40-1023. Scope of insurance by companies having guarantee fund; foreign companies.
40-1023
40-1023. Scope of insurance by companies having guarantee fund;foreign companies.Companies organized under this article having a guarantee fund asprovided herein to the amount of twenty-five thousand dollars may issuepolicies of insurance against loss or damage by fire, lightning, tornado,cyclone and hail on dwelling houses, barns, sheds, outbuildings, hay, grainother than hail on growing crops, wool and other products, cribs and theircontents, livestock, wagons, carriages, harness, farm implements,machinery, furniture, household goods, wearing apparel, provisions, musicalinstruments and libraries, being upon farms as farm property or indwellings or in accompanying outbuildings that constitute detached risks intowns or villages. A detached dwelling as understood in this section shallbe construed to be a dwelling not nearer than five feet to any otherbuilding. Such companies having a guarantee fund of one hundred thousanddollars or more may issue policies of insurance on the above-describedkinds of property situated in or out of this state. Any mutual insurancecompany organized and incorporated under the laws of any other state andlicensed by the insurance department of that state, having a reserve orfund of one hundred thousand dollars or more, may be licensed by theinsurance department of this state upon proper showing and paying the feesspecified in this code.
History: L. 1927, ch. 231, 40-1023; June 1.