An Act to regulate Foreign Insurance Companiey doing having Agencies Established in the State of Illinois

Sec.[Section] 1^st Be it enacted by the people of the State of Illinois represented in the General Assembly that each agent, of any Foreign Insurance Company shall, before he shall commence the business of Insurance, on any property whatsoever, on account of said Foreign Insurance Company, obtain a licence for that purpose, from the Treasurer of the State, of Illinois

Sect 2^d

That there shall be collected by the said Treasurer, on each license, granted as aforesaid the sum of Five Hundred Dollars annually, Two hundred and fifty Dollars of which, shall, be paid to the Treasurer on the granting said License, and Two hundred and fifty Dollars to be paid, semi-annually thereafter, so long as said Agent, or Agents may desire to continue the business of Insuring as aforesaid: If any person, or persons shall transact the business of Insuring property on account of any Foreign Insurance Company without a license, such person or persons for each and every such offence shall forfeit and pay for the use of the State of Illinois the sum of Five Hundred Dollars

Sect 3^d All sums of money due to the State of Illinois for any: license granted as aforesaid; and all penalties, fines, and forfeitures arising for any violations of this act, shall be recovered in an action of debt, in the Name of Treasurer, for the use of the people of the State of Illinois in any Court having Jurisdiction thereof;

Sec 4^th That all monies collected by virtue of this act shall be paid into the State Treasury for the use of the people of the State; and all ^Chartered^ Insurance Companies not Chartered by the General Assembly of the State of Illinois, shall be deemed to be Foreign Insurance Companies within the meaning of this act; This act to take effect and be in full force and effect from and after the First day of may next

Sec. 5^th That each agent procuring a license as aforesaid shall file in the Treasurer Office a true copy of the Power of Attorney, by virtue of which he is authorised to effect Insurance, in this State; said Agent shall also file, with said Treasurer, a bond [...?] ^made by said agent, with good surities ^ in the penal sum of One Thousand Dollars, taken to the Governor, and his successors in Office, conditioned that said agent will ^well^ and truly pay the [...?] Semi Annual payments required for the license granted by the provisions of this act, which bond shall be renewed every two years

Sec. 7^th This act to take effect from & after the first day of may next.