Chap. 80.—An ACT to amend and re-enact section 1 of chapter 2 and
section 2 of chapter 6 of an act entitled, ‘‘an act concerning the bureau
of insurance, and insurance, guaranty, trust, indemnity, fidelity,
security, and fraternal benefit companies, associations, societies, and
orders, and imposing penalties for its violation,” approved March 9,
1906, as amended by an act approved March 12, 1908.

Approved March 4, 1912.

1. Be it enacted by the general assembly of Virginia, That
section one of chapter two and section two of chapter six of
an act entitled, “an act concerning the bureau of insurance, and
insurance, guaranty, trust, indemnity, fidelity, security, and fra-
ternal benefit companies, associations, societies, and orders, and
imposing penalties for its violation,” approved March ninth,
nineteen hundred and six, as amended by an act approved March
twelfth, nineteen hundred and eight, be amended and re-enacted
so as to read as follows:
§1. The words “insurance company” or “insurance com-
panies,” as used in this act shall be held to mean and include any
association, society, company, corporation, joint stock company,
individual, partnership, trustee, or receiver engaged in the busi-
ness of assuming insurance risks upon persons or property in
this State, except fraternal benefit orders, associations or socie-
ties, as defined and regulated in chapter five of this act; and any
bond investment company, association, or society, conducting a
business including any of the features or principles of insurance,
and the words “guaranty,” “trust,” “indemnity,” “fidelity,” or
“security” or any combination of these words coupled with the
word “company,” ‘corporation,’ “incorporated,” ‘association,’
or ‘“‘society,” as used in this act, shall be held to mean and include
any association, company, society, corporation or joint stock
company, partnership, trustee, or receiver, having for its pur-
pose to become surety for the faithful performance of any trust,
duty, contract, agreement, or bond, public or private, official or
otherwise, or to assume any debt or obligation of a like nature,
as principal or otherwise, and other like companies; and the word
‘‘domestic,”’ as used in this act, shall be held to apply to corpor-
ations, companies, associations, societies or orders, incorporated
under the laws of the State of Virginia. The word “foreign,” as
used in this act, shall be held to apply to corporations, com-
panies, associations, societies, or orders incorporated by any
other State or territory of the United States; and the word
“alien,” as used in this act, shall be held to apply to corporations,
companies, associations, societies or orders incorporated by any
country other than the United States, or some State or territory
thereof.

But nothing herein contained shall be construed to include
within the provisions of this act the business of guaranteeing
titles to real and personal property.

CHAPTER VI.

§2. It shall be lawful for any insurance company, chartered
by this State, or by any other State or country, to make insur-
ance of the class or classes mentioned in this section.

First. To insure houses, buildings, and all other kinds of
property against loss or damage by fire, lightning, or storm; to
insure against loss or damage by water to any goods or premises
arising from the breakage or leakage or sprinklers and water
pipes; and to make all kinds of insurance on goods, merchan-
dise or other property in course of transportation, whether on
land or water, or any vessel or boat, wherever the same may be.

Second. To make any of the following kinds of insurance:
(a) Upon the health of persons, or against injury, disablement
or death of persons resulting from traveling or general accidents
by land or water, and against liability of the assured for injuries
to employees of other persons; (b) upon the lives of horses, cat-
tle or other live stock; (c) upon plate glass against breakage;
(d) upon boilers against explosion, and against loss or damage
to life or property resulting therefrom, and against loss or dam-
age resulting from the breakage of machinery; (e) against loss
by burglary or theft, or both; (f) to guarantee and indemnify
merchants, traders and those engaged in business and giving
credit, form loss and damage by reason of giving and extending
credit to their customers and those dealing with them, and to
cause itself to be insured in some other solvent company against
any loss or risk it may have incurred in the course of its busi-
ness, and upon the interest which it may have in any property
by means of any loans which it may have made on mortgage, to
guarantee the fidelity of persons holding places of public or
private trust, and generally to do and perform all other matters
and things proper to promote these objects. No company doing
business in this State, save an industrial life insurance company
doing a sick benefit business, shall undertake to do more than one
of the several kinds of insurance named in this section, unless
said company shall first have a paid-up capital, either in cash or
invested in solvent securities permitted by this act, of one
hundred thousand dollars. Any company doing more than one
kind of business, as in this section provided, shall be required to
make a report and sworn statement for each kind of business
done, such as is required of companies doing but one kind of
business in this State; and no company referred to in this
chapter, transacting business in this State under this section,
shall expose itself to loss on any one risk or hazard to an amount
exceeding twenty per centum on its paid-up capital and surplus,
exclusive of the amount of any such risk secured by collateral,
unless the excess shall be reinsured by the same in some good and
reliable company having authority to transact business in this
State. But this limitation shall not apply to any bonds or sure-
ties furnished to the United States, or to any court or officer
thereof. If a company is insolvent, and the president and di-
rectors, knowing it, make or assent to further insurance, they
shall be personally liable for any loss under such insurance.