke the certificate and publish this fact If It tho the company compan rails fails to comply with the tho demand of or the commissioner the tho attorney general will bo be notified to bring action In a district court re requiring requirIng re- re quiring tho the company to show cause wI WilY why It should not bo be closed and a dissolution ordered 31 tint Po Pey Tax Ever Every Insurance company doing will wUl to the tho business In tho the state p. pay p. state annually a a. tax of ot two per cent centon centon centon on tho the gross ross premium receipts collected collected collected col col- col- col front from policy holders bolders in Utah I subject to certain deductions There shall be no discriminations In regard to the payment o of premiums or rates charged for tor policies o of life or endowment Insurance or in benefits pa payable able nor flOe shall an any company or agent pay or allow as an inducement an any rebate or premium payable on the policy or any special favor tavor or advantage advant advant- age age- The penalty is a fine of ot 50 an and l the revocation of the tho certificate of ot the tho agent convicted who shall receive no further permit In the state for tor three years Regarding the insurance commis commis- stoner Senate Bill Bm Ko No o. o 29 25 9 provides that he shall know the tue insurance business j but tut shall not bo be Interested in any company com corn pany other than a as a policy holder bolder lie Je e will be appointed IJ by the governor r hul J e for or four tour years will u assume office May 1 I I. I must tile tilo a bond of at ma may have n Cl deputy a a. chief clerk and stenographers The Insurance commissioner Is to receive recel 2500 a year and lila his deputy commissioner 1800 |
