IMAGE EVALUATION TEST TARGET (MT-3) f/ ^ /> // / w., (/j (/. 1.0 I.I 1.25 f IIIIIM il? ilM 1: iM 1.4 2.2 2.0 1.6 Phntrioranhin Sciences CorDoration 23 WEST MAIN STREET WEBSTER, N.Y, 14380 (716) 872-4503 ,\ (v ^ ^ -N k %^ -L \ \ i\? 6^ % V "iv« ft cortJIhrato HUthoriziiiK it, to tlo l)ini- neas in tlu) StiU«, whicli hIiuH oxpim on tho l.'.ih ilitie8, art! re.hKvil inoro than twcnty-livo p((r cont. I...I0VV till, capital stock, ho. shall rovokt* tho uiithorily of Hiich company or its a«onts to do busint-ss in th.i State, and publish Huch rev()<'aiion in one or more iiowspapora of general circulation publisliol in tin* State. Life. — ( Certi/ieatea ami Affnts.) Every comi)any shall lilo with llit» .\uditor or other prr.per officer in tho month of .Inly in each year iin annual statoinent of ilie condi- tion of tho company on tho first day of April last precediiiK, and sliall state tluinnn the f^nm piemiuma received in this State for the year ending that day, including notes, accounts, and all other things re- ceived or agreed upon, as compensation for insurance. Also state thorein the amount of taxes and licon.ses paid in each county and tho amount of funds invested in tlie State. The statement shall be verifie.i ])y the certificate of the 1 residtmt and Secretary, or Actuary, under oath, and the seal of tho company. Everv company which shall invest and k-ep invested in this State tho net rosorvo upon policies issued upon the liv.'S of citizens of this State shall bo reganlod as a Home company and entitled to ad tho privileges of companies incorporated under the laws of this State. Foreign Every company doing business in this State shall lilo with th(^ Auditor a certifi(;ate of the Trcsurer of this State or of the proper officer of some other State or of the United States that ho holds on deposit and in trust for the ben.ifit of all tho policy-holders of such company in the United Slates, properly invested securities wortli at least two hundred thousand dollars. Such companies shall hie the same statomcmts as aro required of Firo and Marine companies. Licenses —Every agent, before taking any risks in the city or county of Mobile, is required to i)ay to tho Fire Department Associa- tion of Mobile the sum of two hundred dollars, such payment to be made annually. Every agent taking risks or transacting any business of insurance in any other incorporated city or town in tlie State, where tliere is or shall be fire companu'S. sliall pay to such city or town annu- ally the sum of two hundred dollars, for the benefit of such compa- nies'. Every Fire and Marine company sliall pay an annual license fee to the treasurer of one hundred dollars. Fees — For every statement filed witli tlio Auditor, five dollars. For every statement filed with any Judge of Probate, five dollars. Taxos. — The agents of every Fire and Marine insurance company, on or before the 1st day of August in each year, must deposit with the Assessor of the county in which the office of tho agent is located a statement verified by the oath of such agent, showing the gross amount of premiums (after deducting return premiums) received by such agent for any company for tlie year ending on the lat day of August. ..iU • TATIITOBT RRQ I' I l< »; M RNTB. 5 Lifo insiirfttioo cotri;>antos sh.ill (il3. Penalties. — Agenta iloing biisiriOHS for a com|iany without com. plying with tlm provisions of law arn liablo to (ino ami iinprisonniont. Tho highost (inn iinpoaod in ono thoimand dollars. Tho longtmt torm of imprisonmont, hIx ;nontln. Agonts aro also liahjc for Iomso.s in- cuTod umIohs tlioy havo (.'onipliod with tho law. An a;^ !nt m dollnod as any porson wiio h ilicuta insuranco on holialf of any iinuranco c()m[)any not organizod undor, or inc(jrporat(«l by tho law-i of this Htato. or who tak ■' or tnuLsmita. othor than for him- 8olf, any api)lit!ation for in.surancing Auditor or pany to re- served per- 1 cannot be ited requir- 1 this State. lying with ertificate of i State shall 1 iliis State, arity, show- State, and r, for prob- ipany doing y be (not of 3stabhsh an may revoke or if exam- ral reiiisur- is impaired my to make is not done u the State, roviding for lue of all its he condition ihed by this iness in this y the signa- :-etary of the 3ach year, or 1 of the coui- pany on the preceding 3 1st day of December, and its business for the year preceding. The re-insurance fund shall be computed at fifty per centum of all premiums on unexpired fire risks having less tiian one year to run; pro ratf, of all premiums on unexpired fire risks having more than one year to run; the entire premiums received on unexpired marine and inland risks. When the re-insurance fund, thus calculated, is less than forty per centum of all premiums received during the year, then the whole of the premium received on unexpired risks shall constitute the re-insurance fund. Life. — Annual statements must be filed on the first day of Jan- uary in each year, or within sixty days thereafter, showing the condi- tion of the company on the preceding 31st day of December. Such statements must be accompanied by a schedule of all policies in force in the company, if the certificate hereinafter mentioned is not furnished. The Auditor is required to annually value the policies of all com- panies doing business in the State which do not furnish the certificate of the Insurance Commissioner of the State under whose authority the company is organized, showing the net value of all policies in force in such company, calculated upon the basis established by this State, and stating that, after being charged with all debts and claims, the company had in safe securities an amount equal to the net value of its policies in force, and that the company is entitled to do business in its own State. The standard of valuation in this State is the American Experi- ence Table of Mortality, and four and a half per centum interest per annum. Foreign. — Foreign companies shall transmit an annual state- ment of their business other than that done in the United States, prior to the first day of July in each year. Taxes. — Every company shall make a report to the Auditor at the time of filing its annual statement, under oath of its President, Sec- retary, or Agent, showing the entire amount of premiums received in this State during the year ending on the preceding 31st day of Decem- ber, and after deducting losses and commissions therefrom shall pay into the State treasury on or before the first day of March a tax of two and one half per centum upon such premiums. Municipal licenses and taxes prohibited. Fees. — Filing charter, fifteen dollars. Filing statement or certificate, ten dollars. Certificate of authority, two dollars. Every copy of auy paper on file in the Insurance Bureau, per folio twenty cents. Affixing official seal and certifiying such copy, one dollar. Valuing life policies, for each one thousand dollars of insurance valued, a sum not to exceed three cents. Official examinations, the actual expenses incurred. Traveling agents required to pay a license fee of one hundred dol- lars per annum. 8 STATUTORY K E Q U I U E M E N T S . Penalties. — Any company neglecting to make and transmit any statement required, shall forfeit one Innidred dollars for each day's neglect. Any person or corporation transacting the business of insur- ance without complying with the requirements of law, shall forfeit and pay to the school fund five hundred dollars for each month or fraction thereof such illegal business is done, and every such person or persons or corporation shall also be deemed guilty of a misdemeanor, and, upon conviction, shall be fined in any sum not less than five hundred dollars. ASSESSMENT INSURANCE. Traveling agents are required to pay one hundred dollars per annum for license. There are no special laws regulating assessment insurance CALIFORNIA. (LegUlatnre meets biennially. Next seBslon Jan. 8, 1887.] J. C. L. Wadswokth, Insurance Commissioner, San Fbancisco. Admission. Every stock company desiring to transact the busi- ness of insurance in this State must, before admission, possess an unim- paired capital stock of not less than iwo hundred thousand dollars and every mutual company must possess available cash assets over and above all liabilities, amounting to two hundred thousand dollars, and must file with the Insurance Commissioner a certified copy of its charter or articles of incorporation; a certificate from the proper State official showing that the company is duly organized and possesses the capital stock or assets required by this State; a statement of its c^on- dition and affairs on the preceding 31st day of December, verified bv the oath of its principal executive officer; a statement of the name and place of residence of some agent in this State upon whom process of law may be served in any legal proceedings against the company; process so served gives jurisdiction over the person of such corpora- tion or company. The agent so appointed and designated shall be deemed in law a general agent, and must be the principal agent or chief manager of the business of such corporation or company m this State. , . . Every such company as a condition precedent to the transaction ol insurance business, and in consideration of the privilege to transact such business, shall stipulate that if at any time such company shall be without an agent in the State upon whom process may be served, that service maybe made upon the Insurance Commissioner. I he Insurance Commissioner must, within ten days after such service upon him. transmit the summons or legal process to the company. If any action, commenced in this State by a citizen thereof m the State Court against such company, be transferred to the United States Circuit Court, the right of such company to do business in the btate shall thereupon cease and the Commissioner sliall revoke its certificate of authority and publish such revocation in newspapers published in San Francisco and Sacramento. STATUTORY R K Q U I K E M E NTS . 9 smit any ,ch day's of insur- ■vteit and ■ fraction r persons nor, and, hundred er annum nsurance iNCISCO. the busi- an unira- d dollars, over and )llars, and )py of its jper State ;sesees the )f its con- r, verified the name im process company; h corpora- l shall be 1 agent or any in this isaction of to transact party shall be served, )ner. The rvice upon reof in the ited States 1 the State 3 certificate iblished in Ev^ery such company must also file with the Insurance Commis- sioner a bond signed by an officer or agent of the company, with two sureties to be approved by the Insurance Commissioner, in the penal sum of two thousand dollars, conditioned that the company or agent will pay to the proper officer, quarterly in advance, such licenses, foes, or taxes as shall be imposed by law, that such company or agent will pay to the State all stamp and other duties imposed by law, in the time and manner prescribed by law; and that such company or agent will conform to all the provisions of law made to govern them. (The general agent is required to execute and file this bond.) Every com- pany must also file with the Secretary of State, within sixty days after commencing business in this State, a written designation of some per- son residing in the county in which is the principal place of business of the company in this State, upon whom any process of law relating to such company may be served. All statements, percentages, estimates, payments, and calculations must be made in gold coin of the United States. Certificates and Agents. — Every agent thus appointed shall procure from the Commissioner a certificate of authority before trans- acting business in this State. Before receiving such certificate, if any life insurance agent shall have been in the employ of any other company within twelve months, he shall produce written evidence to the Commissioner that all moneys he has received for any such company have been paid to it. Every Life Insurance agent shall file with the Commissioner a duplicate of the power of attorney authorizing such agent to act for the company, and shall receive a license from the Commissioner. Examinations and Impairments. — The Commissioner, when- ever he deems it necessary, may examine any company transacting business in this State. Such examination must be private, unless the Commissioner deems it necessary to publish the result thereof, in which case he may publish the same in two newspapers of this State, one of which must be published in San Francisco. If any company shall be found to be insolvent, the Commissioner must revoke the certificates granted in behalf of such company, and give notice by mail or per- sonally of such revocation, and cause notice thereof to be filed in his ofiBce, and published daily for four weeks in some newspaper pubUshed in San Francisco. Such company must not thereafter issue any new poUciea or renew any previously issued. Any company is insolvent when, after providing for all claims and liabilities outstanding, and the amount required by the laws of this State for a re-insurance fund or premium reserve, the capital stock of such company is reduced below two hundred thousand dollars, or below seventy-five per cent, of the amount of said capital stock paid in cash; or if it be a mutual company, if the available cash assets do not exceed its liabilities as aforesaid, two hundred thousand dollars. Fire and Marine. — Annual statements must be filed on or before the tenth day of March in each year, and show the condition and affairs of the company on the preceding 3 1st day of December. Such statement mast be published in a daily newspaper in the city where 2 10 STATUTORY REQUIRKMENT8. the principal office of the company is located in this State for one week The reinsurance fund shall be computed at fifty per cent, of premiums received and receivable on all fite risks and marine time risks- the entire premium received on all unexpired marine and mland navigation risksf and ninety-five per cent, of premiums on perpetual fire risks. No company can take any one risk m excess of one-tenth part of its capital actually paid in and intact at the time of taking such a risk without reinsurance of the excess. Life _ Annal statements must be filed on or before the 10th day of March in each year, and show the condition and affairs of the com- pany on the preceding 31st day of December. Such statement must be published for one week in a daily newspaper published in the city where its principal office is located in this State. • • ^, Every company upon the written requisition of the Commissioner shall furnish him with the requisite data for determinmg the value of all Its policies outstanding. . . , , When the certificate of the Insurance Commissioner of the valua- tion of the policies of any company organized under the ia^^of thi^ State shall not be accepted by the insurance officials of any other State Then every company of such other State doing business in this State Shan be required to have its policies valued by the Insurance Commis- '"TultSiorsiiall be made upon the basis of the American Ex- perience Table of Mortality, with interest at four and one-half per ceTt per annum. If the official of any State refuse to accept the cer- tificate of valuation of the policies of any company organized in this Stote in lieu of a valuation of the same, then the Commissioner shall make a valuation of the policies of all companies of such State domg ^"ToUciS may te registered with the Insurance Commissioner, and the reserve on the same deposited with him. , . „, ^ . , ■ Any life insurance company having policies m this State issued in accordance with law may have a special agent in the State to collect TeZZ premiums. He'shall apply for and receive from tlie Wance Commissioner a certificate of authority, and shall, on or before the 10th day of January, annually file with the Commissioner a statement • under Lh, showing the gross amount of premiums collected by him in the State during the year ending on the preceding 31st day of December, and pay the Commissioner twenty dollars, /ailing to make such statement and payment, he shall forfeit one hundred dollars for each renewal premium received by him. Every contract or policy of insurance hereafter made by any per- son or corporation organized under the laws of this Stato, or under those of any other State or country, with and upon the !ife of a resi- dent of this State, and delivered within this State, shall contam, unless specifically .ontracted between the insurer and the msured for tontine i^urance or for other term or paid-up itjsarance, a stipulation that when, after three full annual premiums shaU have been paid on such noIV,v it shall cease or become void solel} ; :.he non-payment of any Premium when due; its entire net reserve, .y the Amencan experi- ence mortality, and interest at four and one-half per cent, yearly, less .^^ STATUTORY B E Q U I R K M E N T 8 . n ate for one per cent, of marine time ft and inland n perpetual if one-tenth taking such he 10th day of the com- ement must . in the city atnmissioner the value of )f the valua- law8 of this r other State, n this State nee Commia- merican Ex- one-half per jcept the cer- lized in this issioner shall I State doing lissioner, and bate issued in ate to collect ;he Insurance )r before the r a statement • ected by him 3lBt day of Failing to mdred dollars e by any per- ate, or under !ife of a resi- ontain, unless 3d for tontine ipulation that paid on such yment of any erican experi- 3t. yearly, less any indebtedness to the company on such policy, shall be paid by such company as a single premium, at such company's published rates in force at the date of original policy, but at the age of the insured at time of lapse, either to the purchase of non-participating term insur- ance for the full amount insured by such policy; or upon the written application by the owner of such policy, and the surrender thereof to such company within three months from such non-payment of pre- mium, to the purchase of non-participating paid-up policy, payable at the time the original policy would be payable if continued in force; both kinds of insurance to be subject to the same conditions, except as to payment of premiums, as those of the original policy. It may be provided, however, in such stipulation, that no part of such term insurance shall be due or payable, unless satisfactory proofs of death be furnished to the insuring company within one year after death, and that, if death shall occur within three years after such non-pay- ment of premium, and during such term of insurance, there shall bo deducted from the amount payable the sum of all the premiums that would have become due on the original policy if it had continued in force. If the reserve on endowment policies be more than enough to purchase temporary insurance, as aforesaid, to the end of the endow- ment term, the excess shall be applied to the purchase of pure endow- ment insurance, payable at the end of the term, if the insured be then living. If any life insurance corporation or company shall deliver to any person in this State a policy of insurance upon the life of any person residing in this State, not in conformity with the pro- visions of this section, the right of such corporation or company to transact business in this State shall thereiipon and thereby cease and terminate, and the Insurance commissioner shall immediately revoke the certificate of such corporation or company authorizing it to do business in this State, and publish such revocation daily, for the period of two weeks, in two daily newspapers, one published in the city of San Francisco, and the other in tne city of Sacramento. Foreign. — Foreign companies doing any kind of insurance busi- ness in this State shall file their annual statements on or before the first day of May in each year, made up for the year ending on the preceding 3 1st day of December, and shall publish the same for on© week in a daily newspaper published in the city where the principal office of the company in this State is located. Licenses. — IVlunicipal licenses in the city of San Francisco are authorized by statutory provisions The licenses are established by ordinance of the city and county of San Francisco. Each agent shall pay, for every company represented by him, a license, as follows: Those doing business to the amount of fifty thousand dollars or over per quarter, one hundred dollars per quarter. Those doing business to the amount of twenty-five thousand dollars per quarter and less than, fifty thousand dollars, seventy-fiye dollars per quarter. Those doing business to the amount of ten thousand and less than twenty-five thou- sand dollars per quarter, fifty dollars. Those doing business to any amount less than ten thousand dollars per quarter, twentv-five doUara per quarter. Reciprocal provision in reference to licenses. 12 STATUTORY REQUIREMENTS. Fees.— All fees must be paid in advance in United States gold coin For filing charter, thirty dollars. For filing annual statement, twenty dollars. For filing any other paper required by law to be filed, five dollars. For agent's licenses, one dollar. Special agent of life insurance company to collect renewal pre- miums, twenty dollars. , , r^ For furnishing copies of papers filed in the office of the Commis- sioner, twenty cents per folio, and for certifying such copies, one dollar. . u J For valuation of life policies, three cents for each one thousand dollars of insurance valued. The Commissioner shall annually assess upon every company domg business in this State, any excess of the expenditures of his office over its receipts in proportion to the amount of premiums received and receivable by such companies respectively in this State, for the year ending on the preceding Slst day of December. Also reciprocal provision. Taxes. AH taxes are collected under a reciprocal provision of statute. Penalties. — One thousand dollars for failing to file statement or stipulation prescribed by law. and two thousand dollars for each month any company continues business without filing such statement. Five hundred dollars for failure to answer fully and truthfully in writing the written enquiries of the Commissioner. One hundred dollars for issuing a life policy in this State not containing written evidence that it is so issued. ASSESSMENT INSURANCE. Assessment companies are not subject to the insurance laws of California, and are not under the jurisdiction of the insurance depart- ment. CANADA. W. Fitzgerald, Superintendent of Insurance, Ottawa. Admission.— Every company desiring to transact business in the Dominion of Canada shall, before admission, file in the Department of Finance — A certified copy of its charter or articles of association. A statement of the condition and affairs of such company on the 31st day of December preceding, or up to the usual balancing day of the company. A power of attorney from the company to its head officer or agent in Canada, under the seal of the company, and signed by the Presi- dent and Secretary or other proper officer, verified by their oath, and further corroborated on oath by such officer or agent or some person cognizant of the facts necessary to its verification. Such power of I -'rnrlKtltilm W&Mfa^ ri'i-ifr'niiiiiiiiriiiyriiiiiMiBiii J^k STATUTORY REQUIREMENTS. 13 Itates gold ve dollars. lewal pre- > Commis- opies, one thousand lany doing office over eived and r the year ovision of itement or ach month ent. Five in writing dollars for idence that ice laws of nee depart- WA. iness in the >artment of any on the nng day of er or agent m ii a»MiaiMB»«ii) i fciimwwiaiJi^^ u 14 BTATUTORY R E Q U I R E M E N T 8. dollara with the Minister upop admission to do business and to make additional deposits from time to time sufficient to equal the re insurance reserve upon policies in force in Canada, or to place such sum in the hands of trustees in Canada for the benefit of policy-holders resident therein, under a trust deed to be approved by the Minister. Ueserve computed by actuaries' table with interest at four and one-half per cent. Fire and Marine.- Every Fire and Inland Marino Insurance Company must annually file with the Minister, on the first day of January or within two months thereafter, under oath of its chief agent, a statement of the condition and affairs of the company in Canada. A preliminary abstract must be made on or before the I5tli day of January in each year, and sent to the SujHsrintendent of Insur- ance ffiving premium receipts, policies issued and m force and losses, for the year ending December 31st. Such company must also file a statement of its general business in such form and to such date as it may be required by law to furnish to the government of the country in which its head office is situate. No fire policy shall be issued for or extend over a longer period than three years. License issued to such company is void whenever written notice of any undisputed claim, arising from any loss insured against in Canada remaining unpaid sixty days after being due, or of a disputed claim after fanal judgment is served on the Minister; but such license may be renewed if such claims be paid within sixty days thereafter. Upon tailure to make such payment ary such company shall be deemed insolvent. Life— Every company shall annually, within three months after the first day of January, make a statement of its condition and affairs, verified by the oath of the President, Manager, or agent of such com- pany, or of any person cognizant of the facts. Such statement to be made at the usual balancing day of the company. License to be withdrawn, if company fails to pay losses withm thirty days after they are due, or after final judgment, but may be renewed at discretion of Minister if the law is complied with, within thirty days. Fees -To defray the expenses of the office of Superintendent of Insurance, an assessment shall be made pro rata upon the gross pre- miums received by each company during the preceding year, and paid upon the 31st day of March in each year, but the amount assessed on fire and Inland companies shall not exceed eight thousand dollars. Life policies in Canada to be valued every five years by Superin- tendent at a fee of three cents for each policy. Penalties -Transacting any business without license or without filing any papers required by law, or refusing or neglecting t^ make annual statement, subjects the company or person so violating the law to a penalty of five hundred dollars, and an additional penalty of one hundred dollars for each month's neglect. In case of non-pay- ment of such penalty, the Minister may suspend or revoke Ucense. Agents for doing business without license are subject to bne ol not more than fifty doikrs and coata for first ofiense, and imprison- ment for second offense. 4to STATUTORY REQITIREMENTS. IS d to make •insurance um in the rs resident Ueserve lo-liali per Insurance rst day of )f its chief ompany in re the 1 5th it of Insur- and losses, t also file a 1 date as it the country issued for le issued to undisputed remaining after final be renewed n failure to lOlvent. tenths after and affairs, f such com- sment to be >sses within but may be with, within intendent of B gross pre- g year, and unt assessed md dollars, by Superin- e or without ing to make nolating the li penalty of of non-pay- » license. 3t to fine of nd imphson- ASHESSHENT INSURANCE. Admission.— (Companies must be registered under the life insur- anrc act ; must make a deposit of fifty thousand dollars ; must pay losses in full ; cannot use any part of assessments for losses for any other purpose ; must pi-int in ink of a different color from the body of the contract, and conspicuously, "This association is not required by law to maintain the reserve which is required of ordinary life insur- ance companies " Every certificate must contain a promise to pay the whole amount therein mentioned, and to make assessments sufficient to pay that amount. It must also contain a stipulation that action may be brought on the certificate in any ccuiL of competent jurisdiction in the province where the policy-holder resides. The words "assessment system," must be printed in large type, at the head of every policy, circular, or aiivertisement. Penalties.— The same as for fire and life insurance companies. COLORADO. [ Legldatnre meets biennially. Next Mf glon Jan. 8, 1887. ] HiRAU A. Spruance, Superintendent of Insurance, Denver. Admission.— Every Fire and Life Insurance Company desiring to transact br.amess in this State must, before admission, possess a paid-up capital of not less than two hundred thousand dollars. Com- panies other than fire and life, not less than one hundred thousand dollars. Every company applying for admission shall file in the office of the Superintendent of In.surance a duly ceriified copy of its charter, articles of association, or deed of settlement, with a state- ment under oath of the President and Secretary or other chief officers, showing the condition of such company on the thirty first day of the preceding December. Companies must appoint the Superintendent of Insurance their attorney to accept service. Certificates and Agents.— Companies are required to procure annually for the use of agents an solicitors, copies of certificate of authority. Certificates to be revoked if company is found unsound, A.nr) mnir nnhliah rnanlfa nf inv(^t.icr«.t.irtTi and may publish results of inv^tigation. Examinations.— The Superintendent is authorized to make examinations of all companies licensed to do business in the State, at any time, for which he shall charge not to exceed ten dollars a day and necessary expenses, to be paid by the company examined. For valuing life policies, ten dollars for each million of insurance valued. Fire and Marine,— Annual statements must be filed on or before the first of March. The re-insurance fund shall be fifty per cent, of gross premiums on all risks having less than one year to run, and pro rata on all unexpired risks having more than one year to run. Life. — Annual statements must be filed on or before March 1st. The legal reserve is computed by American experience table with interest at four and one-half per cent., valuing net premiums. - -.■*i»*«*bfi>* Hf*.*!^' -•-^i-'^i'-mmmB n \m 10 STATUTORY RRQriBKMENTB. Fees.— For filing charter twonty-flvo dolltirs. For filinj^ power of attorney and preliminary statement, fifty dollars. Annual stateinont, fifty (i.)llar.«i. For certificate of authority, five dollurs, and each copy of same two dollars. For copioa of papers, twenty cents per folio, and for affixing seal and certifying any paper, one tlollar. For each copy of proce.ss, two dollars. Two per cent, on the excesa of pro- niiums over losses and expenses in the State each year. .Superinten an unnDund condition, the (Jommissionor shall rovoko the cortificates of authority or liconsoa granted to or in biihalf of such company, and cause notice of such revocation to be publishiMj in two newspapers, one printed in Hartford, and the othar in Now Haven, at least four weeks. Any lire or marine insurance company is in an unsound condition whenever the assets of such company, aftor charging it with its proper liabilities and tho amount required by law for a re-insurance fund, amount to less than three-fourths of its capital stock. If the assets of any life insurance company are not equal to its liabilities and premium reserve, ascertained as required by law, such company is in an unsound condition. Fire and Marine. — Every stock company must possess a cash capital of one hundred and fifty thousand dollars, paid up and securely invested. Every mutual company must possess one hundred and fifty thousand dollars in cash or invested in available assets, and no company can be admitted unless similar companies of this State are admitted in such otlier State. Annual statements shall bo filed in the month of January of each year, and shall exhibit the condition of the company on the preceding 31st day of December. The re-msurance fund shall bo computed at fifty per centum of the gross amount of premiums (less return premiums and re-insur- ance) received on all fire risks in force not perpetual; ninety-five per centum of premiums on perpetual risks in force; one hundred per centum of the amount of premiums received on ocean marine risks in force. In all insurance against loss by fire, the conditions of the insurance shall be stated in tlie body of the policy, and no condition except those so stated shall be valid. No fire insurance company doing Imsiness in this State shall expose itself to loss upon any one risk or hazai 1, to «n amount exceeding ten per centum of its paid up capital. Life. — Annual statements shall bo tiled on or before the first day of March in each year, showing the condition of the company on the preceding Slst day of December. Every company which does not furnish the certificate hereinafter mentioned must furnish a descriptive list of all its outstanding poli- cies and contrasts of insurance. Such policies and contracts shall be annuahy valued oy the Commissioner. In making such valuation he shall assume the rate of mortality shown by the Actuaries' or Com- bined Experience Table, with compound interest at four per cent., and he shall value only net prsmiunis. The Commissioner shall accept a certificate of valuation, made upon the standard provided by the laws of this State, from the proper official of the State where the company is organized, in lieu of making such valuation, if such official will accept the certificate of valuation of the Commissioner of this State in reference to companies of this State doing business in such other State. ..M^ 18 • tatutoby requiremckti. i u The CommiHsionor in rIbo re(|uiierl to mako valu»ti«ii» upf)n the hawiH of tho AnuTicnn Kxporiciicc Tahln of MortHlity, with interest at four and one-half per cent, per annum, atnl to furnmli curtiilcateB of Buch valuation to be tiled in other Statei*. Foreign. — Kvory foreign insurance euinpany doinj^ husine»« in this Slate muHt posscHH a cafh capifnl of more tliun two hundred thou- sand (lollarH. and numt deponit with the TreaHurer of this State, or tlie local put'lic oflicor of Home other State of the United StateH, not. hms than two Imndred ihounand dollarn in the bonds of this State, of the State of Now York or MusHa eh ii setts, or of the United States, to bo held in trusi. f >v the iM-nefit and wcnrity of the policy-holders of such comj 'iny in tin I'uited Staleb. A certificate showing such deposit, undc! ihe Iiuul and seal of the officer holding the same, shall be filed with he (' )mtnisi8ioner. The capital of such company in the United States is ilio aggregate value of such securities as siudi company shall hiivo on deposit Willi the officers of the several States for the benelit of itB policy-holders, and all the other assets and property of the company in the United Slates, which are vested in and held by Trustees, citi- zens of the United States approved by the Commi-ssioner, for the general benefit and security of all policy-holders and cnxlitors of the company in the United States, after deducting from the aggregate value of such depo.sils and of such assets held in trust all the liabilities of the company in the United States, including a re-insurance fu u'l, computed as required by law. A copy of the trust deed, and of the vote of the board of directors appointing such Trustees, shall be filed with the Commissioner. Annual statements of thb affairs of such company in the United Slates shall be filed with the Commissioner m the month of January in each year, and shall contain, in detail, the items constituting the capital of the company, and the deductions to Ih) made therefrom, sub- scribed and verified by the oath of the agent or attorney of the com- pany in the United Stales. The Commissioner shall annually issue to such company a certificate showing the amount of its so-determined capital. Fees. For valuation of life insurance policies, the same rate as imposed on Connecticut companies in the Stale where such other com- panies are located. Liceuse ten dollars, except to foreign companies, the license of which is fifty dollars. Piling charter, thirty dollars. Filing statement, twenty dollars. Agents' certificates, two dollars. Reciprocal provision. Taxes. — Every agent shall irmke a return, under oath, annually, on or before the tenth day of January, to the Commissioner, of the gross ainount of premiums collected the year previous, and upon re- ceiving from the Commissioner a certificate of the acceptance of such return, and the amount of tax due thereon, under the provisions of the reciprocal law, shall pay the same on or before the 20th day of January, to the State Treasurer. It upon tho h itjUTPsl at urtillcatea u( huMJndiiR ill 111(1 rc'tl iliDU- State, or tlie it(>H, not loHS ■itato, of the States, to 1)0 lurH of Buch ucli dei)08it, hall bo niod tho L'nitt'd iiipany Hliall lio heiiolit of ,he company 'niHtcoH. citi- nor, for the iitors (if the 10 agj^roffato he liabilities aranco fu ui, I, and of tlie ihall be filed tho United I of January Rtituting tho irefrom, sub- of tho com- lally issue to >-detenniDed same rate as h other com- le license of th, annually, ioner, of the md upon re- ance of such provisions of 20th day of • TAT IT TORY RRQtirBEIIICNTH. 19 AffontB may be licongod to place excoMhivo lines in unauthorized companioH on payment of a tax of four per cent. Agents of conipnnicM n( foreign eountricH Mhall, on hucIi grosH pre- miumH MO return(Hl, pay on or before th<( 20th day of January, to the St»te Tntasurer, a tax of two jwr cent. Penalties. — Kvery agent of any fire or marine company transact- ing businesH in violation of law, is subject to a [wnalty of not less than one hundred, and not more than one thoiiHand (lollHr.s for eiurli off{tnse. Every otlicer or agent of any life iiiHiirance company transacting businesH in viohition of law shall be subj»ster of Deeds "^ ^5' \ """ f/" ^^^^^^ an agency is estabhshed a copy ol the statement filed .nth the Audito^^^ and the Certificate of the Auditor, aad such statement ^nd certificate shall be published for at least three times in a f^W^f ^ jf/^^^;;/. circulation, printed and published m each judicial d'stnct of the tern tory in which the company has an agenc>^ ^e comrany may c^^^^^^^^^^ the paper from one of three selected by the Auditor. CertiLcates and statement procured and filed as above annually m January. Fire and Life. -Annual statements must be filedjn the month of Janul^ in each year. The Auditor may require addiuona state- ments, and make examinations whenever he deems it expedient. Foreien — Every company must procure a certificate of authority from ISr Comply wi?h all requirements relating to American compares. Statement must be sworn to by manager or general agent. Home office .statement to be filed before May 1st. Fees. — To Auditor — For filing declaration and charter, twenty-hve dollars. For filing annual statement, ten dollars. , , , „„ :„/i,vi^ For each^certificate of authority or copy thereof (only one individ- ual to be included in each certificate), two dollars. For copies of papers twenty cents per folio, and affixing s.al ''"?or oTcidexaminatiou of companies' actual expenses, not exceed- "^SmtSg'coi^erof annual statement for publication, one dollar each. Penalties — For not filing statement required, one hundred Jollfrs for eack week's delay. Agents doing business or companies which have not comphed wiih law, five hundred dollars for each viola- tion. Embezzlement of company funds larceny. Taxes -Two and one-half per cent, of the gross premiums receTvedTn the territory during the%receding year, to be paid before renewal of certificate. No local taxes. Reciprocal provision for taxes, fees, penalties, and deposits. ASSESSMENT INSUBANCE. No special laws for the conduct of assessment companies STATUTORY R E Q P t K E M E N T 8 . 21 DELAWARE. [LeKlflaturo mieU bleiinlully. Nixt scBnion Jan. 4, 1887] Dr, Nathan Pratt, Insurance Commmioner, Milford. ., • -^ Amission.— Every conipniiy desiring to transact business in tlushtate, must possess one hundred and fifty thousand dollars overall liabilities and claims: or if a mutual fire company, one hundred homi fide applications for insurance, and securities to the amount of twenty thousand dollars, and authority to transact business in its own State- or. if a plate glass insurance company, one hundred tliousand dollars above all liabilities; before admission must file with the Insurance Com- missioner a lertified copy of its charter or declaration of organization a statement of Us condition under the oath of its president or vice' president and secretary; a certificate of the name and residence of some person within this State upon whom any civil process may be served. Making affidavit to a statement falsely is perjury. Certificates and Agents. — Every company and each of its agents before oomg business in this State must procure a certificate Jrom the Insurance Commissioner; such certificate shall not bo issued to any agent until he files with the Insurance Commissioner a duplicate tax receipt, showing that all taxes have been paid, nor until he has procured a license from the Clerk of the Peace. Every agent must procure a license from the Clerk of the Peace in the county in which his office is located, who shall be entitled to fifty cents for issuing the same. e ° Examinations and Impairments. — The Commissioner may examine any company doing business in this State. If he finds any Me insurance company doing business in this State has not on hand the net value of all its policies in force, he shall publish the fact and withdraw the authority of the company to do business in this State in case of any other company having capital stock, if its capital stock shall become impaired to the extent of twenty per cent., he shall give notice to such company to make good its capital stock within sixty days, and if this is not done he shall require the company to cease to do business m this State. ^ p.k'^w' ^^^^?®' ^^^ ^*^®- - ^^'''■y company shall file on or before Ji«; '". n''^ ^u*"" * ^^'^'n'^n^ of "s condition on the preceding 31st day of December. The Commissioner shall require all life com panies doing business in this State to furnish him the certificate of valuation of the Insurance Commissioner of either Pennsylvania New York, or Massachusetts, or of the State where it is incorporated If the company IS incorporated in any other State than Pennsylvania' New York, pr Massachusetts, its policies shall be valued on the "Now York basis. If the company fail to furnish such valuation he shall revoke its certificate of authority to do business. of fi^tySrs.^""^ Fees—Every agent must pay a yearly license There shall be paid to the Insurance Commissioner for his own 22 8TATUT0KY K K Q U 1 B E M K N T 8 . '"""h'or aHlxine seal and cortityiiig »ncl. copy, one dollar. Z £l oxaminauon., the actual expense .ncumd. Taxes -Kvejy agon,., the U^e^oro^^^^^^^^^^ r;!sr;if ;sr;pr -s "o'l s s^-Liu., .nd a.... insurances m the biato 1 1 o co m y ^-^^ ^^^ ^p^^ all ;ri:^E:;";*=^o!n.t;u,ich ao „« p... .br„,.gi,*. hands of a licensed agtmt. days, or both. ASSESSMENT IS8UBANCE. Ass.ssn.ent companies are reqmred to cor^^^^^^^^^^^ the laws re- lating to other life companies. excei>t as regards reserves. FLORIDA.. [Ugl.lBlur« meets biennially. Next M.Mon. January 4. 1887.] E S Cbill, State Treasurer, Tallahassee. Admission.- Every company desiring to J-n^^^J'-r ^ '"^ this State must, before admission furnish the Suio Ireasurer action against such company may be ma^le upon any agent o pany in this State and autbormng ea^h -«^^\^l^^^^^, ^-vice of the company, to "^dimt service of pro^ss, and ^Kjo g ^^^ nrooess uDon anv agent shall be as valia ana om nug u^tv/ Py i"F made ui^i the president or secretary thereof. =SSrr.r£SHS.5;Sv STATUTORY REQUIREMENTS. 23 mt9 per ise each li, show- d within two and 1 assess- aken on ital state- upon all ough the it exceed- 3 year, or a fine not ing thirty le laws re- )iLsine88 m er — epresident ion, capital gned by its in any civil of the com- n behalf of it service of m the corn- transacting Troaaurer a Q January. Every agent shall procure a license for each company represented by him. If any company fails to pay any judgment rendered against it in this State, an execution having been issued thereon and returned un- satisfied, the Treasurer, when furnished with a properly certilied copy of the record, shall forthwith revoke all certificates of authority and licenses to transact business in this State granted such company, and shall publish notice of such revocation in a newspaper published in Tallahas.see or Jacksonville, for at least one week. Such company shall not transact any further business in the State until such judg- ment and all fees and expenses are paid. Examinations and Impairments.— It is the duty of the Board of Insurance Commissioners to examine into the affairs of any com- pany doing business or applying to do business in this State, and whenever the Treasurer shall deem it for the interest of the public so to do he may publish the result of such examination in one or more newspapers of the State. Whenever any company shall be found upon such examination to be in an unsound condition, the Board of Insurance Commissioners shall revoke the certificate of authority granted such company, and shall cause notice thereof to be published m some newspaper published at the Capital. Fire and Marine. — Every company must possess at least one hundred and fifty thousand dollars in value invested in United States or State bonds, or other bankable interest-bearing stocks of the United States. Annual statement must be filed in the month of Januarv in each year. T ife. — Every company must possess one hundred thousand dollars in United States or State bonds, or other bankable interest-bearing stocks of the United States at their market value, or in mortgages on unincumbered real estate worth double the amount loaned thereon. Annual .,„atement must be filed in the month of January in each year. Fees, — For filing each statement, five dollars. License for agents, ten dollars in each county for each company represented. Taxes. — An annual State tax of two hundred dollars is required to be paid by each company. Counties, incorporated towns, and cities may impose license taxes not exceeding fifty per cent, of the State license in each county. Penalties. — Every company willfully making a false return or statement, shall be liable to a fine not less'than five hundred nor more than five thousand dollars. Any person violating any of the provisions of law relating to insur- ance shall be fined not exceeding one thousand dollars, or imprisoned not more than six months, or both. ASSESSMENT INSURANCE. The above requirements are applicable to assessment companies. ■•■jiiMifHii 24 STATUTORY REQUIREMENTS. GEORGIA. ILeglglatnre meets biennially. Next ^esBlon, Nov. 8, 1886.1 W. A. Wriout, Comptroller- General, Atlanta. Admission— Everv company desiring to transact bus-ness in this StattXll before admission, file with the Comptroller General- I cer^^fied copy of its chkrter or act of incorporation; a statemen under oath, shoW the name and location of the company, and Us condition on the 31.t day of December then next preceding. certificates and Agents.-TheComptroller.Generalsh^^^^^^^^ to all companies complying with the P;:°^^«^«"«. jfJ^TlrMficates o ttffonts such companies may appoint and commission, certihcates oi aS ority o "ansa«t busine'ss ?i this State, which .^h^Jl be renewed annually Every agent, before transacting business m this State, must procure a license. TTirfi Marine and Life.— Every company must possess at least one^un'drfd thousanS doUars, investe'd in bonds and foc^. fitted IfLir m -Ufit value or in mortgages on real estate, worth double ttmourfo\tSrsame is -rt^ Se.ni.nn^^^^^^^^^^^ SttfC:Xefr:lteTru:t"UfiiS^^^^ divs of jSy and January, or within sixty days thereafter and must nSush a dupUcate thereof in a newspaper of general circulation, pab- Fi«h«d ih Stown or city in the State where the agent making tlie r«^rt --s located The above statement is to be made to the Governor. SllstaSments must be made to the Comptroller-Ge^^^^^^^^^^^^ the 1st day of January in each year, or withm sixty days thereafter. TJenosits—LiFE. All life companies of other States of the Uni?n or orforeign States, must show that they have deposited with the or'oSIr officer of their own State, or of this State, not less than one hS efthousand dollars, in such securities as he may de^n equivalent to cash, subject to his order, as a guarantee fund for the "'"FmrA^nSiN^'Must deposit with the Treasurer of this State v^^nHlnf ti^is Stote or of the United States, of the face value of Sy-five tLus^^ dolLs, before receiving license of the Comp- troUer-General. Fees.— For filing each statement of the company, seven and one- ^"'^bt^Sficates to agents, two and one-half dollars. Also reciprocal provision in reference to fees. Taxes — Every company, and the agents of every foreign com- of July in each year, a tax of one per ceufc. thereon. Ji^acn com -^ V^ itf 'wv'ff^ft^ '^ 'nosa in this leral — a statement i,ny, and it3 f. ill shall issue and to all irtificates of be renewed I State, must ;ses8 at least cs, estimated rorth double \\ statements une. and the jceeding first 3r, and must lulation, pub- making tlie ho Governor, neral on the reafter. States of the eposited with not less than le may deem fund for the of this State face value of )f the Comp- leven and one- \]so reciprocal foreign com- the presiding ler-General, on e total amount :e the first day I. Each com- 1 STATUTORY REQUIREMENTS. 25 pany shall also pay a tax of ten dollars for each agency in each county in wliich such agency does business. Penalties. — All persons convicted of violating any of the pro- visions of law relating to insurance shall be fined not loss than ono hundred dollars, nor more than ono thousand dollars. For default in payment of taxes, five hundred dollars, and impris- onment not to exceed six months. ASSESSMENT INSURANCE. r Admissions. — Assessment companies must file copy of charter, or articles of incorporation; a statement of its business and condition for the year ending the preceding .'51st of December; a certificate sworn to by the presitient and secretary that it ha? paid, and has the ability to pay its certificates to the full limit named therein; that they are only payable to beneficiaries having an insurable interest; that an ordinary assessment will pay a full loss; a certificate from the proper officers of its home State that it is legally entitled to do business there; a copy of its application, and of its constitution and by-laws. It must also execute a power of attorney authorizing some resident of this State to accept service of process. Agents. — Licenses must be taken out, and must be renewed annually. Any one who receives or transmits an application other than his own is deemed an agent. Ainual Statements must be made on or before the first of March of business of year ending preceding December thirty-first. Fees. — For filing necessary papers, and issuing licenses to agents, one hundred dollars annually. Penalties. — For transacting business without license, not less than fifty, nor more thsu one hundred dollars for each oiiense Taxes. — One per cent, on the gross amount received for new business done in the State. Returns to be made by companies on or before July first for the year ending April 30th. This tax is in lieu of all other taxes except on real and personal property. ILLINOIS. [Legislature meetj biennially. Next BesBion January 5, 1887. ] Chas. p. ^yiiQTS.P.v, Auditor of Public Accounts, S¥miiQVi-&hD. Admission. — Every company desiring to transact business in this State before admission must file with the Auditor of Public Accounts — A written application for a license to do business in this State, signed by its President and Secretary, with its corporate seal attached, which statement shall contain the following declaration: That it desires to transact the business of insurance in this State; that it will ♦ 26 8TATUT0HY KEQIMRKMENT8. accept a license therefor, according to the laws of this State; thnt saul license shall cense and terminate in case and wlienevor it sliall rcniovo. or make application to remove, into any United States Court any action or proceedinff oomnienccd in any of the State Courts of this State upon any claiin or cause of action arising out of any business transaction, in fact, done in tiiis State; any permission, consent, agree- ment, condition, or provision incorporated in any contract, mortgage, note, bond, obligation, or policy of insurance, authorizing or consent- ing to such romoval. to the contrary notwilhstanding. And must also file — A certified copy of its charter or deed of settlement. A statement under the oath of the president or vice-president, or other chief officer and .secretary of the company, showing tlie name and location of the company, the amount of its capital, and its assets and liabilities in detail. , i i t A copy of the last annual report, if any, made under the law ot the State by which such company was incorporated. Such company shall aimoin't an attorney in this State on whom process of law can be served, and file in the office of the Auditor a written instrument, duly signed and sealed, certifying such appointment, which shall continue until another attorney shall be substituted. Certificates and Agents. — Every company must procure from the Auditor of Public Accounts a certificate or license before doing business in the State. . ••<:<* Every agent, before transacting any business in this State, must procure fmm the Auditor a certificate of authority, showing that the company for which he acts has complied with all the requirements of law, and stating the name of the attorney appointc^d to act for such company, which certificate shall be renewed annually. Every agent of a fire or marine insurance company, in all advertisements of such agency, shall publish the location of ^he company, giving the name of the city, town, or village in which the company is located, and the State or government under the laws of which it is organized. Every agent of a life insurance company shall exhibit, in conspicuous letters, on the sign designating his place of business, the name of the State under whose authority tlie company is incorporated, and shall print the name of sa,id State in large type upon all policies issued in this State, and on all placards, pamphlets, and circulars published, issued, or circulated in this State relating to the business of such company. Examinations and Impairments. — It is the duty of the Auditor, whenever he deems it expedient, to examine into the affairs of any company transacting business in this State. Whenever he shall deem it for the best interest of the public, he shall publish the result of such examination in one or more papers in this State. If it shall appear from such examination that the affairs of any company are in an unsound condition, the Auditor shall revoke the certificates granted in behalf of such company, and cause notice of such revoca- tion to be published in a newspaper of general circulation published in the city of Springfield, and mail a copy thereof to each agent of the company. STAT r TORY RKQIIIUKMICNTS. 27 [e; tlint said hall ri!inov(!, Court any )urts of this iny busiiioHS tisent, ugree- t, mortgage, or coiisent- [)rosidcnt. or ig the name nd its assets r the law of iwli company f law can be rument, duly lall continue procure from before doing i State, must ring that the juirements of act for such Every agent dents of such ; the name of ated, and the lized. Every cuous letters, cf the State id shall print issued in this lished. issued, I company. duty of the ito the affairs Whenever he II publish the ! State. If it any company the certificates ■ such revoca- tion published :h agent of the No fire or marine company can transact bu.sino.ss in this State if its (capital is impaired to the e.xtc^nt of twenty per c(!nt. whih; such impairment shall exist. Lire comiiaiiies must po.sse.ss assents equal to their outstanding liabilitio.-i and prornium reserve, computed as required by law. Every company making any false statement or report shall have its certificates revoked and the fact published. Every company trans- ferriug a cause to the United States Court shall also have its certifi- cates revoked. Fire and Marine. — Every fire and marine company doing busi- ness in Chicago must jiosscss a paid-up cash capital of not ksss than one hundred and fifty thousand dollars, and doing business in any other part of the Sate must j)o.ssess a paid-up cash capital of not less than one hundred thousand iloUars. Annual statements mu.st be filed on the first day of January in each year, or within thirty days there- after, showing the condition (jf the company on the proceiling lilst day of December. The Auditor .shall cause such annual stateiiients to be published in two daily new.spapers of general circulation not less than fifteen days. One of .said newspapers shall be published in Chi- cago, and the other in Springfield. The reinsurance fund is computed at the gross amount of unearned premiums on uiusxpircd risks. Compani<;s doing busine.ss in tliis State are not permitted to assume any one risk greater than ten per cent of their ])aid-up capital. Every advertisement, public announcement, sign, circular, or card hereafter issued by any company or its agents authorized to transact fire insurance business in this State, purporting to show the financial condition of the company, shall exhibit the amount of capital actually ,irtid in cash, and net surplus as alloweil by the Auditor of Public Accounts of Illinois over all liabilities, and shall show its conditions, as exhibited in its last preceding statement to the insurance depart- ment of this State, and siiall not claim or state any fumls or assets to be in possession of such company not actually possessed by it. Plate Glass, Accident, and Steam Boiler. — These coi.ipa- niesare sul)ject to the same laws which control lire, marine, and inland insurance companies, but are required to have only one hundred thou- sand dollars capital actually paid up, and must deposit with the State Treasurer of this State, or the proper ollicer of the State where the company is organized, securities duly assigned in trust for the benefit of its policy-holders, the market value of which shall, at all times, be equal to one hundred thousand dollars. Life. — Every life insurance company doing business in this State must possess actual a.ssots to the amount of at least one hundred thou- sand dollars, properly invest(;d. Annual statements must be filed on or before the* first day of March in each year, showing the standing and affairs of the company on the preceding 31st day of December. The Auditor, for good and sufliciont reiisons, may extend the time for filing such statements. The Auditor shall cause such statements to be publisheil in two daily newspapers of general circulation not less than one month. One of said newspajKjrs shall be published in Chicago, and tlie other in Springfield, ill' 2g 8TATUTOUY B E Q U I H IB M E N T 9. Tf anv company shall transact business in this State, and its out- stanc ii^ pS a?o not valu.Hl hy the insurance department or p.oper office sot^nv other State, tin, A.ulitor shall nmke a vaiual.on o t e noicics of such conumnv. The l.a.is of such valuation shall bo the ^.tuaries' ^icmnbined 'Experience Table of MortaUty, wuh interest at four per centum per annum. Foreien - Kvery foreign company shall either file with the Aulor a^^Aifcate frL. the'supennlndent of t^- InBurance J^'.pa^^ men (.f Fonie other State, showing that a deposit of securities to the Anoint or wo hundred thousand dollars has been "laJ^/f/"^' 'f^' Z v^n that State, for the protecti.m of all its policy-holders m the Kid S a es wl ich certificates shall be renewed annually, or such Xany Btll'IcKtitwith the Auditor -urities to the amoun o two hunched thousand dollars for the general benefi ^n^ «^^; ' '^^ "^^^ on or before the first day of April in each year, showing their condi- tion on the preceding 3l8t day of December. Fees. -For 'lling certified copy of charter or deed of settlement, thirty dollars. For fib'-.ig annual statement, ten dollars. F- - ..-h agent's certificate of authority, two ' .liars P , ^ • nnpers on t.le in the office of the Auditor, per fol o, twenty for affixing the official seal to such copy and certify. ^"^Fo' val ^"''li?e policies, three cents for each one thousand dollars of in> .: iCe valued. . For examinations, the actual expenses incurred. aL a reciprocal provision in reference to fees, greater than those herein given. Taxes -Every agent of any fire or marine company shall «f v,4a npt receiDts as such agent for tne preceuuig jrcai, « hi entered upon the tax list*s of such town, county, or municipality^ and be subject to the same rate of taxation -State, county town and ^tSpalifor all P-po- ^ P-son^^^^^^^^^^^ IT^^"^^ place where such agency is located, bucn tax is STAT IT TO KY KKQUIREMRNTS. 29 i its out- ur pi oj)or :)ii of tlio 11 bo the 1 interest with the ;o Depart- ies to the such com- ?r8 in the r, or such iniouiit of iccuiity of icnts must hirty tiays ,iiy on the flice staie- liie adver- statenients he I'nitod ive benefit le resident ompany in )r. shall be thirty days statements iheir coudi- settloraent, r, per folio, and certify- le tbousaad r than those npany shall fficer of the tlie amount which shall nunicipality. ,y, town, and ect to, at the . of all town and municipal licenses, except tliat cities having an organized fire department, may levy a tux or license fee, not exceeding two per cent., ujiou the gross premium receipts of auy nuch company in such city, to be applied exclusively to the wuppt.rt of the (ire department. Also a reciprocal provision in reference to taxes greater than those imposed by the laws <.f this State. Penalties. — Kvery fire or marine company failing to fde state- ments as required by law. or to answer any inquiry made by the Auditor, shall be subject to a penalty of five huiuired dollars, and an additional penalty of five hundred dollars for every month such com- pany shall continue thereafter to transact business in this State Any violation of any of the provisions of the laws relating to insur- ant shall subject the offender to a penalty of five hundred dollars for such offense. Every life company neglecting to file a statement within the time prescribed by law shall be subject to a fine of one hundred dollars each day such neglect continues. ASSESSMENT INSUKAXCE. Admission. — Assessment companies applying for admission must deposit with the auditor a certified copy of its charter or articles of incorporation, a copy of its statement of business for the preceding year, sworn to by its president and secretary, or like officers, showing a detailed account of expenses and income, the amount of life indem- nity in force, its assets and liabilities in detail, number of members, and a certificate sworn to by the president and secretary, or lik(! offi- cers, setting forth that an ordinary assessment upon its members is sufficient to pay its maximum certificate of membersliip to the full limit named therein ; a certificate from the State official charged with the enforcement of the insurance laws, or, if there be no such official, a certificate from the A ttorney General of its home State certifying that corporations, associations, or societies furnishing life indemnity on the assessment plan, and whose ordinary assessments are sufficient to pay its maximum certificate in full, and are chartered under the laws of this State, are legally entitled to do business in its home State; a copy of its pol'cy or certiOcato of membersliip. application, and by-laws, which must show that death losses are in the main provided for by asse.<<8ment8 upt)n the sxirviving members; and it shall legally designate a person or agent residing in this State to receive service of process for said corporation, or, in default of such designation, that service of proceK^s may be made upon the Auditor of Public Accounts of Illinois, who shall be deemed its agent for that purpose. Examinations. — The Auditor has authority to examine compa- nies, and if found unsound or fraudulent shall report to the Attorney- General, who shall commence proceedings ^^ revoke its licen.se. Fees. — The Auditor shall receive a fee of twenty-five dollars for licensing each company. Penalties. — B^or doing business for unauthorized companies a fine of not more than one thousand dollars, or imprisonment for not more than one year, or both. »l 30 ■ TATUTOIIY HKyltRKMKNTS. INDIANA. [I,cKl»!»ture meeti' biennially. Next kbi-hIoii .Inmi«ry fl, 1H87 ] jAMEri II. Rue, Auditor of suite, I.nuianai'ous. Admission. — Kvery coinnany desiSng to transact business in this Stale must, before iidinission, poa&ess at ''lUHt two hiimlnHl tlioii- Band dollars, actiinl ca[)ital, in vested in tlio stacks or bonds of the United States or of tlio various States, or in bjnds secured by mort- guges of uuiiicuinl)(ired real estate worth doujle the amount of such mortgage Such coni|)any shall also iilo witl- the Auditor — A certitied copy of the act of incorporation or charter of such coin])anv. A statement, under the oath of the president or secretary of the com|)any. showing tlie name, location, capital stock, and condition of the company. A written instrument, under the seal of the company, signed by tlie presichmt and secretary, authorizing any agent of the company to acknowh^dge service of process for and in behalf of the company, and consijiitiiig that service of process upon such agent shall b(? taken and held to be as valid as if served upon the company, according to the laws of this or any other State, and waiving all claim of error by rea- son of such service; also that, if at any time the company shall have no agent in the county, that service may be made upon the Auditor of State. Certificates and Agents. — Every agent, before transacting bus'ness, shall procure from the Auditor a certificate of authority, which shall be renewed semi-annually upon filing with the Auditor the semi-annual statement, as required t)y law. The agents shall file such certificate, together with a certified copy of the statement on which it was obtained, with the Clerk of the Circuit Court of the county in which such agency is estabUshed, who shall preserve the same for public inspection. [It has been hold (hat an agent can only do busi- ness in counties where certificate and copy of statement have been filed.] If anv company shall sustain any loss iipon policies issued in this State, it i's the duty of the agent by whom the insurance was made to retain in his hands all moneys belonging to such company which may then bo or thereafter come into his possession, until such loss is adjusted and paid. The insured who has suffered a lo3s may also notify any other agent of such company thereof, who shall in like manner retain all money belonging to such company which is then m or shall thereafter come into his hands. If suit be commenced by the party insured against the company, the agent may deposit in court double the amount mentioned in the policy, to abide the event of the suit; or if the party insured shall not commence suit within ninety days after the agent shall have given written notice to him that such loss will not be paid, the agent may thereafter pay over the money in his hands to the company. Fire, Marine, and Life. — Statements shall be filed with the Auditor semi-annually, in the months of January and July, and tho MM HTATTTORY KR()iriREMKNT8. 31 Auditor nhall cauno a copy nf 8uch Bpmi.annual Htatomcnt to he pub. liHliod in tlu> two IcndiuK daily nowHpajHjrH of the Stuto tiuvin^ the lnr)jt«'8t ffi'tHTiil circulation. Foreign. — Fori'ij^n coinpanicH tnufit possess oiio hundred thou, sand dollarH, holil witiiin the United .*>tatt>8 by a citiz<*ii or citizens thereof a.* the agent or agents, trustee or trustees of hucIi coinpanv, fj)r the protection aiul bonelit of ita ijolicy-holders within the United States. Fees. — Tor e.xaniination of statements and investigation of evi. dencis of investment, five dollars. For accepting service as attorney, three dollars, and for filing copy of same, five dollars. For each certificKte of aufliority, two dollars. To (Mork of Court for filigg certificate and statement, fifty cents. To the Auditor all e.xponses actually incurred in the examination of any insuraiu'e company. i^eciprocal provision. Taxes. — Every company shall, in the months of January and July in each year, report to the Auditor, under the oath of its president and secretary, the gross amount of premiums received iu the State for the six months preceding, ending on ihe last days of December and June in each year, and shall, at tlie same time, pay the State Treasurer the sum of thrcM- dollars for every one hundred dollars of such pre- miums, less losses actually paid within the State. Penalties. — Any pjerson violating the provisions of law relating to insurance shall be fined not exceeding one thousand dollars, or imprisoned in the county jail not more than thirty days, or both. Any company neglecting for more than thirty days to rendiir an account of its premiums received and pay the tax thereon, as required by law. shall forfeit one liundred dollars for each additional day such report and payment shall bo delayed. ASSESSMENT INSURANCE. Admission. — Any company of other State and foreign govern, ment seeking admission must deposit with the Auditor of State a cer- tified copy of its charter or articles of incorporation; a copy of its statement of business for the preceding year, with the names and residence of its oflBcers, sworn to by the president and secretary, or like officers, showuig a detailed account of expenses and income, the amount of insurance in force, its assets and liabilities in detail, and setting fonh that it has the abiUty to. pay its policies or certificates to the full limit named therein; a certificate from the Insurance Cora- missioner or from a judge or clerk of a court of record of its home State, certifying that corporations or associations insuring life on the assessment plan, and paying policies in full or providing accident indemnities, and chartered under the laws of this State, are legally entitled to do business in its home State; a copy of its policy or certi- ficate of membership, application, and by-laws, which must show that 32 STATU TORY HK.gi'lHKMENTH. IM doatli losBOH aro, in tho main, proviiled for by a«uM8tn((nt upon the ■urvivinn incrnlmrH; and it nIihII loyally dcwiK'niUi a pmt. or attorney in fiirt r.'nidinn in tluH Stuto. upon wlii.m sorvico of pr.)Co»8 for Hiiid company or artHocuition may 1>« inailo, and in r tho Hvim r of Statu, its policy. I to August s not apply iness in this nt, or other 10, location, :)n. G or marine inpany was uinent, duly to flcknowl- ind consent- :en and held all claim or ce. 1 whom pro- ;ompany has iertificate of ntil another 3aded in any cuted in this or omission, B State, who 3 any of the hat such cor- STATUTORY RKQIJIRKMICNTi. 83 poration in a nonroHident of this State or a nuidont of another Htate than that of the adverse [tiirty, or of jociil prejiniice aKairmt such cor- p(jr'iti(>n, bhull thi'reiipon I'orleit mid render tiuti and void anv permit iHBUed or authority grunted to such corporation to tiansact husinesM in this State. Certificates and AffPntR. — Every •(■(iinpnny doing a firo or marine buMinesa in this Slate shiill proc-iire fr.ini the Auditor, and pub- lish aiinuiilly in two newKpiipers of general (ircniiiitinn, one of which ehdll Ik* published at the capital, a certillcate showing that such com- pany has in all resjH-ctH complied with tli« laws of the State relating to insiirance. and containing a sinf.enient, uiid"r the oath of the preai- 88 occurs, tracts ninl iig m tlie Itato 8liall stocks or •e located, on bond louble the is located. ;or, Conip. umiiany is with a cer- Idinp such nclit of all ich seouri. nd dollars. ly of April any on the :an Exjieri- f per cent. FiXperience rn. the proper lie Auditor ence of the nee of such pany doing as be shall ndant seeks or habitual I show that community if the com- a life insur- Icclares the ;h company, uit on such th required n such cer- ,'e dollars. ihereof, two the sum of ) such copy STATUTORY REQUIREMENTS. 37 For ^valuing policies of life insurance companies, ten dollars per million of insurance, or for any fraction thereof. For official examinations of companies, the actual expense in- curred. Reciprocal provision in reference to fees. Tax«s. — Every company, at the time of filing annual statement, shall ])ay into the State treasury a tax of two and one-half per cent, upon the gross amount of premiums received in this State during the preceding year, taking duplicate receipts therefor, one of which sliall be filed with the Auditor. Such tax shall be in full for all State and local taxes. Penalties. — Any person or officer doing business for any fire or marine company without complying with the requirements of law, or violating any of the provisions of law relating to insurance, shall be fined in a sum not exceeding one thousand dollars, and be imprisoned in tt? county jail for a period not less than thirty days, nor more than six m ths. Every life insurance company failing to file annual state- ments, and procure certificate of authority, as required by law, shall forfeit one hundred dollars for every day's neglect; and any of its agents making insurance, or soliciting applications, shall forfeit three hundred dollars; and any person acting for any such company, with- out having a certificate of authority, shall forfeit twenty-five dollars for each day's neglect to procure such certificate. ASSESSMENT INSURANCE. Admission. — Before admissicm each corporation shall file with the Auditor of State a copy of its charter or articles' of incorporation duly certified by the proper officers of the State wherein organized together with a copy of its by-laws, application, and policy or certificate of membei-ship. It shall also file with said Auditor a sworn statement signed and verified by its president and secretary, which statement shall contain the name and location of the said corporation or associa- tion, its principal place of busin.'ss, the name of its president, secretary, and other principal officers, the number of certificates or policies in force, the aggregate amount insured thereby, the amount paid to bene- ficiaries in event of death or accident, the amount collected of each member on each assessment, and the purpo.ses for which as.sessments are made and the authority under which they are made; the amount paid on the last death loss and the date thereof, the amount of cash or other assets owned by the company and association and how invested; and any information which the Auditor may require. All said state- ments and papers thus filed sliall show that death or surrender value of certificate of insurance or accident indemnity is in the main pro- vided for by assessments upon or contributions by surviving members of such corporation or association, and shall show to the satisfaction of said Auditor that said corporation or association is legally o-ganized and honestly managed, and that an ordinary assessment upon its mem- bers or other regular contribution to its mortuary fund, is .sufficient to pay its maximum certificate to the full limit named therein. Such foreign corporation or association shall also designate to the said 38 STATUTORY REQUIREMENTS. Auditor an attorney or agent re-iiding in this State on whom service of process or original notice may bo made; and in the event of a failure to appoint or designate such attorney, sucli service may be made upon tho Auditor, who shall at once notify said company by mailing a copy of said notice to tho secretary of said corporation or association, direct- ed to his last known post-office address. Any action commenced in this State by service upon such attorney or Auditor may be com- monccd in the county of the. plaintiff's residence, regardless of the residence of said attorney or Auditor, and every corporation or associ- alion coming into this State shall file with the Auditor of State a contract or agreement that it will not transfer any action commenced against it in any court of this State to the United States courts, which contract shall contain the provision that if such transfer is made to the United States courts, the certificate of authority issued by said Auditor to do business shall be revoked or canceled, and it shall be the duty of the Auditor to promptly revoke the certificate of such corporation or association as soon as such transfer is made; and such corporation or association shall not be permitted to do business again within th(i Stale. Upon complying with the provisions of this section, and upon payment of twenty-five dollars, the Auditor shall issue to such foreign corporation or association so complying, a certificate of authority to do business in this State, provided the same right is extended by the State in which said corporation is organized, to similar corporations or associations organized in this State. Annual Statements. — A detailed statement shall be made annually before the first day of March, on blanks furnished by the Auditor, of the condition of each corporation on the thirty-first day of December preceding. Examinations. —Auditor has power to visit and examine com- panics. Certificates and Agents. — Companies and agents must have Auditor's certificate before doing business. Foes. — For filing charter and other papers, twenty-five dollars. For annual statement, twenty doUara. •, - * i For examinations, five dollars a day and actual traveling and hotel expenses. For agent's certificate, two dollars* All other fees the same as provided for life companies. Penalties. — Taking or soliciting applicationa for unauthorized companies is a misdemeanor, and subjects offenders to a fine not exceeding one hundred dollars and costs. .... Compliance with the act by secret or fraternal organizationo is not compulsory. •m service of of a failure 3 made upon ailing a copy ation, direct- mmcnced in lay be corn- •dless of the ion or associ- ir of State a commenced ;ourts, which r is made to ued by said d it shall be cate of such de; and such usiness again E this section, jhall issue to certificate of ame right is organized, to e. lall be made lished by the lirty-first day examme com- its must have -five dollars, ling and hotel BS.' • unauthorized to a fine not lizationo is not STATUTORY 11KQUIREMENT8. 39 KA^SAS. [Leglglaturc meets biennially. Next Soeslon. January 11, 1887.] R. B. MoKKJS, Superinlerident of Insurance, Toi'EKA. Admission.— Every company desiring to transact business in this State before admission shall file with the Superintendent of Insur- ance — A certified copy of its charter or act of incorporation. A copy of the last annual report, if any was made under any law of the Stale and country by which such company was incorporated. A statement under the oath of the president or vice-president and secretary of such company, showing the capital, location, and condition of such company. In case of life companies, the statement shall show the condition of the company on the preceding first day of January. Every company shall file in the Insurance Department its written consent, irrevocable, that actions may be commenced against the com- pany in any county in the State in which the cause of action shall arise or the plaintiff shall reside, and process served on the Superin- tendent of Insurance, and agreeing that such service shall be as bind- mn as if made upon the proper officer of such company. Such written consent must be executed by the president and secretary of the com- pany, authenticated by the seal of the company, and accompanied by a certified copy of a vote or resolution of the board of directors author- izing the president and secretary to execute the same. The summons in any process against any such company shall be addressed to the Superintendent of Insurance, and require the defendant to ansvver by a certain day, not less than forty days from its date The summons shall be forwarded by the clerk of the court to the Superintendent, who shall immediately forward copies thereof to the company and to its general agent, if such agent reside in this State. Certificates and Agents. — Every company, before transact- ing business, must procure from the Superintendent a certificate of authority. Every company sliall certify to the Superintendent the names of the agents appointed to act for the company, and" such agents shall receive a license from the Superintendent. Any company may appoint a general agent in this State with authority to appoint other agents. A. certified copy of such appointment shall be filed with the Superin- tendent. All certificates and hcenses shall be renewed annually, and shall continue in force until the last day of "t^ebruary in each year. Examinations and Impairments. — Whenever the superin- tendent has good reason to suspect the correctness of any annual statement made by any company, or that any such company is in an unsound condition, he shall make or cause to be made an examination into the affairs of such company. Whenever the Superintendent shall deem it for tlie interest of the pubhc, he shall ])ubiish the result of such examination in some newspaper of general circulation printed at Topeka. If it shall appear from such examination or otherwise that V / J 40 STATUTORY KKQUIBEMENTS the alTairs of any company are in an unsound con.lition. ho .shall rovoko tlie aulliority granted to such company to do husincsss in tlus State, and cause notice thcr.M.f to he piihlished ui at least one news- paper published in the city of Topeka. No fire or maiine company can transact business in tins >tate it its capital i-tock, after the com [.any is charding against any citizen of this State in any Federal court, it shall be the duty of the Auditor forthwith to revoke all authority to such company or its agents to do business in this State, and to publish such revocation in some news- paper published in tliis State. Certificates and Agents.— The Auditor, upon receiving a cer tificate from the Insurance Commissioner, showing that any company has fully complied with the requirements of law, and is possessed of the requisite capital or assets, shall furnish to such agents as the com- pany directs e copy of the certificate of the Commissioner, together with a license to such agents to transact business for such company. The certificate of the Commissioner to the Auditor and copies of such certificate, together with the licenses to agents, shall be renewed annually. , „ , ,• , »i. Every agent, in all advertisements of his agency, shall publisli the location of the company he represents, giving the name of the city, town, or village in which it is located, and the State or government under the laws of which it is organized. Agents may be licensed to place insurance in unauthorized compa- nies under certain circumstances, but unless done under such license buch insurance is null and void. Exfvminations and Impairments.— The Commissioner, when- ever he deems it necessary, may examine into the affairs and condi- tion of any company doing business in this State. Whenever it shall appear to the satisfaction of the Commissioner that the affairs of any such con.pany are in an unsound condition, or not conformable to any standard adopted by this State, or if any company shall refuse to per niit an e.iamination, the Auditor, at the request of Commissioner, sha revoke tU certificates granted in behalf of such company, and shall 44 BTATUTORV KEQU I RKM KNTB. M cause notice of siuli revocation to bo puhlished in some one or more nowHpHpcrs of general circulation j.ublmlied in the Htule, and a copy thereof mailed to each agent of 8ucli company licon»od liy tie Auditor. ■ u- a •# No fire or marine comi'any can trangact business in this htale if. after the company is cbargoil wiih its proper liabilities and the amount required by law for a rc-insuranco fund, its capital is impaired to the extent of twenty per cent., unless such impairment shall be made good within sixty days. No credit is given for re-insurances in unauthorized compimies and schedules of re-insurances are required. No life c()mj)nny can transact business in this State if its assets are not of a net cash value equal to its liabilities, including the premium reserve computed as recjuired by law. Fire and Marine.- Every company must possess a paid-up cash capital of not less than one hundred and fifty thousand dollars. Annual statements shall be filed on the lOlh day of January in each year, or within one month thereafter, and shall show the condition of the company on the preceding 3 let of December. The Commissioner may, for good cause shown, extend the time for filing annual statements. The re-insurance fund is co'r!p"„ed at fifty per cent, of the gross premiums received and receivable upon all unexpired risks. Life. — Every company must possess well invested assets to the amount of one hundred thousand dollars. Every company must file with the Commissioner the certificate of the Superintendent, Insurance Commissioner, or chief flnancial officer of some other State, under his hand and official seal, that ho holds on deposit for the benefit of all policy-holders of such company stocks and securities to the amount of one hundred thousand dollars, stating the character of such securities. Annual statement* must be filed on the 10th day of January, or wiihin sixty days thereafter, showing the condition of the company on the preceding Hist day of Deceml)er. The basis of valuation m this State is the American Experience Table of Mortality, with interest at four and one-half per cent, per annum. i- ■ * The Commissioner is required to value the outstanding policies of all companies doing business in this State annually, if such company is not incorporated in a State where there is a regularly organized Insurance Bureau or Department. In such case if the company shall furnish a certificate of the Insurance Commission.^r or Superintendent in duo form under seal, setting forth the existinf, value of all its out- standing policies, such certificate shall be accepted by the Commis- sioner, and no valuation of the policies of such companies sVall be made by liim. Such certificate is not required to sliow a valuation made upon any particular basis, provided the values ar«^ not less than those on the basis adopted by the State. Every company must annually file with the Commissioner a descrip- tive bit of all policies in force, and a like list of all policies which have terminated, with the mode and manner of termination and the amount paid in each caae. UTATUTORY REQCIKEMENT*. 45 ne or more uiid a copy (od liy tie lis Staid if. tho anioiint irerl to tlie made good nauthoriz"»i l »""»*»'" • TATOTOBY KRQUIREMRNTfi. 47 AiiKUHt in •s ami llfty [ in odHh. tranaactitiK oxctjodinjj; rovt>cation no hundred glocting to each day's fs to make forfeit and •n and pay y law, shall I daya after ait five hnn- r admission sopy of its of business December, •eof, setting ) or policies , assets, and d secretary, s the ability 3in; that its ing a legal hat an ordi- 1 maximum ly, or there- unt or limit is^onor, or iforcing the ng that it is the applica- Bof, if more of moraber- )rm is used; very edition iaries are in g members. r and every or the State ig, suits to tate. Statements and Lirenws must be renewed armiially, and the grni'ial proviwionH rcganling Hupcrviwidii iirc the same as those for life coni|>uniiH. Fraternal sociolioH are ox^anpt from cotiipliance. Fees. — To CommiBsionor : For filing charter and other papcns wlicn admittcil, and for all licoii8«'B iwHued (luring the insuing year, two hundred dollars. For filing annua! statoinent and for liccnsos each year thereafter, two hundred dollars. Taxes. — < )no per cent, on all moneys received in the State on new businc'SH during the year ending December thirty-fi i. Penalties. — For transacting business for companies not having complied with the law, a fine of not less than Hffv nor more than five hundred dollars. LOUISIANA. [Li>i(l»lature maeei bleoDtaltj. Next teHtoii, May, 1888.] Oscar Abkoyo, Seeretar;/ of State, Baton Rodqi!. Annual Statements must bo made under oath of presiilent and secretary, or resident manager of foreign company, during January or as soon thereafter as practicable. Statements must be published by agent for one month in two newspapers of the parish whore he is located, and must by filed in the office of the Secretary of State. Life companies must fde with the State Auditor, annually on the first of January or within ninety days thereafter, a statement similar to the annual statement required by their charter or by the laws of the State where organized. Foreign. — Every foreign company must deposit twonty-flve thousand dollars with the Treasurer of Louisiana, unless it has an equal amount deposited in some other State for the protection of all policy-holders. It must not take credit in its statements or adver- tisements for any assets not in the hands of American trustees, or deposited for the benefit of all pti icy -holders. No foreign insurance company shall be admitted to transact a fire, river, marine, or inland navigation insurance business, or take any risks through any agent, agents, or attorney, until they shall have filed with the Secretary of State a copy of their charter, officially verified, a certified copy of a statement of their afTairs, a certified copy of the vote or resolution by whicJh their agent or agents were appointed in the United States, and this State, tog(»ther with a certified copy of the trust deed or instrument under which they are to a«t, defining their powers, and if the agent or agents' appointment in this State is derived from the general agent for the United States, said agent or agents shall be further vested. "That service of legal process, original mesne or final en such agent shall be taken and held as valid as if sei-ved on tho company, and that acknowledgment of service of such process by him, for or on behalf of such company, shall be obligatory on it, and that S' 48 ( 8TATUT0KY R E Q U r R i M E XT 8. judgment recovered on such service or aoknowledgment shall be con- clusive evidence of the indebtedness of the company." Taxes. — Foreign fire and marine companies are taxed upon their capital as personal property, unless the same pay a tax in some other State. The capital here meant is the excess of assets above liabilities. Licenses, are based upon the gross amount of premiums annually collected in the State, and must be paid to the tax collectors of the parishes on or before the first day of March, after which date they bear interest at the rate of two per cent, a month. They are divided into classes as follows: First class — When said premiums are three hundred thousand dollars or more, the license shall be seventeen hundred and fifty dol- lars ($1,750). Second class — When said premiums are two hundred and fifty thousand dollars, and less than three hundred thousand dollars, the license shall be fifteen hundred dollars ($1,500). Third class — When said premiums are two hundred thousand dol- lars, and less than two hundred and fifty thousand dollars, the hcense shall be twelve hundred and fifty dollars ($1,250). Fourth class — When said premiums are one hundred and fifty thousand dollars, and less than two hundred thousand dollars, the license shall be one thousand dollars ($1,000). Fifth class — When said premiums are one hundred thousand dol- lars, and less than one hundred and fifty thousand dollars, the Hcense shall be seven hundred and fifty dollars ($750). Sixth class — When said premiums are eighty thousand dollars, and less than one hundred thousand dollars, the license shall be seven hundred dollars ($700). Seventh class — When said premiums are seventy thousand dollars, and less than eighty thousand dollars, the license shall be six hundred and fifty dollars ($650). Eighth class — When said premiums are sixty thousand dollars, and less than seventy thousand dollars, the license shall be six hundred dollars ($600). Ninth class — When said premiums are fifty thousand dollars, and less than sixty thousand dollars, the license shall be five hundred and fifty dollars ($550). Tenth class — When said premiums are forty thousand dollars, and less than fifty thousand dollars, the licenso shall l^ five hundred dollars ($500). Eleventh c'.jss-- When said premiums are thirty thousand dollars, and less than forty thousand dollars, the license shall be four hundred and fifty dollars ($450). Twelfth class — When said premiums are twenty thousand dollars, and loss than thirty thousand dollars, the license shall be four hundred dollars ($4 00). Thirteenth class — When said premiums are ten thousand dollars, and less than twenty thousand dollars, the license shall be three hun- dred and fifty dollars ($350). Fourteenth class — When said premiums are less tlian ten thousand dollars, th« license shall be three hundred dollars ($300). all be con- upon their some other I liabilities. 18 annually tors of the B they bear Lvided into ; thousand id fifty dol- l and fifty dollars, the Dusand dol- the license 1 and fifty dollars, the )usand dol- the license ind dollars, ill be seven and dollars, ix hundred nd dollars, iix hundred dollars, and mdred and dollars, and re hundred and dollars, )ur hundred and dollars, >ur hundred md dollars, three hun- ) than ten B ($300). gTATITTOIlY REQUIREMENTS. 49 '■■'-mtmmm, Every agent of each insurance company or underwriters' agency, shall at the end of each quarter of the year make out a statement and file the same with the tax collector, or ex oificp, ta.x collector of the district or pariah wherein he or they do business, showing the follow ing facts: The number of policies written by naid agent. The amount of risk covered by said policies. The amount of risk of each of said policies. The name of the party or parties taking out said policy. The amount of premiums collected by said agent on policies. The amount of premiums collected by said agent on each said policy. The kind or character of the property covered by each policy. Which sta,tement shall be made out and sworn to by the agent or officer of the insurance company before some officer authorized °by law to administer oaths. Which statemant the tax collectors and ex officio tax collectors shall forward to the Auditor of Public Accounts within ten days from the date of receiving same, who shall file said statements in the records of his office. Agents are required to post their licenses in a conspicuous place in their offices. Rebates to the assured are prohibited by law under penalties of forfeiture of right to do business. ASSESSMENT INSURANCE. Assessment companies are exempt from compliance with the insur- ance laws, and from the payment of license fees. MAINE. [Legislature meets biennially. Next Session. January 6, 1887.] Joseph O. Smith, Insurance Commissioner, Skowheqan. Admission. — Every insurance company desiring to transact business in this State, before admission must file with the Insurance Commissioner a certified copy of its charter and by-laws; a statement under oath signed by its president or secretary, showing its financial condition. ° Service of process may be made upon any authorized agent of such company, and shall be valid and binding upon the company. If no agent can be found service may be made on the Insurance Commis- sioner and shall be as valid as though served on the agent. If judg- ment IS not paid within thirty days after demand made of agent or In- surance Commissioner, the Commissioner on notice and hearing may suspend the power of the company to do business in this State. No stipulation shall deprive the courts of this State of jurisdiction of ac- tions against any comnany, nor Umit the period before commencing the same to less than two years from the time the cause of action accrues. 7 i m II 1^ 50 BTATDTOBY K K Q U I R K M EN T B. Certificates ar d -A gente — Every company before transacting bumncss in tliis State n.u.t procure a license from the tominis^ionrr. which shall HUthorizf the company to do business m the State until the G.-«t day of next July. ar.«l shall be renewed thereafter annually No ajrent t>hall transact any business until there has been filed with the Commissioner a duphcale power of attorney from the company or its authorized agent, or a certificate from the company authorizing h.m to act setting forth that such person has been duly appointed and authoHsed assent thereof The Commissioner shall thereupon issue a license to hiin. which shall continue in lorce until the lirst day of the next July, and may be renewed from year to year in like manner. The knowledge of the agent of the company in reference to naks and of omissions and misdescriptions, shall be regarded as the knowl- edge of the company, and as waived by it the same as if noted in the policy. Examinations and Impairments.- Whenever the Commis- sioner deems it necessHrv for the protection of policy-holders, he may examine into the condition of any company transacting business in ^'"'iMt^shall appear upon suen provided blish the fact the standard 1 require the state. sess a capital il statements ■ within sixty 1 of the com- B of issuing of each com- ee successive Each company shall publish in another paper such abstract three consecutive tinifs. such publication to be made the first time prior to the first day of March in each year. The re-msurance fund is computed at fifty per cent, of all premiums on unexpired fire-risks having less than one year to run, and a pro rata of all premiums received on unexpired fire-risks having one year or all the premiums received on unexpired marine and inland risks. Life. — Every company must possess well-invested assets to the amount of one hundred thousand dollars. Annual statements must be filed on the first day of January in each year, or within sixty days thereafter, and shall show the condition of the company on the pre- ceding 31 st day of December. Must publish annual statement same as in fire and marine, except that the first publication must be made prior to the first day of April in each year. Valuations are based on the Amarican Expenence Table of Mor- tality, with interest at four and one-half per cent, per annum. The Commissioner is required to accept the valuation of the Com- missioner of the State where the company is located or in which it elects to have its policies valued, if such valuation be made on sound and recognized principles and a basis not less than that established by this State. The company shall furnish the Commissioner a certificate from the Commissioner of such State, showing the value of all out- standing policies of such company on the preceding 31st day of December, and stating that after all debts and claims of the company are provided for, the company possesses assets equal to the net value of all its policies in force, and is authorized to do business in its own State. . Anv company that fails promptly to furnish such certificate shall furnish a detailed list of its policies and securities. Any company, association, partnership, or corporation, granting insurance on the lives of persons under the' age of ten years, must value all its policies issued, on the lives of persons under the age of ten years, in accordance with the general legal rules for the valuation of life insurance policies, based on the mortality table known as Farr's number three, for males; provided, that in no case the valuation for the said policies on the lives of persons under ten years of age shall bo less than eight-tenths of the weekly gross or office premiums thereon with no credit for deferred net premiums. Each company shall annui'lly file a certificate showing a deposit of one hundred thousand doli.rs, in proper securities, with the chief financial ofiicer of the State where the company is organized, for the benefit of all its policy-holders. Foreign. — Arnual statements of the business and condition of the company, other than that relating to its affairs in the United States, shall be filed on or before the first day of July in each year, and shall show the condition of the company on the preceding 31st day of December. In calculating the re-insurance fund to determine the right of any such company to do business in this State, the same shall be computed only upon its business in the United States. "The basis" of such re-insurance fund so required shall be the assets of such company held and invested in the United States. 64 BTATUTOnV nEQlMIIKMENTS. Feea. — For filing certifiod copy of charter, twenty-fivo dollars. For filing annual Btatommit, twenty-fivo liullars. For oach agent's certificate of authority, ten dollara; but sub-agents or soHcitors ai)[)()inled by the general agent of a life insurance coinpiiny in this Stale ftliall pay for thoir c(irtifi(;ate.s of authority, two dollara. For each abstract of annual statement for publication, two dollars, also the actual not cost of such publication. For every copy of any paper filed in thf, department, twenty cents per folio; and for adixing the official seal to such copy and certifying tho same, one dollar. B'or valuing policies of life insurance companies, thirty dollars per million of insuiance. or any fraction thereof For official examination of companies under this act, the actual expenses incurred. Taxes and Licenses. — Fivery company, upon procuring from the Commissioner a certificate of authority or license, shall pay into the State treasury annually the sum of two hundred dollars, and proportionately for any fraction of the year it shall do business in tho State prior to tho thirty first day of December next after its admission. Tho general agent or chief accounting officer of each company shall report under oath to tho Insurance Commissioner the gross premiums received and losses paid in this State during the last license year, and such company shall pay into the treasury a tax of one and one-half per cent, upon such premiums, less such losses, not including in such losses endowments. Reciprocal provision. Penalties. — Any p(>rson or company violating any of the provi- sions of law relating to insurance shall be subject to a fine not less than • one hundred dollars nor more than one thousand dollars. ASSESSMENT INSURANCE. There are no laws governing assessment companiog of other States. MASSACHUSETTS. [LeglBlatare meets anDaklly. Ne«t SeisioD, January 6, 1887.] John K. Tabbox, Insurance Commissioner, Boston. Admission. — Every company desiring to transact business in this State, before admission must file with the Insurance Commis- . sioner — A copy of the charter of the company duly certified. A statement signed and sworn to by the President and Secretary of the company, in the form prescribed for annual statements. Every company shall appoint, in writing, the Insurance Commis- sioner of this State, or his successor in office, to be its true and lawful attorney in this State, upon whom any process may be served with the same effect as if the company existed in the State. A copy of such writing shall be filed in the office of the Insurance Commissioner. Fidelity insurance companies can be admitted to this State if possessed of not loss than $200,000 capital. mm •*' 8TATUT0KY REQU1UKMENT8. 53 e dollarfl. i sub-a|?onts ce company dollars, two dollars, I'onty cents 1 certifying dollars per the actual uring from all pay into iollars. and moss in the s admission, inpany shall J premiums se year, and nd one-half ing in such f the provi- tot less than ther States. >N. business in 56 Commia- i Secretary [its. ce Commis- I and lawful ed with the jpy of such mmissioner. if possessed Certificates and Agents. — Every agent, before tiwisacling anv business, must procure from tlie Commissioner a certi.cate of auUioriiy lor encli coujpany for which ho proposes to uct, whicii s!iall continue in force until the first day of the next April, and shall be renewed on said day and annually thereafter so long as such company continues business in this State. No person shall, as agent of any foreign insurance company, make or procure to be made any insurance in this cnmmonwealth, until he has given a bond to the Treasurer of the commonwealth, with sufhoient sureties, to be approved by the Insuriviico Commisesioner, whose approval shall be indorsed thereon, in the sum of two thousand dollars, with condition that he will make all the returns, and pay all taxe.s, fines, and f)enalties. which, by the provisions of the laws of this common, wealth he may bo required to make and pay, according to the require- ments of such laws. Any person making insurance or causing or procuring insurance to be made in violation of the provisions of this Be;;lion shall be punished by fine not exceeding one thousand dollars : prcvaled, that agents in this commonwealth of foreign life-insurance companies, who are accountable to any agent therein for premiums received, need not give such bond. _ Every agent shall exhibit in conspicuous letters on the sign desig- nating his place of business the name i;f the State under whose autl r- ity the company he represerts is incorporated. And such company and agent shall have printed in large type upon all policies issued in this State, and on all cards, pamphlets, placards, or advertisements published, iesued, or circulated in this State, the name of such State and the kind of business transacted. Examinations and Impairments. — The Commissioner may at any time examine the affairs of any company transacting business in this State, and its directors, officers, and agents under oath in relation to its affairs. He may for sufficient cause revoke the certificate of authority granted on behalf of any company. If the assets of any fire company, after setting aside a sum equal to its outstanding liabilities and re-insurance fund, do not amount to more than three-fourths of its capital stock, the company shall repair its capital to the or'.ginal amount, and faihng to do so shall not be per- mitted to do businiss in this State. If the assets o/ any life company are not equal to its liabilities and premium reserve computed as required by law, the Commissioner shall give notice to the -.ompany to discontinue the issue of new policies. Fire and Marine. — TLvery s^ock fire company shall possess a capital paid up of not less than two hundred thousand dollars. Every stock marine or fire and marine com|)any shall possess a paid- up capital of not less than three hundred tl ousand dollars. Every mutual fire com pe ay must possess available fi nds over and above all liabilities equal tc fifty per centum of all prerai i-.as received in cash on policies in force, and have premium notes liabli to assessment amount- ing to at least two millions of dollars. Annual statements must be filed on or befcre the fifteenth day of January in each vear, showing the condition o' the company on the -"«.«■ ■Mf* \ "W'T? 56 8TATUT0KY BEQIIIBKMENTS. pri>roon which Bctmen of lefore tho nty-three, districts, reof with to liis ap- ermon or formity to cting the said first dwelling- such fire Bcding its setts; and ring prop- included. I company t taken or 3 provided ait her can- nium upon to the dif- at risk, as like sum; tice to the hall annu- the Insur- or held at 8 common- ling. The nt, require ,rt thereof; 1 rules and ire reliable 3 insurance ons not so 1 the same ired in the it has been 3 of public Mutual insurance companies may bo authorized to issue policies in this Sliito fo;- prHniiutiis wlujlly piiid in cash, proiu,leif, that any such company cannot transact businnss in this 8tato, unless it is possessed of cash assets over and above all liabilities except utuiamcd premiums (Kjuiil to fifty per ci^nt. of all cash premiums on policies in force, and that it has premium notes liable to assessment equal to tho sum of two million dollars. No fire insurance company authorized to issue policies in this commonwealth, shall issue any policy other than the standard form adopted by tho legislature ex cost of insurance wLich said policy is to pay shall be calculated, aud eight per cent, of this sum is the legal surrender charge. The company shall also pay a surrender value whenever the insur- able interest in the life of the insured has terminated after the pay- ment of two annual premiums. Such surrender value in cash shall be ascertained in the same manner as is provided for continuing the policy in force by the non-forfeiture law hereinbefore stated. r>59S?" T S9 BTATITTOHY nKQUIHEMBNTB. Foreign. —Every forniKn fire insurance conipfiny sliall deposit with I he TrciiHUK^r of tliiH Stut»( or tho proinir ollicor of sonio otiier atalt' tii(^ m.iii of two liumlitiil iiioiisaiui ilollure for tlio iM-iitifii iirui security of tne poiicylioldorH in the United States. Marine conipa. rics must d('ii]lar. a tax in this liber in each 8Worn to by .sraents col- rlirst day of ach aji^ent of paid to the panies) shall this State. en turn upon ich company istees in the ■sand dollars, « TAT U TORY RKQItlRKMBNTH. S9 availiihlo at all times for payment of lovse.4 in tlii.4 State, the tax on the premiums of such company whall lie a.sse,m««d at only two per (unit. liife oompaiiioH are taxiu] under provi^ioim of reiiproC'd Mtatutn. Keciproca! provi^iim in irfentiice to any oilier or j^nater taxes than thiwe impomiil liy the laws of ihin .Strtt«<. Every life insurance company doinjj husiness in this State is required to pay annually an excise tax of one-quarter (^) of one per centum (H) per annum upon the not value of all |»olicins in force ou the .'Mat day of December, n xt precedintf, held, by residents of this Htate. Such company must, on or hefore tho lOih day of May annually, make a return to the lax commissioner, under oath of its pronideiit and secretary, or general agent, showing the number, date, and class of policies so held, the agf* of the assured life, and their net value, and the combined aggregate net value. The tax coinmi»sion«!r shiiU, ui)on such return and upon any other evidence, assess and di-turrnine tho amount to bo paid by such corporation. Penalties. — A contract of insurance made by any company with- out complying with the provisions of law shall be valid, but the agent procuring the insurance shall be liable to a fine not exceeding one thousand dollars, except that the commissioner may licciuse (ou the payment of a fee of twenty dollars) agents to place insurance in unauthorized companies. Such licensed agents must, however, in each <'a8«( file an aflSlavit that the insurance so placed cannot bo had in authorized companies and must execute a b md for the payment bv him to the Treasurer of the Commonwealth of four per cent, of the premiums on such insurance. Any agent doing business without procuring a (-ertificate of author- ity, or failing to make annual returns, and for various other ollonsos, is subject to a penalty of five; hundred dollars for each offense. Any company failing to file a statement within the time prescribed by law is subject to a penalty of one hundred dollars for each day's neglect. Every life insurance company neglecting to make the return required for taxation shall forfeit (ifty dollars for each day of such neglect, and every such company that makes any false statement in such return bhall pay a line of not less than live hundred nor more than five thousand dollars. ASSESSMENT INSURANCE. Admission. — Any corporation organized tmder authority of another State or government to issue policies or certilicates of life or casualty insurance on the assessment plan, as a condition precedent to transacting business in this State, shall deposit with the Insurance Commissioner a certified cojiy of its charter; as'itement, under oath of Its president and secretary, in the form by the Insurance Coininis sioner required, of its business for th(! preceding year; a ceriilicate, under oath of its [)resident and secretary, that it is paying, and for the twelve months thi-n next preceding has paid, the maximum amount II 60 • TATDTOKY KK (jl'IKKMICNTS. naiiiod in its policicH or corfilicfttcs in full; a certificate from the proper authority in itH Ixpnio Stiitct rliiit corponitionH of thin i'oriirnotiwi'ajlh, eiij^iiKftl iifi-nrdiiig to lln< piovisioiiH of iIiIh act in lif« or ciisuiilty insurance on tlio aHfcHsintait plan, arc icKftHy ontitUid to do husincsH in BUch Sttttji; a copy of its jKilicy or certiflcato and application, which must show that honcfltM are provided for by aaMessment upon jiolicy or certilicatc holderw; evidence Hatisfactory to tlie Insurai)ce CoinmiNHionor that the corporation iicciiinulateH a fund which Hhail ho at nil tiincH not loss than the proceedji of one death aHHOHsinent upon all policy or cer- tificate holderH thereof; that such accumulation is permitted by the law of its incorpoiation. mid i8 a trust for the lienoflt of policy or cer- tificate holders only, and is securely invested. Every such corporation shall aNo a|>potnt. in writing, the Insurance Commissioner its attorney to aiccirt service of legal process. TIk! Insurance ComniiBsioner shall thereupon issue or renew the authority of such corporation to do busi- ness in this coinnKmwcalth, and such authority shall be revoked when- ever the Insurance (,'ommissioner, on investigation, is satisfied that such corporatiim is not paving the maximum amount named in its policies or certificates in full. Upon such revocation the (.'(tinmissioner shall cause notice thereof to be published in the newspaper in v/hich the general laws are published, and no new business shall bo thereafter done by it or its agents in this commonwealth. When any other Slate or country shuil impose any obligation upon any such corporation of this Stat(!, the like obligation shall be imposed on similar corporations and their agents of such State or country doing business in this State. The commissioner has the same right to examine as is conferred upon him in the cjise of other comi-atiies, and aswssment companies are subject to the same fees and penalties as other life insurance companies. MINNESOTA. [ I.oglRUturo meets biennially. Next SeiDion Jannary 4, 1887. ] A. R. McGiLIi, Insurance Commissioner, St. Paul. Admission. — Every company desiring to transact business in this State, before admission must file with the Insurance (Commis- sioner — A certified copy of its charter, deed of settlement, or articles of incorporation, or a statement verified by the signature and oath of the president or vice-president and secretary or actuary, showing the condition and business of the company. Every company sliall file with the Commissioner a written agree- ment signed by the President and Secretary, agreeing upon the part of the com|)any that service or process in any civil action against the company may be made upon such agent or agents as it shall designate in such agreement, or upon the Insurance Commissioners, and authorize such agent or agents to admit service of process for and in behalf of the company, and agreeing that such sei^vice shall be valid and binding upon the company. There shall be filed with the Commissioner a written stipulation, duly authenticated by the company, agreeing that any legal process HTATUTORY KKQIIIHEMKNTS, 61 afToctinR tlin cotnpnny, Hprvnd on tho Insiiraiico CortimisHiorKT, Bhall havn the hhiiib cfTcct iiH if wrvcil on the comi>ntiy. Siidi coinpiiny miiy ut itH option ilcsigniili" in its Mtipuliilion its principal of!ico or agt'iicy ill thJH Htale, and may piovitl« for Htuvico to i-o inailo also upon the person in cliargo of suctj ottico. All cjiripanii'M aro proliibitod from romovitiK suits from tho State to thf Federal courtn, under penalty of nvocatioM of license. Certlflcatea and Agents, — Kvj-ry conipany must procure from the ('omniisHioner u certilicute of authority, showing that it hiis com- plied witli the roqiiireiiients of the law of this State, and is entitled to aBBume risks and issue policit^s. Such certiflcato shall bo published in conmction with the annual stutonient. Every agent must procure from the t'ommisaioner a certificate of authority before transacting any business in this State. kSuch certificate must be renewed annually, within sixty days from the first day of January Kvery company and agent in all advertisemerts of tho company or agency in this Slate shall publisli the location of tho company, giving the name of the city, town, or village, and State, in which it is located, and in all advertisements and circulars in which the capital of tho company is stated, the amount at risk the preceding thirty-first day of Decemljer shall be stated. Soliciting agents for fire insurance must be residents of the State. Examination and Impairments. — The Commissioner may ex- amine or cause to be examined, the affairs of any company doing business in this State, whenever in his opinion the interests of tho policy-holders require it, lie may publish tho rof-ult of any examina- tion, when in his opinion the interests of the public rccjuiro it. lie shall suspend tho business of any company in this State whenever its assets appear to him insufTicient to justify its continuance in business, by suspending or revoking the certificates granted by him to such company or its agents, and shall give notice of such action to the in- surance officials of every other State, and publish notice thereof in the papers in which by law State notices aro required to be publis-hed. A fire or marine company cannot transact business in this State if after providing for all claims against it and a re-insurance fund as required by law, its capital stock is impaired to the extent of ten per cent , unless such impairment be made good within sixty days. A life company cannot transact business in this State, if its assets are not equal to its habilities and claims against it and the amount of its premium reserve computed as required by law. All other insur- ance companies cannot transact business in this State if the capital stock is impaired to the extent of fifteen per cent. Fire and Marine. — Every fire company doing business in this State must possess a paid-up capital of two hundred thousand dollars. Annual statements must be filed on tho first day of January iu each year, or within thirty days thereafter, verified by the signature and oath of the president or vice-president together with that of the secretary or actuary, showing the condition and affairs of the company on the preceding thi/ty fir*t day of Decjinber. Hi 62 STATUTORY RK, QUIREMENTS. Such Statement must be published, at least three times, in a daily or weekly newspaper of general circulation, printed and pul)lished in either Hennepin or Ramsey counties, and having a bona jkle circula- tion of two thousand copies or more, or in the county where the State agency of the company is located. Commissioner's certificate of authority must be published with statement. Printer's aiBdavit of publication must be filed with commissioner. The re insurance fund shall be computed as follows: fifty per cent, of all premiums on unexpired fire risks, that have less than one year to run; a pro rata of all premiums received on unexpired fire risks that have more than one year to run; the entire premium received on unex[)ired marine and inland risks. Where the fire reserve is less than forty per cent of all the fire premiums received during the year, the whole of such premiums shall constitute the reserve on fire business No fire company shall expose itself to a greater loss on any one risk than five per cent, of its paid-up capital, and no marine or inland company to more than ten per cent, and no fire or fire and marine company can do a life business. No mutual fire insurance company not of this State shall do busi- ness in this State unless it shall be possessed of at least two hundred thousand dollars of actual cash surplus, over and above all liabiHties, including the re insurance reserve fund required by the laws of this State. But mutual insurance companies of other States may be ad- mitted in case the State where such insurance companies are located admit the mutual insurance companies of this State, by complying in 'all respects with the conditions and obligations imposed by such States on the mutual insurance companies of this State. Life. — Every company must possess available assets to the amount of one hundred thousand dollars. Every company must furnish the Commissioner the certificate of the proper official of the State where the company is located, showing that as such official he holds in trust and on deposit, for the benefit of all the policy. holders of the company, securities to the amount of one hundred thousand dollars, and statmg the items thereof, and that he is satisfied such securities are worth one hundred thousand dollars. Any company failing to furnish such certificate shall make a like deposit with the Commissioner or other financial officer of this State. Annual statements must be filed on the first day of January, or within forty days thereafter, showing the condition of the company on the preceding thirty-first day of December. Such statement must be published in the same manner as the statements of fire and marine companies. The Commissioner is required to make a valuation of all the out- standing policies of any company doing business in this Stale, if such company does not file with the Commissioner the certificate of the proper official of the Slate where the company is organized, giving the value of all its policies, calculated upon the basis required by the laws of this State, and stating that after all debts and claims against the company are provided for, it has in cafe securities an amount equal to the value of its policies. in a daily .il)lish(Hl in idc ciroula- 3 the State f authority aiiblication y per cent. 1 one year fire risks •eceived on all the lire liums shall n any one e or inland nd marine .11 do bnsi- 10 hundred liabiUties, iws of this nay he ad- ire located Tiplying in such States the amount !rtificate of id, showing B benefit of lunt of one ,nd that he nd dollars, ake a like his State. January, or ompany on nt must be and marine all the out- ate, if such cate of the , giving the by the laws against the mt equal to STATUTORY REQUIREMENTS. 63 The basis of valuation, as established by tlie laws of this State, is the American Experience Table of Mortality, with interest at four and one-half per cent, per annum Companies other than Fire, and Marine, and Lif«. — Every such company must possess a paid-up capital of at least one hundred thousand dollars, and must deposit with the proper officer of the State where organized at least one hundred thousand dollars in United States bonds, or the bonds of such State, or in bonds and mortgages on improved unincumbered real estate worth double the amount loaned thereon, and assign the same to such officer in trust for the benefit of all its policy- holders. .'-^uch companies must comply with the provisions of law relating to life insurance companies so far as the same are applicable. The re- insurance reserve shall be computed at fifty per cent, of all premiums on unexpired risks. Annual statements must be filed in the month of January, and published as above. Foreign — FCvery company must deposit with the proper official of some one of the States, for the security of all its policy-holders in the United States, securities to the amount of two hundred thousand dollars, and must furnish the Commissioner a certificate from such official that he holds such deposit, and stating the purpose for which it is held. The capital of any such company shall be the aggregate value of all deposits in tiie various States for the security of policy-holders, and its assets and investments vested in trustees in the United States, for the security of the policy-holders and creditors of the company in the United States, after deducting therefrom the amount of all unpaid losses and claims against the company, and the amount of re insurance reserve on the business of the company in the United States. The Commissioner must annually issue to such company a certifi- cate showing the amount of its so determined capital, and such com- pany must not assume any one risk in this State, greater than five per cent, thereof. Fees. — For filing certified copy of charter, twenty-five dollars. For filing annual statement, twenty dollars. For each certificate of authority and certified copy thereof, one dollar. For every copy of any paper filed with the Commissioner, twenty cents per folio, and for affixing seal and certifying such copy, one dollar. For valuing life insurance policies, ten dollars per million of in- surance or any fraction thereof. For official examinations of companies, the actual expenses incurred. In case the necessary expenses of the Commissioner exceed the fees collected, he shall assess annually such excess equally upon all companies doing business in this State. Reciprocal clause. Taxes. — A tax of two percent, upon all premiums collected within the State during the year ending on the preceding thirty-first day of December, shall be paid to the Tre»surer annually at the time of issu- ing the certificate of authority. Reciprocal clause. ■wwa o^ w m wwFtew 1 64 STATU rOUY RKQIMREMBNTS. Penalties, — Any person acting as agent without license is subject to a fine not exceeding one liundred dollars. Any company wilU'iilly neglecting to make and transmit any statement required shall forfeit one hundred dollars for each day's neglect, and any company willfully making a false statement in any report to the Commissioner is liable to a penalty of five hundred dollars. The same penalty is attached to a failure to reply to a letter from the Commissioner asking for information. If any company shall violate any of the provisions of the law, or shall, by means of any advertisement, circular, notice or statement, printed or written, published, posted or circulated through and by the agency of any officer, agent or other person, or by any other moans falsely represent or hold out to the public that the capital stock of such company is greater than its actual amount, or that the accumulation of such company is greater than its actual cash or market value, every director, officer, or agent of such company guilty of any willful participation therein, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by a fine not exceeding one thousand dollars, or by imprisonment in the county jail not exceeding three months, or by both such fine and imprisonment, in the discretion of the court; and if any such company, after any such false advertise- ment, posted or circulated, shall receive any note or obligation for the payment of money, from any pers<^n, as a consideration for any insurance made or policy issued, or to be issued, by such company, such money, note, or obligation shall be deemed and taken to have been received without consideration, and the directors of such company, and any officer or agent receiving the same, shall be jointly and severally liable in a civil action for the re-payment thereof, and shall also, in like manner, be liable to the pei"son insured for the amount of the premium paid. ASSESSMENT INSURANCE. Admission. — Companies must file with the Insurance Commis- sioner such statement as he may require of their condition and business, and satisfy him that similar companies organized under the laws of Minnesota would be admitted to do business in the State where such companies are organized, and must receive from him a certificate of authority before transacting any business. Annual Statements must be filed on or before the first day of February, on blanks furnished by the Commissioner. Fees. — For filing and recording preliminary papers, ten dollars. F'or filing annual statement, ten dollars. For each certificate of authority and copy thereof, one dollav. For copies of papers, twenty cents per folio, and for affixing seal and certifying to same, one dollar. For examinations necessary expenses not to exceed in any one year, fifty dollars. Penalties. — For non-compliance with law a fine of not more thi n five hundred dollars, or imprisonment, or both. When any other State or territory shall impose any obligation upon *^si^ STAT C TORY KEQUIUEMKNT8. 65 ?e is subjoct ly willfully hall forfeit [ly willfully ler is liable attached to asking for the law. or statement, and by the ther means ock of such mnlatiou of alue, every any willful eanor, and, eeding one t exceeding e discretion le advertise- tion for the )n for any 1 company, :en to have ih company, jointly and f, and shall i amount of ce Comtnis- idition and 1 under the Q the State :rom him a first day of ;en dollars. dollar, iffixing seal ny one year, )f not more igation upon such corporation, association, or society of this State, or their agents transacting business in such other State or tmpiiny are made, siiowing the amount of such valuation, and the basis u[)on which it was made. If sucli certificates be not furnished, tii(! Commissioner shall annu- ally value the policies of such company. In making such valuation he shall a'":aiiie the rate of mortality shown by the American Experience Tabie, with interest at four and one-half per cent, per annum. Accident, Plate-Glass, Live Stock, and Steam-Boiler.— Every such company must possess a paid-up capital of one hundred tliousand dollars, and must have deposited with the proper officer of the State where organized, for the benefit of ail its policy-holders, at least out' hundred thousand dollars in bonds or stocks of the State where organized, or of the United States, or first mortgages on real estate worth double the sum loaned thereon. Such companies must comply with the law relating to life insurance companies, so far as applicable. Re-insurance fuud is computed at fifty per cent, of all premiums upon unexpired risks. ■ Annual statements must be filed in the month of January in each year. Foreign.— Every such company shall deposit securities with the proper officer of some State of the United States to the amount of two hundred thousand dollars for the benefit and security of the policy- holders of the company in the United States, and shall file with the Insurance Commissioner a statement of the character of such deposit, attested under the oath of the trustees thereof, who must be residents of the United States. It shall also file with the Insurance Commissioner its consent that the managers, resident directors, resident secretary, or general agents in the United States shall be deemed the legal officers of such company. Such deposit shall be considered the cash capital of the company. Annual statements shall be filed on the first day of June in each year, or within sixty days after the annual meetiug of the company as specified in its charter. Supplementary annual statements shall 1 filed on the first day of January in each year, or within thirty days thereafter, showing the business of the company in the United States for the year ending on the preceding 31st day of December. Fees. — For valuation of life policies, one cent for each one thou- sand dollars insurance valued. For examination of companies, the actual expenses incurred. Reciprocal provision in reference to life companies. x^ 68 8 T A T U T O U Y U B: Q IM H K M E N T 8 . Taxes.— Every compnny, excoptinp; llioso hercnftcr Bpeciflod. at the tiino of filing" its nmiutil stntiaiiciit shtill iilo a statomunt of the gross amount of prciniiims received in tins State, during tlie preceding year, with the State Treasurer, and sliall pay a tax of three per cent, thereon. Every comf)any insuring life, and every accident, plate-gluss, live slock, and steam-lwiier insutance company shall make return, under oath, of the gross premiiuna received in this State the year prcceiHng, and at the tiin(> of filing its annual statement pay to the State Treasurer a tax of two per cent, on all premiums received in cash, or otherwise, by such companies or their agents, or from insured parties residing therein, during the preceding year. This specific tax shall be in lieu of all other taxes in this State. Penalties.— Fire companies transacting business in this State, without complying with the provisions of the law, are subject to a pen- alty of five hunilred dollars, and an additional penalty of one hundred dollars for each month tliey shall conunue such illegal business. Agents doing business without certifica-e from Insurance Commis- sioner are punishable V)y fine not less than fifty Ov 'lars, nor more than five hundred dollars. Life companies doing business without complying with the law are subject to a penalty of "^ one hundred dollars tor "every application obtained, or insurance, guaranty, contract, or pledge made." Any person soliciting applications for insurance, or making any such insurance, guaranty, contract, or pledge as aforesaid, before the deposit of such securities or before compliance with any condition pre- cedent provided by the laws of this State for life insurance companies, shall be liable to a penalty of one hundr- '< dollars for every application obtained, or insurance, guaranty, contract, or pledge made -, and any person who mayliave paid moneys therefor shall Iw entitled to recover the same back from the person to whom it was paid, or in case such pers(m was an agent, then, at his option, from the principal of such agent, by action of assumpsit, to be brought at any time within six years after such payment. ASSESSMENT INSURANCE. Admission.— Any corporation organized to do life or accident business on the assessment plan, shall be licensed by the Commissioner of Insurance to do business in this State; ■f.rovided, such corporation or association shall first deposit with the Commissioner of Insurance a certified copy of its charier or articles of incorporation, a copy of its statement of business for the preceding year, sworn to by the president and secretary, or like officers, showing a detailed account of expenses and income, the same as is required of life insurance companies doing business under the laws of this State, and sotting forth to the satisfac- tion of said Commissioner thai it has the ability to pay to the benefi- ciaries of the members, its policies, or certificates to the full limit named theiein, together with a copy of its policy or certificate of membership, application, and by-laws, which must show death losses, are in the main provided for by assessment upon surviving members, and it shall designate a person or agent residing in this State, to receive service or JLt^ 3cifiod. at nt of the preceding per cent, late-glass, irn. innler ■)rcceiling, Treasurer :)tlierwise, i residing be in lieu his State, ; to a pen- i hiindrjd business. Commis- nor more le lav/ are ,pplication iking any before the :iition pre- iompanics, ipplication ; and any to recover case such il of such within six r accident [imissioner )oration or isu ranee a opy of its ! president I expenses nies doing le satisfac- the benefi- mit named smbership, are in tlie md it shall service or STATUTORY K K QU I U K .\t E N T 8 . 60 process for said company; provided, such service may bo mndo on the Commissioner of Insurance of this State, who shall bo dooined its agent for that pui'pose, and he .shall immediately notify any corporation or association thus .«orved; proruleil, also, tlie same right is extended i)y tlie State in which such corporation is organized to similar corporations organized in this State. Annual Statements must bo made on or before March first, on blanks furnished by the Insurance Commissioner. Fees.— For filing preliminary papers and first license, twenty-fivo dollars. For filing subsequent annual statement, ten dollars. . Penalties.— Any such foreign corporation or association doing business in the State that shall refuse or neglect to comply with the provisions of law, shall be deemed and held to be doing business unlawfully, and if any officer, agent, or employti of any such corpora- tiv«r k'I'H losaesiinii rolurn promiuniB. TIiIh tax nhiill li« paid lo the State Treaa- un*r on or beforo tho firnt day of Apni following. Kvory coinpany sliall aluo, on or U-forn th<» lirst day of P'cbi-uary in oat h year, di-posit witli tho AH««H8or of tho county and of th(- y(mr rniums aro y, city, or iXPB prop- E two huir ten days louble the party vio- e hundred I a fine of imprison, th. irding life hetn to do capital of ; shall ap- stablished, al Auditor h attorney nting that y, shall be id waiving 3nt of sor- settlenient, vice-presi- for which thovmavftct stating the nuinn of th« company and the plaro whoro ociTtir M.ount of it« rayiUl w,lh a d...,dIod stat.Mn.nt ot t.n .-on- S of t u Mupany, S...'h statonw-nt nhall also .hovv that H.td com- C if orit znd wiihout th. llnifd States of Ammm-u-u has d.-pos.t.-d Kno one of th., U.uto.l Statos or Territori^^* a sum, not loss tha.i o u, und oVth.msand -'"i;lyinK with the re,,uire,neuts of law shall receive a certificate f '•""'/''<* ^'"^.^^^.^ Aironts inu-l iu'-ve certificate of authority from the Auditor. Agents must in all advertisements, publish the l.K^ation of the company, and shall' not a.lverti«., any .ussets ot a fire insurance company no app ica- ble to its losses, nor unpaid capital. Compmy uuist I>"'>J'-' ^J ^V or's crtiflcate once in two papers of general circulation, one of which shall be published at the capital. Fire and Life -Annual sfat^^ments must be filed with the Audi- tor on the first day of January in each year, or within >n»«fy ^ JY^ thereafter, showing the condition of the company on the pu ceding thirty-first day of December. Blanks will be furnished by Auditor. Examinations and Impairraents.-Tl.e Auditor, or some one appointed by him, shall l.av.' power to examine companies. No agent shall be allowed to transact business for any company whoso capital is impaired twenty per cent. Feea —To bo paid to the Auditx^r. For filing and examination of the first application of any company, and issuing the certificate of license then^on, fifty dollars For filing .iach annual statement heroin required, twenty-five dollars. For each certificate of authority, two dollars. For every copy of paper filed, tim ctmts per folio, and lifty cents for certifying to the same, and anixing the seal of office thereto. Reciprocal provision. For examinations, necessary expenses. Penalties.-For failure to conform to, or for violation of laws, a fine not to exceed one thousand dollars, and imprisonment not exceed- ing six months. Taxes -Each and every insurance company transacting business in this Territory shall bo taxed upon the excess of premiums rec.-ived ovor losses and ordinary expenses incurred within the Territory during the year previous to the year of listing in the county where the agent conducts the business, properly proportioned by the company at the same rate that all other personal property is taxed, and the agent shall render the list, and be personally liable for the tax; and if he refuses to render the hst, or to make affidavit that the same is correct to the best of his knowledge and belief, the amount may be assessed accord- ing to the best knowledge and discretion of the a.ssessor, and the county board of equalization may, at their discretion, add fifty per cent, to the T" 76 STATUTORY H E Q U I R E M E N T 8 . amount returned by the assessor. Insurance companies shall be sub- ject to no other taxation under tlie laws of this Territory, except taxes on real estate, and the fees imposed as above. ASSESSMENT INSURANCE. Admission. — The papers for admission must show that the com- pany applying has deposited not less than fifty thousand dollars with the proper authorities of its own State as a guarantee fund for the security of 'ts members. It must also deposit with the Auditor a cer- tified copy of its charter or articles of incorporation, a copy of its state- ment of business for the preceding year, sworn to by its president and secretary, or like officers, showing a detailed account of expenses and income, the amount of life indemnity in force, its assets and liabilities, in detail, number of members, and a certificate, sworn to by the presi- dent and secretary, or like officers, setting forth that an ordinary assess- ment upon its members is suHicient to pay its maximum certificate of membership to the full limit named therein; a copy of its policy or certificate of membership, application and by-laws, which must show that death losses are in the main provided for by assessments upon the surviving members; and it shall legally designate a person or agent residing in the Territory to leceive service of process for said corpora- tion. Also that benefits are only paid to persons having an insurable interest. Annual Statements must be filed on or before March Ist in each year, on blanks furnished by Auditor. Fees.— For filing preliminary papers, one hundred dolls rs. For filing annual statements, twenty-five dollars. Penalties.— Agents, for doing business for unauthorized com- panies, are subject to a fine not exceeding one thousand dollars, or imprisonment not exceeding one year, or both. NEBRASKA. [Leglslatore meets biennially. Next eeselon, January 4, 1887] H. A. Babcock, Auditor of State, Lincoln. Admission. — Every company desiring to transact business in this State_ before admission shall file with the Auditor — A certified copy of its charter, act of incorporation, or deed of settlement. A statement under the oath of the president, vice-president, or other chief officer, and secretary of the company, showing its name, location, capital, and also its assets and liabilities, in detail. A copy of the last annual report, if any made, under any law of the Stale by which the company was incorporated. Every life company .shall also file a written instrument under the seal of the company, signed by the president and secretary, authoriz- ing an agent of the company to acknowledge service of process, and STATUTORY REQUIHKMENTS. 77 consenting tliat service of process upon such agent shall be taken and held to be as valid as if served on the company, and waiving all claims of error by reason of such service. Fire, marine, and other companies shall appoint an attorney resi- dent, at the county seat of each county in which the company shall establish agencies, and shall file with the Auditor a written instrument, authorizing such attorney to acknowledge service of process for and in behalf of the company, and consenting that service of process upon such attorney shall be taken and held to be as valid as if served upon the company, and waiving all claim of error by reason of such service. Certificates and Agents. — Every company (except a life com- pany) shall procure a certificate from the Auditor, showing that the company has complied with all the requirements of law relating to insurance, and such certificate shall be published once, in two news- papers of general circulation, one of which newspapers shall be pub- lished at the capital of the State. The agent of every life company shall procure from the Auditor a certificate, and file the same, together with a copy of the statement filed with the Auditor, in the office of the clerk of the county in which he or they may desire to establish an agency for any such company. Sifch statement and •certificate shall be published one week in one daily, and four weeks in one weekly newspaper, published in the county in which such agency is established; if no daily paper be pub- lished in such county, then such pubhcation shall be sufficient if made in one weekly newspaper as aforesaid; if no weekly newspaper be published in the county, then such publication shall be made m one weekly newspaper of this State, of most general circulation in such county. . ii Every agent before transacting business shall procure from the Auditor a certificate of authority. All certificates shall be renewed annually, and shall annually be filed and published as aforesaid. Every agent of any company, in all advertise ra en ts of such agency, shall publish the location of the company, giving the name of the city, town, or village in which the company is located, and of the State or government under the laws of which it is organized. Examinations and Impairments. — The Auditor, whenever he shall deem it expedient, may examine into the condition and att'airs of any company doing business in this State. Whenever the Auditor shall deem it for the best interest of the public, he shall publish the result of such examination in one or more papers of this State. If it shall appear to the satisfaction of the Auditor that the affairs of any such company are in an unsound condition, he shall revoke the certifi- cates granted in behalf of such company, and shall cause the notifica- tion thereof to be published in some newspaper of general circulation published at the State capital. No fire or marine company can transact business in this State if, after the company is charged with its proper liabihties and the sum requisite for re-insurance ascertained as required by law. its capital stock is impaired to the extent of twenty per cent, thereof. rm i i, i mi,p i t^ssaft" =^Wi|S^SS^^^^*w^wwww«w 78 STATtlTOnY BEQriREMFNTfl. Fire and Marine. — Every company must possess an actual paid- up capital of two hundred thousand dollars, cxclusivo of any assets deposited in any other State or Territory, for the special benefit or security of the insured therein. Every such company must also have on deposit, in some one of the United States or Territories, a sura not less than twenty-five thousand dollars, for the special benefit and security of the insured therein. Annual statements shall be filed on the first day of January in each year, or within thirty days thereafter, showing the condition and busi- ness of the c *'or any company, must file with tiie Commi.aiouer a certificate from the company, or its general agent, T- BTATUTOBY KKQUIBEMENTB, 81 aiithorizinf? bim.to act as such a^ont and rocoive from the Commis- sioner a license, which shall continuo in force until the hist day ol the next April and shall be renewed on said day and annually tiiereattcr, upon the filing by such agent of his certiticate of appointment as aforesaid. Examinations and Impairment^. — The Commissioner may at any time examine into the condition of any company domg business in this State. If, in his opinion, sucii company is in an unsound or failing condition, he shall revoke all licenses granted to such company and its ai^onts by written notice to th-.s company and publication there- of in one newspaper published at Concord and one at Manchester, having each the largest circulation in this State from those places.^ No company poijsessing a capital stock can do business in this State if the same is impaired to the extent of twenty per cent, after provid- ing for the proper liabilities and re-insurance reserve of such company. No mutual company can do business in this State if its assets are not equal to its outstanding liabdities and re-insurance reserve, calcu- lated as required by law. Fire and Marine. -~ Every stock company must possess a paid- up capital of two hundred thousand dollars, and every mutual com- pany assets readily convertible into cash, amounting to two hundred thousand dollars. , Annual statements shall be filed on or before the first day of MarcH in each year, showing the adairs an.l condiiion of the compa,ny on the preceding thirty-first day of December. The re-insurance fund is calculated at fifty per cert, of premiums on unexpired fire risks, and the whole premium on unexpired marme All losses on fire risks shall be adjusted within fifteen days after notice thereof. If any company has determined to rebuild or repair any premises destroved or damaged by fire, such company shall oommenco v.-ithin twenty days after such adjuscment and prosecute the work Anth all reasonable diligence until completed, if any company neglect to ad- just any such loss, or rebuild or repair the promises within the time limited, the person insured may rebuild or repair the same at the ex- pense of the company, not exceeding the amount insured. All poUcies written in New Hampshire are ."ibject to its valued policy law. Companies entering the State are prohibited from com- bining to govern or control rates; they must write a standard policy prescribed by law. ami warranties are made representations merely, and their untruth must contribute to the loss to void the policy. Life. Every company shall possess assets to the amount of two- hundred thousand dollars. „ , t »« u Annual statements shall be filed on or before the first day of March in each year, showing the condition of the comnany on the preceding thirty-first day of December. , , ■ en. The premium reserve shall be ascertained upon the basis of the Actuaries' Table of Mortality, with interest at four per cent, per annum. 11 owissmm 82 STATUTORY REQUIRBMENT8, Fees. — For filing statement, five dollar?. • For license to company, five dollars. For license to agents, one dollar. Taxes, — Every company sliali, on or before the first day of March in (>acli year, make to the commissioner a statement under the oatli of the President and Secretary, sbowir / the gross amount of premiums received in the State for the year ending on the preceding thirty-first day of December. The commissioner sliali. on or before the (irst day of April in each year, asse^ s a tax of one i)er cent, upon ach pre, miums, and shall give notice of tiie amount thereof to each company. The amount of such ta.v shall be paid to the State Treasurer within one month after such notice. Penalties, — Any violation of any of the laws relating to insur- ance shall subject the offender to a penalty not exceeding two thousand dollars tor each offense. Agents acting without license, or for unauthorized companies, are subject to a penalty of one hundred dollars for each offense. ASSES.SMENT INSCHANCE. New Hampshire has no laws regulating admission of assessment companies as such. They must comply with Ufe insurance laws. NEW JERSEY. [Legislature mpcts anniially. Next SeesioD, January, 1887.] Henry C, Kelsey, Secretary of State, Trenton. Admission, — Every company, before admission to this State, must possess an actually paid in and well-invested capital stock of at least one hundred and fifty thousand dollars, over and above all claims and liabilities, and shall file with the Secretary of State a statement signed and sworn to by its president and secretary showing the con- dition and business of the company, and giving the naine and residence of each agent of the company in this State. Certificates and Agents. — Every company, before transact- ing business, shall procure from the Secretary of State a certificate of authority authorizing it to transact business and establish agencies in this State. Every company shall furnish the Secretary of State a list of the agents appointed and commissioned in the State, and every such agent shall procure from him a certificate of authority before transacting business. All certificates of authority shall be renewed annually in the month of January. Examinations and Impairments. — The Secretary of State may examine any company doing business in this State, and if it shall appear as a result of such examination that the assets of any fire insur- Lb^ ay of March the oiitli of f proniiiims I thirty- first the (irst day 1 (ich pre, ih company, surer within ig to insur- vo thousand npanies, are le. assessment laws. this State, I stock of at re all claims a statement inj; the con- >d residence re tmnsact- ;erlificate of agencies in list of the such agent transacting I the month ry of State d if it shall ly fire insur- STATUTORY HEQUIUEMENT8. 83 ance cmpany, after charging it with th(* amount requisite for the re- insurance of its outstanding risks and with its other proper Inihihlien, amount to less Wxm three-f -irths of Us capital sto.tk, or that the assets of anv life insurance company are not sulliciont to ro-insure its out- standuitt risks and discharge its total actuil liabilities, ho shall revoke the certificates gi-antod to sich company and its agc^nts. and publish notice of such revocation in two news[)aiiers published m Cieuton ami Newark respectively, at least six tiinea. Fire, Marine, and Life.— Annual statements shall be filed in the month of Jruiuarv in each year, and shall show the condition of the company on the 31st day of December preceding, and state the name, residence, and amount of premiums received by each age'^it dur- ing the preceding year. . ., • u Fovoign companies that do not make a statement of their home business to the Secretary of State, are prohibited from advertising the Life policies may bo valued by the American Experience I able ol Mortality, with interest at four and one-half per cent, per annum, or the Actuaries' Table of Mortality, with interest at four per cent, per annum, or any other recognized standard of valuation. Fees.— For filing certified copy of charter, twenty dollars. Annual statement, twenty dollars. Certificate to agents, two dollars. Reciprocal provision. Taxos. — Every insurance company in its annual statement shall state the gross amount of premiums received in the State during the preceding year, and shall on or before the first day of July follow- ing in each year pay to the Secretary of State a tax of two per centum upon such premium. . Every fire insurance company of another Gtate doing business in this State, is required to return to the treasurer of the firempn's relief association in any city, town, borough, township, or fire district, on the 1st day of January and Ist day of July in each year, an account of all premiums received during the previous six months for insurance against loss or injury by fire upon property in any such city, town, borough, township, or fire district, and to pay a tax of two per cent, thereon within one month after the respective times for making of said returns to such treasurer. Agents are also required to make a like return aii'i to pay a like tax. thereon. Payments made by agents to be deducted from the amount to be paid by said companies. Upon failure to make such return and payment, the certificates to company or agent shall be revoked. The amount thus paid is deducted from the amount payable to the Secretary of State. Life insurance companies of States which do not impose a greater assessment upon companies of this State, shall pay annually, in lieu of the tax of two per centum the sum of twenty dollars for each and every agent appointed by and acting for them. But agents transacting industrial business only are exempt from said charge of $20. The act is not reciprocal in regard to the above charges; and when, by the laws T 1>»1 8 » i {t,JMi!'t8'.jiliJ I IIMM*'t*WWMMM-iJM 84 STATlITOnV RKQUIREMENTS. of any State or Nation, creator taxes than the foregoing, or other requiroincnta or impositions whatsoever are imposed or made upon comi)iinios of this State, liif the last annual report, if any, made under any law of the Stat'f by which such company is incorporated. (Firk Companies.) Every company must also appoint the Superintendent of Insurance its attorney to accept service of process, in any suit or proceeding at law. Certificates and Agents. — Every agent of any company ad- mitted to transact business in this State shall procure from the Super- intendent a certificate of authority, stating that such company has complied with all the requirements of law, and the name of the attor- ney appointed to act for the company. A certified copy of such cer- tificate of authority shall be filed intlieofBce of the clerk of the county where the agent's oCfice is located and the agency established. Agents of every fire company must also file with the county clerk a copy of the statement of the company, and publish the certificate of authority four successive times in the paper in which the State's notices BTATUTORT REQPtREMENTS. 85 '■ are required to 1.o inserted, and within thirty dnys thereHft.r file with n Sm..M-inten.!ent th.- afTi.iuvit «f the publisher of such inpr h.a l,.ro,nan or clork. .howiug such imblicafon. Every agent i,ay in sucli cities or villages. Agent, of each manne company shall hie m e office of the clerk of the county in which they reside a copy of the statement of the company, and publish the same in a "'^^^^f P*;'. ('^ ""^ be published in the county) at least six successive weeks af erthe same is so filed. Such agents shall execute and deliver to the Comptroller a bond in the sum of one thousand dollars, with such sureties as the Comptroller shall approve, conditioned that such agents shall make returns and pay taxes as required by law. Certificates of authority shall be renewed annually, and shall bo filed and published in the same maimer as the original certihcate of ^^^ Sy agent, in all advertisements of any company he represents, shall publish the location of the company, giving city, town, or village, *" 'J'he following are the provisions for licensing agents to place excess liens in unauthorized companies : , i, i, ,,.1,^^ The Superintendent of the Insurance Department shall be author- ized to issue to citizens of this State, in consideration of the year y payment of two hundred dollars, a license winch shall be subject o revocation at any time, permitting the person or hrm named in said license, to act as agent or agonts and procure polices of hre ms"ran^« for themselves or others, on properly in this State in companies which have not complied with the laws of the State ; but before any j.erson or firm shall act as agent or agents under or by vir ue of said license and procure policies in said companies, he or they shall execute an alli- davit in duplicate, one of which shall be filed .^ith the msurance de- partment. and the other in the clerk's office of the county in which the property proposed to be insured is located, setting forth that the per- son firm, or corporation desiring insurance is unable to procure the amount of insurance required to protect said property owned or con- trolled by the said person, firm, or corporation, from the ■nsurance companies duly authorized to transact business in this Sta'e ; provided, however, that in counties having less than one hunu,ed thousand m- habitants the license fee for such agent shall not exceed twenty-five dollars The agent or agents who by virtue of said license shall place any such insurance or procure policies in any such unreprebented com- panies, shall keep a separate account thereof, open at all times to the u-pectlon of the Superintendent, showing (1) the ..vact amount of '^' 80 HTATtJTOnV UKQt'IBRMKNTS. fiucli insnranco placed for any porson, firm, or corpnrntiou ; ('2) the ^ross iircmiiuiis clmrgoil thfrcim ; ^;i) in wliat CDiuiuinics ; ^4) t':v dulo of tlie policy, ami (.I) llio torrn tliori'of. Tim u;rtuiLs provide. I Cor \>y this tict. shall not oxcood two hundred in nunilxtr and «;ich porson or (inn rocoivinR such license siiall before transacting buHiness, as henun antliorized, execute antl deliver lo tlu^ Superintendent, a bond lo the people of this rftato, in the penal sum of two lluiusand dollars, with such sureties an the riuperintemlent shall approve, with a con- dition that the said agent will faithfully comply with all the ro- quirenients of this act. and will pay -o the said SujKjrintendent, in Jauu:iry and ,luly of each year, the tuiin of three dollars upon the liun drt'd dolliUH. and at that rate n n the amount of gross premiums charged to policy holders upon n polices procured by such agent during the preceding six months. [)ursuant to tlii'.t act. It is further provided that, all fire insurance jiolicies is^iuid to residents of this State, on property located luM-ein, by coin[)anie8 that havi; not com[)iied with the reijuirements of the general insurance laws of the State, shall bo null and void, and of no force or effect whativer, except such as have boon procured in the manner in this act provided. Examinations and Impairments. — The Superintendent, whenever he d(?onis it ex|)edient or whenever he; has occasion to sus- pect the correctness of any statement, shall cause an examination to 1)0 made into the affairs of any company doing business in this State. Whenever ho shall deem it for the interest ot the public, ho shall pub- lish the result of such examination. Whenever it shall appear from 8uch examination that the affairs of any company are in an unsound condition, the Superintendent shall revoke the certificates granted in behalf of such company, and cause a notification thereof to bo pub- lished in the State paper for four weeks A fire insurance company cannot do business in this State when its capital stock is impaired to the extent of twenty per cent. A mutual life insurance company cannot do business in this State when its assets are not equal to its liabilities, includmg the premium reserved computwl as required by law. A stock life insurance company cannot do business when its stock is impaired to the extent of fifty per cent. Fire and Marine. — A fire or marine insurance company must possess a paid-up capital of two hundred thousand dollars. Annual statements must be filed in the month of January in each year, and show the condition and affairs of the company on the pre- ceding 3 1st day of December. (Tlio re-insurance fund is computed at fifty per cent, of all premi- ums on unexpired fire risks havinsr one year or less to run. Pro rata of all premiums on unexpired fii'e rif-ks having more than one year to ru.i. The entire pi-emium received on unexpired marine risks.) Every company must file in the office of the Insurance Superin- tendent an agreement, uncier its corporate seal, that it will not transact any business which any fire insurance company is prohibited from transacting. No investment will be allowed as an asset that is not held as pre- B TAT II TO BY REQinUKMENTB. 87 ' scribod by tho law of this Stale except unpai.l prcininmH on p.lcios written ss-ithiii hrno rnorithfi. Ev.-rv policy of itmuraiu'e nuLst tw .an- coI.mI at tho rcjUCHt of the iiwured ai.-l the preniiurii paid /cturnPrt less the cufltom.irv ahoit-rate t,r •mmm for llio expired tune of lh<^ fiiH term for whicl> sa'id policv has bi^eii iBmield for the pro- tection of holders of iiolicies of fire insurance. Such advertisement shall in its statennnit of the fiimiirial condition of the company corro- snoiid with the verified statement last filed with the Insurance Depart- ment No marine company is permitted to pay to its agents more than fifteen per centum of iMomiums received for insuring property tn transitu on the canals of this State. No part of the remainder shall be Tiaid to any shipper, middlenfan. or other person, directly or indi- rectly Every company shall under oath make such statement in reference lo such payment as the Insurance Sup.M-intendent shall re- quire. Violations of this requirement may bo punished by revocation of authority to do business. , -, , 3 • v» On and after the first day of May, eighteen hundred and eighty- seven, no fire insurance company, corporation, or association, their otlicers or agents, shall make, issue, use or deliver for use, any hre in- surance policy, or a renewal of any fire policy, on property in t us StaU' other than such as shall conform in all particulars as to blanks, size of type, context, provisions, agreements and conditions with the printed form of contract or policy filed in the office of the Secretary of State as provided for in the first section of this act, and no other or different provision, agreement condition, or clau.se shall in any manner be made a part of said contract or policy, or be indorsed thereon or delivered therewith, except as follows, to wit : . , • /,yr.,/_The name of tho company, its location and place of busi- ness the date of its corporation or organization, whether it is a stock or mutual company, the names of its officers, the number and date of the policv, and if it be issued through a manager or agent, the words "this policy shall not be valid until countersigned by the duly author- ized manager or agent of the company at . may be printed on policies issued on propei ' in this State. Second— Printed or written forms of description and specification, or schedules of the property covered by any particular pohcy, and any other matter necessary to clearly express all the facts and conditions of insurance on any particular risk, (which facts or condiuons shall in no case be inconsistent with, or a waiver of any of the provisions er conditions of the standard policy herein provided for,) may be written upon, or attached or appended to any policy issued on property in this State. r 88 BTATUTOBY BEQOIKKMKNTd. Thinl—K company, corporation, or aHsociation organiztd or in- corponittMl uii.lor and i-i pursuanco of tlio lawH of UiiH rftalo or olao- wlioro if ontitind to.io huHim-ss in tiiis Stato. may, with tlio approval of tho riu[)iu'int«nd«nt of llio lnsunm<;u Dopartnumt, if llin saino ih not alroadv included m the Htandard form to bo died in tlio ollloo of the Set otary of State, as provided for in lirwt section of this act, print on itH policies anv provision which it is hy law required to insert tlier( STATUTORY REQITIUEMENTS. 89 .« ^ The re-insuranco reserve upon accident policies is the unearned premium on policies in force computed on each risk trom the date of ""fficlSS'S insurance issued in tins State upon lives of hnsban.ls for benefit of wives, may be assigned by the wife with tl- w^^",;'^^^^^^^^ sent of her husband, and in case of her death by her legal lei.iosenta- tivps with like consent. , ,, , t^ No life company doing business in this State shall have power to declare forfeited or lapsed'any p.,Ucy issued in this f ^^^« ^^ ''eason o^ non-navment of any annual premium or interest, unless sucli company shairwhTn any premium or interest on such policy is due and unpaid 8 nd to he insured or his assignee, at his last known post-office add ress, postage paid, a written or printed notice stating the amoun of pre- mTum or^ntLrest due, the ^lace where and the person to whom the same is payable, and that if said premium or interest ^^^^ pau . tlun thirty days after mailing of such notice the Pf ^^ ^"< State where such company is organized; must designate some place in the Sta'3 where its principal agency is located, and appoint an attorney to accept service. Annual Statements.— Statements must be filed on or before t'^e first day of March in each year, upon blanks fuinished by the Superintendent, showing the condition of its affairs and its transac- tions for the preceding year. Fees — For filing preliminary papers and declaration, ten dollars. For fiiing annual statement, one dollar for each 100 members or fraction thereof, and not exceeding twenty-five dollars^ For each certificate of authority or certified copy, five dollars. For copies of papers, ten cents per folio, and one dollar for official ^^* For special examinations, actual outlay, not to exceed fifty dollars in any one year. Reciprocal provision. NEW MEXICO. [Leglriatnre raeetB blenniftlly. Nest SeB?lon, December 27, 1886.] Tkinidad Alabid, Territorial Auditor, Santa Fe. Admission. — Every insurance company, excepting plate-glass and accident companies, must have a paid-up capital of three hundred thousand dollars. Accident companies, either stock or mutual, and T mm 92 STATtTTOHY REQIIRKMENTS. all roTiipanips confininp: tbcir biisinops exclusively to the insuranro of I)lutH-glass, must each have ono lumdrod ihouj^and dollars paid-up cap- ital or available caali assets. In each county in which a company transacts business an attorney to accept service must be appointed; such attorney must reside at the county seat and may bo the com- pany's agent. Koreitin companies must show to the satisfaction of the auditor that they have deposited in some State or territory at least one iiundred thousand dollars for the special security of the assured. No agent is allowed to transact business for any company whose cap- ital is impaired to the extent of twenty per cent, by liabilities, so long as such impairment continues. A synopsis of annual statement, showing assets and liaLilities, must be published within sixty days after filing same in one newspaper in every county wherein the com- pany has an agency; if there is no ooimty newspaper, then in some newspaper of general circulation in said county. Annual Statements. — Statements must be filed with auditor annually of the business and condition of companies on the preceding thirty-first day of December. ^igents and License Fees. — Upon January 1st of each year every agent in the territory must make a sworn statement of the amount of premiums received in the territory for each company repre- sented by him; and this statement he must forward to the Auditor by February 1st, together with his annual licen e fee. The amount of this fee is determined by his premium receipts, as follows: When less than $10;0()0 during the year, $25; when over $10,000 and less than $20,000, $50; and for every $10,000 thereafter an additional $50 fee is required. Every agent or solicitor must be a resident of the terri- tory. Every company not organized under the laws of the t»^rritory must have at least one authorized agent at the county seat of every county in which business is solicited. ASSESSMENT INSURANCE. There are no laws in the territory of New Mexico regulating the business of assessment insurance. NORTH CAROLINA. [Leglslntnre meets biennially. Next Sespion, Janaary 6, 1887.] W. L. Saunders, Secretary of Slate, Raleigh. Admission. — Every insurance company desiring to do busi- ness in the State must appoint a general agent, who shall be a citizen and a resident of the State, and file a certificate of such appointment under the seal of the applicant, together with the written acceptance thereof by such appointee, with the Secretary of State, and copies of such certificate of appointment and of such acceptance certified by the said Secretary. The certificate shall contain a stipulation agreeing -■■■ STATUTORY KEQUTREMENTS. 93 insurance of paiil-up cap- a company ) appointed; be the coni- iction of the tory at leiist the assured. r whose cap- habilities, so ,1 statement, 1 sixty dnya in tlie com- lien in some vith auditor le preceding af each year ment of the npany repre- j Auditor by 3 amount of .: When lesa nd less than m&\ $5i) fee of the terri- the t»^rritory eat of every gulating the 17.] to do busi- I be a citizen appointment in acceptance and copies of 'tified by the ion agreeing that so long as there may be any liability on the part of th« npnlicant under any contract entered into m pursuance of any law of the Mate c"ncerniryin.urn„ce. ar.y legal p.oc.ess aiTecting the 'M'P .cant may be serve.!, in his absence, up.-n such general agent or upon the Secretaiy of State, and when so served shall have the same effect as if served nersonallv on such appiicnnt in the State. ^ it must file in the office of the Secretary of State in such form and in such detail as he shall prescribe, a statement of l 'e bu™ standing and financial condition of the applicant on the piecec ii-g tlur firstly of December, signed and sworn to by said principal, or ly 1 e chief nmnagmg agr.nt, or officer thereof, before the Secretary of State or before a commissioner of affidavits for North Carolina, or b fore some notary public. It shall also file in the office c>f the Secre- tary of State a copy of the charter, articles of association, or other statement showing the mode in which the applicant purposes to do business, and pay the license and other fees-required. Aaents Every general agent ehall Ble in the office of the Secretary of State, on or before the first day of March in each year, fn such ^form and in such detail as the Secretary shall prescribe a statement showing the business standing and financial condition of his Scipal on ,h*; preceding thirtyfirst day of December, signed and sworn to by said principal, or the chief managing agent, or officer thereof, before the Secretary of State, or before a commissioner of affidavits for North Carolina, or before some notary public. Taxes —Every general agent shall, within the first thirty daya of Januarv "and July of each year, make a full and correct Btatement under oath, of the amount of the gross receipts derived tiom insurance business, obtamed from residents of ^]^\^'^?^^^'f^J^^. preceding six months, and shall, within the first ifteen days of February and August of each and every year, pay to the Secreta.y of State a tax of two per cent, upon the amount of «»f .fj°;«^ Jf^^^^^ therein returned {Provided, thac if any general agent shall exhibit to the Secretary of State a sworn statement of investments in real property in the State by his principal, or a like statement of loans secTed by mortgage to citizens of the State, of an amount equal to one half o" such\n-oss recaipts, the tax shall be only one per cent, thereon). Feep and Licenses. -The fee for license is fifty dollars per annum, and the license shall continue for the next ensuing twelve months after the first day of April in each year: provided, the Sec- retary of State may receive from applicants after the first day of April so much of said license fee as may be due pro rata for the remainder of the year. . i ,, i- •. *i,„ t.„™ No person licensed to do insurance business shall limit the term within which any suit shall be brought against such person to a period less than one year from the time when the loss insured against shall accruie. Penalties. — Any insurance agent doing business in the State, who shall unlawfully withhold or expend the funds of his principal, T T ■r 94 BTATl'TOHY REQUIREMENTB. shall upon ronviction tlicroof be doomed giiilty of a felony, and piiiii.sliod accoi'dingly. Kvcry person who, either as principal or agent, shall solicit, exaniino, or inspect any ri.sk. or shall examine into, adjust, or aid in ndju.sting any loss, or shall receive, collect, or transmit any proniium of insurance, or shall do any other act in the soliciting, making, or execu- ting any contract of insurance of any kind otherwise than as the law permits, shall forfeit and pay to the Secretary of State (ifty dollars for every such violation, to he recovered before any justice of the peace at tiie suit of said Set^retary. Every general agent who shall fail or refuse to perforin any duty required of him by this act, shall forfeit and pay to the Secretary of State fifty dollars for every such refusal, to be rooovered before any justice of the peace at the suit of said Secretary. ASSESSMENT INSUKANCE. The insurance laws of North Carolina do not apply to assessment companies as such. All such corporations must comply with the act as quoted above, except fraternal and benevolent associations incor- porated by the State. OHIO. [ LeglBlatiira meets biennially. Nuxt Session, January, 1887. ] Henry J. Heinmund, Superintendent of /nsuruvce, Columbus. Admission. — Every company desiring to transact business in this State, before admission must hlo with the Superintendent — A certified copy of its charter or deed of settlement. A statement under the oath of the president, vice-president, or other chief officer and secretary of the company, showing its condition and affairs. . A copy of the last annual report of the company, if any was made under any law of the State by which such company was incorporated. A written instrument, duly signed and sealed, authorizing any agent of the company in this State to acknowledge service of process, for and in behalf of the company; and consenting that service of pro- cess upon any such agent shall be taken and held to be as valid as if served upon the company, and waiving all claim of error by reason of such acknowledgment or service; and in case suit shall be brought against any company which has ceased to do business in this State, such written instrument shall also provide that service of process may be made therein, by the Sheriff sending a copy of such process by mail, postage prepaid, addressed to the contpany, at the place of its principal office, in the State where it was organized; or, in case of a foreign company, addressed to the company at the place of its princi- pal office in the United States, thirty days before judgment in the suit. Every company in its advertisements shall state only the assets ad- mitted by the Superintendent of Insurance, and shall include therein gTATUTOnV BEQITIREMENTS. 96 felony, and sliall solicit, list, or aid in Y premium of ing, or ox(i(;u- n as tlin law ty dollars for of the [joace jrm any duty Secretary of i before any to assessment with the act iations incor- JLUMBUS. i business ia dent — president, or its condition ny was made incorporated . horizing any ce of process, srvice of pro- as valid as if by reason of 11 be brought * in this State, process may h process by 1 place of its , in case of a of its princi- tit in tlie suit, he assets ad- dude therein all its liabilities, including its re-insurance reserve computed according If nnv company make an application to remove any suit or action commcn.'od in a State Court to any United States Court, the Superin- tendent shall foithwith revoke its license to transact business in this State, and no renewal thereof shall be granted for three years. Certificates and Agents,— Every company, before transacting business m this State, must procure from the Superintendent a coitifa- cate of authority. Such certificate of authority, containing a state- ment under the oath of the president or secretary of such company, allowing the actual amount of the paid-up capital, the aggregate am»uiit of assets and liabilities, together with the aggregate inct)me and expenditun s of the company for the year preceding the date of such certificate, shall be publisheH. Tlio act does not apply to fratornal and Insnovolent societieH. OREGON. [L«i;<>l«tnrr mppt* hlciiiiliilly. Ni'xt H««*lon, Jin. 10, t8H7 ] U. F. E. KHAKT, Secretary of State, Salkm. AdmisBlon. — Every company desiring to transact business in this State niust, before engaging in buBinesH, duly execute and aoJcnowledge a power i „ m mm'wmmimMtm BTATUTORY K E Q C 1 R E M E N T 9 . 101 nissioner, for ig business in te where the "An Act to lever be shall result of such e shall revoke aehalf of any ify its contin- iaw for grant- fter the com- i the sum re- ;he extent of I the company and if this is isiness iu this >t value of all providing for the Commis- idition of t'le safety estab- ipany at once capital stjck liaving a capi- reo thousand ) ar'iount with dollars. This c businesis in e first day of >f January in condition and of December, m of all pre- \ one year to fire risks that 1 received on policy which. • the constitu- E part of ihe ached thereto 1- 'ly-laws, or ■ by-laws, or received in ng tiiK. condi. tion and business of the company on the preceding thirty-first day of ^''valuations are ^nade upon the basis of the American Experience Table of Mortality, with interest at four and one-half per centum per annum, except in cases of companies possessing a cash capita ot hve hundred thousand dollars fully paid in and safely invested. Ihe premium reserve of any such company, upon non-participating policies may be computed on the basis of the American Lxpenence Table of Mortality, with interest at not less than foar and one-hali nor more than six per centum per annum in the discretion of the Commissioner, and with reference to rates of premium charged by such company. The Commissioner is required to annually- calculate the premium reserve of every company which does not furnish, on or before the first day of March in each year, a certificate from the Insurance Com- missioner of the State under whose authority the company is organ- ized, showing the value of all the poUcies in force in the company on the preceding thirty-first day of December, calculated on the basis required by the laws of this State, and stating that after al the debts of the company and claims against it were provided for, it had in sate securities an amount equal to the net value of all its policies in force, and that the company was entitled to do business in its own btate. Every company that fails to promptly furnish such certificate shall make full detailed lists of its policies and securities to the Commis- sioner, and pay all charges and expenses consequent on not having furnished such certificate. Every pohcy which con tarns a reference to the application of the insured, or the constitution, by-laws, or othor rules of the company, either as part of the policy, or as having any bearing thereon, must have attached thereto correct copies ot the application, or of such constitution, by-laws, or rules, and unless so attached the same shall not be considered a pari; of the policy, or received in evidence. Foreign —Annual statements other than thor^ relating to business in the United States must he filed on or before the first day of July in . each year, showing the condition and business of the company on the preceding thirty-first day of December. Pees — For filing certified copy of charter, twenty-five dollars. For filing annual statement, or certificate in lieu thereof, twenty For each certificate of authority and certified cony thereof, two dollars, , , x ^ * For every copy of any paper filed in the department, twenty cents per folio; and for affixing the ofRoial seal to such copy and certifying the same, one dollar. ■,■ ^u For valuation of life insurance pohcies, not exceeding three cents for each one thousand dollars of insurance valued. For official examinations of companies, the actual expenses m- curbed. If the necessary expenditures of the Department exceed the amount of fees collected, such excess shall be annually assessed by the Com- missioner in just proportion upon all insurance companies doing busi- ness in this State. Reciprocal provision. 102 STATUTORY REQUIHKMENTS. Taxes.— Every company authorized to transact business in this State shall annually, in the month of Jar'iary, report to the Commis- sioner, under the oath of its president or secretary, the entire amount of premiu:ns received by such company in tliis State during the year ending on the preceding thirty first day of December, and pay into the State Treasur_y a tax of three per centum on suob premiums. Penalties.— Any company neglecting to make or transmit any statement required sh. ' forfeit one hundred dollars for each day's neglect. Any person transacting business for any company witliout procur- ing a certificate of authority, and every company doing business with- out complying with the requirements of law, shall forfeit and pay tho sum of five hundred dollars for each month and fraction thereof in which such illegal business is transacted. ASSESSMENT INSURANCE. Admission. — Assessment companies of other States must deposit with the Insurance Commissioner a certified copy of its charter or articles of incorporation, a copy of its statement of business for the preceding year, sworn to by the president and secretary, or like officers, showing a detailed account of the expenditures and income, the amount of insurance in force, its assets and liabilities in detail, and a certificate sworn to by the president and secretary or like officers, setting forth that it hns paid and has the ability to pay its pohcies or certificates to the full limit named therein, a certificate from the Insur- ance Commissioner or from a judge or clerk of a court of record of its home State, certifying that corporations or associations insuring lives on the assessment plan, and paying policies in full, or providing acci- dent indemnity, and chartered under the laws of i'ennsylvania, are legally entitled to do business in its home State, a copy of its policy or certificate of membership, applications and by-laws, wiiich must show that death losses are, in the main, provided for by assessment upon surviving members, and it shall legally designate a person or agent residing in this State to receive service of process for said company, or in default of such designation, service of process may be made upon the Insurance Commissioner of this State, who shall be deemed its attorney for that purpose. Annual Statements. — Annual statements must be made to the Insurance Commissioner, under oath, before the first day of March, of each year, a statement such as is required from Hke companies organ- ized within this State, and answer such interrogatories as the Insur- ance Commissioner, who shall furnish a blank for the purpose, may make, in order to ascertain its financial character and condition. In the event of its failure to make such statement, on or before the first day of March of each year, the commiasioner shall revoke its license, and thereafter, until such statement is made, it shall be deemed to be doing business unlawfully in this State. Fees. — For filing each annual statement, twenty dollai-s. For license to do business, twenty-five dollars annually. W: r STATUTOBT REQUIREMENTS. 103 iiness in this the Conimis- ntire amount •ing the y«ar pay into the IDS. transmit any r each day's hout prociir- usiness with- and pay the n thereof in must deposit s charter or ness for the ary, or like and income, n detail, and like officers, is policies or m the Inaur- record of its nsurinp lives oviding acci- sylvania, are its policy or 1 must show isment upon on or agent company, or made upon deemed its made to the of March, of lanies organ- s the Insur- urpose, may ndition. In ore the firsfc B its license, eemed to be ii-s. Penalties— Any officer, agent, or employ^ doing business for a company which lias not com'jilied with the law is deemed guilty of a misdemeanor, and shall be subject on conviction to a fine of not more than five hundred dollars and imprisonment not more than mnety days. Fraternal societies are not subject to this law. RHODE ISLAND. rLeBl'lotn" ""*«'» annn'"?- Next Sefslon, May, 1887] Samoel H. Cross, Insurance Commissioner, Providence. Admipsion. Every company desiring to transact business in this State before" admission must file with the Commissioner : A certified copy of its charter. A statement signed and sworn to by the President and Secretary of the company, showing the condition and affairs of the company. Every company shall appoint the Insurance Commissioner of this State its'attorney, with authority to accept service of process against such company in this State, and upon whom all lawful process against such company in this State may be served. A copy of such power of attorney, duly certified and authenticated, shall be filed with the Com- missioner. Certificates and Agents. — Every agent, before transacting business for any company shall give bond to the general treasurer, with two or more sureties to be approved by him, in the sum of two hundred dollars at least, conditioned to make the annual returns and pay the taxes prescribed by law. . .• a No such agent doing business in any town in this State shall establish a branch agency in any other town. Every person who acts or aids in any manner in negotiating con- tracts of insurance or re-insurance, or placing risks, or effecting insurance or re-insurance for any person other than himself, and receiving compensation therefor in any insurance company not incor- porated under the authority of this State, and who is accountable to any agent in this State of such insurance company for premiums received, shall be known and designated as a sub agent. No person shall act as a sub-agent of any life insurance company not incorporated under the authority of this State, until he has procured from the In- surance Commissioner a certificate of anthority so to act, for which he shall pay two dollars to and for the use of the State. Such certificate shall continue in force until the first day of January next after the date thereof, and shall authorize the person named therein to negotiate contracts of insurance or re-insurance for the agent of any one life insur- ance company not incorporated under the authority of this State, duly authorized to do business therein: orovided, such agent has, according to law, given bond to make returns and pay taxes, and has complied with all the other requirements of law. Examinations. — The Commissioner may, when he shall deem it important for the safety of the policy-holders, visit and examine the condition of any company doing business in this State. 'iiomi T ^T""" 104 BTATOTORY REQUIREMENTS. ill Fire and Marine. — Every company shall possess a cap?lal of one hundred thousand dollars. Every fire company shall file its annual statement on the first day of January in each year, or within thirty days thereatter, showing its business and its exact condition on the preceding 3 1st day of December. Every marine company shall file its annual statement on the first day of January of each year, or within thirty days thereafter, showing its business and condition on the preceding 3 1st day of December. The Commissioner shall annually in the month of February publish in pamphlet form an abstract of the statements filed in his office; the expense thereof to be paid by the companies Life. — Every company must possess one hundred thousand dol- lars in good and safe stocks or securities, and deposit the same with the Auditor, Comptroller, or chief financial officer of the State by whose laws the company is incorporated, and furnish the general Treasurer with the certificate of such officer, under his hand and official seal, showing that he holds such stocks and securities in trust and on deposit for the benefit of all the policy-holders of such company, giving the items of such securities, and stating that he is satisfied that such securities are worth one hundred thousand dollars. Annual statements shall be filed on the first day of January in each year, or within thirty days thereafter, showing the business and the exact condition of the company on the preceding 3 1st day of December. The agents of such company shall publish an abstract, to be approved by the Insurance Commissioner, of its statement in some newspaper printed in the county in which he has his place of business, for six weeks successively next after the return of said statement to the Insurance Commissioner. Fees Upon the deposit of charter and preliminary statement, there shall be paid the sura of thirty dollars for filing charter, and twenty dollars for filing statement. For filing annual statement, twenty dollars. For certificate to agent, two dollars. For copy of service of process, two dollars. '' For examination of companies, the actual expenses incurred. Reciprocal provision. Taxes. — Every agent shall, during the month of January in each year, make return to the general Treasurer of the amount insured or procured to be insured by him in this State during the year preceding, and of the amount of premiums received and assessments collected during the same period, and shall at the same time pay to the general Treasurer a tax of two per cent, on the amount of such premiums and assessments. Reciprocal provision. Penalties. — Every person acting as agent for any company within this State respecting the issue of any policy of insurance, when such company has not complied with the requirements of law, shall be fined not less than three hundred dollars, nor more than one thousand dollars. STATTTORT REQUIREMENTS. 105 ss a capital of n the first day er, showing its y of December, nt on the first eafter, showing of December, (briiary publish I his office; the Any agent of any company doing business without complying with the requirements of law shall be fined one thousand dollars. Every agent refusing or neglecting to answer any interrogatories of tlia Commissioner for thirty days shall be fined one thousand dollars. ASSESSMENT INSUKANOK. Rhode Island has no laws regulating assessment insurance. The requirements are the same as those for life companies. thousand dol- the same with E the State by 3h the general and and official in trust and on ompany, giving sfied that such January in each Lsiness and the ,y of December, abstract, to be ement in some ace of business, d statement to nary statement, ig charter, and incurred. January in each ount insured or year preceding, ments collected r to the general 1 premiums and any company nsurance, when of law, shall be pU one thousand SOUTH CAROLINA. [liCglttatare meets annually In November.] W. E. Stonet, Comptroller- General, Columbia. Admission. — Every company desiring to transact business in this State, before admission must file with the Comptroller-General — A certified copy of its charter. A statement, under the oath of the president or secretary of the company, showing the capital stock, assets, and liabilities of the com- pany, which statement shall be published. A certified copy of the vote or resolution of the Trustees oij Direc- tors of such company appointing an agent or attorney of the company, accompani:d by a warrant of appointment under the seal of the com- pany and signed by the President and Secretary, which vote and ap- pointment shall contain a provision consenting that process of law may be served on such agent for all liabilities of every nature incurred in this State by the company, and that such service shall be valid and binding upon the company. Certificates and A gents.— Every agent, before transacting business, shall obtain a license from the Comptroller-General for each county in which he does business, which shall expire and be renewed on the 3 1 St day of March in each year. Every agent shall cause such license to be published in some newspaper designated by the Comp- troller-General, having circulation in the county in which he resides. Every such license shall express upon its face the county or coun- ties in which the business of the agent is to be conducted, and in no case shall authorize the taking a risk beyond the limits expressed. Fire, Marine, and Life. — Annual statements must be filed with the Comptroller-General, and published. Life companies that shall receive premiums on any policy for two years shall be deemed to have waived any right to dispute the truth of the application for insurance, and the application shall be taken to be true. Such companies are authorized at any time within two years to apply to vacate any policy on the ground of falsity of representa- tions in the application. Fees. — For every license or certificate issued to any company or its ager*/ Qve dollars. i» r 106 8TATDT0RY REQUIREMENTS. Taxes. — Each agent shall annually, between the first of May and the twentieth of June, return to the Auditor of the county in which such agency is located a sworn statement of the gross receipts of such agency for the year ending on the preceding thirty-first day of March, together with all the value of any personal property of any company situated at said agency, and shall be charged wiih taxes on the amount so returned at the place of said agency. Penalties. — Every person or corporation violating any of the provisions of law relating to insurance shall be subject to a penalty of not less than one hundred dollars nor more than five hundred dollars for each oilense. ASSESSMENT INSURANCE. Assessment companies must comply with the insurance laws. The application must contain a certified copy of the company's charter or articles of incorporation, a copy of its statement of business for the pre- ceding year, sworn to by the president and secretary, or like officers, showing a detailed account of the expenditures and income, the amount of insurance in force, its assets and liabilities in detail, and a certificate sworn to by the president and secr'^tary, or like oificers, setting forth that it has paid, and has the ability to pay, its policies or certificates to the full limit named therein; a certificate fi'om the Insurance Commis- sioner, br a judge or a clerk of a court of record of its home Slate, certifying that corporations and associations insuring lives or property on the assessment plan and paying policies in full, or providing accident indemnity, and chartered under the laws of this State, are legally entitled to do business in its home State; a copy of its policy or certificate of membership, application, and by-laws, which must show that all losses by death or fire and all accidents are, in the main, provided for by assessment upon all surviving members. After any such company or association shall have been authorized to do business in this State, it shall m'lke annually to the Comptroller- General, under oath, before the 3 1st day of March of each year, a statement such as is required by the insurance department of the home State, and answer such interrogatories as the Comptroller- General may make, in order to ascertain its financial character and condition ; and in the event of the failure of any company or associa- tion to make such statement on or before the 31st day of March of each year, the Comptroller-General shall revoke its authority and decline to issue license to any of its agents ; and until such statement is made, any agent doing business for such company or association shall be deemed to be violating the insurance laws of the State. irst of May and ounty in which receipts of such t day of March, »f any company 3 on the amount ing any of the to a penalty of bundred dollars ince laws. The any's charter or ness for the pre- or like officers, )me, the amount and a certificate rs, setting forth or certificates to urance Commis- its home Slate, ivea or property I, or providing : this State, are ipy of its policy V3, which must ;ire, in the main, rs. been authorized the Comptroller- of each year, a lartment of the he Comptroller- 1.1 character and pany or associa- lay of March of 8 authority and such statement y or associatioa the State. STATUTORY IIKQUIHEMKNTS. 107 TENNESSEE. [Lpgldature meets biennially. Next Seiuton, Jan. 8. 1887.1 Atha Thomas, Insurance Commissioner, Nashvillb. Admission.— Every company desiring to transact business in this State, before admission must file with the Commissioner — A certified copy of its charter, or deed of settlement. A statement of its condition on the 3l8t day of December, pre- ceding, subscribed under oath, by the president and secretary, or other chief officer of the company. j • j i »u„ A written instrument under seal of the company, and signed by the president and secretary, authorizing the Secretary of State in case of life companies and the Insurance Commissioner incase of all other companies to acknowledge service of process for and in behalf of the company, and consenting that service of process on the Secretary of State or Insurance Commissioner, as the case may be, shall be taken and held as valid as if served upon the company, and waiving all claim of error by reason of such service. Certificates and Agents.-Every company shall certify to the Commissioner the names of all agents appointed in this btate, and tne Commissioner shall issue a certificate of authority to such agents, authorizing them to transact business for such company. Jivery life insurance company shall procure a license from the Insurance Com- missioner. , n • t All certificates and licenses shall be renewed annually in January. Agents of all companies, except hfe. shall deposit a copy of the '.-er- tificate of authority, duly certified, with the clerk of the county m which the office of the agent is located. Examinations and Impairments.— The Commissioner, when- ever he shall deem it expedient, may examine into the affairs of any company transacting business in this State. If it shall appear from such examination that the ailairs of such company are in an unsound condition, the Commissioner shall revoke all authority to such company or its agents to do business in this State, and cause a notification there- of to be published at least three times in some newsjjaper of general circulation. , ... , .. A fire or marine company is in an unsound condition whenever its capital stock, after the company is charged with its proper liabilities and a re-insurance fund, as provided by law, is impaired more than twenty per cent. . .... A Ufe company is in an unsound condition if it does not possess assets necessary to provide for all out8tandit.g and unpaid debts and claims, and to provide a re-insurance reserve computed as required by law. Fire and Marine.— Every company must possess at least two hundred thousand dollars, cash capital, of which one hundred thou- sand dollars shall be invested m United States bonds, or bonds of one or more of the States. r 108 8TATUTOUY UEQUIBKMKNT8. Annual statements must be filed on tiie 3l8t day of Decomb<>r in each yoar, or within thirty days tlioreafter, showing the condition of the company on the aaid 3l8t day of Docfrabor. The re-insurance fund is computed at fifty per cent, of all premiums on unexpired risks having not more than one year to run, and pro rata of premiums on risks having more than one year to run. Life. — Every company must possess actual cash assets to the amount of one hundred thousand dollars, invested as required by the laws of the State where it is organizjd, and must furnish the (com- missioner a certificate from the proper officer of the State where located, showing that he holds securities of the value of one hundred thousand dollars on deposit for the security of the policy holders of the company. Annual statements shall be filed on the thirty-first day of Decern- ber in each year, or within thirty days thereafter. The Commissioner shall annually value all the policies outstanding in every life company doing business in this State, which does not furnish him a certificate of valuation, mider the seal from the Commis- sioner or Superintendent of the State by whose laws it is incorporated, showing the existing values of all outstanding policies. All valuations made by the Commissioner shall be upon the basis of the American Experience Table of .Mortality, with interest at four and one-half per cent, per annum. The stock, or non participating policies of such companies may be valued upon the basis of said Table, with interest at six per cent, per annum. Foreign. — Every foreign company shall file with the Commis- sioner a certificate under the hand and official seal of the chief finan- cial officer of some other State, showing that he holds on deposit and in trust for the benefit of all the policy-holders of such company in the United States, stocks and securities to the value of two hundred thousand dollars. Licenses. — Reciprocal provision. Fees. — Fire and Marine. P^or filing copy of charter or deed of settlement, ten dollars. For filing annual statement, twenty-five dollars. For filing additional or supplemental statementj ten dollars. For each certificate of authority, six dollars. For copies of any paper on file, twenty cents per folio, and for afiBxing seal of office and certifying the same, one dollar. For cost of valuation, not exceeding three cents on each thousand dollars of insurance valued. For making examinations, the actual expenses incurred. Life companies shall pay the Commissioner fifty dollars for exam- ining statement, and six dollars for each certificate of authority. Reciprocal provision. Taxes. — Each fire or marine company shall, on the thirtieth day of June and December in each year, report, under the oath of the president and secretary, or other chief ofiBcers of such company, the 8TATDT0RT RBQUlRKMENTfl. 109 Decoinlx^r in condition of all promiums , and pro rata aasots to the juired by the sh the Com- State where one hundred lolders of the ly of Decem- ; outstanding ich does not the Commia- incorpo rated, pon the basis terest at four participating :>f said Table, the Commis- le chief iinan- n deposit and nipany in the awo hundred dollars. ollars. "olio, and for ach thousand Bd. ars for exam- thority. thirtieth day ) oath of the company, the total amount of premiums received in this Stat-, withm the six months la t prSoding, and at tho same time shall pay into the State Treasury the smn of tSo dollars and fifty cents on each one hundred dollars o such premiums. Life companies shall make a 'i^o -turn on the fi^t days of January and July, and pay a tax of one and one-halt per cent, upon such premiums. Reciprocal provision. Penalties —Every agent doing business for any company without a certificate of' authority from the Commissioner shall be subject to a penalty of five hundred doUai-s for each offense . Every company failing to make returns and pay taxes as required by law shall forfeit and pay -to the State five hundred dollars. ASSESSMENT INStlUANCE. Tennesee has no law regulating the admission of other State Assessment Companies. TEXAS. [LeglBlatare meets biennially. Next Seeelon, January 11, 1387.] Hamilton B. Bee, Insurance Commissioner, Austin. Admission —Every company desiring to transact business in this State before admission must file with the Insurance Commis- ^'"Tdl^ly certified copy of its charter and by-laws, with all amend- ments ; name and residence of each of its officers, directors, and members. . , . -j * ^ »„„ A statement under oath of the president or vice-president and sec- retary of the company, showing the condition and business of the *^*^"5*wntten instrument under the seal of the company, signed by the president and secreUry. and authorized by resolution of the directors in case of fire and marine companies, appointing some person m this State its attorney upon whom all service of process may be made in any action against said company in this State. In case of life com- panies such written instrument shall authorize service to be made upon any duly appointed agent in this State. Certificates and Agents. — Every insurance company shall pro- cure from the Commissioner, before transacting business, a certihcate of authority, which shaU be renewed annually at the time of filing the annual statement. , ■ i • Which certificate shall be published for three successive weeks in two newspapers printed in the State, having general circulation The first publication must be made within thirty days after issue of certificate, arJ evidence of the publication must be filed with the Com- missioner , . ., . All agents, before transacting business for any company m this State, shall procure from the Commissioner a certificate of authority, r "If ■MM t 110 HTATUTOUY r'SQUIREMRNTB. which shall bo rontiwed annually on tho first day of January, or within sixty (lays thereafter. Examinations and Impairments. — The Commisslonor, when ho deetnH it expedient, may examine into the condition and affairs of any rompaiiy doing business in this State, and if he is satisfied that the affairs of any company are in an unsound condition he shall re- \oko the certificates granted in behalf of such company, and publish notice tliereof in one or two newspapers published in this State. A fire or marine company is in an unsound condition if, after charging it with a re-insurance fund and its proper liabilities, its cap- ital stock is impaired twenty-five per cent. Fire and Marine. — Annual statements must he filed on the first day of January or within sixty days thereafter. Every such company must t.ossess an actual paid-up capital of one hundred thousand dol- lars, exclusive of any asst^ts deposited in any State or Territory for the special benefit of the insured therein. The re-insurance fund shall be computed at forty per cent, of all premiums on unexpired fire risks, and the entire premium on unex- pired marine and inland risks. If any company fails to pay any exe- cution against it, on a valid final judgment in this State, for thirty days, the certificates of the company shall be revoked, and it shall not be permitted to transact further business in this State until such execu- tion is paid. A fire insurance [jolicy, on real property, in case of a total loss by fire of properly in.siired, shall be held to be a liquidated demand against the company for the full amount. Life. — Every company shall possess at least one hundred thousand dollars of actual capital invested in stocks, bonds, and mortgages, or other satisfactory securities of the market value of at least one hundred thousand dollars. Every such company organized in any foreign country shall furnish a certificate that it has one iiundred thousand dollars on deposit with the proper oflHcer of some other State of the United States, or shall make such deposit with the Treasurer of this State. Annual statements shall be filed on the first day of January, or within sixty days thereafter. If any company fails to pay any claim arising under any policy, within the time specified in such policy, it shall in addition thereto pay not more than twelve per cent, on the amount thereof, and reasonable attorney's fees for the prosecution of the claim against the company. If such company fails to pay any execution issued on final judgment, for thirty days, the ertificate granted such company shall be void, and such company shall be pro- hibited transacting further business in this State until such execution is paid. Licenses and Taxes. — Every life insurance company shall pay an annual tax of three hundred dollars, and in every county in which it does business, ten dollars. Every fire and marine insurance company shall pay an annual tax of two hundred dollars, and ten dollars in every county in which it does business. .^uji»i.pi mmmmm STATUTORY K KQ U I RBMKNT8, 111 irj', or within isionor, when j,ii(l affairs of satisfied that he shall re- and publish State. lion if, after lities, its cap- 'd on the first uch company housand dol- ritory for the !r cent, of all ium on unex- pay any exe- XV, for thirty d it shall not il such execu- I total loss by )mand against Ired thousand mortgages, or ) one hundred any foreign red thousand State of the asurer of this if January, or ay any claim lucb policy, it r cent, on the prosecution of Is to pay any ;he ertificate shall be pro- ach execution pany shall pay inty in which an annual tax y in which it Tho cities and towns ,throuf one-lmlf tho State tixes. Any such coiuL.unv doing business for less than a year shall pay a pro rata amount of such taxes. Fees -Fire and Marine. — For filing certified copy of charter, twenty-live dollars. For filing annual statement, twenty dollars. For each certificate of authority, one dollar. For all copies of papers on file, twenty cents per folio, and one dol- lar for certifying the same and affixing the seal of office. For valuing life policies, ten dollars for each million dollars of m- Burance valued. . For examinations, ten dollars per day and the actual expenses m- curred, not to exceed two hundred and fifty dollars. Reciprocal provision. Penalties. — Every person violating any of the provisions of law relating to insurance is punishable by a fine not less than five hundred dollars nor more than one thousand dollars. ASSESSMENT INSURANCE. Assessment companies may bo admitted which are organized under the laws of any other State, which have no capital stock, and whose relief funds are created and sustained by as^essm mt made upon the members of said association in aceordanc) with th-iir several by-lawa and regulations : Provi-ied, that the principal officer of every such benevolent organization (not conducted by lodges, a quorum of whose members meet in their respective lodyte rooms at leait once each month) shall be required to makd an annuil slatemant under oath to the Department of Insurance, on the first day of January of each year, or within sixty days thereafter, showing : . • , » Name of organization and where located. Name and residence of officers The salary paid each officer. The gross amount of money received during the year, and from what sources. The amount paid to policy-holders on assessments to pay losses. The .i-nount paid out for all other purposes, stating in detail what purpose. Su:nlus in the treasury if any. . i w<. And should any such benevolent organization refuse or neglect to make an annual report as above required, it shall be deemed an insur- ance company conducted for profit to its officers and amenable to tHe laws governing such companies. UTAH. [LegtiUtun meeU blcnnUlly. N«x» SesBlon, January, 1888.1 Arthur L. Thomas, Secretary, Salt Lake City. Admission.— Every company must file with the Secretary of the Territory, and with the County Court of the county in which its prin- cipal office in the Territory is locateroceB8 is plicate copies, ipany. , before doing I licenses shall shall file with I the company issue a license T .ally on the demand and pend the busi- mce Gommis- ndition of any • TATniOHT RKqtMRBMENTB. 118 company doinj; or pro|K)Mng to do business in this Htato, If in his opinion sui-h comiutny i« in an unsotitid or failing condition, Im s!i.ill revoke th« licenses granted to such conifiany iiud its ni^nntH, siiid pub. lish notice thereof in every ooiinty in which tho compuny IriM ;m ii>fnnt. No company can transact business in this State if its capital stock is impaired more than twenty per cent. Fire and Marine. — Every stock company must have a paid-up capital of one hundred thousand dollar!*, not less than one-half of wliicli shall iKiinvoHted in cash securities other than mortgages on real estate, and in addition to such capital assets equal to its outstanding liabilities, reinsurance reckoned as below. Annual statements shall bn flldl on or l>efore the first day of February in oaidi year, showing tho condition of the company tlio preceding 31st day of December. The reinsurance fund shatl be computed at fifty per cent, of the premiums on unifx- pirfcd fire risks and the entire premium on marine risks (Jonipunies are liable for the acts and neglect of their agents, as between nuch companies and the insured. If not made so by law of their act of incorporation, their policies must contain a proviso to that effect. Life. — Every life insurance company must po3s&^ake a valuation of policies outstanding in any life company incorporated by this State, upon the basis of the American Experience Table of Mor- tality, with interest at four and one-half per cent, per annum. if the insp ranee department of any o'her State refuses to receive as sufficient the valuation made by the Auditor of the policies of any company of this State, doing business in such other State, then the policies outstanding in any company of such other State shall be spe- cially valued at the expense of the company under the direction of the Auditor, before such company shall be permitted to transact business in this State. Annual statements shall be filed with the auditor on or before the 31st day of March in each year, showing the condition of such com- pany on the last day of its fiscal year, and shall be verified by the oath of its president and secretary. Such statement shall be published for six days in one of the newspapers published in Richmond, at the expense of the companies. All conditions and restrictive provisions in every policy of insurance sliall be printed in long primer type or written with pen and ink in or on the policy. Taxes. — Every company shall certify to the Auditor under the oath of its chief accounting officer or principal agent in this State, be- tween the first and thirty-first days of January in each year, the gross amount of all premiums collected in this State, and shall immediately pay into the treasury of the State a tax of one per cent, thereon. Reciprocal provision. Am loposit to 1)0 not ifiind dollars. ;, under oath, of 3y, shall appoint ;ent or attorney, t snch company j in any a<;tion te of such attor- process may be d with the same d authenticated ve bond to the 3 than ene thou- itioned to make osit required by r, and upon the jf two hundred lis State. Such ally, before the sense is pro rata. )rizcd to ii^ake a incorporated by e Table of Mor- mnum. fuses to receive e policies of any State, then the te shall be spe- direction of the ransact business m or before the on of such com- :fied by the oath be published for chmond, at the ctive provisions primer type or ditor under the in thifs State, be- 1 year, the gross lall immediately t. thereon. STATUTORY RKQUIRKMENT8. 115 Penalties. — Every person who shall act as agent for any com- pany that has not complied with the recjiiiremcntK ol law sliall forfeit a sum not cxcc'edin<^ one tliousaiul dollars, nor loss than three hundred dollars, for each ollense. For failure to pay taxes, five per cent, a month during the contin- uance of such failure. WEST VIRG-INIA. [Legislature meets biennially. Next Secglun, Jaiinary 12, 188V.] Patrick P. Duffy, State Awiilor, Charleston. Admission. — Every company desiring to transact business in this State, before tdraission must file with the Auditor — A statement of the condition of the company, under the oath of the president or secretary. A power of attorney duly acknowledged and authenticated, appoint- ing some person residing in this State to accept service of process and notice in this State for such compan)', and consenting that service of any process or notice upon such person, or his acceptance of service, shall have the same effect as se-vico on the company. Certificates and Agents. — Every company and its agents must procure from the Auditor a certificate of authority, p.nd cause the same to be published in some newspaper of general circulation, pub- lished in this State, and cause a copy of such publication to be filed in the oflSce of the circuit court, in each county where said company does insurance business. Such certificates shall be renewed annually, and annually published and filed as aforesaid. Examinations.— The Auditor is authorized to examine the affairs of any company doing business m this State. Whenever it shall appear to his satisfaction that the affairs of any such company are in an unsound condition, he shall revoke the certificate of authority granted in behalf of such company and cause notification thereof to be pub- lished in some newspaper of general circulation, published at the capi- tal of this State. Fire, Marine, and Life. — Every company must possess at least one hundred thousand dollars actual capital, invested in safe securities. Annual statements shall be filed in the month of January, in each year, showing the condition and affairs of the company on the pre- ceding 3 1 St day of December. Fees. — For filing and examination of statement, ten dollars. For each certificate of authority, five dollars. Reciprocal provision. Taxes. — Every company doing business in this State shall, at the time of .filing annual statement, pay into the State treasury a tax of two per centum upon the gross amount of premiums collected in this State during the preceding year. Every life insurance company which shall invest in this State the 116 STATU TOHY RKQl'lHEMENTS. wliole amnunt of its net receipts from its bnpiness therein shall pay only one-third of sut-h tax. The city of Wheeling is authorized to impose a tax of one half of one per cent, semi-annually upon i)reniium receipts in said city. Agents are recpiired to procure from the City Clerk a certificate of authority before doing business, and to make return and pay to the city said tax on or before the fifteenth days of January and July in each year, on all such premium receiptif for the six months ending on the preceding first days of July and January. Penalties, — Every company or agent required to make return or payment of taxes or fees who shall fail to do so, or knowingly make a false return, shall forfeit not less than twenty nor more than two hundred dollars for every such offense, and any ofJ^cer or agent of any insurance company who shall make, renew, or negotiate, m this State, any insurance or contract for insurance for, or in the name of, any company which has tiot fully complied with the requirements of the laws relating to making the annual statement or paying taxes, forfeits fifty dollars for every such offense. ASSESSMENT INSURANCE. Admission. — Assessment companies must appoint an attorney; must satisfy the Auditor that they do not issue certificates on persons over sixty-five years of age; that they are authorized to do business in the State of their incorporation; that they are paying and are able to pay certificates in full; that they pay no benefits except for death or accident, and do no other business. Arion, January 13, 1887. ] Phil. Cheek, Jb., Insurance Commiisioner, MAnisoN. Admission. — Every company desiring to transact business in this State shall, before admission, file with the Insurance Commissioner — A certified copy of its chaiter or deed of settlement. A statement under the oath of the president, vice-president, or other chief officer and secretary of the company, showing its affairs and condition. A copy of the last report, if any made, under any law of the State by which the company was incorporated. Every such company shall appoint, in writing, an attorney, resident in this State, upon whom all lawful process can bo served, with like ...^ rein shall pay autliorized to ipon [>reniium from the City i. and to make fteenth days of iceipt^ for the nd Janimry. nake return or lowingly make more than two 3r or agent of gotiate, m this n the name of, equirements of paying taxes, at au attorney; tes on persona do business in md aie able to (t for death or • on or before seeding. a dollars, and ized companies 1887.) KmsoK. business in this ommissioner — le-president, or ving its affairs aw of the State orney, resident rved, with like STATCTORY REQUIREMENTS. 117 effect as if said company existed in this State. Such written instru- ment, in case of fire companies, shall contain a provision that such company will not remove any suit against it in this State to the United States courts. A copy of siich written instrument or power of attor- ney, duly certified and" authenticated, shall bo filed with the Insurance Commissioner. It is also provided that service of any process may be made on any agent of such company in this State, and such service shall bo valid personal service upon such company. Certificates and Agents. — Every insurance company shall, be- fore transacting business, obtain from the Insurance Commissioner a license or certificate of authority, which shall be renewed annually. Every agent shall, before doing business, procure from the Insur- ance Commissioner a certificate authorizing him so to do. Such cer- tificate', in case of fire, marine, or inland companies, shall expire on the 31st day of January in each year, and in case of life companies on the first day of Marcli in each year, and all such certificates shall be re- newed annually. Examinations and Impairments. — The Insurance Commis- sioner, whenever he shall deem it expedient, may examine into the condition of any company doing business in this State. Whenever he shall deem it for the best interest of the public, he shall publish the result of such examination in one or more papers in this State. If it shall appear from such examination that the affairs of any company are in an unsound (condition, the Insurance Commissioner shall revoke the certificate granted in behalf of such company, and cause notifica- tion thereof to be published in the official State paper, and mail a copy- thereof to each agent of the company. No fire or marine company can transact business in this State if, after the company is charged with its proper liabilities, including its re-insurance fund, the capital stock of such company is impaired to the extent of twenty per cent, thereof, while such deficiency continues. No life company can transact business in this State if its assets, after providing for all its liabilities, are not equal to its premiuiu re- serve, ascertained as required by law. No accident company if its capital is impaired to the extent of fifteen per cent. Fire and Marine. — Every company transacting business in this State must possess an actual cash capital of two hundred thousand dol- lars. But mutual companies may he admitted upon complying with the same rules and regulations as mutual companies of this .State are required to comply with in order to do business in the State where such companies are organized. Annual statements must be filed on the first day of January in each year, or within one month thereafter, showing the condition and affairs of the company on the preceding 31st day of December. Such statement shall be published in the official State paper for two weeks, and in one daily paper of general circulation published in the city of Milwaukee. When any insurance company or companies issue a policy of in- surance against loss by fire upon the real property of any individual or incorporation in this Stats, and the property so insui-ed shall be wholly 118 STATUTORY REQUIREMENT8. destroyed, without criminal fault on the part of tho assurofl, tlio amount of in.suranci! writton in said policy or policies shiill he taken iiiid rtisemonts must, represent only such assets of the company as are hekl exclusively for the protection of lioldersof fire insurance poll- cies, and every such advertisement which purports to show the financial standing of any company shall exhibit the capitnl actually paid .n in cash, and the surplus of assets over liabilities, including in'snch liabil- ities capital actually paid in and the re-insurance reserve. Such state- ment of condition shall correspond with verified statement last filed with the Insurance Commissioner. Life and Accident. — Every company must pc^sess one hundred thousand dollars invested in safe securities approved by the Insurance Commissioner. Annual statements must be filed on before the first day of iMarch in each year, showing the condition and affairs of the company on tho preceding 3 1st day of December. The Insurance Commissioner shall calculate the value of the policies outstanding in any life company whose policies are not valued by tho insurance department or proper officers of any other State. Such val- uation by the Insurance Commissioner shall be made upon the busis of the American Experience Table of Mortality, with interest at four and one-half per cent, per annum. The re-insurance reserve of accident companies shall be fifty per cent, of gross premiums of all policies in force. Accident insurance companies shall be possessed of a cash capital of one hundred thousand dollars, and shall deposit that amount with the insurance department of the Staite where organized, and shall file annual statements and pay the fees and taxes required of fire insurance companies. The reserves of such companies shall be computed at fifty per cent, of the gross premiums upon all policies in force. Foreign. — Every company bhall file evidence with the Insurance Commissioner that it has on deposit with the proper official of some other State or vested in trustees, citizens, and residents of the Unitcjd Stat('iiu'(i 1 the iimount whoso favor iuid deemed company as surance jx)!!. the financial ly paid .n in I such liabil- Such state- ant last filed )ne hundred 10 Insurance, fore ihe first ffaii's of the : the policies ilued by tho Such val- the bfisis of at four and of accident II policies in cash capital imount with ,nd shall (lie re insurance fty per cent. e Insurance ial of some the United . security of States. In th the State d dollars. re a license, r before the I under the ee hundred dollars. STATUTORY REQUIREMENTS. 119 Each life insurance agent's certificate of authority, one dolhir. Each (ire insurance agent's certificate oC authority, two dollars. For every copy of any paper fileiJ in the office of the Insurance Commissioner, fifteen cents per folio; and for affixing the seal to such copy, and certifying tho same, fifty cents. For valuation of life policies, one cent for each one thousand dol- lars of insurance valued. For examinatior. ?. tho actual expenses incurred. Reciprocal provision. Taxes. — Every fire or marine com[)any in its annual statement shall state the gross amount of premiums received in this State for the preceding year, and shall before receiving its license, pay to the State Treasurer a tax of two per cent, upon such premiums. Every agent of any fire company, located in any incorporated city or village having an organized fire department, shall give bond to the treasurer of such department in the penal sum of one thousand dollars, •with such sureties as such treasurer shall approve, conditioned that he will, on the firat day of February in each year, render ti> such treas- urer a correct statement, under oath, of all the premiums received by him for insurance against loss by fire in such city or village for the year ending on the preceding first day of January, and pay to such treasurer two dollars on every hundred, and at that rate, upon the amoimt of such premiums. Every such agent shall pay said tax of two dollars, on each one hundred dollars, on or before the first day of February in each year. Penalties. — For failure to file statement of company as required by law. five hundred dollars, and five hundred dollars for each month in which such failure continues. For doing business without certificate of authority, not less than fifty nor more than five hundred dollars. For willfully making false statement, not less than five hundred dollars nor more than one thousand dollars. ASSESSalENT INSURANCE. Wisconsin has no laws regulating the admission of companiesof other States, except fraternal societies, and these are mentioned by name in the act exempting them from compliance with the insurance laws. WYOMING TERRITORY. [Legialatiire meets biennially. Next Seseton, osnuary, 1888.] Joseph B, Adams, Insurance Omimissioner, Rawlins, Admission. — Every company desiring to transact business in this Territory shall possess an actual paid-up capital of not less than three hundred thousand dollars, and shall file with the Commissioner — Certified copy of its charter or deed of settlement, A statement, under oath, of the president or vice-president and secretary, of its condition, A power of attorney authorizing one agent in each county resident 120 STATUTORY REQUIREMENTS. I at the county seat to acknowledge s»rvico of process and consenting that service on such agent shall be as valid as if served on the company. Gertificates and Agents. — Every agent shall procure a cer- tificate of authority from the Auditor, sho^ving that the company lie represents has complied with the reejuirements of the law. Every agent, in all advertisements, shall publish the location of the company and the actual paid-up capital and cash assets. Examinations and Impairments. — The Auditor, whenever he shall deem it expedient, may appomt one or more persons to ex- amine into the affairs and condition of any company doing business in this Teiritory, or make such examination himself ; and whenever he shall deem it for the interest of the public he shall publish the results of such examination in one or more papers of the Territory. If it shall appear to the Auditor that the affairs of such company are in an unsound condition, he shall revoke the certificates gi'anted in behalf of such company, and publish such revocation in some news- paper of general circulation published at the Territorial capital. No company shall transact business in this Territory if its capital is im- paired to the extent of twenty per cent, while such deficiency shall continue. Fire and Marine.— Annual statements shall be filed on the first day of January or within sixty days thereafter. The re-insurance fund shall be computed at fifty per cent, of the premiums on all unexpired risks under one year, and pro rata on all other unexpired risks. Every company shall receive a certificate from the Auditor showing that it has complied with the requirements of law, and shall publish the same in two newspapers of general circulation in the Territory, one of which shall be published at the capital. Fees.— For filing examination of application and issuing certifi- cate, twenty-five dollars. For filing annual statement, fifteen dollars, i For each certificate of authority, one dollar. For every copy of paper on file, ten cents per folio. For certifying the same and affixing seal, fifty cents. For examinations, the actual expenses incurred. Taxes.— Every company shall be taxed upon the excess of premi- ums over losses and ordinary expenses within the Territory during the year previous to the year of listing in the county where the agent con- ducts the business, at the same rate that other personal property is taxed. The agent shall render the list and be personally liable for the tax. ASSESSMENT INSCKANCE. Wyoming has no special laws regulating assessment companies. T ind consenting? 1 the company. • procure a cor- I company he V. [le location of ets. tor. whenever persons to ex- ng business in 1 whenever he ish the results ory. nich company ites gi-anted in in some news- 1 capital. No capital is im- eficiency shall ed on the first jr cent, of the 5ro rata on all ditor shewing shall publish the Territory, ssuing certifi- cess of premi- i jry during the J the agent con- al property is W liable for the companies. • I W:ilt^S!!)tt-i-.'SS