ART. 23] INSURANCE COMPANY DEFINED. 613

1888, art. 23, sec. 127 1860, art. 56, sec. 32. 1858, ch. 432, sec. 4.
1872, ch. 388. 1874, ch. 400. 1876, ch. 248. 1878, ch. 106.

1880, ch. 387. 1888, ch. 424. 1894, ch. 258

175. Any person, body politic or corporate, partnership or
association, who or which shall make, negotiate or solicit
within this State any contract of insurance, or shall effect an
insurance or insurances, or pretend to effect an insurance or
insurances, or connect any other person or persons with them
in any policy they may at the time hold, or shall do any busi-
ness of insurance of any kind, or make any guaranty, contract
or pledge for the payment of annuities or endowments or
money, whether the amount thereof be fixed or contingent, to
the families or representatives of any policy or certificate
holder, or the like, or shall advertise or circulate any card,
circular, notice, or open or keep any office for the transaction
of said business, except an insurance broker, duly licensed,
without fully complying with all the provisions of this sub-
title of this article, shall be subject to the fines and penalties
imposed by section 188 of this article; and the term "Insur-
ance Company," as used in this article, shall be taken to
embrace every corporation, association, partnership or indi-
vidual engaging in such business; and every such corporation,
association, partnership or individual making any engagement
for the payment of any money or other benefits in the event of
sickness, accident or death, or other contingency, either to the
member, policy or certificate holder, or by whatsoever name
the same may be known, or to their families or representatives,
or entering into any contract or agreement in which the chances
or probabilities of the duration of life, or the rate of mortality
or hazard of occupation are in any way involved as an element
or condition of such contract or agreement, shall be deemed
and taken to be a life insurance company, within the meaning
of this article, and shall be subject to all the requirements
of law applicable to said life insurance company; provided
that the said business may be conducted on the mutual or
co-operative plan, and that all such organizations shall, prior
to beginning business and thereafter, have in force bona fide
applications for membership from at least one hundred persons ;
and in case said organization issues its certificates for a maxi-
mum sum of less than five hundred dollars, these said applica-
tions shall at least equal ten thousand dollars of insurance;
and if any certificate of insurance on one life be issued in
excess of five hundred dollars, then they shall at least equal
the amount of insurance now required by law for a mutual