Xvi


REPORT OP TIHE COMMISSIONER OF INSURANCE.


such companies to limit the amount to be paid under a policy to
a specific mount on each class of property mentioned in the
policy.
Section 1938 has been amended reducing the requirements in
the report of the treasurer and secretary of these companies, and
requiring that the report be filed only with the commissioner
of insurance, and not with the county clerk as heretofore.
1898 (Ch. 196,1913.)
Insurance companies; risk; maximum single; re-insurance.
SECTION 1898. 1. (a) Except as otherwise provided by law,
the maximum   single risk shall be ten per centum of the ad-
mitted assets.
(b) In a mutual company it may be a greater amount not
exceeding three times the average policy or * * * one-
fourth of one per centum of the insurance in force, whichever
is the greater.
(c) Upon the business mentioned in subsection 14 of section
1897, in a stock company, it shall be one-twentieth of the paid
up capital.
2. Any re-insurance taking effect simultaneously with the
policy shall be deducted in determining such maximum single
risk.
1927 (3) (Ch. 31, 1909; ch. 43, 1913.)
Articles of organization; amendment; filing; recording.
3. Such articles of organization shall be subscribed by at
least twenty-five persons, residents of the towns therein named,
who are owners of at least twenty-five thousand dollars' worth
of property which shall be insured by such corporation.
a. Two copies of the original articles, each accompanied by
the affidavit of two of the signers thereof stating that they are
personally acquainted with the signers and know them to be
the owners of property to the amount stated in said articles,
which may be insured for said sum, and that such copy is a
true and complete copy of the original articles of organization,
shall be forwarded to the commissioner of insurance, and if
approved by him and the attorney-general, the former shall file
one copy in his office and attach to the other copy his certificate
of such filing. Such certified copy shall within thirty days be
recorded in the office of the register of deeds of the county in
which the greater number of the directors named in said articles
reside. The register of deeds shall forthwith transmit to the
commissioner of insurance his certificate stating the time and
place when such copy was recorded, and shall be entitled to a


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