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 GENERAL STATUTE LAWS 
 
 STATE OF NEW YORK 
 
 KELATI.Va TO 
 
 LIFE INSURANCE COMPANIES. 
 
 COMPILED BY 
 
 WILLIAM BARNES, 
 SUPERINTENDENT OF THE INSURANCE DEPARTMENT. 
 
 ALBANY : 
 
 WEED, PARSONS AND COMPANY, PRINTERS. 
 1861.
 
 /JJENERAL STATUTE LAWS 
 
 STATE OF NEW YORK 
 
 EELATINO TO 
 
 LIFE INSURANCE COMPANIES. 
 
 COMPILED BY 
 
 WILLIAM BARNES, 
 
 SUPERINTENDENT OF THE INSURANCE DEPARTMENT. 
 
 ALBANY: 
 
 WEED, PARSONS AND COMPANY, PRINTERS. 
 
 1861. 
 
 0^A
 
 CONTENTS 
 
 Page to Pago. 
 I. Extract from the CONSTITUTION, 5- 5 
 
 II. An Act for the Incorporation of Life and Health Insurance Companies, 
 and in relation to Agencies of sucli Comi)anies ; passed June 24th, 
 1853, (with amendments and additions to January 1st, 1862), 7-24 
 
 III. An Act in relation to all Companies transacting the business of Life In- 
 
 surance within this State ; passed April 8th, 1S51, 25-29 
 
 IV. An Act in respect to Insurances for Lives for the benefit of Married 
 
 Women ; passed April 1st, 1840, (with amendments to January 1st, 
 
 1862,) 30-30 
 
 V. An Act to amend the General Law relative to the Incorporation of Insur- 
 ance Companies ; passed June 29, 1853 31-31 
 
 VI. An Act to declare the intention and make more certain an Act entitled, 
 " An Act to amend the General Law relative to the Incorporation of 
 Insurance Companies; passed June twenty-ninth, eighteen hun- 
 dred and fifty- three ;" passed March 24, 1855, 31-31 
 
 Index 33-42
 
 EXTRACT FROM THE 
 CONSTITUTION OF THK STATE OF NEW YORK, 
 
 Adopted November 3d, A. X)., 1846. 
 
 ARTICLE VIII. 
 
 Section 1. Corporations may be formed under General corpora. 
 
 tiolip, how 
 
 laws ; but shall not be created by Special act, except for "''''*'"^- 
 Municipal purposes, and in cases where, in tiie judgment 
 of the Legislature, the objects of the corporation cannot 
 be attained under General laws. All general laws and 
 special acts, passed pursuant to this section, may be 
 altered from time to time, or repealed. 
 
 Section 2. Dues from Corporations shall be secured by ceMsot 
 
 corpora- 
 such Individual Liability of the corporators, and otlier '■""*• 
 
 means as may be prescribed by law. 
 
 Section 3. The term Corporations, as used in this Arti- " corpora- 
 
 tioii§" de- 
 
 cle, shall be construed to include all Associations and ^''^^' 
 Joint-Stock comjjanies having any of the powers or privi- 
 leges of Corporations not possessed by individuals or part- 
 nerships. And all Corporations shall have the right to 
 sue and shall be subject to be sued in all courts in like 
 cases as natural persons.
 
 LAWS 
 
 KELATINf! TO 
 
 LIFE INSURANCE COMPANIES. 
 
 Chap. 463. 
 
 AN ACT FOE THE Incorpoeation of Life and 
 Health Insueance Companies, and in eelation 
 TO Agencies of such Companies ; passed June 
 24th, 1853, (with amendments and additions to 
 January 1st, 1862.) 
 
 Section 1. Companies may be formed ; their purposes. 
 
 2. When organized under one Department, not to take Risks 
 
 in the other Department. 
 
 3. Declaration and Charter to be filed in the Office of the 
 
 Superintendent of the Insurance Department ; contents 
 thereof. 
 
 4. Declaration and Charter to be examined by the Attorney- 
 
 General, and, if correct, certified and delivered back to 
 the Superintendent of the Insurance Department, and 
 recorded. 
 
 5. When Corporators have received certified copy from the 
 
 Superintendent, may publish notice of intention to form 
 Company, open books of subscription to capital stock, 
 &c. 
 
 6. Amount of capital stock required to organize Companies ; 
 
 how paid in ; deposit of securities with the Superin- 
 tendent as security for Policy holders. 
 
 7. Superintendent of the Insurance Department to furnish 
 
 Corporation with Certificate of deposite of securities, 
 and a certified copy of Charter, &c., to be filed in 
 County Clerk's oflice; when company is authorized to 
 commence business. . . . . . "
 
 g LIFE INSURANCE LAWS 
 
 8. Companies may invest funds in bonds and Mortgages or 
 
 in certain Stocks. 
 
 9. Companies not permitted to purchase, hold or convey Real 
 
 Estate, except for certain specified purposes. 
 
 10. Corporators empowered to adopt a Corporate Seal, make 
 
 By-Law.s ; suits may be maintained by stockholders 
 against Corporation, and vice versa. 
 
 11. Companies organized under this act to become bodies 
 
 corporate and politic. 
 
 12. Officers of Corporation required to furnish the Superin- 
 
 tendent of the Insurance Dex)artment with an Annual 
 Statement of the Company's afiairs ; contents thereof; 
 Superintendent to furnish forms. 
 
 13. Annual Report of the Superintendent to the Legislature. 
 
 14. Agents of Life Insurance Companies of other States not 
 
 to act, unless certain conditions are complied with ; 
 Certificates of Authority to be granted by the Superin- 
 tendent in certain cases, &c. 
 
 15. Agents of foreign Life Insurance Companies not to act, 
 
 unless a deposit is made in the Insurance Department 
 and certain other conditions complied with; Certificates 
 of Authority to be granted by the Superintendent in 
 certain cases, &c. 
 
 16. Fees of County Clerk. 
 
 17. Superintendent of the Insurance Department to cause an 
 
 Kxamination to he made into Company's aflairs in cer- 
 tain cases ; iiroceedings thereon ; duties of Superinten- 
 dent and Attorney-General. 
 
 18. Penalty for violating provisions of this Act 
 
 19. Proceedings, when Companies desire to relinquish busi- 
 
 ness. 
 
 20. Charters to continue until repealed. 
 
 21. Existing Companies may avail themselves of the provi- 
 
 sions of this Act. 
 
 22. Repeal of Act of April 10th, 1849, and of April 8th, 18.51, 
 
 so far as said Acts relate to Life Insurance ; exception. 
 
 The People of ihe Slate of New York, represented in 
 Senate and AssemUij, do enact as follows : — 
 
 Compnny S !• Anj' number of persons, not less tlian thirteen in 
 treated. number, may associate aiid form an Incorporation or 
 company for the purposes specified in either of the fol- 
 lowing departments; — 
 
 First department, To make Insurance upon the Lives 
 of individuals and every insurance appertaining thereto 
 or connected therewith, and to grant, purchase or dispose 
 of Annuities. 
 
 Second department. To make Insurance upon the Health 
 of individuals, and upon the lives of horses, cattle and 
 other live stock.
 
 OF THE STATE OF NEW YORK. 9 
 
 Every company organized under this act shall have 
 authority to re-insure any risk herein authorized to be 
 undertaken. [>§ 1, Chay. 463, Laws of 1853.] 
 
 % 2. No company organized under this act for the jjur- ^,5^5. 
 poses named in the First department, shall undertake 
 either of the risks mentioned in the Second department ; 
 nor shall any company organized under this act, for the 
 purposes named in the Second department, undertake 
 any business mentioned in the First department ; and no 
 company organized under this act shall undertake any 
 business or risks, except as herein provided. \^ 2, Chap. 
 463, Laivs of 18-53.] 
 
 ^ 3. The persons referred to in the first section of this corpora- 
 act shall be designated as Corporators, and they shall file J?^"'""- 
 in the office of the Superintendent of the Insurance De- 
 partment,* a Declaration signed by each of the corpora- 
 tors, setting forth their intentions to form a company for 
 the purposes named in this act, which Declaration shall 
 comprise a copy of the Charter they propose to adopt, 
 and the said Charter shall set forth the name of the com- 
 pany ; the place where it is to be located ; the kind of 
 business to be undertaken by referring to and repeating 
 the department of the first section of this act to which 
 they refer ; the mode and manner in which the corporate 
 powers of the company are to be exercised ; the manner 
 of electing the Trustees or Directors and officers, a 
 majority of whom shall be citizens of this state, and the 
 time of such election ; the manner of filling vacancies ; 
 the amount of capital to be employed ; and such other 
 particulars as may be necessary to explain and make 
 manifest the objects and purposes of the company, and 
 
 * The words " Superintendent of the Insurance Department " or " said 
 Superintendent," are substituted for " Comptroller," in accordance with 
 the provisions of section 3, Chapter 366, Laws of 1859.
 
 jQ LIFE INSURANCE LAWS 
 
 the manner in which it is to be conducted. [§ 3, Chap. 
 
 463, Laws of 1853.] 
 Attorney- § 4. Whenever the corporators shall file such Declara- 
 ^eniTy^to" tion with the Superintendent of the Insurance Depart- 
 
 Peclara- ^ i -i j_i i. 
 
 ''o"- ment, it shall become his duty to submit the same to 
 
 the Attorney-General for examination ; and, if found by 
 him to be in accordance with the provisions of this act, 
 and not inconsistent with the Constitution and laws of 
 the United States and of this state, he shall certify to 
 the same and deliver it back to the said Superintendent 
 who shall cause the said Declaration, with the Certificate 
 of the Attorney-General, to be recorded in a book to be 
 kept for tliat purpose, and, upon application of the cor- 
 porators to the said Superintendent, it shall become his 
 duty to furnish a certified copy of such Declaration and 
 Certificate to the said corporators. [§ 4, Chap. 463, Laivs 
 of 1S53.] 
 To publish §5. Whenever the corporators sliall have received 
 fOTmcom-'" from the said Superintendent the certified copy provided 
 '"'"^ for in the last section, and desire to pi'oceed to organize 
 
 such company, they shall publish their intentions in the 
 paper in which the state notices are directed to be in- 
 serted ; and when such intentions liave been published 
 in said paper for six weeks, they may open books to re- 
 ceive subscriptions to the capital stock, and keep such 
 books open until the amount required by this act is sub- 
 scribed, and may tlien proceed to distribute the stock 
 among the subscribers, if more than the necessary amount 
 is subscribed, and proceed to collect in the said capital 
 and complete tiie organization of the company. [§ 5, 
 Chaj). 463, Laics of 1853.] 
 Capital. 2 6. No company shall be organized under this act, 
 
 for the purposes mentioned in the First department, with 
 a less capital than One hundred thousand dollars, and no
 
 OF THE STATE OP NEW YORK. 11 
 
 company shall be organized, for the purposes mentioned 
 in the Second department, with a less capital than 
 Twenty-five thousand dollars. The whole capital of such 
 company shall, before proceeding to business, be paid in 
 and invested in stocks of the United States or of the 
 State of New York, the market value of which shall be 
 at the time at or above par, or in bonds and mortgages 
 on improved unincumbered Real Estate within the State 
 of New York, worth seventy-five per cent more than 
 the amount loaned thereon, (but in such valuation, farm 
 buildings shall not be estimated,) or in such stocks or 
 securities as now are or may hereafter be receivable by 
 the Banking Department.* 
 
 And it shall be lawful for any company organized 
 under this act, to change and reinvest its capital, or any 
 part thereof, at any time they may desire, in the stocks 
 or bonds and mortgages or securities aforesaid. No 
 
 • The following are the statute provisions prescribing the kind and 
 nature of the Stocks receivable by the Bank Department : — 
 
 " The stocks which banking associations or individual bankers, now 
 or hereafter to be organized under the provisions of the act, ' To autho- 
 rize the business of banking,' passed April 18, 1838, and the amend- 
 ments thereto, shall hereafter deposit with the Superintendent shall 
 be New York State stocks, in all cases to be, or to be made to be, equal 
 to stock producing six per cent per annum, or at least oue-half the 
 amount so deposited, shall be in the stocks of the State of New York, as 
 before mentioned, and not exceeding one-half in stocks of the Uni- 
 ted States, in all cases to be, or to be made to be equal to a stock 
 producing an interest of six per cent per annum ; and it shall not be 
 lawful for the Superintendent to take such stocks at a rate above their 
 par value, or above their current market value." [ Vide § 1, Chap. 313, 
 Laws 0/1849.] 
 
 In lieu of stocks, one-half of the deposit of securities in the Bank 
 Department may consist of seven per cent bonds and Mortgages on im- 
 proved, productive, unencumbered lands within this State, for not 
 exceeding two-fifths of the value of said lands, excluding buildings ; 
 to be received at a sum not above five thousand dollars for each 
 Mortgage, and under regulations to be prescribed by the Superintendent 
 of the Bank Department. [ Vide § 8, Chap. 260, Laws of 1838 ; and § 2 
 and g 3, Chap. 340, Laws of 1848 ; and g 10, Chap. 164, Laws of 1851.]
 
 12 LIFE INSURANCE LAWS 
 
 company organized for the purposes mentioned in the 
 First department, shall commence business until they 
 have deposited with the Superintendent of the Insurance 
 Department of this State, the sum of One liundred 
 thousand dollars, invested as hereinbefore provided for 
 the investment of the capital of sucli company, and no 
 company organized for the purposes named in the Second 
 department, shall commence business until they have 
 deposited with the Superintendent of the Insurance 
 Department of this State, the sum of Twenty-five thou- 
 sand dollars, invested as hereinbefore provided for the 
 investment of the capital of such company. The Super- 
 intendent of the Insurance Department shall hold such 
 securities as security for policy holders in said companies, 
 but so long as any company so depositing shall continue 
 solvent, may permit such company to collect the interest 
 or dividends on its securities so deposited, and from 
 time to time to withdraw any of such securities on 
 depositing with the said Superintendent such otiier 
 securities of like value as those withdrawn, and of the 
 same character as those above mentioned. ['^ 6, Chaf. 
 463, Laws of 1853, as amended by ^ 1, Chop. 551, Laws 
 of 1853, and § 1, Chap. 328, Laws of 1860.*] 
 
 * The original section 6 of Cliapter 4G3, Act of 1853, as amended \>y 
 section 1, Chapter 551, Laws of the same year, is as follows ; — 
 
 ^ U. No company shall be organized under this act for the purposes 
 mentioned in the First department with a less capital than one hundred 
 thousand dollars ; and uo company shall he organized for the purposes 
 mentioned in tlie Second department with a less capital than twenty-five 
 thousand dollars. The whole capital of such company shall, before 
 proceeding to business, be paid in and invested in stoekjs of the United 
 States, or of the State of New York, the market value of which shall 
 be at the time at or above par, or in such stocks or securities as now 
 are or may hereafter be receivable by the Bank Department. No 
 company organized for the purposes mentioned in the First department 
 shall commence business until they have deposited with the Comp- 
 troller of this state the sum of one hundred thousand dollars in the 
 stocks or securities before mentioned ; but all mortgages deposited by 
 any company under this section shall be upon improved unincumbered 
 lieal Kstate, worth seventy-five per cent more than tlie amount loaned
 
 OF THE STATE OF NEW YORK. 13 
 
 g 7. Whenevei- the corporators shall have fully organ- superinten- 
 ized such company, and the said company have deposited uishcenifl- 
 with the said Superintendent the requisite amount of JepoBit. 
 capital, it sliall become his duty to furnish the corjjora- 
 tion with a Certificate of such deposit, which, with a 
 certified copy of the papers previously required under 
 this act, shall, when filed in the County Clerk's office of 
 the county where such companj'^ is' to be located, be the 
 Authoi'ity to commence business and issue policies, and 
 the same may be used in evidence for and against the 
 corporation in all suits. [§ 7, Clia/p. 463, Laws of 1S53.] 
 
 g S. It shall be lawful for any company organized 
 under this act, to invest its funds or accumulations in 
 bonds and mortgages on unincumbered Real Estate within 
 the State of New York, worth fifty per cent more than 
 the sum so loaned thereon, on in stocks of the United 
 States, stocks of this State, or of any incorporated city 
 of this State, if at or above par, and to lend the same or 
 any jiart thereof on the security of such bonds and mort- 
 gages, and upon the pledge of such stocks ; provided, 
 that the current market value of sucli stocks shall be at 
 least ten per cent more than the sum so loaned thereon. 
 [>§! 8, Chap. 463, Laws of 1S53, as amended by § 2, C/taj). 
 328, Laws of I860.*] 
 
 thereon ; and no company organized for the purposes named in the 
 Second department shall commence business until they have deposited 
 witlx the Comptroller of this state the sum of twenty-five thousand dol- 
 lars in the stocks or securities before mentioned. The Comptroller shall 
 hold such stocks or securities as security for policy holders in said 
 companies ; but, so long as any company so depositing shall continue 
 solvent, may permit such company to collect the interest or dividends 
 on its stocks or securities so deposited, and, from time to time, to with- 
 draw any of such securities, on depositing with the Comptroller other 
 securities of like character, the market value of which shall be at the 
 time of such deposit at or above par. 
 
 * The original section 8, Chapter 463, Laws of 1853, is as follows : — 
 ^ 8. It shall be lawful for any company organized under this act, to 
 invest its funds or accumulations in bonds and mortgages, on unincum-
 
 14 
 
 LIFE INSURANCE LAWS 
 
 Charter 
 may he 
 amended* 
 
 To hold 
 Real OBtaU* 
 
 Any company organized under the acts to which this 
 is an amendment, having first obtained the consent of the 
 Superintendent of the Insurance Department thereto in 
 writing, may, by a vote of a majority of their Directors, 
 accept the provisions of this act, or any of them, and 
 amend their Charter to conform with the same. [_^ 3, 
 Chap. 328, Laws of I860.] 
 
 5 9. No company organized under this act shall be 
 permitted to purchase, hold or convey Real estate, except 
 for the purposes and in the manner herein set forth, to 
 wit : — 
 
 1. Such as shall be requisite for its immediate accom- 
 modation in the transaction of its business ; or, 
 
 2. Such as shall have been mortgaged to it in good 
 faith, by way of security for loans previously contracted, 
 or for moneys due ; or, 
 
 3. Such as shall have been conveyed to it in satisfac- 
 tion of debts previously contracted in the course of its 
 dealings ; or, 
 
 4. Such as shall have been purchased at sales upon 
 judgments, decrees or mortgages obtained or made for 
 such debts ; and it shall not be lawful for any company 
 incorporated as aforesaid to purchase, hold or convey 
 Real Estate in any other case or for any other purpose ; 
 and all such Real Estate as may be acquired as aforesaid, 
 and which shall not be necessary for the accommodation 
 of such company in the convenient transaction of its 
 business, shall be sold and disposed of within five years 
 after such company shall have acquired title to the same ; 
 
 bered real estate within the State of New York, worth fifty per cent more 
 than the sum so loaned thereon, or in stocks of the United States, stocks 
 of this State, or of any iucorjiorated city in this State, if at or above par, 
 and any stocks created under tlie laws of this state that shall be, at the 
 time of such investment, at a market value in the city of New York, at 
 or above par.
 
 OF THE STATE OF NEW YORK. 15 
 
 and it shall not be lawful for such company to hold such 
 Real Estate for a longer period than that above mentioned, 
 unless the said Company shall procure a certificate from 
 the Superintendent of the Insurance Department that 
 the interests of the company will suffer materially by a 
 forced sale of such Real Estate, in which event the time 
 for the sale may be extended to such time as the said 
 Superintendent shall direct in said Certificate. [^ 9, Chap. 
 463, Laws of 1853.] 
 
 § 10. The corporators, or the Trustees or Directors, as to adopt 
 
 ,, ^ p • 1 1 j_i • eeal, make 
 
 the case may be, oi any company organized under this uyiawB.&c. 
 act shall have power to adopt a Seal, and to make such 
 By-laws, not inconsistent with this act or the Constitu- 
 tion and laws of this state, as may be deemed necessary 
 for the management of its affairs ; and suits at law may 
 be maintained by any corporation formed under this act 
 against any of its members or stockholders for any cause 
 relating to the business of such company ; also, suits at 
 law may be prosecuted and maintained by any member 
 or stockholder against such corporation for losses which 
 may have accrued, if payment is withheld more than 
 two months, on all risks, after such losses shall have been 
 due. [§ 10, Chap. 463, Laws of 1853.] 
 
 § 11. All companies formed under this act shall be companie» 
 deemed and taken to be bodies corporate and politic, in be bodies 
 fact and in name, and shall be subject to all the provi- aadpoutic 
 sions of the Revised Statutes in relation to corporations, 
 so far as the same are applicable, except in regard to 
 Annual Statements and other matters herein otherwise 
 specially provided for. [§ 11, Chap. 463, Laws of 1853.] 
 
 S 12. It shall be the duty of the President or Vice- ^ffd',',"™^'^ 
 President and Secretary or Actuary, or a majority of the annuauyf^ 
 Trustees of each company organized under the laws of 
 this state, annually, on the first day of January, or within
 
 16 LIFE INSURANCE LAWS 
 
 sixty days thereafter, to prepare under oath, and deposit 
 in the office of the Superintendent of the Insurance 
 Department of the state, a Statement, showing: — 
 
 1. The number of policies issued during the year. 
 
 2. The Amount of insurance effected thereby. 
 
 3. Amount of Premiums received during the year. 
 
 4. Amount of interest and all other Receipts, specify- 
 ing the items. 
 
 6. Amount of Losses paid during the year. 
 
 6. Amount of Losses unpaid. 
 
 7. Amount of Expenses. 
 
 8. Whole number of policies in force. 
 
 9. Amount of Liabilities or risks thereon, and of all 
 other liabilities. 
 
 10. Amount of capital stock. 
 
 11. Amount of Accumulation, specifying whether 
 received upon Life insurance, Annuities, or how other- 
 wise. 
 
 12. Amount of Assets and manner in which thej'^ are 
 invested, specifying what amount in Real estate, on bond 
 and Mortgage, stocks, loans on stocks, premium notes, 
 credits or other securities. 
 
 13. Amount of Dividend unpaid. 
 
 14. A tabular statement of the policies in force for the 
 whole term of life, showing how many thereof for each 
 age of life, and for what amount of risk, were issued or 
 in force during the first year of the existence of the com- 
 pany, during the second year, and so on up to the time 
 of making such statement. 
 
 15. A tabular statement of the policies in force for a 
 shorter period than the whole term of life, showing how 
 many thereof for each age of life, and for what amount 
 of risk, were issued or continued in force during tiio first
 
 OF THE STATE OF NEW YORK. 17 
 
 year of the company's existence, during the second year, 
 and so ou up to the time of making such Statement. 
 
 The Superintendent of the Insurance Department shall 
 cause to be prepared, and furnished to every company 
 to vviiich this act shall apply, printed forms of the State- 
 ments herein required ; and he may make such changes 
 from time to time, in the form of the same, as shall seem 
 to him best adapted to elicit from said companies a true 
 exhibit of their condition in respect to the several points 
 hereinbefore enumerated. [ '§> 12, Chap. 4G3, Laws of 
 1853.] 
 
 5 13. It shall be the duty of the Superintendent of statements 
 the Insurance Department to cause the information con- municated 
 
 to the Leg- 
 
 tained in the Statements required iQ the last section to isiature. 
 be arranged in a tabular form, and prepare the same in 
 a single document for printing, which he shall commu- 
 nicate to the Legislature. \_^ 13, Chuji. 463, Laws of 
 1S53.] 
 
 g 14. It shall not be lawful for any person to act 
 within this state, as Agent or otherwise, in receiving or 
 procuring applications for insurance, or in any manner to 
 aid in transacting the business of insurance, referred to in 
 the first section of this act, for any company or associa- 
 tion incorporated by or organized under the laws of any 
 other state government, unless such company is possessed 
 of the amount of capital required by the sixth section of 
 this act for companies in this state, and the same is 
 invested in stocks of the United States, or of the State 
 of New York, or of the state in which said company is 
 located, the market value of which at the time of such g^^^,^ 
 deposit shall be at or above par, or in such stocks or 
 securities as now are or may hereafter be receivable by 
 the Bank Department; but all Mortgages deposited by
 
 18 • LIFE INSURANCE LAWS 
 
 anv coTiipaii}' under this section sjiall be upon improved, 
 unincumbered Real estate, worth seveutj^-iive per cent 
 more than the amount loaned thereon, which investments 
 are deposited with the Auditor, Comptroller or Chief 
 Financial officer of the state by whose laws said com- 
 pany is incorporated, and the Superintendent of the 
 Insurance Department of this state is furnished with 
 the Certificate of such Auditor, Comptroller or Chief 
 Financial officer aforesaid, inider his hand and official 
 seal, that he, as such Auditor, Comptroller or Chief 
 Financial officer of such state, holds in trust and on 
 deposit, for the benefit of all the policy holders of such 
 company, the security before mentioned, which Certifi- 
 cate shall embrace the items of the security so held, 
 that he is satisfied that such securities are worth one 
 hundred thousand dollars, if the company proposes to 
 transact the business referred to in the First department, 
 or that they are worth twentj^-five thousand dollars if 
 the company proposes to transact the business referred 
 Eschangeof to in tlic Sccond department. But nothing herein con- 
 tained shall be construed to invalidate the agency of any 
 company incorporated by another state by reason of such 
 company having from time to time exchanged the securi- 
 ties so deposited with the Auditor, Comptroller or Chief 
 Financial officer of the state in which such company is 
 located, for other stock, authorized by this act, the mar- 
 ket value of which shall be at or above par, or by reason 
 of such company having drawn their interest and divi- 
 dends, from time to time, for such stocks. Such com- 
 pany shall also appoint an Attorney in this state, on 
 whom process of law can be served ; and such Attorney 
 shall file with the Superintendent of the Insurance De- 
 partment a certified copy of the Charter of said company,
 
 OF THE STATE OF NEW YORK. 19 
 
 and also a certified copy of tlie vote or resolution of the 
 Trustees or Directors of the said company appointing 
 such Attorney, which appointment shall continue until 
 anotiier Attorney be substituted, in which vote or reso- 
 lution they shall name the time designated for making 
 their Annual Statements. When the foregoing require- superinten- 
 
 o ^ 1 dent to give 
 
 nients shall have been complied with, the said Superin- •^"'"i<^'"»- 
 tendent shall give a Certificate to that efi'ect, setting forth 
 the name of the Attorney for such company, which Cer- 
 tificate, when filed in the County Clerk's office of the 
 count}'^ where the agency is to be established, shall be 
 the Authority of such company to commence business ; 
 and such company, or their Attorney, shall annually file 
 with the said Superintendent of the Insurance Depart- 
 ment of this state, a Statement of their affairs in the 
 manner and form provided in section twelve for similar 
 companies in this state. [§ 14, Ckcqj. 463, Laws (f 1S53, 
 as amended hij % 2, Chap. 551, Laws of 1853.] 
 
 5 15. It shall not be lawful for any person to act in seouriuo. 
 this state as acrent or otherwise, in procurinc; applica- Bitedwith 
 
 ° ^ oil Superinten- 
 
 tions for Life or Health insurance, or in any manner to dent bctoro 
 
 ^ aL'ent can 
 
 aid in transacting the business of any Life or Health in- 
 surance company incorporated by or organized under the 
 laws of any foreign government, until such company 
 have deposited with the Superintendent of the Insurance 
 Department of this state, for the benefit of the policy 
 holders of such company, citizens or residents of the 
 United States, securities to the amount of one hundred 
 thousand dollars of the kind required by section sixth, 
 for similar companies of this state, and have appointed 
 an Attorney in this state on whom process of law can 
 be served, and said Attorney shall have filed with the 
 said Superintendent a certified copy of the Charter of 
 
 a^ent can 
 act.
 
 20 LIFE INSURANCE LAWS 
 
 the said company, aud also a certified copy of the vote 
 or resolution of the Trustees or Directors of such com- 
 pany, appointing him the Attorney of such company, 
 which appointment shall continue until another Attorney 
 be substituted. When the foregoing requirements shall 
 have been complied with, the said Superintendent shall 
 give a Certificate to that effect, and also state the name 
 of the Attorney, which Certificate when filed in the 
 County Clerk's office of the county where the agency is 
 to be located, shall be the Authority to commence busi- 
 ness. The Attorney of such company shall annually 
 file with the said Superintendent a Statement of its 
 affairs in the United States, in the manner and in the 
 form required by the twelfth section of this act, which 
 said Statement shall be sworn to by the Attorney of such 
 company, but this act shall not apply to such companies 
 as have made the deposit with the Comptroller until the 
 first day of July, eighteen hundred and fifty-three. [^ 15, 
 Chap. 463, Laivs of 1853.] 
 
 All foreign Insurance companies, associations, corpora- 
 tions, partnerships and individuals, transacting the busi- 
 ness of Fire, Marine or Life insurance, or any other kind 
 of insurance in this state, shall make Annual Statements 
 of their condition and affairs to the Insurance Depart- 
 ment, in the same manner and in the same form as 
 similar companies organized under the laws of this state. 
 [§ 1, Chap. 334, Laws of 1S61.] 
 
 In case of neglect or refusal to make such Annual 
 Statements, as aforesaid, all persons acting in this state, 
 as agents or otherwise, in transacting the business of in- 
 surance for said companies, corporations, associations, 
 partnerships, or individuals, shall be subject to the same 
 penalties provided by law in case of the failure of any
 
 OF THE STATE OF NEW YORK. 21 
 
 iusurance company, organized under the laws of this 
 state, to make an Annua! Statement, as now provided 
 by law. [§ 2, Clia-p. 334, Laivs of 1861.] 
 
 3 16. Every County Clerk shall demand and receive Feee. 
 for every paper filed in his office under this act, the sum 
 of ten cents, to be accounted for and paid to the County 
 Treasurer as now provided with regard to other fees. 
 [■§ 16, Chap. 463, Laws of 1853, as modified by § 7, ajid 
 I 8, Chap. 366, Laivs of 18-59.] 
 
 3 17. It shall be the duty of the Superintendent of supenn- 
 the Insurance Department, whenever he shall have good esamin". 
 reason to suspect the correctness of any Annual State- made"^" 
 ment, or that the affairs of any company making such 
 Statement are in an unsound condition, to cause an 
 Examination to be made into the affairs of any insurance 
 company for the purposes named in this act, incorporated 
 in this state, or doing business by its agencies in this 
 state ; and it shall be the duty of the officers or agents 
 of any insurance company doing business in this state, to 
 cause their books to be opened for the inspection of tlie 
 person or persons so appointed, and otherwise to facili- 
 tate such Examination so far as it may be in their power 
 so to do ; and for that purpose the said Superintendent, 
 or the person or the persons so appointed by him, shall 
 have power to examine, under oath, the officers and 
 agents of any company relative to the business of said 
 company ; and whenever the said Superintendent shall 
 deem it for the interest of the public so to do, he shall 
 publish the result of such investigation in the paper in 
 which the state notices are directed to be inserted ; and 
 whenever it shall appear to the said Superintendent, 
 from such Examination, that the Assets of any such 
 company be insufficient to reinsure the outstanding
 
 22 LIFE INSURANCE LAWS 
 
 risks, he shall communicate the fact to the Attoruey- 
 General, whose duty it shall then become to apply to 
 the Supreme Court for an order requiring them to show- 
 cause why the business of such company should not be 
 closed, and the court shall thereupon proceed to hear the 
 allegations and proofs of the respective parties; and in 
 case it shall appear to the satisfaction of the said court 
 that the Assets and funds of the said company are not 
 sufficient, as aforesaid, the said court shall decree a dis- 
 solution of said company and a distribution of its effects, 
 including the securities deposited in the hands of the 
 said Superintendent. The Supreme Court shall have 
 power to refer the application of the Attorney-General 
 to a referee, to inquire into and report upon the facts 
 stated therein. And whenever it shall appear to the 
 said Superintendent from the Report of the person or 
 persons appointed by him, that the affairs of any com- 
 pany not incorporated by the laws of this state, are in 
 an unsound condition, he shall revoke the Certificates 
 granted in behalf of such company, and shall cause a 
 notification thereof to be published in the state paper 
 for four weeks, and the Agent or agents of such com- 
 pany are after such notice, required to discontinue the 
 issuing of any new policies. The expenses of any Ex- 
 amination made under this section, shall be borne by the 
 company so examined. [§17, Chaf. 463, Laws of 1S53.] 
 g 18. Every violation of this act shall subject the 
 vioutionof party violating to a penalty of five hundred dollars for 
 each violation, which shall be sued for and recovered in 
 the name of the people, by the District Attorney of the 
 county in which the company or agent or agents so vio- 
 lating shall be situated, and one-half of such penalty 
 when recovered, shall be paid into the Treasury of such
 
 OF THE STATE OF NEW YORK. 23 
 
 county, and the other half to the informer of such viola- 
 tion ; and, in case of the non-payment of such penalty, 
 the party so offending shall be liable to imprisonment for 
 a period not exceeding six months, in the discretion of 
 any conrt having cognizance thereof. [§ 18, Chaji. 463, 
 Laws of 1853.] 
 
 3 19. When any company, transacting the business of proceed- 
 insurance under either of the departments specified in company™ 
 
 wishes to 
 
 the first section of this act, within the State of New rfi'''<i';i* 
 
 Its business. 
 
 York, shall desire to relinquish its business, the Super- 
 intendent of the Insurance Department shall, on appli- 
 cation of such company or association, under the oath 
 of the President or principal officer and Secretary or 
 Actuary, give notice of such intention in the paper in 
 whicli the state notices are directed to be inserted, at 
 least twice a week for six mouths ; and after such publi- 
 cation he shall deliver up to such company or association 
 the securities held by him, belonging to them, on being 
 satisfied by the exhibition of the books and papers of 
 such company or association, and on examination, to be 
 made by himself or some competent person, not officer 
 of any Life Insurance Company in this state, to be ap- 
 pointed by him, and upon the oath of the President or 
 principal officer, and the Secretary or Actuary of the 
 same, that all debts and liabilities of every kind are 
 paid and extinguished that are due or may become due 
 upon any contract or agreement made with any citizen 
 of the United States. And the said Superintendent may 
 also from time to time deliver up to such Company or 
 Association or its assigns, any portion of said securities, 
 on being satisfied in manner and form aforesaid, or by 
 any other competent proof, that all the debts and 
 liabilities of every kind that are due or may become due
 
 24 
 
 LIFE INSURANCE LAWS 
 
 Charter to 
 continue 
 until re- 
 pealed. 
 
 Esisting 
 companies 
 may avail 
 themselves 
 of the pro- 
 visions of 
 this act. 
 
 Parts of 
 acts of 1849 
 and 1851, re- 
 pealed. 
 
 upon any contract or agreement made with any citizen 
 of this state by said Company or Association are less 
 than one-half of the amount of the portion of said securi- 
 ties he shall still retain. [^ 19, Chap. 463, Laws of 1853, 
 OS amended by ^1, Chap. 263, Laws of 1859.] 
 
 g 20. Every Charter created by or under the laws of 
 this state for the purposes aforesaid, shall continue until 
 repealed. [§ 20, Chap. 463, Laws of 1853.] 
 
 g 21. Any existing company incorporated by or au- 
 thorized under the laws of this state, for the purposes 
 mentioned in this act, may avail themselves of the pro- 
 visions of this act, after publishing their intentions for 
 six weeks in the state paper, and obtaining the consent 
 of the majority of the Trustees or Directors, and com- 
 plying with the third section of this act in relation to 
 the filing and contents of the Declaration therein re- 
 ferred to. R 21, Chap. 463, Laws of 1853.] 
 
 (J 22. So much of the act of April tenth, eighteen 
 hundred and forty-nine, and of April eighth, eighteen 
 hundred and fifty-one, as relate to Life insurance, is 
 hereby repealed, but this section shall not affect any 
 company incorporated under such acts. [§ 22, Chap. 
 463, Laws of 1853.] 
 
 3 23. This act shall take efiect immediately. ['§> 23, 
 Chap. 463, Laws of 1853.] 
 
 [For the Act of April 10th, 1849, See Session 
 Laws of that year, Chap. 308 ; for the Act 
 of April Sth, 1851, See post p. 25.]
 
 OF THE STATE OF NEW YORK. 25 
 
 Cliap. 95. 
 
 AN ACT IN RELATION TO ALL COMPANIES TRANS- 
 ACTING THE BUSINESS OF LiFE INSURANCE WITH- 
 IN THIS state; passed April 8th, 1851.* 
 
 Section 1. Every Life Insurance Company tr.insacting business in 
 tbis state, sliall deposit one hundred thousand dollars 
 in certain stocks or bonds and mortgages ; regula- 
 tions, &c. 
 
 2. Stocks, bonds and mortgages to be held as security for 
 
 policy holders ; companies may collect interest in cer- 
 tain cases ; securities may be withdrawn on depositing 
 other like securities ; regulations as to title and value 
 of real estate mortgaged. 
 
 3. Agents not to act in this state without procuring Certili- 
 
 cates of Authority. 
 
 4. Companies from other states and foreign countries, to 
 
 make and publish Annual Statements of their condi- 
 tion and affairs ; contents thereof. 
 
 5. An Examination may be made into the .affairs of any com- 
 
 pany when deemed expedient ; proceedings thereon. 
 
 6. Further proceedings when the Assets are not sufficient to 
 
 re-insure the outst.anding risks. 
 
 7. Certificates of Authority to lie revoked in certain cases. 
 
 8. Proceedings when company desires to relinquish business. 
 
 9. Penalty for violating provisions of Act. 
 10. Eepealiug section. 
 
 The People of the State of Neiv York, represented in 
 Senate and Assembly, do enact as follows: — 
 
 5 1. Every company or association transacting the biisi- $ioo,oooto 
 ness of Life insurance within the State of New York, cd wuh"*" 
 shall, on or before the 1st day of August, in the year one ^o™p"""- 
 tliousand eight hundred and fifty-one, deposit witli tlie 
 Comptroller of this state the sum of fifty thousand dol- 
 lars, and on or before the first of February thereafter, 
 the further sum of fifty thousand dollars, in public stocks 
 of the United States, or of this state, or stocks or bonds 
 of either of tlie incorporated cities of this state ; and 
 which stocks or bonds shall be at or above par at the 
 time of such deposit, or in bonds and mortgages on un- 
 incumbered improved Real Estate situate within this state, 
 and worth at least fifty per cent more than the amount 
 
 * This act is repealed sub modo ; See Section 22, Chapter 463, Laws of 
 1853, Ante, p. 24. The word "Comptroller" is retained in this Act, 
 under the circumstances, although the powers and duties of the Comp- 
 troller are now devolved on the Superintendent as far as this Act remains 
 in force. 
 
 4
 
 26 LIFE INSURANCE LAWS 
 
 of the mortgage thereon ; and the President or Agent 
 of every company shall annex to every mortgage his 
 affidavit that said mortgage was made and taken in good 
 faith for money loaned by the company wliich lie repre- 
 sents, to the amount therein named, and that no part 
 thereof has been since paid or returned, and that he has 
 reason to believe, and does believe, that the premises 
 tliereby mortgaged are wortii at least fifty per cent more 
 than the aniount of the mortgage thereon ; and the 
 Comptroller shall prescribe such regulations for ascer- 
 taining the title and value of such Eeal Estate as he may 
 deem necessary ; provided, hovfever, that companies or 
 associations established, or which may commence opera- 
 tions in this state by agents or otherwise, subsequent to 
 the passage of this act, shall, before obtaining the Cer- 
 tificate required by the act to provide for tiie incorpora- 
 tion of insurance companies, passed April tenth, eighteen 
 hundred and forty-nine, deposit with the Comptroller the 
 sum of one hundred thousand dollars, in securities as 
 hereinbefore specified. 
 Money.how g o, hj^i^q Comptroller shall hold said stocks, bonds and 
 how man- mortgagcs as security for policy holders in said compa- 
 "^'"^' nies, but shall, so long as any company so depositing 
 
 shall continue solvent and shall comply with all the re- 
 quisites of the laws of this state applicable to such 
 company, permit such company to collect the interest 
 or dividends on its bonds and mortgages or stocks so 
 deposited, and from time to time to withdraw any of 
 such securities on dejiositing with the Comptroller other 
 like securities, stocks or mortgages, the par value of 
 which shall be equal to the par value of such as may be 
 withdrawn ; each mortgage so substituted to be also 
 accompanied with an aftidavit as required in the first 
 section; and the Comptroller shall prescribe such i-egu- 
 lations for ascertaining the title and value of the real 
 estate covered by the mortgage so substituted, as he 
 may deem necessary. 
 Agen.a. § 3- It shall iiot be lawful for any person to act, within 
 
 this state, as Agent or otherwise in receiving or procuring 
 apjilication for insurance in or in any manner to aid in 
 transacting tin; insurance business of any company or as- 
 sociation not incorporated under the laws of this state, 
 until he has procured a Certificate from the Comptroller
 
 OP THE STATE OF NEW YORK. 27 
 
 that tlie company or association for which he acts has 
 complied with all the provisions of this act ; antl for 
 every Certificate so obtained the sum of three dollars 
 shall be paid to the Comptroller. 
 
 <S 4. Every company or corporation organized under ReportBtn 
 
 ill X' ■ i. i i. i- ■ i. ] be mndc by 
 
 the laws of sister states or toreign governments, and fon-iun 
 transacting the business of Life insurance in this state, '^™p"""=- 
 shall, witliin three months after the passage of this act, 
 and on or before the first day of February in each year 
 thereafter, furnish to the Comptroller, and shall also 
 publish in the state paper, daily for two weeks, a state- 
 ment, verified by the oath of their President or principal 
 officer, and a majority of tlieir Directors or Trustees, 
 showing the amount of paid up capital, and accumula- 
 tions of which they are possessed, and specifying the 
 securities in which they are invested, with the amount 
 of each; the number of policies, and the amount of out- 
 standing risks thereon ; the several amounts received in 
 premiums and from other sources for the current }^ear ; 
 the amount of losses and expenses severally for the same 
 period ; the amount of claims remaining unpaid ; the 
 amount of fund reserved for re-insurance ; the amount of 
 premium notes held by the company on account of poli- 
 cies in force; the amount of premium notes, if any, held 
 on account of policies upon which the risk has termi- 
 nated ; the whole number of policies issued or continued 
 through their agencies in this state, the amount at risk 
 thereon, and the gross amount of premiums received 
 therefor in the year preceding their report; the number 
 and amount of losses paid through their agencies during 
 the same period. 
 
 § 5. It shall be lawful for the Comptroller, whenever Affairs to 
 he shall deem it expedient so to do, to appoint one or becxamm- 
 more competent persons, not officers of any Life insu- 
 rance company doing business in this state, to examine 
 into the affairs of any Life insurance company incorpo- 
 rated in this state, or doing business by its agents in this 
 state, and it shall be the duty of the officers or agents of 
 any company doing business in this state, to cause their 
 books to be opened for the inspection of the person or 
 persons so appointed, and otherwise to facilitate such 
 examination so far as it may be in their power to do ; 
 and for that purpose the Comptroller or the person or
 
 28 
 
 LIFE INSURANCE LAWS 
 
 And report 
 published. 
 
 Proceed* 
 inpe upon 
 report. 
 
 Comptrol- 
 ler when to 
 revoke cer- 
 tificates . 
 
 Manner of 
 closing bu* 
 
 persons so appointed by him, sliall liave power to ex- 
 amine, under oath, the officers and agents of any com- 
 pany relative to the business of said company; and 
 whenever the Comptroller shall deem it for the interest 
 of the public so to do, he shall publish the I'csult of such 
 investigation in one or more papers in this state. 
 
 3 6. Whenever it shall appear to the Comptroller, from 
 Examination made under his direction, that the Assets 
 are not sufficient to insure the outstanding risks of any 
 company incorporated in this state, he shall communicate 
 the fact to the Attorney-General, whose duty it shall 
 then become to apply to the Supreme Court for an order 
 requiring them to show cause why the business of such 
 company should not be closed, and the court shall there- 
 upon pi'oceed to hear the allegations and proofs of the 
 respective parties; and in case it shall appear to the sat- 
 isfaction of said court that the Assets and funds of the 
 said company are not sufficient as aforesaid, the said 
 court shall decree a dissolution of said company and a 
 distribution of its eifects, including the securities de- 
 posited in the hands of the Comptroller. The Supreme 
 Court siiall have power to refer the application of the 
 Attorney-General to a referee to inquii'e and report upou 
 the facts stated therein. 
 
 § 7. Whenever it shall appear to the Compti'oller, from 
 the report of the person or persons appointed by him, 
 that the affairs of any foreign company, as aforesaid, are 
 in an unsound condition, he shall revoke all such Certifi- 
 cates in behalf of such compauj^, and shall cause a noti- 
 fication thereof to be published in the state paper for 
 four weeks, and the agent of such company is, after such 
 notice, required to discontinue the issuing of any new 
 policy. 
 
 3 8. When any company transacting the business of 
 Life insurance within the State of New York, shall desire 
 to relinquish its business, the Comptroller shall, on ap- 
 plication of such company or association, under the oath 
 of the President or principal officer, and secretaiy, give 
 notice of such intention in the state paper at least twice 
 a week, for six mouths ; and after such publication he 
 shall deliver up to such company or association, the se- 
 curities held by him belonging to them, on being satisfied 
 by the exhibition of the books and papei's of such com-
 
 OF THE STATE OF NEW YORK. 29 
 
 pany or association and the Examination aforesaid, and 
 upon tlie oath of the President or principal officer, and 
 secretary of the same, that all debts and liabilities of 
 every kind are paid and extinguished, that are due or 
 may become due upon any contract or agreement, made 
 with any citizen of this state. 
 
 g 9. Every violation of this act shall subject the party rcnaiiicA. 
 violating to a penalty of five hundred dollars for each 
 violation, which shall be sued for and I'ecovered in the 
 name of the peojile, by the District Attorney of the 
 county in which the company or the Agent or agents so 
 violating shall be situated, and one-half of the said pen- 
 alty, when recovered, shall be paid into the Treasnry of 
 said county, and the other half to the informer of such 
 violation; and in case of the non-payment of such pen- 
 alty, the party so offending shall be liable to imprison- 
 ment for a period not exceeding six months, in the 
 discretion of any court having cognizance thereof. 
 
 5 10. So much of the act passed April tenth, one thou- Kepeai. 
 sand eight hundred and forty-nine, in relation to the in- 
 corporation of insurance companies, as is inconsistent 
 with the provisions of this act, is hereby repealed.
 
 30 LIFE INSURANCE LAWS 
 
 Chap. 80. 
 
 AN ACT IN RESPECT TO INSURANCES FOR LlVES FOR 
 
 THE Benefit of Married Women ; passed 
 April 1, 1840, (with amendments to January 
 1st, 1862.) 
 
 The People of the Slate of New York, represented in 
 Senate and Assemhhj, do enact as follows: — 
 
 % 1. It shall be lawful for any married woman, by 
 herself, and in her name, or in tiie name of any third 
 person, with his assent, as her trustee, to cause to be 
 insured, for her sole use, the life of lier husband for any 
 definite period, or for the term of his natural life ; and 
 in case of her surviving her husband, the sum or net 
 amount of the insurance becoming due and payable, by 
 the terms of the insurance, shall be payable to her, to 
 and for her own use, free from the claims of the repre- 
 sentatives of the liusband, or of any of his creditors ; 
 but such exemption shall not apply where the amount 
 of premium annually paid out of the funds or property 
 of tiie husband shall exceed three hundred dollars. [§ 1, 
 Chap. 80, Laii's of 18H), as amended bij § 1, Chap. 187, 
 Laws of 1858.] 
 
 <5 2. In case of the death of the wife, before the decease 
 of her husband, the amount of the insurance may be made 
 payable after her death to her children for their use, and 
 to their guardian, if under age. [§ 2, Chap. 80, hawi of 
 1840, and % 2, Chap. 187, Laws of 1S58.]
 
 OF THE STATE OF NEW YORK. 31 
 
 Chap. 469. 
 
 AN ACT TO AMEND THE GENERAL LaW RELATIVE 
 
 TO THE Incorporation of Insurance Companies; 
 passed June 29, 1853. 
 
 The People oj the Slate of New York, represented in 
 Senate and Assembly, do enact as follows : — 
 
 g 1. Any Mutual Life Insurance Company in this compnnies 
 state, incorporated previously to the passage of the ]"ct°to"axa. 
 general Insurance Law, on the tenth day of April, 
 eighteen luindred and forty-nine, shall he subject to taxa- 
 tion in the same manner as if it were incorporated under 
 said geueral law, with a capital of one hundred thousand 
 dollars as required by the sixth section of the said gene- 
 ral law. 
 
 lion. 
 
 Chap. 83. 
 
 AN ACT TO declare the intention and make 
 more certain an act entitled "An Act to 
 
 AMEND THE GENERAL LaW RELATIVE TO THE 
 
 Incorporation of Insurance Companies, passed 
 June twenty-ninth, eighteen hundred and 
 fifty-three ;" passed March 24, 1855, three- 
 fifths being present. 
 
 The People of the State of New York, represented in 
 Senate and Assemhly, do enact as follows : — 
 
 § 1. Any Mutual Life Insurance Company incorpo- MutimiLifo 
 rated in this state previous to the passage of the general company" 
 Insurance Law, on the tenth day of April, eighteen ;"j"£j^f„7j 
 liundred and forty-nine, shall be subject to taxation on ^p^''^1; 
 the sum of one hundred thousand dollars for personal jcct to taxa- 
 property aud no more ; and it is hereby declared that sm'arpro'^' 
 such was the intention and it is the true construction of ^!<V^,|,''of ° 
 said act of June twenty-ninth, eighteen hundred and ^J^"'™" 
 fifty-three, in regard to any taxes imposed on said com- 
 panies after said act took effect.
 
 INDEX. 
 
 A. 
 
 Pagej 
 ACCUMULATIONS : — 
 
 May be invested in certain securities 13 
 
 Amount and nature of, to be reported in Annual Statement 16 
 
 ACT: — 
 
 For the Incorporation of Life and Health Insurance Companies, and in 
 
 relation to agencies of such Companies, passed June 24th, 1853 (with 
 
 amendments and additions to January 1st, 1862), 7 
 
 In relation to all Companies transacting the business of Life Insurance 
 
 within this State, passed April 8th, 1851 25 
 
 Repeal of, (sw6 niodo), 24 
 
 In respect to Insurance for Lires for the benefit of married women, 
 
 pnssed April 1, 1840 (with amendments to January 1, 1862), 30 
 
 To Amend the General Law relative to the lucorporation of Insurance 
 
 Companies, passed June 29th, 1853, 31 
 
 To Declare the Intention and make more certain an act entitled " An act 
 
 to Amend the General Law relative to the Incorporation of Insurance 
 
 Companies, passed June 29th, 1853," passed March 24, 1855, 31 
 
 AGENTS : — 
 
 Of Companies of other States, not to transact the business of Life Insu- 
 rance except in certain cases, and after having received Certificates of 
 Authority from the Superintendent of the Insurance Department, 17, 18, 19 
 
 Of Foreign Companies, regulations concerning, 19, 20 
 
 Duty of, to facilitate Examination of Company made, or caused to be 
 
 made, hy the Superintendent of tlie Insurance Department 21 
 
 Of Companies not incorporated by the laws of this State, required to 
 discontinue the issuing of new policies in certain cases ; publica- 
 tion by Superintendent of the Insurance Department of Notifica- 
 tion that their Certificates of Authority are revoked 22 
 
 AMENDMENT : — 
 
 Of Charter, in conformity with Cliap. 328, Laws of 1860, may be made, . 14 
 Of Charter, may be made by Companies so as to avail themselves of 
 
 the provisions of tlie Act of 1853,. . - 24 
 
 Of General Law, relative to the incorporation of Insurance Companies, 
 
 passed June 29, 1853 31 
 
 5
 
 34 INDEX. 
 
 Page. 
 ANNUAL STATEMENTS : — 
 
 To be made and filed by the ofBcers of all Life Insurance Companies 
 
 organized under the laws of this State ; contents thereof, 15, 16, 17 
 
 Forms for, to be provided by Superintendent of the Insurance Depart- 
 ment, -^ ' 
 
 To be made by Life Insurance Companies of other States and by Foreign 
 Life Insurance Companies, in the same form and manner as by our 
 own Companies, 19, 20 
 
 ANNUITIES, Power of Companies to grant, purchase or dispose of, 8 
 
 APPLICATION to the Superintendent of the Insurance Department to be 
 
 made by a Life Insurance Company desiring to relinquish business, 23 
 
 ASSETS of a Life Insurance Company, to be specified in its Annual Statement. 16 
 
 ATTORNEY :— 
 
 For a Life Insurance Company from another State or country to be ap- 
 pointed in this State ; to file with the Superintendent of the Insu- 
 rance Dt'partment a certified copy of said Company's Charter and of 
 his own appointment; to file Annual Statement of the Company's 
 affairs ; his appointment to continue until another is substituted, 18, 19, 20 
 
 For a Foreign Life Insurance Company, to make an Annual Statement 
 
 of the Company's affairs in the United States, 20 
 
 ATTOENEY-GENERAL, to examine Declaration prior to the organization of 
 
 a Life Insurance Company, 10 
 
 Duty of, to apply to the Supreme Court for an order to close the business 
 
 of a Life Insurance Company in certain cases, 22 
 
 AUTHORITY to commence business: — 
 
 For a Life nr Health Insurance Company organized under the Laws of 
 
 this State, 13 
 
 For a Company from another State, 19 
 
 For a Foreign Life Insurance Company, 20 
 
 B. 
 
 BANKING DEPARTMENT, Description of Stocks and Securities receivable 
 
 at, (See Note,) 11 
 
 BODIES CORPORATE AND POLITIC, Companies organized under the Act 
 
 of June 24, 1853, to be taken as,. 15 
 
 BONDS AND MORTGAGES:— 
 
 The Capital of a Life Insurance Company may be invested in ; regulations 
 
 concerning 11 
 
 The Funds and Accumulations of a Company may be invested in ; regu- 
 lations, 13 
 
 Deposited by a Life Insurance Company of anotherState ; regulations 
 
 concerning, 17, 18 
 
 BOOKS OF SUBSCRIPTION to the Capital Stock of a Life Insurance Com- 
 pany ; when to be opened , . . 10 
 
 BY-LAWS, Power of Corporators, or Trustees or Directors to make ; not to 
 
 be iuconsisteut with the Constitution or Laws of this State 15
 
 INDEX. 36 
 
 Page. 
 
 c. 
 
 CAPITAL: — 
 
 Amount, requisite for Life or Health Insurance Companies 10, 11 
 
 To be wholly paid in and invested, before proceeding to business; man- 
 ner of investment ; may be changed and re-invested, 11 
 
 Of Life Insurance Companies from other States, to be of the same 
 amount as required for Companies of this State ; and to be invested 
 in securities of a similar nature, 1(,18 
 
 CAPITAL STOCK:— 
 
 To be subscribed to, and under certain circumstances distributed among 
 
 subscribers, 10 
 
 Amount of to be specified in Annual Statement 16 
 
 CERTIFICATE: — 
 
 Of the Attorney-General as to the Declaration and Charter of the Coi-po- 
 rators of a Life or Health Insurance Company, preliminary to the 
 organization of the Company ; to be recorded, 10 
 
 Of Deposit, to be fnrnished by the Superintendent of the Insurance De- 
 partment, .and ivhen filed with other papers in the County Clerk's 
 Office, to be the Authority to commence business ; and when so filed 
 may be used as evidence for .and .against the Corporation in all suits, 13 
 
 To extend time for sale of Real Estate owned by Life or Health Insurance 
 
 Companies, may be issued by Superintendent in certain cases, 15 
 
 Of the Comptroller or chief Fiuiiiicial Officer of another State, tb.at a Life 
 Insurance Company of th.at State has deposited securities with him, 
 to be furnished to the Superintendent of the Insurance Department, 18 
 
 CERTIFICATE OF AUTHORITY: — 
 
 To be granted by Snperintendent, in certain cases, to the Agents of Life 
 Insurance Companies from other States, or Foreign Countries ; regu- 
 lations concerninc;, 19, 20 
 
 To be filed in County Clerk's Office, 19, 20 
 
 CERTIFIED COPY of DecIar.ation and Charter, to be furnished to Corpora- 
 tors by Superintendent ; and by them filed in the County Clerk's 
 Office, 10, 13 
 
 CHARTER:— 
 
 Of a Life or Health Insurance Company, to be comprised in Declaration, 
 
 and filed in Insur.ance Department ; contents thereof, 9 
 
 Amendment of, provided for by 5 3, chap. 328, Laws of 18B0, 14 
 
 Of a Life or Health Insurance Company org.anized under laws of this 
 
 State, to continue till repealed, 24 
 
 COMPANIES: — 
 
 Incorporated, may be formed for the purposes of Insurance upon the Lives 
 of Individuals ; and upon the Health of Individuals, and the lives of 
 live stock, 8 
 
 When organized under one Department of the Law of June 24, 1853, not 
 
 to take risks in the other Department, 9 
 
 Authorized to effect re-insurance, 9 
 
 Organized under Chap. 4U3 and Chap. 551, Laws of 1853, m.ay, by a vote 
 of their Directors, .accept the provisions of Chap. 328, Laws of 1860, 
 and amend their Ch.arter to conform to the same, 14 
 
 Life Insurance, may maintain suits at law against members and stock- 
 
 hold'irs ; and vice versa 15
 
 36 INDEX. 
 
 Page. 
 COMPANIES r— Continued. 
 
 Formed under Act of June 24, 1853, shall be deemed bodies corporate 
 and politic, and subject to the provisions of the Revised Statutes 
 (exceptions) 15 
 
 From other States, and from Foreign Countries, to make Annual State- 
 ments in same form and manner as our own Companies, 19, 20 
 
 Desiring to relinquish business, to institute certain proceedings, 23 
 
 Incorporated under the laws of this State may avail tliemselves of the 
 provisions of the Act of June 24, 1853, by complying with certain 
 requisitions 24 
 
 CONSENT OF SUPERINTENDENT, requisite to amend Charter in conformity 
 
 to the act of 1860, 14 
 
 To extend time for sale of Real Estate, 15 
 
 CONSTITUTION, extract from, 5 
 
 CONTENTS, table of, 3 
 
 CORPORATIONS :— 
 
 Life Insurance, how created, 5 
 
 Term, as used in article VIII of Constitution, defined, 5 
 
 May sue and be sued in like cases, as natural persons, 5 
 
 CORPORATORS :— 
 
 Designation of, applied to certain persons, 9 
 
 Of a Life Insurance Company, to file Declaration in the oflice of the 
 
 Superintendent, 9 
 
 COUNTY CLERK, Certificate of Authority to be filed in office of, 19, 20 
 
 Fees of, 21 
 
 CREDITORS, of a man whose life is insured for the benefit of his wife, to 
 
 have no claim upon amount of Insurance ; exceptions 30 
 
 D. 
 
 DECLARATION : — 
 
 To be filed in the Oflice of the Superintendent of the Insurance Depart- 
 ment, by the corporators of a Life or Health Insurance Company ; 
 
 contents thereof, 9 
 
 To be recorded, with Certificate of Attorney-General, 10 
 
 Certified copy of, and Certificate furnished by Superintendent to Directors ; 
 
 and to be by them filed in County Clerk's Office, 10, 13 
 
 DEPOSIT :— 
 
 Of securities, to be made with the Superintendent, by Life or Health In- 
 surance Companies of this State; by foreign Companies, 12, 19 
 
 Certificate of, to be furnished to Companies by Superintendent, 13, 20 
 
 Of securities, to be made by Companies of other States with the Chief 
 Financial Officer of the State, under the laws of which the Com- 
 pany is organized 17, 18 
 
 Certificate of, to be furnislied to the Superintendent of the Insurance 
 
 Department by a Company from another State 18 
 
 DIRECTORS of a Life Insurance Company, majority of, to be citizens of 
 
 this State ". 9 
 
 DISTRIBUTION of the stock of a Life or Health Insurance Company, among 
 
 subscribers ; in what cases to take place, 10
 
 INDEX. 87 
 
 Page. 
 
 DIVIDENDS on Stocks and Securities, held by Superintondent in trust, may 
 
 be collected during solvency of the company depositing, 12 
 
 DURATION of the Charter of a Life Insurance Company under the laws of 
 
 this State 24 
 
 DUTY of officers or agents of Life or Healtli Insurance Companies to open 
 
 l)ooks for inspection in case of Examination by Snperintendent, ... 21 
 
 E. 
 
 EVIDENCE, certified copy of Charter and certificates filed in County Clerk's 
 
 Office, may be used as evidence for or against the company, 13 
 
 EXAMINATION :— 
 
 Of Declaration of a Life Insurance Company by Attorney-General, 10 
 
 Of the afl'airs of a Life Insurance Company to be caused to be made by 
 
 Superintendent in certain cases, 21 
 
 Expense of, to be borne by company examined, 22 
 
 EXPENDITURES of a Life Insurance Company to be specified in its Annual 
 
 Statement, 16 
 
 F. 
 
 FARM BUILDINGS: — 
 
 Not to be estimated in the valuation of real estate mortgaged to Life In- 
 surance Companies, 11 
 
 FOREIGN LIFE INSURANCE COMPANIES : — 
 
 To make deposit of securities with Superintendent of Insurance Depart- 
 ment ; auiount and nature of such securities, 19 
 
 To appoint an Attorney in this State upon whom process of law can be 
 
 served, 19 
 
 Required to make Annual Statement in the same form and manner as our 
 
 own Companies, 20 
 
 FORMS for Annual Statement to be furni.shed by Superintendent ; power of 
 
 the Superintendent to change and alter the same, 17 
 
 I. 
 
 IMPRISONMENT : — 
 
 Party liable to, lor non-payment of penalty for violation of act, 22, 23 
 
 INCOME; — 
 
 Of a Life Insurance Comp.any to be specified in Annual Statement 16 
 
 INDIVIDUAL LIABILITY: — 
 
 Constitutional provision concerning 5 
 
 INSURANCE:— 
 
 Amount effected during the year to be reported in Annual Statement, ... 16 
 For the benefit of a married woman, may be made payable to her chil- 
 dren in case she dies before her hu.--band, 30 
 
 Comimnies may be formed for the jnnposo of making Insurance upon the 
 Lives of individuals, or on the Health of individuals, and on the life 
 of live stock, 8
 
 38 INDEX. 
 
 Page. 
 
 INTENTIONS : — 
 
 To form a Life Insurance Company, Declaration of, to be filed in Insu- 
 rance Department, 9 
 
 To be publislied in State Paper 10 
 
 INTEREST:— 
 
 On securities deposited with the Superintendent in trust, permission to 
 
 collect, 12 
 
 Amount of, received during year to be reported In Annual Statement, ... 16 
 
 INVESTMENT : — 
 
 Of cash capital of Life and Health Insurance Companies, how to be 
 
 made 11,12 
 
 Of Funds and Accumulations, 13 
 
 LAWS, general or special, creating corporations, may be altered or repealed, 6 
 
 LIABILITY, individual, constitutional provision concerning, 5 
 
 LIABILITIES, amount of, to be reported in Annual Statement of a Life 
 
 Insurance Company, 16 
 
 LIMITATION of time for holding real estate owned by a Life Insurance Com- 
 pany (exceptions), 1-1, 15 
 
 LIVES : — 
 
 Of individuals, power to make Insurance thereon, 8 
 
 Of cattle, horses and other live stock, power to insure, 8 
 
 LOANS : — 
 
 May be made by Life or Health Insurance Companies on Citv, United 
 States and New York State stocks, and on bonds and Mortgages ; 
 regulations concerning, 13 
 
 M. 
 
 MARGIN, on value of property mortgaged to Life Insurance Companies, 11, 13, 18 
 
 MARRIED WOMEN, an Act for the benefit of, for Insuring the lives of their 
 
 husbands, 30 
 
 MORTGAGES : — 
 
 On Real Estate, Capital and Funds of a Life Insurance Company may be 
 
 invested in, 11,13,17,18 
 
 Not to be greater in amount than four-sevenths, (or under rules of the 
 Banking Department, two-fifths,) of the value of the premises 
 covered by them, 11 
 
 MUTUAL LIFE INSURANCE COMPANIES : — 
 
 Incorporated previous to the passage of the law of April 10th, 1849, to 
 
 be suliject to taxation as if incorporated under said law 31 
 
 To be subject to taxation on one hundred thousand dollars for personal 
 
 property, and uo more. Chap. 83, Laws of 1855, 31
 
 INDEX. 39 
 
 Psgf. 
 
 N. 
 NOTICE: — 
 
 Of intention to form a Life or Health Insurance Company to lie pub- 
 lished for six weeks, 10 
 
 Of result of an investigation into the affairs of a Life Insurance Com- 
 pany to be published in certain cases, 21 
 
 Of intention of a Company to relinquish business to be published twice 
 
 a week for six months 23 
 
 NOTIFICATION of Revocation of Certificates of Authority to Agents of Life 
 Insurance Companies not incorporated under the laws of this State, 
 to be published in State paper by Superintendent, 22 
 
 NUMBER of persons who may associate and form an Incorporation for the 
 purposes stated in 1st and 2d Departments of the Act of June 24, 
 1853, 8 
 
 o. 
 
 OFFICERS OF LIFE INSURANCE COMPANIES : — 
 
 Duty of, to open books and facilitate any Examination caused to be made 
 
 by the Suj>erintendent of the Insurance Department, 21 
 
 To make application to Sujierintendent, under oath, in case of intention 
 to relinquish business ; and to make oath that all liabilities are 
 extinguished 23 
 
 ORIGINAL: — 
 
 Section 6 of Chap. 463, Laws of 1853, referring to the organization of 
 Life and Health Insurance Companies and the investment of their 
 Capital 12,13 
 
 Section S, Chap. 463, Laws of 1853, 13, 14 
 
 P. 
 
 PENALTY, for violation of Act of June 24, 1853, to be sued for by District 
 
 Attorney ; to whom to be paid, 22, 23 
 
 PENALTIES, for neglect or refusal of Agents of Foreign Life Insurance Com- 
 panies to make Statements, same as provided in case of New York 
 State Companies, , 20, 21 
 
 PERSONAL LIABILITY, Constitutional provisions concerning 5 
 
 PERSONS, number of, who may associate and form Incorporation for the pur- 
 poses specified in M, Chap. 463, Laws of 1853, 8 
 
 POLICIES, Number and amount of, issued and in foi-oe, and tabular state- 
 ments thereof to be made, in Anniial Statement, 16, 17 
 
 PREMIUMS, Amount of, received during year, to he reported in Annual 
 
 Statement, 16 
 
 POWER of Superintendent to examine affairs of a Life Insurance Company or 
 
 to appoint persons for that purpose, 21 
 
 PRESIDENT, or other officers of a Life Insurance Company, duty of, to make 
 
 Annual Statements to Superintendent, 15, 16 
 
 PROCEEDINGS in case a Company wishes to relinquish bu.siness, 23
 
 40 INDEX. 
 
 P»ge. 
 PUBLICATION : — 
 
 In Stutf I'aper, of Inteiitiou of Corporators, to form a Life or Health In- 
 surance Company, 10 
 
 Of result of an investigation of a Life Insurance Company's affaii-s, to 
 
 be made, at discretion of the Superintendent, 21 
 
 Of Notification of Revocation of Certificates of Authority to be made by 
 
 Superintendent, in State Paper, 22 
 
 Of notice of intention of a Company to relinquish business ; when and 
 
 liow to be made, 23 
 
 R. 
 
 REAL ESTATE : — 
 
 May be held by Life Insurance Companies, in what manner and for what 
 
 purposes 14, 15 
 
 Held by Companies, to be disposed of within five years 14 
 
 Certificate to postpone sale of, may be issued by Superintendent in certain 
 
 cases 15 
 
 RECORD to be made of Declaration and Charter of Corporators of a Life 
 Insurance Company, and of the Attornej'-General's Certificate 
 thereto 10 
 
 REFEREE, Power of Supreme Court to appoint in case of Application by At- 
 torney-General to close the business of a Life Insurance Company, . 22 
 
 RE-INSURANCE, Power of Company to efi'ect 9 
 
 REPE.\L sub modo, of portions of the Acts of April 10th, 1849, and April 
 
 8th, 1851, relating to Life Insurance, 24 
 
 REQUIREMENTS : 
 
 For admission of Companies from other States, 17, 18, 19 
 
 For admission of Companies from Foreign Countries, 19, 20 
 
 REVOCATION of Certificates of Authority to be made by Superintendent in 
 
 certain cases, 22 
 
 RISES under First department of the Law of June 24, 1853, not to be taken 
 by a Company organized under the Second department, and vice 
 versa, 9 
 
 s. 
 
 SALE of Real Estate owned by a Life Insurance Company, may be postponed 
 
 by Certificate of Superintendent " " 15 
 
 SEAL, Corporators of a Life Insurance Company have power to adopt 15 
 
 SECRETARY or other officers of a Life Insurance Company to make Annual 
 
 Statement, j5 jg 
 
 SECURITIES :— 
 
 Of Life and Health Insurance Companies, what to consist of; amount 
 to bo deposited witli Superintendent of Insurance Department; may 
 
 be witiulrawn and exchanged, H J2 
 
 Dcscrii)lion of, receivable at Banking Di-partment, .'.. ' n 
 
 Of a Life Insurance Company from another State to be deposited with 
 Chief Financial Ollicer of that state; nature thereof; may be ex- 
 changed ; and interest thereon received by Company, 17 18
 
 INDEX. 41 
 
 Pago. 
 SERVICE of Process, may be made upon the Attorney of a Life Insurance 
 
 Company from another State or Country, 19, 20 
 
 STATEMENT, Annual, of a Life Insurance Company, when to be made and 
 
 tiled ; manner and contents thereof, 15, 16, 17 
 
 To be filed by the Attorney of a Company from another State or Country, 19, 20 
 
 STOCK of a Life Insurance Company to be distributed among subscribers in 
 
 certain cases, 10 
 
 STOCKS:— 
 
 Of the State of New York or the United Slates, the capital of a Life 
 
 Insurance Company may be invested in, 11 
 
 Description of, receivable at Banking Department, 11 
 
 Of incorporated cities of this State, funds and accumulations of a Life 
 
 Insurance Company may be invested in, 13 
 
 Description of, in which the capital of a Life Insurance Company from 
 
 another State may bo invested, 17 
 
 STOCKHOLDERS may bring suits at law against a Life Insurance Corporation 
 
 in certain case.s 15 
 
 SUITS AT LAW, may be maintained by Life Insurance Corporations again.-st 
 
 any of their members, and vice versa, 15 
 
 SUBSCRIPTION BOOKS to Capital Stock, when to be opened ; regulations, 10 
 
 SUPERINTENDENT OF THE INSURANCE DEPARTMENT: — 
 
 May extend time for gale of Real Estate in certain cases, 15 
 
 Duty of, to prepare and furnish printed forms for Annual Statements ; 
 
 power to make changes therein, 17 
 
 To Compile and report to tlie Legislature the information contained in 
 
 the Annnal Statements 17 
 
 To give Certificate of Authority, in certain cases, to the agent of a Com- 
 pany from anotlier State, or foreign Country, 19, 20 
 
 To cause an Examination to be made into the afl'airs of a Life Insurance 
 Company, when he shall deem it expedient so to do ; powers of 
 Superintendent iu such cases 21 
 
 To publish the result of an Examination into tlie affairs of a Life Insur- 
 ance Company, if deemed for the interest of the public so to do,. . . 2' 
 
 To communicate to the Attorney-General the fact of the insufliciency of 
 
 the Assets of a Life Insurance Company 21, 22 
 
 To publish Notification of Revocation of the Certificates of Authority of 
 
 agents of a Company not incorporated under the laws of tliis State, . 22 
 
 To publish notice of the Intention of a Life Insurance Company to relin- 
 quish business, on receiving the application of its officers to that 
 effect, 23 
 
 To deliver up to a Company relinquishing business, all securities held 
 for it iu trust, ou being satisfied that all its debts are extinguished ; 
 or in proportion as all liabilities upon any contract with any citizen 
 of this State are diminished less than one-half the amount of .secu- 
 rities retained, 23, 24 
 
 SUPREME COURT, to take cognizance of application of the Attorney- 
 General to close the business of a Life Insurance Company organized 
 under the laws of the State of New York, and in certain cases to 
 decree the dissolution of the Company, 22 
 
 6
 
 4-2 IXDEX. 
 
 Page. 
 
 T. 
 
 TAXATION : — 
 
 Of Mutual Life Iiism-anoe Companies provided for by AmeDdment to Law 
 
 of June 29, 1853 31 
 
 Of Mutual Life Insurance Companies to be limited to taxation on 
 SIOO.OOO for personal property and no more, as jjrovided by Chap. 
 S3, Laws of 1855, ". 31 
 
 TRUSTEES of a Life Insurance Company, Majority of, to be citizens of this 
 
 State, 9 
 
 Majority of, or certain officers, to make Annual Statement, 15, 16 
 
 Have power to make Seal and Bj--Laws, .■ 15 
 
 T. 
 
 VICE-PRESIDENT of a Life Insurance Company, or other officers, duty of, 
 
 to make Annual Statement to Superintendent 15, 16 
 
 VIOLATION of Provisions of Chap. 463, Laws of 1853, penalty for, 22, 23 
 
 VOTE of Directors of a Company not organized under the laws of this State, 
 Appointing Attorney in the State of New York, certified copy of, to 
 be filed in Insurance Department, 19, 20
 
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