Individuals, partnerships, trustees and all corporations of this Territory, herein designated “subscribers”, are hereby authorized to exchange reciprocal or interinsurance contracts with each other and with individuals, partnerships, trustees and corporations of other States, districts, provinces and countries, for any or all of the kinds of business for which a company may be formed or […]
Such contracts may be executed by an attorney in fact, herein designated “attorney”, duly authorized and acting for such subscribers, and such attorney may be a corporation. The office or offices of such attorney, herein defined as an “exchange”, shall be maintained at such place or places as may be designated by the subscribers in […]
Such attorney shall file with the Commissioner of Insurance of this Territory a declaration, verified by the oath of its president or oaths of its treasurer and secretary setting forth: (a) The name of the attorney and the name or designation of the exchange under which such contracts are to be issued, which name or […]
Concurrently with the filing of the declaration provided for by section 433 of this chapter, the attorney shall file with the Commissioner of Insurance an instrument in writing duly executed by him for said subscribers, conditioned that upon the issuance of a Certificate of Authority provided for in section 411 of this chapter action may […]
There shall be maintained at all times by the exchange, a reinsurance reserve in cash or securities authorized by the laws of the jurisdiction in which the principal office of the attorney is located for the investment of similar funds of insurance companies doing the same kind of business, in an amount equal to fifty […]
Each domestic and foreign exchange transacting business in this Territory shall keep and maintain with the Commissioner of Insurance a bond as required by section 207 of this title.
Such attorney shall, within the time limited for filing the annual statement by insurance companies, transacting the same kind of business, make a report, under oath, to the Commissioner of Insurance for each calendar year in such form as he may prescribe, showing the financial condition of affairs at the office where such contracts are […]
(a) Any corporation now or hereafter organized under the laws of this Territory shall, in addition to the rights, powers and franchises specified in its articles of incorporation, have full power and authority as a subscriber to exchange insurance contracts of the kind and character herein mentioned. The right to exchange such contracts is hereby […]
Any attorney who shall exchange any contracts of insurance of the kind and character specified in this chapter, or any attorney or representative of such attorney who shall solicit or negotiate any applications for same, without the attorney first complying with the foregoing provisions, shall be subject to a fine of not less than $100 […]
Before issuing any such contracts in this Territory, the attorney shall procure from the Commissioner of Insurance a Certificate of Authority showing that the exchange has complied with all the requirements of this chapter and is authorized to transact business in this Territory, which said Certificate shall expire on the thirty-first day of December, and […]
The attorney may insert in any form of policy any provisions or conditions required by the plan of reciprocal or inter-insurance; provided, however, that the same shall not be in conflict with the laws of this Territory.
Such exchanges shall be subject to the same fees and taxes, as are provided by the laws of the Territory, now or hereafter enacted, applicable to insurance companies organized or admitted to do the same kind or kinds of business under the laws of this Territory. Exchanges or reciprocals organized under this chapter shall not […]
The provisions of the general insurance laws of this Territory regarding the appointment, licensing, qualification and regulation of insurance agents and solicitors shall not apply to an exchange or its attorney, or executive officer of such attorney, if a corporation, but shall apply to any other person, partnership or corporation representing any such reciprocal or […]
