TRUST COMPANIES.

SUMMARY

Showing the aggregate resources and liabilities of moneyed institutions, other than banks and savings banks, July 1, 1877.

INSURANCE DEPARTMENT.

This department was created April 15, 1859, and went into effect on the first day of January, 1860. Its duties were previously discharged by the Comptroller. The Superintendent is appointed by the Governor and Senate, for a term of three years, and is required to give an official bond of $25,000. He has the general supervision of the insurance companies transacting business in the State, and reports their condition annually to the Legislature. He must not be, directly or indirectly, interested in any insurance company. He has a seal of office, a deputy, and the necessary clerks, and reports annually to the Legislature. His salary was first fixed at $2,500, but was increased to $5,000 by a law passed in 1861. It was further increased to $7,000 in 1868. All of the expenses of the Department are paid by fees from insurance companies.