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1040 XIV. CREDIT AND INSURANCE ESTABLISHMENTS OF SWEDEN.
only the lack of special conditions and provisions for cach of the different branches
of business. But this deficiency can be remedied. And even if it ought perhaps
to be acknowledged that the deposit-account of the banks, from several points of
view, is better qualified than the savings-bank account to take up the real capital
on interest, it must, on the other hand, not be overlooked that only the large
sums, administered at a relatively smaller cost, on the whole make it possible to
continue the savings-bank business with a payment of fair interest; whereas, with
respect to the cashing of means without previous notice being given, it can hardly
be denied that an a-vista account, separate from the cheque-account and intended
for the household, would be of great importance, especially for salaried officials,
tradesmen, and manufacturers.
5. INSURANCE.
Apart from certain provisions introduced in common laws relating
to special branches of insurance, Sweden obtained her first insuranoe
legislation by means of two royal ordinances of October 22, 1886:
concerning the organizing of inspection of home insurance institutions and
concerning the conditions for the license of foreign companies to
prosecute insurance business in the kingdom.
For home as well as foreign institutions license should be applied for from
the proper authority, as also annual reports should be deposited with the Royal
Department for Home Affairs; foreign institution had to submit to Swedish law
concerning insurance business in the kingdom, and this business should be carried
on under the management of a person resident in the kingdom having certain
qualifications prescribed in the Royal ordinance. The Royal Department for
Home Affairs, through a specially appointed officer (the insurance inspector), was
to exercise control and publish an annual report concerning the entire insurance
business in the kingdom, therein not included, however, the activity of Sick and
Burial or other similar mutual helpfunds.
In connection with the new Swedish company-legislation there was issued on
June 28, 1895, a special »Law in regard to joint-stock companies carrying on
insurance business»; but this law was only intended to make insurance joint-stock
companies retain the sanction system, otherwise generally exchanged for the
statute-system, while the new joint-stock company law in other points also applied to them.
Meanwhile the necessity of an insurance law, improved and perfected in
certain parts, was more and more generally recognized; as to life insurance
business, a proposal with regard to a legislation in common for the three northern
countries was made (December 22, 1900) by delegates, appointed by the
governments.
Such a »Scandinavian» insurance legislation has, however, not come into
existence; but, in substantial conformity with a Royal proposition to the Riksdag
of 1903, a bill for new insuranoe laws was accepted by this same Riksdag,
which laws were duly sanctioned by the Government on July 24, 1903, viz.:
a Law concerning the insuranoe business, a Law concerning the right
of foreign insurance institution for prosecuting insurance business in
this kingdom, as well as four minor laws concerning alteration in the wording
of certain §§ in the general laws and ordinances now in force, necessitated by
the acceptance of the two first mentioned laws.
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