§ 27-2-8 - Statement as to type of company, investments, and risks.
SECTION 27-2-8
§ 27-2-8 Statement as to type of company,investments, and risks. – Every company, before making any contract of insurance, shall deposit with theinsurance commissioner a statement, signed and sworn to by the president andsecretary of the company, specifying that the company is a fire, marine, orfire and marine, life, health, accident, or other insurance company, statingthe amount of its capital and the manner of its investment, designating theamount invested respectively in mortgages, public securities, and in the stockof incorporated companies, stating what companies, and also the amount investedin other securities, particularizing each item of investment, the amount ofmarine risks not terminated and the premium paid on those risks, the amount offire risks not terminated and the premium paid on those risks, and the amountof liabilities, specifying the amount of outstanding claims adjusted orunadjusted, due or not due. In case the company is incorporated on the mutualprinciple, the statement shall set forth, in addition to this information, theamount of risks insured by the company, the amount of premium on the risks,what portion of it has been paid in cash, what security has been taken for theremainder, and what is the largest sum insured in any one risk. The statementrequired to be made in this section, so far as applicable, shall be made ofeach class in companies authorized to take risks in classes, and in all casesthe returns may be varied by the insurance commissioner to obtain more definiteinformation of the company; provided, that not more than one statement needs tobe filed on behalf of the company.