Papers Of Abraham Lincoln

In force, May 1, 1841.

An ACT to regulate F reign Insurance Company Agencies established in the State of Illinois.
1

Agents to obtain license.

Sec.[Section] 1. 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 license for that purpose from the treasurer of the State of Illinois.

Amount paid for license.

Penalty.

Sec. 2. That there shall be collected by the said treasurer on each license granted as aforesaid, the sum of two hundred dollars annually, one hundred dollars of which shall be paid to the treasurer, on the granting said license, and one hundred

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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.

Money, how recovered.

Sec. 3. 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 violation of this act, shall be recovered in any action of debt in the name of the treasurer for the use of the people of the State of Illinois, in any court having jurisdiction thereof.

Money paid into State Treasury.

Sec. 4. That all moneys 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.

Duty of agent.

Sec. 5. That each agent procuring a license as aforesaid, shall file in the treasurer’s office a true copy of the power of attorney, by virtue of which he is authorized to effect insurance in this State. Said agent shall also file with said treasurer a bond made by said agent with good sureties, 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 by the license granted by the provisions of this act, which bond shall be renewed every two years.

Sec. 6. This act to take effect from and after the first day of May next.Approved, February 27, 1841.

1William J. Gatewood introduced SB 46 in the Senate on December 14, 1840. The Senate passed the bill on December 24. On January 20, 1841, the House of Representatives referred the bill to the Committee on Finance, of which Abraham Lincoln was a member. The Committee on Finance reported back the bill on February 4 with amendments, in which the House concurred. The House passed the bill as amended on February 12. The Senate concurred with the House amendments on February 27. On February 27, the Council of Revision approved the bill and the act became law.
Illinois House Journal. 1840. 12th G. A., 158, 250, 323, 376, 560; Illinois Senate Journal. 1840. 12th G. A., 77, 81, 105, 116, 302-303, 442, 451, 454.