HERBERT R. O'CONOR, GOVERNOR. 1465

tions following, nor until the Insurance Commissioner has, by
formal license, authorized it to do so, and such license shall
not issue until the Insurance Commissioner shall have ascer-
tained from the best sources of information at his command,
and by such investigation as he may deem necessary, and shall
be satisfied that the character, responsibility and general fit-
ness of the persons, named as officers and directors of said com-
pany, are such as to command confidence and warrant belief
that the business of the company will be honestly and effici-
ently conducted in accordance with the intent and purposes of
this Article, and that the public interest will not be jeopard-
ized by admitting said company to engage in business, in this
State and until the company shall have complied with the
following conditions:

(a) For the purpose of writing life (other than industrial
life) insurance, it shall hold bona fide applications for insur-
ance upon which it shall issue simultaneously, or it shall have
in force, at least one thousand policies upon one thousand separ-
ate lives. For the purpose of writing insurance, other than
life, it shall hold bona fide applications for insurance upon
which it shall issue simultaneously, or it shall have in force,
at least twenty policies to at least twenty members for the
same kind of insurance, upon not less than two hundred
separate risks, each within the maximum single risk described
herein.

(b) For the purpose of transacting employer's liability and
workmen's compensation insurance, the application shall
cover not less than two thousand employees, each such em-
ployee being considered a separate risk for determining the
maximum single risk.

(c) The "maximum single risk" shall not exceed twenty per
cent of the admitted assets, or three times the average risk, or
one percent of the insurance in force, whichever is the greatest,
any reinsurance taking effect simultaneously with the policy
being deducted in determining such maximum single risk.

(d) It shall have collected an annual cash premium upon
each application required for organization, the total of which
premiums shall be held in cash or in securities in which in-
surance companies are authorized to invest, and the total
assets shall. (1) in case of companies writing life (other than
industrial life) insurance, be equal to not less than two hun-
dred thousand dollars ($200, 000), and exceed the amount re-
quired for legal reserves and all other liabilities by not less
than one hundred thousand dollars ($100, 000); (2) 'in case of
companies writing fire, marine, sprinkler leakage or other
water damage, lightning, hail, windstorm, smoke or smudge
damage, automobile fire, theft or property damage, burglary,
theft or inland marine insurance, either singly or any or all