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Senate. Comm. on the Judiciary. Act to regulate mutual fire insurance companies, 1835
SEE ALSO 52681, 52691 Senate No. 66 On February 28, 1835, the Committee on the Judiciary reported a bill: An Act to regulate mutual fire
insurance companies, 1835. All mutual fire insurance companies would now be incorporated with the usual powers and privileges and the usual organization of
corporations. When a company had $50,000 in capital, it could do business by insuring any building in the Commonwealth for 3/4 of its value. Any
insured was a member of the corporation. The company's funds could be invested, and used to pay expenses first and claims second. There were directions
about failure to pay. The corporation was liable to taxation. A policy created a lien on the insured property. An amendment laid out procedures for
filing claims, sale of insured property, and what to do about disagreements on payouts. (Digitized from a microfilm copy of title originally held by
the Massachusetts State Library)
Title:   Ordered, that the Committee on the Judiciary consider the expediency of providing by a general statute for the regulation of all mutual fire insurance companies which may be hereafter incorporated, or whose charters may be renewed.
OCLC Number:   1406036271
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