Research

Administrative History

Annual financial statements were authorized by an act of the legislature (L. 1892, Ch. 690) section 44 of which states that 'Every corporation, engaged wholly or in part in the transaction of the business of insurance in this state, . . . shall annually, file in the office of the superintendent of insurance a statement verified by the oath of at least two of the principal officers of such corporation, showing its condition which shall be in such form and shall contain such matters as the superintendent shall prescribe.' Cooperative fire insurance companies doing business on either the assessment or advance premium plans. Assessments were levied on policyholders at various times during the year according to the needs of the company. Cooperative fire insurance companies operating on the advanced premium plan agree to pay a premium for which they are billed in advance each year.