state except through lawfully constituted and licensed resident agents, nor shall any person act as agent for any such company, directly or indirectly taking risks or transacting the business of fire insurance in this state, without procuring from the insurance commissioner a certificate of authority stating that such company has complied with all the requirements of the law; such certificate shall continue in force as provided in section fifty-eight unless revoked for cause. The statement required by this section shall be made annually in January, and shall specify the amount of premiums received and losses paid in this state during the preceding year; and said commissioner, on being satisfied that the capital, securities, and investments, remain secure shall furnish a renewal of his certificate.

Sec. 37. The insurance commissioner may inquire into any fire or fire and marine insurance company doing business in this state, or of its secretary, in relation to its financial condition and management, and such inquiry shall be promptly answered.

Sec. 38. Any mutual fire or fire and marine insurance company located in any other state or territory of the United States, or the District of Columbia, and possessed of one hundred thousand dollars in cash, or securities invested in available cash assets, may be admitted to take risks and transact business in this state through lawfully constituted and licensed resident agents; it shall comply with all other requirements of the laws of this state relating to such companies of other states, and that similar companies of this state are admitted to transact business in such other state.

Sec. 39. The insurance commissioner, either personally or by a committee appointed by him consisting of one or more persons not directors, officers, or agents, of any fire or fire and marine insurance company doing business in this state, may at any time examine into the affairs of any fire or fire and marine insurance company incorporated by or doing business in this state; the officers or agents of such company shall exibit its books to said commissioner or committee, and otherwise facilitate such examination; the commissioner or committee may examine under oath the officers and agents of any such company in relation to its affairs; said commissioner may publish the result of such investigation in one or more newspapers published in this state. In relation to the affairs of any company incorporated by or organized under the laws of any other state or country of the United States, he may in lieu of such investigation.

accept the certificate of the insurance commissioner or superintendent of such state or country as to its condition. Whenever the commissioner shall ascertain that the assets of any fire or fire and marine insurance company incorporated by this state, after deducting for reinsurance and its proper liabilities, excepting capital, amount to less than its capital stock if it have a stock capital, or in the case of a mutual company, if the assets, less the unsettled claims and other absolute liabilities, amount to less than the sum requisite for reinsurance, he shall call upon it to make up such deficiency within such reasonable time as he shall fix, and on failure to comply with such requirement shall bring his petition to a judge of the circuit court, praying for an injunction restraining said company from the further prosecution of the business of making or renewing insurance until said deficiency is made up; and if, upon a hearing before said judge, after such reasonable notice to such company as may be ordered, the allegations contained in such petition shall be found true, such judge shall issue such injunction.

Sec. 40. Insurance companies authorized under the laws of this state, having power to insure against loss by fire, may make insurance against loss by wind, storms, lightning, tornadoes, cyclones, leakage of sprinklers and sprinkler systems, installed or maintained for the purpose of protecting against fire, and by explosions whether fire ensues or not; provided, the same shall be clearly expressed in the policy.

Fire Insurance Companies of Foreign Countries.

Sec. 41. No insurance company of any foreign country shall take risks in this state unless it has a cash capital of two hundred thousand dollars and shall have made a deposit with the insurance commissioner of this state or with the proper officer of some other state of not less than two hundred thousand dollars in securities in trust for the benefit of its policy holders in the United States, and no policy issued by such company to any citizen of this state shall be invalidated by the concurrence of hostilities between the government of the United States and the government under the law of which it was organized.

Sec. 42. Every such insurance company shall, before admission to do business in this state, furnish to the insurance commissioner a copy of its charter or article of association, of its annual report made in the country where it was organized, and the certificates of

the officer holding in trust said deposit of two hundred thousand dollars, stating the manner in which the same is invested and the purpose for which the same is held; and it shall furnish annually to the insurance commissioner a statement of the condition of its affairs in the United States in such form as he shall require.

Sec. 43. The capital of every insurance company shall, for all the purposes of the insurance laws of this state, be the aggregate value of its money or securities deposited as aforesaid, and all sums loaned on real estate security in any state in the United States in conformity with the laws of such state providing for the investment of the assets of insurance companies therein, and all other assets in the United States in which fire insurance companies organized under the laws of this state may invest; provided, such real estate securities and assets shall be held in the United States by trustees who are citizens of the United States, approved by the insurance commissioner, for the benefit of all its policy holders and creditors in the United States, after making the same deduction from such aggregate value for losses and liabilities in the United States, and for premiums upon risks therein, not expired, as is authorized or required by the laws of this state, or by the regulation of its insurance department, with respect to fire insurance companies organized under the laws of this state.

Sec. 44. The trustees referred to in section forty-three shall be appointed by the directors of such company, and a certified copy of the vote by which they are appointed and of the deed of trust shall be filed in the office of the insurance commissioner; and he may examine such trustees or the agents of such company under oath, and its assets, books and accounts in the same manner as he may examine the officers, agents, assets, books, and accounts of any company authorized to do fire insurance business in this state.

Sec. 45. No fire insurance company, or agent or attorney thereof, shall transact the business of fire insurance in this state until such company shall have complied with the laws of this state relative to fire insurance companies, and received a license or certificate of authority from the insurance commissioner; nor shall such companies make contracts of insurance on property in this state except through lawfully constituted and licensed resident agent.

Sec. 46. No such insurance company shall insure against loss by fire or inland navigation, nor expose itself to any such loss by any

one risk, for any greater amount in proportion to its capital than companies which are organized under the laws of this state.

Sec. 47. When such insurance company shall have complied with the provisions of law relating to such companies, and the insurance commissioner is satisfied that it is solvent in the United States he may issue to it a license to transact business in this state.

Sec. 48. No insurance company shall limit the term within which any suit shall be brought against it to a period less than one year from the time when the loss insured against shall occur.

Sec. 49. When the insurance commissioner shall find that any insurance company not incorporated by this state is unsound, estimated in the manner prescribed in section thirty-nine, he shall revoke its license and cause notice thereof to be published at least once a week for four weeks in two daily newspapers, printed, one in Charleston and one in Wheeling; and he may re-issue such license when he shall be satisfied of the soundness of such company; no agent of such company shall, after the first publication of such notice, issue or renew any policy of insurance in its behalf.

Sec. 50. All accounts rendered to any court by the receiver of any insolvent insurance company of this state shall be presented by such receiver to the insurance commissioner of this state for his examination; and he shall report thereon to the court to which said. accounts are rendered, before the same shall be accepted by said

court.

Sec. 51. Receivers of insurance companies shall report to the insurance commissioner annually, and oftener in case he shall so direct; in such forms as the commissioner shall prescribe.

Sec. 52. No person shall act as agent of any insurance company or association, organized under the laws of any other state, until he shall have in all respects complied with the laws of this state.

Sec. 53. The agent of any insurance company of any other state or foreign government, which has not been admitted to transact business in this state, shall be personally liable upon all contracts made by or through him, directly or indirectly, for or in behalf of any such company.

Sec. 54. Every insurance company or association incorporated or organized in this state shall, before issuing a policy or making contract of insurance, file with the insurance commissioner a certified copy of its charter or articles of association and a statement

verified by the oath of the president and secretary, showing that said company is duly organized.

Sec. 55. Upon receiving such statement the insurance commissioner may examine such company or association, and if he finds that it has complied with the terms of its charter or articles of association and the laws of the state, shall issue a certificate authorizing such company or association to issue policies and make contracts of insurance.

Sec. 56. No person shall act as agent of any insurance company, corporation, association, partnership, or combination of persons, incorporated, organized, associated or combined under or by virtue of the laws of this or any other state of the United States or any foreign country, directly or indirectly taking risks or transacting any kind or form of insurance business in this state, without procuring from the insurance commissioner a certificate of authority, stating that such company, corporation, association, partnership, or combination of persons has complied with all the laws of this state relative to such companies, corporations, associations, partnerships or combinations of persons, which certificate shall continue in force until the first of March next after its issue unless revoked for

cause.

Sec. 57. Every person who in this state, solicits or procures policies or risks from or in any insurance company, corporation, association, partnership or combination of persons, mentioned in section fifty-six or who in any manner, except as provided in section fifty-six, aids in the transaction of businesss in this state by any such company, corporation, association, partnership or combination. of persons, that has neglected or refused to comply with all the laws of this state relative to such companies, corporations, associations, partnerships, or combination of persons, shall be fined not more than one thousand dollars.

Sec. 58. All certificates or license issued by the insurance commissioner to companies or associations of this state, or to companies or associations existing under the laws of any other state or foreign government to an agent of any such company or association, shall continue in force until the first of March next following their issue unless the same be sooner revoked.

Sec. 59. Every person or corporation violating any provision of the preceding sections of this act for which no penalty is provided shall be fined not more than five hundred dollars.