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Les diagrammes suivants illustrent la m6thode. ty errata ed to int ne pelure, 39on d 32X 1 2 3 1 2 3 4 5 6 STATUTORY REQUIREMENTS IlKLATINO TO INSURANCE li ? ^ In the United States and Canada. ■J I ■ \ ■ .-4 if COMPKISINQ AI,L THE REQUIREMENTS NECESSABT FOB TUB ADMISSION ANB TbANSAOTION OP BOBINESS IN THE STATES AND IN CANADA, BT INSUBANCE COMPANIES OP OTHEB States and Fobbiqn Countbibs. ; ■< HARTFORD, CONN.: PUBLISHED BY THE INSURANCE JOURNAL. 1876. ^1' H^^^«. i« (t } ^ Biitered according to Act of Congress In the year 1875, by II. B. HAYDEN, i. In the Offl-ie of the Librarian of Congress, at Washington. -■ »ni~'~'' i t^ i ''" /' * <> « f K Jr * ^y ABSTRACT OF STATUTOIIY REQUIREMENTS OF THE SEVERAL STATES AND CANADA RELATING TO INSURANOE. N. B -The requirements In referenee to DonicKtlc Cnmpanici' arc not Included liereln. Foreign Conipiinlos an cliieslHcd liereln are Companies exlstlu}; under uuthorlty oCgovernmcntB foreign to the United States. ALABAMA. R. T. Smith, Auditor of Slate. Admission. — Every company desiring to transact business in tliis State, before admission must possess at least one liuiidred thousand dollars invested in stocks of at least par value, or loaned on bond and mortgage ; and must file with the Auditor a certified copy of its charter or acts of incorporation : a statement under the oath of the President or Secretary, showing the name and location of the company, the amount of its capital stock and the amount thereof paid in : a written instrument under seal, authorizing the agents of the company to acknowledge service of process for and in behalf of the company, and consenting that service of process upon any such agents shall be taken and held as if served upon the company, and waiving all claim of error by reason of such service. (fSlse Deposits.) A statement of the condition of each company must be rendered annually in the month of July. Certificates and Agents. — Every agent, before transacting business, shall procure from the Auditor a certificate of authority, and file such certificate, together with a copy of the statement and written instrument filed with the Auditor, in the office of the Judge of Probate of the county in which the office of such agent is located. Such certificate shall be renewed annually, and shall be annually filed, with a copy of statement, in the office of the Judge of Probate. Every agent, before taking any risks in the city or county of Mobile, is required to pay to the Fire Department Association 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 the State where there is or shall be a fire department, shall pay to such city or town, annually, two and one half per cent, upon the gross amount of premiums received by such agent. ]«8eMrsieiWB££st^tas»iia»^a«eiae^t&twvwt<«^^ ' 4 8TATUTK KEQUinEMENTS. Deposits —Every company shall deposit in tho treasury of this State t.>n thousand dollars of the bonds of this Stato. to secure the hoi" TS of policies of su(-h company in this State. ,■ a, ^ Tlio Konc^ral agents of each company doing business in this State, shall during tho months of April a.id October of each year, render to tlie Treasunn- a statement under oath, showing tlie number of pohc .es issued to persons in this State, and the amount of risks taken ther.. on. Tl.e 'treasurer may n^quire, for the security of policy-holders, the diiposit of additional bonds, not exceeding sevim per cent, of the wliole amount of risks taken. . , ., n ^ n « tVo Every foreign company must dep..sit with the Comptroller the stocks, or cH^rtificate th(>reof, of one or more of the other States o the United States, to the amount of one hundred thousand dollars, to be held by him exclusively for tlie payment of any loss the company may become liable to in " the course of its business. Also reciprocal provision in relation to deposits by hfe companies. Fees —For every statement filed with the Auditor, live dollars For every statement filed with any Judge of Probate, five dollars ; and for agents' licenses, five dollars. Also reciprocal provision in relation to fees to be paid by life insurance companies. Taxes —The agents of every insurance company, in the month of April in each year, must deposit with the Assessor of the county in which the office of the agent is located, a statement veniieu by the oath of such agent, showing the gross amount of premiums (after deducting return premiums) received by such agent for any company for the year ending on the 1st day of April. Such premiums shall be subject to a tax of two per centum, exclusively for public school purposes. (See Certificates and Agents.) • ,u„ Every life insurance company shall file with tho Auditor, in the month of June in each year, a statement of the condition of the company on the preceding first day of April, and showing the gross amount of premiums received in this State for the year ending on that day-also the amount of taxes and licenses paid in each and every county m this State, and the amount invested in this State ; all of which shall be verified by the certificate of the President and Secretary or attorney ot such company, under oath and the seal of the company. li it sha appear from such statement that such company has not paid the lull . amount of licenses or taxes required by law in this State, the Auditor shall give notice thereof to the officers of such company, and demand payment of the same, with legal interest. Also a reciprocal provision in relation to taxes upon hfe companiea. Penalties.— Agents doing business for a company without com- plying with the provisions of law, are liable to fine and imprisonment. The highest fine imposed is one thousand dollars. The longest term of imprisonment, twelve months. , ,. . , iasury of this to secure the ill this State, oar, render to Ijcr of poli( loa aken thereon, ^••holdi-rs, the . of the whole iniptroUer the ■ States of the dollars, to bo company may Iso reciprocal r, live dollars. i dollars ; and lion in relation 1 the month of the county in ed by the oath iter deducting nipany for the hall he subject ihool purposes. Auditor, in the jf the company ross amount of that day — also • county in this which shall be f or attorney of ly. If it shall )t paid the full te, the Auditor ly, and demand life companies. y without com- . imprisonment, longest term of HTATUTK REQUIRKMENTfl. ARKANSAS. w II. Mii.i.KU, Awlilor. Admission.— Every insurance company desiring to transact business in this State, before udniission nmnt have a subscribed ciipi- tal (if one hundred thousand dollars, with a j)ai(l-up capital of filty thousand dollars, and nmst lil(! with the State Auditor— A certidtid copy of its (■barter. A certihcate giving the date of its organization, and location of its principal office. , » , i, • j * A statement verilied by the signature and oath of the 1 resident or Vice-President, and Secretary or Actuary of the company, showing its condition and business. A written stipulation duly authenticated by the company, agreeing that any legal process affecting the company, served on the Auditor or party designated by him, or the agent speeilied by the company to receive service of process, shall have the samcj effect as if served per- sonally on the company within this State. Such stipulation cannot be modified or revoked, except that a new one may be substituted requiring or dispensing with service at the office of the company m this State. Certificates and Agents.— Every company complying with the requirements of law shall receive from the Auditor a certificate of authority. Each company authorized to do business in this State shall certify to the Auditor the names of all agents appointed in this State. The Auditor shall issue to each agent a certificate of authority, showing that the company is authorized to do business in the State, and that he is appointed its agent. Examinations and Impairments.— 'J'he Auditor, for prob- able cause, may visit and investigate the affairs of any company doing business in this State, at its principal oflice, wherever it may be, (not of a State where the substantial provisions of the "Act to establish an Insurance Bureau" of this State shall l)e enacted.) He may revoke its certificate if the reasons for granting it no longer exist, or if exam- ination be not permitted. . , , , If after charging a fire and marine company with a lef-n re-insur- ance reserve and all other liabilities, its capital stock is imp- ' .1 twenty per centum, the Auditor shall require the company to malo- fvood its whole capital stock within sixty days, and if this is not done he shall require the company to cease to do business within the State. If any life insurance company has not assets, after providing for all liabilities exclusive of capital stock, equal to the net value of all its policies in force, the Auditor shall publish the fact that the condition of the company is below the standard of safety established by this State, and require the company to cease doing new business m this State. Fire and Marine. — Annual statements, verified by the signature and oath of the President or Vice-President and Secretary of the coin- pany, shall be filed on the first day of January in each year, or within I 6 BTATUTK RKQlltHEMKNTfl. sixty days theroaftor, and sliall show the condition of tlin company on till! ])ivce(ling iHst day of Deconiljor, and its husinoss for the year pHfcoding. Tho ro-insurance fund shall be coinputcd at lifty per cntum of all prcniiiinis on unexpired lire risks having less than one year to run; pro nita of ail i)r(!niiiiiiis on unex|)ire(l fire risks having indretlian on'.t yenir to run; tlie (Mitire premiums received on unexpired inarino and inland risks. When the reinsurance fund, thus calculated, is less than forty per centutn of all premiums received during the year, then the whole of the preuuuni received on unexjiired risks shall constitute the re-insurance fund. Life. — Annual statements must bo filed on the first day of January in eac'h year, or within sixty days thereafter, showing the condition of the company on the preceding IJlst day of Decend)er. Such statements must be accompanied by a schedule of all })olieies in force in tlie company, if the certificate hennnaftor mentioned is not furnished. 'i'he Auditor is re(iuired to annually value the policies of ail com- panies doing business in the State which do not furnish the certificate of the Insurance Commissioner of the State under whoso authority the company is organized, showing the net value of all policies in force in such conipany, calculated upon the basis established V)y this State, and stating that after being charged with all debts and claims, the comi)any 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 Experience Table of Mortality, and four and a half per centum interest per annum. Foreign. Foreign companies shall transmit an annual statement, other than that relating to business 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 tiling its annual statement, under oath of its President, Secretary, or Agent, showing the entire amount of premiums received in this State during the year ending on the preceding 31 st day of December, 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 any paper on file in the Insurance Bureau, per folio, twenty cents. Affixing official seal and certifying 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. oinpany on )!• tlio your titum of all oar to run; ire tliaii on;* iiiiiriito iiiiil is 1('8H than ir, tlion tho nutituto tilt! of January ■ondition of all jmlicies lonoil is not of all coni- e cortilicato e authority i\os in force ,' this State, claims, the value of its siness in its Experience per annum. 1 statement, prior to tho Auditor at 1 President, ms received 31st day of •efrom shall klarcli a tax ,u, per folio, ir. )f insurance STATUTE UEQUIKEMKNTB. ? Penalties. — .\ny company neRlectin^f to make and transmit any stiit(!meiit I'ctiuiri'd, ,'shall forfeit one liiuidred doliiirs for (^ach day's neji;l(H't. Any [lerson or corporation triinsiuttitij; \\h' l)UMiiiess of iiisur- atu'(* witiiiiut complying with the requiremetif.s of law, shall forfeit live luuidr(!il dollars for each montli or fraction thereof such illegal business is done. CALIFORNIA. J. W. FoAKD, Insurance Commissioner. Admission. — Every ('omf)any desiring to transact the business of insurance in this State, must, Ix-foro aiimission, jjosaess available cash assets ovei" and above all liabilities, amounting to two hundred thousand dollars in United .Stat(!S gold coin, and must tih^ with tho 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 posesses tho capital stock or assets nHpiired by this State; a statement of its condition and affairs on the preceding .'Ust day of December, verified by the oath of its principal executive oflicer ; a statement of the name and place of residence of some agent in this State upon whom proc(>ss of law may bo served in any legal [)roceedings against the company : process so served gives jurisdiction over the person of such corporation 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 in this State. Any act, statement, reproscmtation, or agree- ment, done or made by an agent so appointed and designated, which in any manner pertains to the business of such corporation or company, shall be deemed the act, statement, representation, or agreement of the principal, and shall have the same force and elfect as if done or made by the principal. Any such foreign corporation or company shall, as a further condition precedent to the transaction of insurance business in this State, and in consideration of the privilege to transact such insurance business in this State, make and file with the Insurance Commissioner, an agreement or stipulation, executed by the proper authorities of such corporation or company, in form and substance as follows : "The (giving name of corporation or company) does hereby stipulate and agree, that in consideration of the permission granted by the State of California to it, to transact insurance business in that State, that in all litigation between (giving name of corporation or company) and any citizen of the State of California, the Courts of said State shall have and maintain exclusive jurisdiction of such litigation. And it is further agreed that no action hereafter commenced in any District Court of said State of California against (insert name), shall be removed or transferred therefrom to the United States Circuit Court." Every such company must also file with the Insurance Commissioner a bond signed by an o^cer 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, fees, or taxes, as shall be imposed by law, that such company or agent will pay to the •ACggrtBifisKr-M.afiMifcMt'aw^wKj-ii Tt'T a ' iW'^^ s..je-:^L:-^ ^=;aa5ta)itaa»Gfri^ia^«as" 8 HTATUTK UKylMllKMKNTH. Btato all stamp and otiior diitit* iinpowMl by law, in \ho turn- and luiiniitn- |in'Hcrilic(l liy law ; inid lliiit, sncli ciiiiiiniiiy, <>r iip-nt, will conl'urm to all tlio pnjvisions of law inndu to j^'oycni tlicin. (Tlio j^onoral aumit is rt^quirt'd to uxecuto and iiln tliin bond.) Kvory coiii|mny must al-i tilo with tlio Socrntary of Stat<» within sixty days after ciniinrncinK husincsH in this Statu, a writliui di'siKinition of soino person residing in tiie coMiity in which in tl;.' principnl place of buHitn-HS of th() company in this State, npon whom any process of law relating to such company may bo sorvcd. All Htatements, porcontnfjos. estimates, payinent.s, and caUndations, must be made in );old coin of the I'luteil Slates. Certificates and Agents.— Kvo.-y company must procun* from tlu> insurance Commissioner a certi(icat(M)f authority before transact- ing business in this StaUs, anil all policies is,s\ie(l or roneweil before obtaining such cortificato arc mill and void. Such company nuist also lie with the Insurance Commissioner a cortidfid or vorihed power of attorney or written authority to each agent in this State. And also in crso of "any change in agents, or in tln^ powers of any agent, notice of such change nuist l)e giv(Mi the Commi.ssioner within niiuity days thereafter, and a certified copy of any new or further power of attorney or authority fih>d with him before the sam(! is acted under. Kvery agent thus appointed shall i)rocure from the Conmiissioner a ciM'tiliciite of authority before transacting business in this Stat«. B(d'ort! receiving such certilicaie, if any such ag(Mit shall have been in the employ of any other company within twelve months, he shall produce written evidence to the Commission(>r that all moneys he has received for any such company have been paid to it. Examinations and Impairments.— The Commissioner, when- over he deems it necessary, may examine any company tran.sacting business in this State. Such examimvtion must be private, unless the Commissioner deems it n(U!essary to publish the result thereof, in which case he may publish the same; in two newspapers of this State, o\w of which nuist bo published in San Francisco. If any company shall be found to bo insolvent, the Commissioner must revoke the certificates granted in behalf of such company, and give notice ])y_mail or person- ally of such revocation, and cause notice thereof to be filed in his office, and published daily for four weeks in some newspaper published in . San Francisco. Such company must not thereafter issue any new policies or renew any previously issued. Any company is insolvent whcm, after providing for all claims and liabihties 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 reduc;ed below two hundred thousand dollars in gold coin of the United States, or below sixty 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 hund- red thousand dollars in United States gold coin. Fire and Marine. — Annual statements must bo filed on or before the first day of March in each year, and show the condition and affairs of the company on the preceding 31st day of December. Such statement the time mill (If apTit, will I tlii'in. (Tln» mild.) Kvory hill Hixty (layH lllltiiitl of HOIIIO lice of biisiiiraH >r law rt'liitiiig d calculations, ; procuro from cforo transact- oricwcil before paiiy iiiusi, also ■iliiid iiowcr of . And also in i^ciit, notice of n niiioly days ,vor of attorney 1.U-. ConimiHsionor his Stato. iliall have boon oiiths, ho shall nionoys ho liaa lissioncr, when- my transacting 'ate, unless tlie lereof, in which is State, one of npany shall be the certificates mail or person- led in his office, !r published in issue any new [• all claims and le laws of this capital stock of dollars in gold the amount of 'ompany, if the ssaid, two bund- led on or before on and affairs of Such statement BTATUTK KKgl'IKKMKNTH. « muHt 1)0 publishod in a daily newspaper in the city where the* principal olllce of the coinpanv is located in this Stall-, for one week. The re- insurance fund shall he. •oini)uted at lifly per cent, of preiiiiuniB received and re(M'ivahle on nil lire risks an, in lieu of a valuation of the same, then the CominisHioner shall make a valuation of the policies of all companies of sucli Stato doing business in this State. tJpon the written requisition of the Insurance (Jomrnissioner vvevy company must furnish him, at such time as he may designate, recjuisite diita for valuing all of its policies then outstanding Every pohcy of insurance must contain written evidence that it was issued in this State ; any such policy issued in this State which does not contain such evidence shall, at the option of the holder, be nvdl and void. Whenever, during tin; lif(5 of any policy of insurance, such policy shall be presented by the legal holder to the company or its ag(mt for payment or cancellation, su(!h company must, within sixty day^ tliere- after, pay to the holder of such policy a sum equal to seventy-Uve per cent, of the then present value of such policy. Foreign. Foreign companies doing any kind of insurance business in this State, shall file their annual stateuKUits on or before the first day of April in each year, made up for the year ending on the pre- ceding 31st day of December, and shall pubhsh the same for one week in a daily newspaper published in the city where the principal office of the company in this State is located. Licenses. — Municipal licenses in the city of San Francisco are authorized by statutory provision. The licenses are establi.';hed by ordinance of the city and county of San Francisco. Each agent shall pay for every company represented by him, a license as follows : 'I'liose doing businesb to the amount of fifty tliousand dollars or over per 2 1 '!«l!l!SaSi58?3V8f*^feS*SS(»«BS*»<*«-'-'»«*'-'" 10 STATUTE BKQUinEMENTS. quartor, one Imntlrod dolliirs por (quarter. Those doing bus noss to th<' amount of twonty-fivc thousand dollars per quarter and Liss tlian fifty th(iiis;uii-i^>^.tAi^*»^*t.«i»* »:Jj."; ■ 12 STATUTK KEQUIUEMKNTS. condition and affairs verili.ul l.y tho oatli of tho Presi.ont Manager or T'Zni HU.'li c,..„i«uy, or of any person cognizant ot tho facte, teach ^aio 1' t to ho nmdo tV> tlie first (hiy of July preccMling ..r to tho usual tS^\^ day of the con.pa.iy, and a copy thereof shall bo published '" 'toSt^kt^pany .hall possess at least one hundred thousa,^ dollars n p i.d-up unhnimired capital, or in accumulated surplus funds rnvested 1 1 good and Sufficient securities. License void, if company Sllftoimy losses within thirty days after they are due, or after iinal judgment, and company shall be deemed insolvent. Fees — Fire and Inland ComiMincs. To defray the expenses of the office of Superintendent of Insurance a sum not exceeding eight tliousand dollars shall be assessed ^»-a rata upT the gross prerniums received by each during the preceding year Biid iiaid UT)on issue of annual license. AlJo for recording and fihiig charter, statement, and power of attorney, ten dollars. For change of attorney, five dollars. For license to do business, five dollars. For each renewal license, two dollars. For annual statements of each company, two dollars. Penalties.-Transactiug any business without license or without filinra^S papers required by law or refusing or neglecting to make Lmmal statement, subjects the company or person so violating the law Xpenat y of one thousand dollars. In case of non-payment of such penafty? person offending may be imprisoned for three or six months. COLORADO. Aeents - Each agent must file a copy of the charter of the com- nanv IS he represents with the clerk in each county m which he f:Z Sil:.ss witllin thirty days .after commencmg busine^^ m sue countv He shall also give notice in writing to such cleiJi oi nu appontmentaM acceptance of the agency of each company he repre- Snts w5 notice shall be filed by such clerk in lus office, and sha 1 entitieltle agent to issue policies and transact the business of insur- ance. Taxes -Insurance companies shall annually at the time of listing be taS one per cent, upon the amount of premmms received by them during tho year previous. Each agent shaU render a hst - the county in which he does business, and be personally hable foi the tax. CONNECTICUT. John W. Stedman, Insurance Commissioner. Admission.-Every company desiring to transact business in thisiSS bS; admission must possess the amount of capital and 8TATUTK HEQl'IHEMENTS. 18 Manager, or I'ut'ts. Such • to tlu^ usual bo published rod thousaTid surpUis funds I, if ccnipany or after final of Insurance, Bssod [iro rata receding year md power of nso or without ctiug to make elating the law lyment of such or six months. ter of the com- ty in wliich he usiness in such h clerk of his ipany he repro- jffice, and shall Lsiuess of insur- B time of listing ns received by ider a Ust in the ible for the tax. ner. sact business in it of capital and invested assets hereinafter mentioned, and must filo with the tJommis- sioner — i. ^ ^ A ccn-tiliod copy of its charter or deed of .settlement; a statement under the oath of the President or Vice-Trcsidont and Secretary of the company, showing the condition and affairs of tlie company. Such company shall also ai)point an attorney iu this Stat(i upon whom process of law may ho seivod, and file with the Coinmissionc^r a certi- fied copy of the vote or resolution of the Directors of the company appointilig such attorney, which appointment shall continue until another attorney shall 1)0 substituted. Certificates and Agents.— Every agent, before transacting any business of insurance for any company in this State, must procure from the Commis.sioner a certilicate of authority stating that such company has complied with the requirements of law, and the name of the attorney appointed to act for the company. Life insurance companies and foreign companies must receive a certificate or license from the Commissioner before transacting busi- ness in this State. All certificates and licenses must be renewed annually upon niing the annual statement of the company. Examinations and Impairments— The Commissioner, when- ever ho deems it expedient, may exauiine into the condition and affairs of any company transacting business in the State. He may, if he deems it for the interest of the public, publish the result of such examination in one or more nowspapera i)ublished m the State. Whenever it shall appear from any such examination or any report, that the affairs of any company are in an unsound condition, the Com- missioner shall revoke tlie certificates of authority or licenses granted to or in behalf of such company, and cause notice of such revocation ■ to be puljlishiid in two newspapers, one printed in Hartford, and the other in New Haven, at least four weeks. Any fire or marine insurance company is in an unsound condition whenever the assets of such company, after charging it with its proper liabilities and the amount required by law for a re-insurance fund, amount to loss than three-fourths of its capital stock. If the assets of any life insurance company are not equal to its liabiUties and pre- mium 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 se- curely invested. Every mutual company must possess one hundred and fifty thousand dollars in cash or invested in available assets. An- nual statements shall be filed in the month of January of each year, and shall exhibit the condition of the company on the preceding 31st day of December. , t The re-insurance fund shall be 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; nmety-live per centum of premiums on perpetual risks in force; one hundred per centum of the amount of premiums received on ocean marine risks m force. »^a,»^a^»^a» % 1i.> ^ ^i» 3 i W a.^%g aii wa* i^ ^»>' ^ -^^^**'"«*'*' 14 STATITE HKQtllUK.MKNTS. Ill all insurance aguiiisi loss liy lire, the conditions of tho insnranoo shall ho stated in the liudy of the policy, and no condition except those so stated shall he valid. No fire insurance company doing husi- ness in this State shall exi)ose itself to loss upon any one risk or haz- ard, to an amount exccedinf>' ten per centum of its paid-up capital. Life. — Annual stalenuMits shall he fihnl on or hefore the first day of Marcli in each year, showing the couilition of tlu; company on the preceding iHst day of December. >lverv company which does not furnish the certilicate hereinafter mentioned, must furnish a descriptive list of all its outstanding poli- cies and contracts of insurance. Such policies and contra(;ts shall bo annually valued by the (Jommissioner. In making such valuaticm he shall assume the rate of mortality shown by the Actuaries' or Gom- hined K.xi)erience Table, with compound interest at Tour per cent., and he shall value only net premiums. The (Joinmissioiier shall accept a cei'tilicate of valuation, made; U]>()n the standard provided by the laws of this State, from the proper official (jf 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 su<>h other State. Foreign. — Every foreign insurance company doing business in this State, must possess a cash capital of more than two hundred thousand dollars, and must deposit with the Treasurer of this State or the local public officer of some other State of the United States, not less than two hundred thousand dollars in the bonds of this State, of the States of New York or Massachusetts, or of the United States, to be held in trust for the benefit and security of the policy-holders of siich company in the United States. A certificates showing such de- posit, under the hand and seal of the officer holding the same, shall be filed with tlie Commissioner. The capital of such comi)any in the United States, is the aggregate value of such securities as such com- pany shall have on deposit with tho officers of the several States for the benefit of its policy-holders, and all the other assets and property of the company in the United States, which are vested in and held by Trustees, citizens of the United States approved by the Commis- sioner, for the gtmeral benefit and security of all policy-holders and . creditors of the company in the United States, after deducting from the aggregate value of such deposits and of such assets held in trust, all the liabilities of the company in the United States, including a re- insurance fund, computed as required by law. A copy of the trust deed, and of tlu; vote of the board of directors appointing such Trustees, shall be filed with the Commissioner. Annual statements of the affairs of such company in the United States shall lie filed with the Commissioner in the month of January in each year, and shall contain in detail the items constituting the capital of the company and the deductions to be made therefrom, sub- scribed and verified by the oath of the agent or attorney of the com- pany in the United States. The Commissioner shall annually issue to such company a certilicate showing the amount of its so determined capital. c .' ff -' tfj cgagb. -MunE-TS'* till" inmiranoe lition ('x<"(^[)t y (Idiiip Imsi- ! risk iir liaz- ip ciipitiil. ' tlic first (liiy npaiiy '>n tho (> hereinafter taiuliiifz; poli- ra(!ts sliall be vahirttion lie Ties' oi' Cdin- per cent., and iiiall iu'cept a i Ijy the laws the company :h official will of this State in such other g husiiiosH in two hundred [ this State or ^d States, not this State, of ited States, to licy-holders of A'ing such do- ;he same, shall )mi)auy in the ! as sucli com- jral States for and projierty 1 in and held V tho Coininis- •y-holders and ^ducting from hehl in trust, including a re- y of the trust pointing such in the United til of January instituting the herefi'oin, sub- [■y of the com- nually issue to so determined 8TATIITK HEgriRKMENTS. 16 Fees. — For valuation of life insurance policies, one cent for each thousand dollars of insurance valued. For liiing any paper requircMl by law to l)e filed, twenty-five cents. For ci^rtiHcuite of valuation, copy of report, or certificate of condi- tion of company, five dollars. Foreign companies and their agents shall pay the fees required of the insurance companies of the State of New York, and an annual license fee of fifty dollars. Reciiirocal provision. Taxes. — Every agent shall make a return under oath annually on the lirst day of January to the Commissioner, of tlu! gross amount of premiums collected the year previous, and upon receiving from the Commissioner a certilicate of the acccjitance of such return and the amount of tax due thereon under the provisions of the reciprocal law, shall pay tho same on or before the 20th day of January, to the State Tnnisurer. Agcmts of companies of foreign countries shall, on such gross premiums so returned, pay on or before the 2()tli day of October, to the State Treasurer, a tax of two per cent. Penalties. — Every agent of any (ire or marine company trans- acting business in violation of law, is subject to a penalty of one hundred doUai's for each offense. Any foreign conii)any or agent thereof transacting business in violation of law, is subject to a penalty of five hundred dollars for each offense. Every officer or agent of any life insurance company transacting business in violation of law, shall be subject to a fine not less than one hundred dollars nor more than five hundred dollars for each . offense. DELAWARE. Certificates and Agents. — 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. Service of process may be made upon any agent. Licenses and Fees. — Every agent must pay a yearly license of fifty dollars. Taxes. — Every agent, at the time of obtaining his license each year, shall furnish the VAerk of the Peace a statement under oath, showing the amount of premiums received and assessments collected within the State during the year preceding, and shall pay a tax of two and one-half per cent, upon the amount of such premiums and assess- ments. Penalties. — Agents doing business without license are liable to a fine not exceeding five hundred dollars, or imprisonment not exceed- ing two yc^ara. or both. Every agent neglecting to pay taxes for thirty days after the same are due, shall forfeit the sum of two hundred dollars. 16 STATIITK KKqillKKMKNTH. f FLORIDA. State Treasiher, Comptuollkk, Attorney General, Board of Insurance Commissioners. Admission. — Every company ilcsiniig to transact business in this State, must, Iwfore adiai'ssion, furnisli tlie State Treasurer — A copy of its cliarter or act of incorporation. A statement under the oath of tlio I'resi.lent or Vice-President and Secretary of the company, showing; th(^ name, location, capital stock, assets, and liabilities of tlie company. A written agreement under the seal of the company, signed by its Prt>sident and Secretary, agreeing thn* service of process in any civil action against such company nuiy be made upon any agent of the com- pany in this State, and authorizing each agent, for and in belinlf of the company, to admit s(>rvice of process, anW«biKiWi>^<>^se^i:^^ ' STATUTK UKgi'IUKMKNTS. 17 I,, Biinrd nf )usine88 in this 3r — Vice-Prosidont cation, capital , signed by its )ss in any civil ■nt of the com- d in bolialf of that s<'rvice of ipon tho coin- E. ire transacting ito Ti'easurer a ly in January, ny rcprcsontod 1 against it in 1 returned un- • certified copy authority and company, and r publislu^i in Siicii company ntil such judg- ;y of the Board rs of any com- his State, and f 'the public so in one or more jliall be found , the Board of 3 of authority to be published !S at least one 1 United States s of the United I of January in lousand dollars interest-bearing stocks of tho United States at tlioir market value, cjr in mortgages on uiiincumlicred real estate worth double the amnunt IojiikmI tiiercon. Annual statements must be tiled in the montli of January in each year. Fees. — For filing each statement, five dollars. For licenses to agents, ten dollars. Deposits. — Act approved January '27th. 1H71, provid(Ml for a deposit of tiiirty thousand dollars with tho State Treasurer for protec- tion of cilizciis of this State. Act approved February 'J7lh, 1H72, providing that any company possessing a fixed amount of assets may be admitted to do business in this State, apparently repeals the require- ment of a deposit. Penalties. — Every company wilfully making a false return or statement, shall bi; 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. Mt>^.i^ ' m ..MtM^ GEORGIA W. L. GoLD.SMiTn, Comptrolkr General. Admission. — Every company desiring to transact business in this State, shall, before admission, file with the Comptroller General — A certified copy of its charter or act of incorporation; a statement under oath, showing tho name and location of the company, and its condition on the 3 1st day of December then next preceding. Certificates and Agents. — The Comptroller General shall issue to all companies complying with the provisions of law, and to all agents such companies may appoint and commission, certificates of authority to transact business in this State, which shall be renewed annually. Every agent, before transacting business in this State, must procure a license. Fire, Marine, and Life. — Every company must possess at least one hundred thousand dollars, invested in bonds and stocks, estimated at their market valvie, or in mortgag(;s on real estate, worth double the amount for which the same is mortgaged. Annual statements shall be filed on the first day of January in each year, or within sixty days thereafter. Fees. — For filing each statement of the company, seven and one- half dollars. For certificates to agents, two and one-half dollars. Also reciprocal provision in reference to fees. Taxes. — Every company, and the agents of every foreign com- pany, must make a written return, under the oath of the presiding officer of the company, or such agent, to the Comptroller General, on 3 18 MTATl'TK UKlJinKKMKNTS. or lioforo the first dny of May in each year, Hhowinp; tlu' total amount of prciniuniH received in tlie State, ami pay on or before the lirst (lay of Octohcr in eacii year, a tax of one per cent, theroon. Also recipfo- cal provision in reference to taxes. Penalties. — All persons convicted of violating ^^y "^ t^^" P'""' visions of law relatinj!; to insurances shall Ik* lined not less than one hundred dollars, nor more than live hundred dollars. For default in payment of taxes, five hundred dollars. ILLINOIS. C. E. LiiTiNcoTT, Auditor of Public Accounts. Admission. — Every company dosirinp; to transact business in this State, before admission must file with the Auditor oi. Public Accounts— 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 the name and location of the company, the amount of its capital, and its assets and liabilities, in detail. A copv of the last annual report, if any, made under the law of the State by which such company was incorporated. Such company shall appoint 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 attornt-y shall be substituted. Certificates and Agents.— Every agent, before transacting any business in this State, must procure from the Auditor a certificate of authority, showing that the company for which he acts has complied with all'tlK! requirements of law, and stating the name of the attorney appointed to act for such company, which certificate shall l)e renewed annually. Every agent of a Fire or Marine Insurance Company, in all advertisements of such agency, shall publish the location of the company, giving the name of the city, town, or village in which the conapany 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 the company is incorporated, and shall print the name of said 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 Tnore 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 ^a^:^f:j,igPirfpi!fBg,m»imiia-r0»a&ia6m¥r^.ssi^s^ti^ - STATIITK nKQUIREMRNTH, 19 K" total amount re tho tirat day vMso recipfo- iny of tho pro- ; less tliaii ones rs. Its. business in this blic Accounts — Cf-Prosident, or wing the name 1, and its assets r the law of the li company shall IV can 1 le served, ent, duly signed 1 continue until ! transacting any r a certificate of :ts has complied ! of the attorney hall 1)6 renewed Company, in all L of tho company, 1 the company is s of which it is shall exhibit, in of business, the r is incorporated, upon all policies ts, and circulars ,0 the business of le duty of the e into the affairs nienever he shall publish the result Itate. If it shall f company are in jrtificates granted in behalf of such company, and cause notice of such revfx'alion to bo publisli.Ml 111 a newspapcr'of general circulation, publiHlied in the city of Springfield, and mail a copy thereof to each agent of tlui comijauy. No lire or marine company nm transact business in this State it its capital is impaired to the extent of twenty per cent., while such impairin.Mit shall exist, l.ife companies must possess asscits e.iual to their outstanding liabilities and premium reserve, ci>mputed as re(iuired by law. Fire and Marine.— Eveiy lin; and marine company doing busi- ness in Chicago, must possess a paid-up cash capital of not less than one hundred and fifty thousRiid dollars, and doing business in any other part of the State, must possess a pai company on the preceding .'Ust day of December. The Auditor shall cause such annual statements to bo puWshed in two daily newspapers of general circulaticju, not less than fifteen davs. (>ne of said newspapers shall be pubUsluid in Chicago, and tlie otlusr in Springfield. The reinsurance fund is computed at the gross amf)unt of unearned premiums on unexpired risks. Companies doing business in this State are not jiermitted to assume any one risk greater than ten per cent, of their paid-up capital. Life. Every life insurance company doing business in this State, must possess actual assets to the amount of at least one hundred thousand dollars, properly invested. Annual statements must be filed on or before the first day of March in each year, shi)wing the standing and affairs of the company on the preceding 31st day of December. The Auditor for good and sufficient reasons, may extend the time for fiUng such statements. Tho Auditor shall cause such statements to be published in two dailv newspapers of general circulation, not less than one month. One of 'said iiewspapera shall be published in Chicago, and the other in Springfield. i •. ^ If any company shall transact business m this State, and its out- standing policies are not valued by the insurance department or proper officers of any other State, the Auditor shall make a valuation of the policies of such company. The basis of such valuation shall be the Actuaries or Combined Experience Table of Mortality, with interest at four per centum per annum. Foreign.— Every foreign company shall either file with the Auditor a certificate from the Superintendent of the Insurance Depart- ment of some other State, showhig that a deposit of securities to the amount of two hundred thousand dollars has been made by such com- pany in that State, for the protection of its policy-holders m the United States, which certificates shall be rcmewed annually, or such company shall deposit with the Auditor securities to the amount of two hundred thousand dollars, for tho general benefit and security of policy-holders residing in the United States. Annual statements must be filed on the first dav of January in each year, or within thirty days thereafter, showing tho condition and affairs of the company on the preceding 30th day of September. 20 STATriK llK.yUlUEMKNl'H. I Supi.l.'.n..ntary annual sUttonumts, duly vontuM .y the res den manager, showi.ig M.o investnuutH and conditu.n .>1 the .•n.upany the Uni.ed States on the p-vcedinK :UHt .lay of I'S''-''"''; ^^'"^ ''' filed on the lirst day in January in each year or witlun tluty days K,reafter. lAMvi^n lifo .•onipanies shall (ih- Iheu' annual statenu-nts on or Ltore the first .lay of April i., .■a,=h y.3ar, shouuiK iheir ccu.h- tion on the proce.ling aist day of Ueceraber. Fees.— For filing certified copy of elmrter or any, according to the laws of this or any other State, and waiving all claim of error by reason of such service. Certificates and Agents.-Every agent, before transacting busi- ness siiall procure from the .\iiditor a certihcate of authority which shall be renewed semi-annually, upon filing with the .\u.htor the semi- annual statement, us requiivd by law. The agents shall Ide such cer- tificate to..vther with a certified copy of the statement on which it was o tat;. , with the Clerk of the Circuit Court of the countv m which his office is located, who shall preserve the same for public inspec ion. If anv cimipanv shall sustain any loss upon policies issued m this htatc it is the dutv of the agent by whom the insurance was made to retrain in his hands all moneys bol<-"gi»g ^'^ ^'''^^' ^'""{l'^'^ Y ' i."Susied be or thereafter come into, his possession, until such loss is adjusted and paid. The insured who has suffered a loss may also notify any X agent of such company thereof, who shall n like manner retam a I monkey belonging to such company which is then in or sh.dl there- a tcu-confe into, liislmnds. If suit be commenced ^Y /!'<; P'^^y insum against the company, the agent may deposit in court ^l"^';^;; t^;,'^ ' ^ "^ mentioned in the policv, to abide the event of the suit ; or if the paity sur d ;^ndl notcommencH. suit within ninety days after the agent shall have given written notice to him that such loss will not be pa d, the agent may thereafter pay over the money m his hands to the com- pany. Fire Marine, and Life.-Statements shall be filed with the Au- ditor semi-annually, in the months of January and July. Foreign —Foreign companies must possess one hundred thousand dollars, hcfd within the United States by a citizen or citizens thereof as the agent or agents, trustee or trustees of such company for the protection and benefit of its policy-holders within the United States. 22 HTATIITE ItK.yt IIIKMKNTH. Fees. — For oxamitmtioii t>f stntdinontH mid iiivfHt 1^11! inn ><( ««vi- •IcnccH of itivcHtiin'iit. livf dulliirH. Kor fiudi ffrtilii'iitu uf aullioiily, two dollarH. Taxes. — Every comimtiy slmll, in tli<' mnntlm of .Tiumiiry and .Inly in each yetir, report to the .Vnditor. uiid'T tlii'oiitli of its rresident, and Sfcreliiry. tiie j^imsm airioiint. of preiniuinH received in the ."^tute fur the six nionihs prccedinijc, elldin^^ on the hist, ihiys of DrcenilM'r and Jiuio in eiich veiir, aii.l sliall, at, tlir same time, piiy the Stat(< TreiiHiuvr the mini of iliree dolhirs lor every one iiiindred (hiliars of such proiniunis, lesH hisses actually paid within tlie State. Penalties. — Any [)erson violating tlio provisions of law relatinp t,o insurance, shall \>i' lined, not exc<'edinK' one thousand doUars, or iinprisoneil in I h(- county .jail not more than thirty days, or both. Any company nej^lectiu); for'iiiore tiian thiily days to ivnder an account of its premiums received, and [»ay tlie tax tluu-eon. as re(|uired by law, shall forf«it ono hundred dollars lor each additional day such icport and payment shall he delayed. IOWA. H. R. Shkhman, Auditor of SHate. Admission. — Kvory company desiring to transact business in this State, before admission, must lile with the Auditor — A certifiod copy of its charter or deed of sc^ttleinent. A statement, under oath, of the President, Vice-l'roaident, or other cliiof officcn- and Secretary of tlie company, giving the name, location, and capital stock of the company, and sliowiug its condition. A copy of the last annual report, if any, made by a lire or marine company under the laws of the State by which such company was in- corporated. Fire and marine companies shall also file a written instrument, duly signed and sealed, authorizing atiy ag(>nt of the company to m'knowl- edge service of process for and in liehalf of the company, and consent- ing that service of process upon any such agent sliall be taken and held to be valid, as if served upon the company, and waiving all claim or right of error by roison of such acknowltnlgment or service. • Life c.mpaiues shall appoint an attorney, or agent, on whom pro- cess of law can be soi-v(hI, in each county in which the company has an agencv, and file with the Auditor a copy of such certilicate of ap- pointmerit. Such appointment shall continue in force until another attornc^y be substituted. Certificates and Agents.— Every company doing a fire or rna- rine business in this State, shall procure from the Auditor, and publish annually in two newspapers of general circulation, one of which shall be pubfislied at the capital, a certilicate showing that such company has in all respects complied with the laws of the State relating to insurance, an containing a statement, under the oath of the President or Secre- tary of such company, stating the actual amoimt of paid-up capital, the ■■:i»-i -Hi-i>-»M-n— T — .-.t.,*»-.»«j^'^-»«-"«',a>w-'"-'"~^-»g-- jiition of ovi- iiiiry ami. Inly I'l't^siilciit ftiiil StJitt' for lilt* ilx'i' ami J linn TrciisuriT till) cii pt'DiiiitiniM, I" idvv rcliitinp ml (loUiii'H, or or both. Any ill) lu^cdiinl of uiri'il hy l;iw, ly such ruport msinosH in tluH idont, or other lanio, location, ition. lire or nmrino upany was in- strument, duly ly to ai'knowl- f, uml conacnt- :ak(;n ami licld \r all claim or vice. • on whom pro- > company has rtilicale of ap- > until another ig a firo or ma- or, and publish of whicli shall ;h company lias g to insurance, ident or Secre- -iip capital, the HTATITE KKVI'IHBMUNTH. 28 aggivgiite amount of ftSMfts and liiil/ilHios at the date of sucli certili.'ate. tog.'tlKT with till' aggregate income ami "xpeuditure of audi company for the yeiil' preceding. 1 A !•. Kvery loiiipany doing a life bu«n#«H shall juot »jre from the Auiiltor a ceitilicute, animallv, wIik-; -''ull be (w-r^ied in thf* ollice of the re- corder of the county in which 'he principal <'ffico of the company w located in this State. Kvery agent of a (Ire or marine r^impiiny shall annllidly procure from the Auditor a certificate of authoritv Kvery agent of a life comiuitiv i^hall annually procure from the Auditor a certiticato of authoritv, "and aceriilied copy of such certifi- cate shall I.e filed in the county recorder's olVice of the county whero the (.nice of the agent is locateiah ' 24 STATXTTK REQUIUKMENTa. Tho re-insuranco fund is computed at forty per cent, of the premi- ums received on all unexpired risks. No company shall expose* il self to loss on any one risk or hazard to an amount exceeding ten per cent, of its paid-up capital, unless the ex- cess shall be reinsured in some other good and reliable company. Life —Every company transacting business in tliis State shall pos- sess at least one hundred thousand dollars, invested in stocks or bonds of the United States, of this State, of the State where located, or of the State where tho same are deposited, or loaned on bond secured by mortgage of uncmenimbored real estate, worth double the amount loaned, situated witlnn the State where tlu; company is located, buch stocks and securities shall be deposited with th<. Auditor, Comptroller, or chief financial officer of the State in which such company is located, or of some other State, and tht! Auditor furnished with a cerUhcate under the hand and official seal of the officer holding such deposit, showing that he holds the same in trust for the benefit of all the poiicy- holder-s of such company, stating the items of such securities, and that he believes they are worth one hundred thousand dollars. Annual statements shall be filed on or before the first day of April of each year, showing the affairs and condition of the company on the preceding .3 1st day of December. „ , . ■ tk A'aluations shall be made upon the basis of the American Expe- rience Table of Mortality, with interest at four and one-half per cent, per annum, or upon the l.asis of the Actuaries or Combined Experience Taljl.^ of Mortality, w:tn interest at four per cent, per annum. If the policies of any company have been valued by the proper ol&- cial of any other State upon the basis above specified, the Auditor shall accept a certificate of such valuation as sufficient evidcmce of the amount of premium reserve of such company. In the absence of such certifi- cate, the Auditor may value the policies of any company doing business in the State, or may accept, upon such evidence as he shall determine, a valuation made by such company. Fees.— For filing certified copy of charter, twenty-five dollars. For filing annual statement, twenty dollars. For each certificate of authority and certified copy thereot, two ° Fot every copy of any paper filed in the department, the sum of .twenty cents per folio, and for affixing the official seal to such copy and certifying the same, one dollar. . . j ,i 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. Taxes —Every company, at the time of filing annual statement, shall pay into the state treasury a tax of one-half per cent, upon the gross ainount of premiums received in this State during the preceding Vear taking dupUcate receipts therefor, one of which slia 1 be filed with the auditor Such tax shall be in full for all State and local taxes. n-?5iKSt; 'iJ*F^ef=*i-*lT» ..-_.-. ...-■_^t^^^-jytef=.i.t^a^ri^^iae8JifcWg^#ge^^ of the prcmi- k or hazard to unless the ex- ;ompany. Hiite shall pos- ^ocks or bonds sated, or of the id secured by i the amount located. Such r, Comptroller, lany is located, th a certificate, ? such deposit, L all the policy- rities, and that 'S. •St day of April ompany on the imerican Expe- 3-half per cent, ned Experience nnum. the proper offi- le Auditor shall e of the amount of such certifi- [ doing business ihall determine, ■five dollars. py thereof, two ent, the sum of such copy and ten dollars per ual expense in- mual statement, r cent, upon the ig the preceding liall be filed with d local taxes. STATl'TK HEQUIRBMENTS. 25 Penalties —Any person or officer doing business for any hre or marine coun.any without complying with the requirements ot law. or violating any of the provisions of law relating to insurance, shall be fined in a sum not exceeding one thousand dollars, and l.e imprisoned in the countv jail for a period not less than thirty days, nor more han six months. " Every life insurance company failing to ii c annual state- ments. an iiundred dollars for every day's neglect ; and any o its ao-ents making insurance, or soliciting applicatnms. shall forfeit three hundred dollars ; and any person acting for any such company, wi h- ont having a certificate of authority, shall forfeit twenty-five dollars for each day's neglect to procure such certificate. KANSAS. «i«l«.*,fS>""*'P¥-"' •V Oruin T. Welch, Suficriutendcnf of In.iurnnce. 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 th(i State and country by which such company was incorporatea. A statement under the oath of the President or Vice-President and Secretary of such company, showing the capital, location, and condi- tion of such company. In case of life (Kmipanies, the statement shall show the condition of the company on the preceding first day of "^'""EveTV 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 Superintendent of Insurance, and agreeing that such service shall be as Imidmg as if made upon tlie proper officer of such company. Such written consent must be executed by the President and Secretary ot _ the^company, authenticated by the seal of the company, and accompanied by a certi- fied copy of a vote or resolution of the board of directors authorizing the Presi rcM.owcd annually, and shall continue in force until the last day of February in endi year. Examinations and Impairments.— Whenever the Superin- tendent has {rood reason to suspect the correctness of any annual statement made by any ('(mipany, or that any such company is in an unsound condition, he shall make or cause to be made an exannnation into the affairs of such company. Whenever the Snpennten.teiit shall deem it for the interest of the public, he shall publish the result of such examination in some newspaper of general circulation prmted at Topeka. If it shall appear from such examination or otherwise that the affairs of any company are in an unsound condition, ho shall revoke the authority granted to such company to do business in this State, and cause notice thereof to be published in at lea,st one news- paper published in the city of Topeka. , • cu ♦ ■* No fire or marine company can transact business in this t^^tate it its capital stock, after the company is charged with its proper liabili- ties, is impaired more than twenty per cent. No life company can transact business in this State it its assets, after being charged with all proper liabilities, are not equal to its premium reserve ascertained as required by law. Fire and Marine. — Every company must possess a paid-up capital of one hundnHl thousand dollars. j. ,, i Annual statements must be filed on or before the first day ot March in each year, showing the condition of the company on the precednig tliirty-iirst day of December. A. synop.sis of such annual statement shall be published in each county where the company has an agent, showing the assets and liabilities of the company, withm sixty days after filing such statement. The re insurance fund is computed at forty per cent, of the amount received for premiums upon unexpired risks. Life Fivery company must possess at least one hundred thousand dollars investcHl in the bonds of the United States, or this State or of the State by which it is incorpcn-ated, or loaned on notes or bonds secured by "mortgage of unincumbered real estate worth double the amount loaned. Securities to tho amount of erne hundre(t thousaiid dollars shall be deposited with the proper official of the State under ■ whose laws the company is incorporated, for the security of the policy- holders of the company. A certificate under the hand and olhcial seal of tho officer with whom such deposit is made, showing the char- acter of the securiti(>s deposited with him. that he holds the same m trust for the benefit of the policy-holders of the company, and that ho is satisfied they are worth one hundred thousand dollar.s, shall be filed with the Superintendent. Annual statements shall be filed on the first day of January in each year, or within sixty days thereafter, showing the condition of the company on the preceding t.hirty-lirst day of December. A synopsis of such annual statement shall be put)lislie(l in each countv where the company has an agent, showing the assets and liabilities of tho company, within sixty days after iding auch state- ment Valuations are made upon the American Experience labie ol 5«SSM»IIS«S5**«s«*^** I llio Supei'iii- iiimualiy, and each year. tho Siiperin- if any annual ipany is in an n cxaniination nteiulcnt sliall tlu5 result of ion printed at otherwise that tion, ho shall nsinoss in this jast ono news- 1 this State if proper liabili- ,e if its assets, )t equal to its paid-up capital t day of March the preceding iiual statement T has an agent, thin sixty days , of the amount idred thousand his State, or of notes or bonds )rth double the idred thousand he State under y of the policy- nd and oflicial iwing the char- Ids tlie same in "7: and that he rs, shall be fded iled on the first •eafter, showing rty-iirst day of 11 be publislied ,ving the assets iling such state- ariencc Table of STATDTE REQUIHEMKNTS. 27 Mortality, with interest at four and ono-half per cent, per annum Tlie Superintendent shall once in three years vahie the policies of all eonipaui.'S transacting business in this State, if tlu^ same are not valued under the provisions of the laws of some other State, upon any basis whicli will not require a premium reserve h-ss than that i)roviaed by tlie basis of valuation estaldished by the laws of this State. If a certilicate nf such valuation in any other State shall bo rurnished the Superintendent, ikj valuation shall be matie in this State. Foreign l^'very company must have invested in the stocks of the United .States or s(mie one or more of the States two hundred thousand dollars, and such stocks must be held by citizens of the United States. , ,_, « ., ■ r,^ ^ Life companies mu.st deposit with the 'Ireasurer of this State one hundred thousand dollars in bonds or securiti(^s for the benefit of the policy-hold. >rs of any such company, citizens or residents of the United States, orjurnish the Superintendent with a certilicate from the proper oflicial of some other State showing that a deposit of bke character and amount has been made with him for tlie security of the pohcy- holders of such company in the United States. \nnual statements shall be filed on the first day of January in each year, or within sixtv u)aiiv vvitliout pr.K-uiiiiK a lironso, sliall he subject to a poii- alty of five hun'dred cl(,llavs. Kvory violation of any provision of law rolatine to insurance shall subject tlic person Kuilty of sucli viohition to a penalty of not less than one hundred dollars uor nioiv lliau live hundred dollars for each ofi'ense. *■ I KENTUCKY. GusTAVUS W. Smith, Insurance Commissioiwr. Admission.— Kverv company desiriiiK to transact Imsiness in tills State, hefor.' admission must file with the t'ommissioner— A certified copy of its charter, articles of incorporation, or deed of settlement. . , -rr. -r. ■ i i. j A statement under the oath of its President or Vice-President and Secretary showing the condition of the company. , . A copy of the last annual report, if any, made under any law ot the State by which such company was incorporated. , , , ■, \ written instrument or power of attorney, duly signed and sealed, authorizimr any agent of the company to acknowh'dge service of pro- cess iov and in behalf of the company, and consenting that service ot process upon any such agent shall be as valid and binding as if served on the company. , ,i i.i, _ If any such company shall, without the consent of the other par- ties to any suit or proceeding against it in any court of this State, remove such suit or proceeding into any Federal court, or if such company shall hereafter institute any suit or proceeding against any citi/^n 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 agtmts to do business in this State, and to publish such revocation m some newspaper published in this State. Certificates and Agents.— The Auditor, npon receiving a cer- tificate from the Insurance Commissioner showing that any company has fully complied with the requirements of law and is possesseil ot the requisite capital or assets, shall furnish to such agents as the com- panv directs a copy of the certificate of the Commissioner, together • with a li<-enseto 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 an- ""'^Everv agent, in all advertisements of his agency, shall pul)lish the location ^.f 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. Examinations and Impairments.-The Commissioner, when- ever lu- d.>eins it necessary, may examine into the affairs and condition of any companv doing business in this State. ^hen(n-(.r it shall aut'ear to the satisfaction of the Commissioner that the affairs of any such company are in an unsound condition or not conformable to any , »»fc*,^-«K««i*>Sa«Wi«;»,- -.-ias3*i««E-9««ii9*!U^a«»w agiMit acting ji'ct to a pen- ^■ision of law (It'll violation uro than live t business in Dner — ition, or deed President and ler any law of 3d and sealed, ervice of pro- ;liat service of ig as if served the other par- of this State, irt, or if such r against any lie duty of the jnipuny or its I revocation in 3ceiving a cer- any company 3 possessed of its as the coin- ioner, together 5uch company, copies of such 18 renewed an- lall pul)lish the mo of the city, )r government lissioncr, when- s and condition niever it shall 3 affairs of any ormablo to any STATUTK RKQt'TKEMKNTS. 2!t Standard adopted by this State, or if any company shall refuse to per- mit an examination, tlu; Auditor at tiie re(|uest of Commissiuiier sliull revoke all certilicates granted in behalf of such company, and shall cause notice of such revixatioii to be published in some one or more newspapers of general circulatinii published in the State, and a copy thereof mailed to each agent of such company licensed by the Auditor. No fire or marine company can transact business in this State if, after the comiiany is charged with its proper liabilities and the amount required by law for a re hisurance fund, its capital is iin[)aired to the extent of twenty per cent., unless such impairment shall be made good within sixty days. _ No life conipany can transact busin(!ss in this State if its assets are not of a net cash value etjual to its liabilities, including the premi- um reserve computed as recpiired by law. Fire and Marine. — Every company must possess a paid-up cash capital oli^not less than one hundred and fifty thousand dollars. Annual statements shall be filed on tlie lOth day of January in each year, or within one month thereafter, and shall show the condi- tion of the conipany on the preceding 31st day of December. The Commissioner may for good cause shown extend the time for fihng annual statements. Th(! re-insurance fund is computed at fifty per cent of the gross premiums received and receivaT)le upon all unexpired risks. Life. FiVery company must possess well-invested assets to the amount uf one hundred thousand dollars. Every company must file with the Commissioner the certificate of the Superintendent, Insurance Commissioner, or chief financial officer of some other State, under his hand and official seal, that he 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. ^Ynnual statements must be filed on the 10th day of January, or within sixty days thereafter, showing the condition of the company on the preceding 3 1st day of December. The basis of valuation in this State is the American Experience Tal)le of Mortality, with interest at four and one-half per cent, per annum. The CJommissioner is required to value the outstandmg 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 Conipany .shall furnish a certificate of the Insurance Commissioner or Superintend- ent in due form under seal setting forth the existing value of all its outstanding policies, such certificate shall be accepted by the Commis- sioner, and no valuation of the policies of such company shall be made by him. (Such certificate is not required to show a valuation made upon any particular basis.) Foreign. — Every company doing a fire or marine business shall file with the Commissioner the certificate of the Auditor, Comptroller, or chief financial officer of some other State of the United States, 30 PTATUTE HKQl'lllKMENTS. iiiulor his liarid ami ollicial seal, sliowiiiK tliat such officer hoMs on deposit and in tnist for the henelit of all tlie policy-liolders of such ciimpnny in the United Slater secnrities to the amount of two hundred thousand dollars. In case no such deposit is nnide in any other State, such deposit may Ijo made with the Auditor of this State. Fees. — To the Auditor: h'or filing certified copy of cliarter, ten dollars. For license to each agent of a fire company, live dollars. For license to each agent of life companies, ten doUars. To the t.'ominissioner: For filing certified co[)y of charter or deed of settlement, forty dollars. For filing annual .stfitement of condition, forty dollars. For filing any additional or supplemental statement, twenty-five dollars. For seal of office with certificate, one dollar. For copies of any papers on file, twenty cents per folio. For cost of making valuations, not to exceed three cents for every thousand dollars of insurance valued. The reasona1)le (expenses of the examination of any company shall bo paid by the company ex- amineti. The Commissioner is authoriziMl to assess an equal amount upon each company doing business in tlus State, to {jrovide for any de- ficiency in the expenses of the Burtniu. Reciprocal provision in reference to fees. Taxes. — Every fire or marine company shall, on the first Mondays of May and November in each year, report under oath to the Auditor the total amount of all premiums received within this State for tlio six months preceding, and shall at the same time pay into the Treas- ury of the State a tax of two dollars and fifty cents upon each one hundred dollars of such premiums. The State agent or manager of every life company, and when there is no State agent or manager, then a special agent appointed for the purpose, shall on the first day of May or November in each year, or within thirty days thereafter, return to the Auditor a correct state- ment under oath of all premiums received or receivable by any of the .agents of the company in this State, and the amount of insurance effected for the six months ending on the last days of the preceding 7\pril and October. Every life company shall, on or before the first Mvjndays of June and November in each year, pay into the State Treasury a tax of two dollars and fifty cents upon each one hundred dollars net premiums received in cash. Penalties. — Every agent of a fire or marine company transact- ing business withoiit a license sliall be subject to a penalty not exceed- ing five hundred dollars, and every agent '-f a life company for a like offense shall be subject to a penalty not exceeding one thousand dol- lars. Every agent doing business for any company after the '^evoo ,t;on of its authority shall be subject to a penalty not exceeding Uvu hund- red dollars. .,^igmimHii^ii>»fiut»i-iitam«mmmmli0USi«i ccr liolds on IdiTH ol' such two liumlrod sucli deposit U'S. rs. lement, forty ,t, twenty-five ;nts for every ) (expenses of company (;x- aniount u])on for anv de- fii-st Mondays the Auditor State for tiie ito the Troas- ipon eacli one ay, and when appointed for in each year, correct state- by any of the t of insurance he preceding lefon^ the first iito the State , one hundred pany transact- ty not excced- lany for a like thousand dol- the '^evoc lion ng nvu hund- BTATUTK KKQIUHKMKNTS. 31 Any life company doing b\isines8 in this State and neglecting to make r.-turn as recpiirod by law shall forfeit ten dollars for eacli day's neglect. , • i i Every fire or marine company n(!glecting for tliirty days to make return of premiums and pay taxes as roqiured by law shall forfeit and pay one thousand dollars. Kvery agent of a lif(! company required to make return and pay tax, and" neglecting to do so within the time prescribed by law, shall forfeit twenty-live dollars. If such agent neglects for ten days after notice from the Commissioner to pay such tax he shall forfeit five hundred ilollars. LOUISIANA. Agents.— Every agent for any company doing fire, marine, or river insui-ance in the city of New Orleans, shall in the month of Jan- uary, inVach year, cause" a full statement under oath of the business of his "agency to be iniblished in two or more daily newspapers published in said city, for a term not less than one month, showing the anumnt of premiums received during the previous year, specifying what amount was received on fire policies, what amount on marine policies, and what amount on river policies, and also, sliowing the aniount of losses incurred during the year, specifying the aniount of loss incurred upon each class of policies as aforesaid. Licenses.— Each company shall procure from the Collector of State Taxes, a license before transacting business in this State, and shall annually pay a license or tax as follows: If the annual gross rcjceipts of premiums are more than one hun- dred thousand dollars, one thousand dollars. If less than one hundred thousand dollars, but more than seventy-five thousand dollars, seven hundred and fifty dollars. If less than seventy-five thousand dollars, but more than fifty thousand dollars, five hundred dollars. If less than fifty thousand dollars, four luindred dollars. Each hcense shall expire on the .3lstdayof December. If any company commence business in the State &iU^v the 1st day of July in any year, it shall only be liable to pay half the amount of license or tax. Every agent located in the city of New Orleans shall i)ay fiivo hun- dred dollars per anmuu to the Collector of State Taxes for the parish of Orleans, who shall pay the same into tlu^ city treasury to the credit of the fire department, to bo divided equally 1)etween the different fire, hose, and hook and ladder companies in such manner as may be deter- mined by a majority of the firemen of said companies. Taxes. — The President, Secretary, or agent of every company shall on or before the first day of April, in each year, make and deUver to the assessor of the assessment district or to the tax collector of the city or parish in which such company is liable to ha taxed according to law, a written .statement, specifying "under oath the real estate, if any, owned by such company, situated in this State; the capital actually paid in ami employed in its business; the place where its principal opera- 32 8TAT11TK RKQI'IHKMKNTS. tioim aiH! ciirriiHl on in whicli it is liablo to Ixi tax(Ml. Conipaiiifs shall not 1.0 assoHswl upon tlm amount of capital stock, but siiall pay taxes upon all property owned wilhiu tho state. Kvery company shall pay in addition to its license an annual lax ot one per ccnit. upon the gross amoiuit of |>reminma earned each year from policies issued through agencies in this Stiito. Penalties.— Every agent in the city of N'ew Orleans doing fnv, marine, or river ^n8uranc<^ failing to puldish a staiemont of his busi- ness as recpiired by law, shall be subject to a penalty uf one thousand dollars. MAINE. Joshua Nve, Tnsurunce Commissioner. Admission.— Ev(!ry insurance company desiring to transact busi- ness in tins State, before admission must tile with tlu^ Insurance Com- missioner a certified copy of its charter and by-laws: a statement under oath signed by its President or Secretary, showmg its tmancial condition. Service of process may be made upon any authorized agent ol such company and shall l)e valid and binding uj.on 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 Commissi(mer, the Commissioner on notice and hearing may suspend thepow(>r 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 company, nor limit the period before commencing the same to less than two years from the time the cause of action accrues. Certifinates and Agents.— Every company before transacting business in this State must procure a hcense from the Commissioner, which shall authorize the company to do business in the State until the first day of the next .July, and shall be renewed thereafter annually. Every agent before transacting business shall tile with the Commis- sioner a duphcate power of attorney from the company or its authorized agent, authorizing him to act as such agent. The Commissioner shall thereupon issue a license to him which shall continue in force until the first 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 refer- ence to risks and of omissions and misdescriptions shall be regarded as the knowledge 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 necessary for the protection of policy-holders, he may examine into the condition of any company transacting business in this State. If it shall ajipear upon such examination or otherwise that the assets of any fire or marine company having a specific capital, after deducting therefrom the amount of its liabilities and a re-insurance •^ iiipaiiifH shall lall pay taxes annunl lax of [m1 eacli yoar IS (loinjf fire, ; of Ills Imsi- ouu lliuusaiul HTATHTB KKQUIUKMENTB. :?3 transact bnsi- surancc Coin- : a statcmont ig its linancial agent of such ipaiiy. If no ancc, Comniis- i>nt. If jndg- )f iigi'iit or In- I licaring may lis Stato. No .sdiction of ac- )mracn(;ing tho action accrues. ro transacting Commissioner, State until the ter annually, th theComrais- r its authorized iiissioner shall force until the ear to year in ipany in refer- II be regarded the same as if the Commis- nlders, he may business in this irwisfi that the c capital, after a re-insurance fund as required by law, do not amount to more than three-fourths of its capital sto,.k, the (•omi)aiiy shall, by assessing its stock, or u. some other wav fully n^'air its capital, and uidess it do so within thriw months after notice from the (Commissioner, the Commissioner shall suspend its right to do bu.siness in the State. Whenever it shall app.-ar that the net cash funds of any life insur- ance company are not e.pial to its liabiliti.^s, including its pivmiuni rcsoks successively in some daily or weekly paper, printed in the county whore the company has a duly authorized agent or takes policies. , „„ ^ e u The re-insurance fund shall be computed at fifty per cent, of all premiums on existing fire and inland risks, and the entire premium on outstanding marine risks. Life —Every company must po.ssess assets to tho amount of one hundred' thousand dollars, invested in or secured by real estate, bonds, stocks, and other available securities. Annual statements shall be fiknl on or before the thirty-first day of January in each year, and shall show the condition of the company on the preceding 31st day of December. . , • Every company shall annually publish, three weeks successively, in some daily or weeklv paper printed in the county where said company has a duly authorizexl agent or takes policies, a condensed statement of its condition conformable to its last annual statement. The basis of valuation is the Actuaries, or Combined Experience Table of Mortality, with interest at four per cent, pc-r annum (The Commissioner accepts a certificate of valuation from the proper official of any other state of the amount of premium reserve computed upon the basis required by law.) Licenses.— Every company must annually procure from the Coin- missioner a license which shall expire on the first day of July in each year. Amount of license fee, twenty dollars. Fees. — For agent's Ucenses, one dollar. For examination of companies, the actual expenses incurred. Taxes Every company on or before the 31st day of January, annually, shall make a return under oath to the Insurance Commis sioncr, stating the amount of all premiums received in this State by the company during tho year ending on the preceding 3l8t day of 5 34 8TATUTK KKQinUKMENTH. Dooombor, and the amount to 1mi dodnrtod thorefrom for losaos iii this State during tho year, and for uiuisc.l bnlanrcs of imtrH nn npcii policies*, and for i-ofurn pnnniuuis on oauci'l.'d polici.-s. and for the aiiiount annu- ally set aside from premiums received in this State on life policies lor the reserve th.-reon. Such company shall pay a tax of two per cent, upon the balance of such premiums remaining after deductions as atorc- said on or before May first. Penalties.— Kvery agent who acts for any comtmny witliout pro- curing a license! from Uie Cmnmissioner, sliall bo sul.jocl to a penally of not more than lifty dollars for each offense. . if any company or its agents, after notice from the C.Mnmissioiier to suspend its business in the State, issue any policies or dn any i.usi- ness, such company or agent shall forfeit not e.xceeding two hundred dollars. M-ARYLAND. Chari.es a. Wailes, Insurance Commissioner. Admission.— Every company desiring to transact bnsine^■i in this State, before admission must tile with the Insurance Commissioner— A certified cojjy of its charter or deed of settlement. A certificate from the Insurance Commissioner or other proper ofBcial of tlie State or nation where the company is organized, showing that the company is entitled to assume risks and issue policies. A statement verified by the signature and oath of the President or Vice-President and Secretary or Actuary, showing the condition and affairs of the company. A written stipulation, duly authenticated by the company, agreeing that any legal process affecting the company .5etved on the Insurance Commissioner, or the party er liabdities and a rc-insunui.v fniul us rr(imr(Ml by law, has its capilal stuck iin|.air.«(l to the extent of forty per cent., the Coininissioner shall giw nntic! to the companv to inake'g„on.n "'" ?;;;■ va'm.rJin.. of iif. insnran-o .-.■npanio. thirty dollars por n.iilion of insuninco, or any frarlion thoivof. lA.r ollicial oxaniination of con.iiaiin's under this act, the actual oxpi'UHCs incurred. Taxes and Licenses.-Kvory company, upon procuri.ig from tl>oTim.niS,.r a crtilicato of authority or hconsc, Bh.dpajMno to Stat,. Tn-asurv annually the Hun. of thror hundiv.l dollars, and nrmo t^^^^^^^^ lor any Ira.'tion of th. year it shall do busn-sH ni th., STir o ^ firnt day of May tioxt after its adnuss.un. The S ,s 'veryc .n.pa..yaro'rc.pnred to n-port un.ler oath the amount ot . ros pn..nimns reched in the State ea.d. i.-enso year, and t a ax , tne ami one-half p.-r cent, upon sm-h prenuun^ '"r'stl e Tr^ T of the license tax. such excess shall be paid mto ho btato lieasuiy before the license of such company shall bo renewed. Reciprocal provision in reference to taxes. Penalties —Any person or company violating any of the proyi- sio.^oMaw n,U.tinK tl, insurant shall be subject to a fine not loss than one huiulred nor mare than one thousand dollars. MASSACHUSETTS. SiEriiEN H. Rhodes, Insurance Comnmsioner. A dmission.— Kyery company desiring to transact business in this Statt Tfore adn.ission must file with the Insurance Comnnssionor- A cony of the charter of the comi^any duly certitied. X statement signed and sworn to by the I'res.dent and Secretary of tlie company, in the form prescrib.-d for annua statements. Every con,p;ny shall appoint, in writing, a citizen and resident of this State as general agent, upon whom all process of law aga nst the cXan^nay be served with like effect as if the company existed m jr State A copy of said writing, duly certified and authenticated s all be filed with the Insurance Commissioner. Tins agency shall be contnued while any liability remains outstanding against the com- HTATI TK IlKgnUKMKNTK, 37 |tnit»>(l Htatt'H, ,Tiir, and hIiiiII st liny <>•' '*'■■ miin' tilt' riulit III' WHIM' sliall ^lillt'H. "Tlio ! IWHetH of HUch Ivo dollars. ly thoioof, two t, twt'iily cents uiid cortifyiiiu' irty ddUiifs [)or act, the actual procuring from ', shall i)ay into red dollars, and business in tlio admission. Tlio mill tlio amount iiir, and if a tax H'ds tlu! amount fcitatu Treasury ny of tho provi- ,0 a fine not less issioner. t business in this ,'ommissionor — L>d. lit and Secretary itements. 1 and resident of : law agiiinst the tipany existed in id authenticated, is agency shall be against the coni- Imlld to lll(> bv said liisiir- nanv in this Stafo, Aud the power shall not l.e revok.'d untd the sanin power is given (o/inotiieran.l a like n.py tiled. Tl,e general agent shall exeeute a bond to tin. Treasurer of the State, witlioiie or moro sureties to he approved l.v him, in the sum of two thoiisaml dollars, conditiomt.! tiiat h.> will accept service of all lawful process against the company. Certlficatf^' and Agents. -"Rvery agent, hefon- transa.-tingany busiiu's.s, mu4 procure from the Coiiimis.-ioner a certilinite ol authority for each company for which ho propo,Hes to act, which shall continue in force until the lirst dav of tin- next .\l.ril, au pav to the Treasurer tlu^ ta.xes provided by law. Every agent sliidl exJiibit in conspicuous letters on the sign designat- ing his place of business tlie name of the State under whose autlio.rity the company he represents is incorporated. .\n.l such compaiiy and agent shall "have printed in large type upon all police's is.siied iii tins State, and on all cards. pami)hlets, placards, or advertisements pul>- lish(^d, issued, or circulated in this State, tho name of such Slate and the kind of business transacted. Examinations and Impairments.— The commissioner may at any time examine the affairs of any company transacting business m this State, and its directors, odicers, and agents under oath m relation to its affairs. He may tor sullicient cause revoke the certihcate ot authority granted on behalf of any company. If the assets of anv lire coini)anv, after setting aside a sum equal to its outstanding liabilities and re-insurance fun tax on tlic i.nMniums of such company shall bo assessed at only two per cont. Life companies ar<> taxed un.ler provisions of reciprocal statute. l{e.'ii»rocal provision in reference to any other or greater taxes than those imposed liy the laws of this State. Penalties.— A contract of insurance made by any (company with- out complvinu; with the provisi(ms of law shall be valid, but the agent pro(-uring' tiie insurance shall bo liable to a fine not exceeding one thousand dollars. . -n ^ c ^i,„„j Anv agent doing business without procuring a certificate ot authori- ty or failing to make annual returns, and for various other otfonses, is sul.iect to a penalty of five hundred dollars for each offense. Anv company failing to file a statement witliin the time prescribed by law is subject to a penalty of one hundred thousand dollars tor each day's neglect. MICHIGAN. Samuel H. Row, Insurance. Commissioner. Admission.— Everv company desirhig 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 under the oath, of the President, or \. ice-President, or other chief olficer and Secretary of the company, stating the name, location, capital, and condition of tlie company. , j, A copy of the last annual report, if any made, under any law ot the State by which such company is incorporated. Every company shall appoint an attorney m this State, onwtiom processes of law can be served, and shall file with the Commissioner a certified copy of the vote or resolution of the board of directors ap- pointing such attorney, which appointment shall continue until another attorney shall l)e substituted. . . Every company shall also file with the Commissioner a written stipulation, duly authenticated by the company, stipulating and agree- ing that any legal process alfecting such company, served on the in- surance Commissioner or his deputy, shall have the same eiioct as if personally served on the company or its authorized attorney m this State When any process affecting any company is served on the Commis- sioner or his deputy, the same shall be by duplicate copies, one of which shall be filed in the office of the Commissioner, and the other immedi- ately mailed, postage pre-paid, to the home office of the company, or to the branch, or general agency of the company, or to the address pf the authorized resident attorney in this State, as the company may designate in such stipulation. Certificates and Agencies.— Every company, before trans- contum upon such company tnistocs in thts Misiind dollars, it(«, th(> tax on ,• two per cont. ical statute, iter ta xes than company with- , but tlu! ii^ont exceeding one mte of authori- hoi" otTcnses, is enso. inie [jrescrilied nd dollars for business in this oner a certified ce-President, or ating the name, Qder any law of State, on whom Commissionor a of directors ap- ue until another ;ioner a written iting and agree- erved on the In- 5ame effect as if attorney in this on the Commis- ies, one of whicli le other immedi- e company, or to le address of the ly may designate r, before trans- STATUTK HKQITIHKMK.NTS. 41 acting business in this State, must procure from the Commissioner a ccrfiticato of autiiority or license. Every agent of a fire or marine insurance company must procure from the Comndssioner a certificate of authority, and file a certified copy thereof with the clerk of the county in which his agency is estab- lished, together with a copy of the sfateiucnt (pf the comiwuiy. A copy of such ccrtilicateof authorily and .'Statement shall be published in some paper of genei-al circulation in the State, four succe.ssiv(> times, and proof of siu'h publication be filed in the otHce of the Commissioner. y\ II certificates must be renewed annually, and agents of fire and marine companies are required to annually file copies of such certifi- (tates with the clerk of every county in which the company has agents, but publication of such renewal cei'tificate is not required. Every agent of a fire company shall in all advertisements publisli the location of the company, giving the name of the city, town, or village iiwwlii<'h the company is located, and the state or government under the laws of which it is organized. Examinations and Impairments. — The Commissioner, wlien- ever he shall deem it expedient, may examine into the affairs and con- dition of any company transacting business in this State. He may, if he deems it for the best interest of the public, publish the result of such (examination in one or more papers in this State. Whenever it shall appear to the commissioner that the affairs of any company are in an unsound condition, he shall revoke all certificates of authority or license granted in behalf of such company and publish notice of such revocation in some paper of general circulation in the State, for four weeks. No fire or marine company can transact business in this State, if after providing for its proper liabilities and reinsurance fund, computed as required by law, its capital stock is impaired to the extent of fifteen per cent. No life company can transact business in this State if its assets are not equal to its outstanding liabilities and premium reserve, ascertained as required by law. Fire and Marine. — F]v(^ry stock company must possess a paid-up capital of at least one hundred thousand dollars. Annual statements must be filed on the first day of January in each year, or within one month thereafter. Th(! reinsurance fund is computed at fifty per cent, of premiums received on all unexpired fire risks having less than one year to run — a pro rata of all premiums receiveci on unexpired fire risks that have more than one year to run; the whole amount of the deposit or pre- mium upon perpetual policies; all the premiums received on unex- pired marine and inland risks. No company shall assume any one risk or hazard to a greater amount than ten per cent, of its paid-up capital. Liile. — Every company must possess one hundred thousand dollars properly invested, and must deposit the same with the Treasurer of this Suate for the security of all the poli(;y-holders of such company, or furnish the Commissioner a certificate under the hand and official seal of the proper officer of some other State, showing that he holds on de- 6 42 aTATUTE KKQl'IHKMENTS. posit one hundmi thoUHaml dollars of I lie assots of sncli company for the gtMicral luMK^fit of all its policy-holders, and statinu; the amount and Bocui-iticH so lielii by him. Fifty thonsand dollars of such securities must hi' State, or (Tnited States bonds. Annual statements must bo filed in the month of January of each year, showing the aiTairs an(i condition of the company on the ;.re- cedinjf iUst day of December. Tiie I 'omnassioner shall accept a fMjrtificate of valuation from the Commissioner or other state officer of some other state, when; an official valuation of the policies of any company are made, showing the amount of such valuation, and tlie' basis upon which it was made. If such certificate be not furni.shed, the CJommissioner sliall annu- ally value tlie policies of sucli company. " In making such valuation he shall assuuH! the rate of mortality shown by the American Experience Table, with interest at four and one-half per cent, per annum. Foreign.— Annual statements shall be filed on the first day of June in ea.'ml)er. Such statement must bo ])ul)lished, at lea>>t three times, in some newspa])or of general circulation, published at the cajntal. The re-insurance fund sludl be computed as follows: fifty per cent, of all premiums on unexpired fire risks, that liave less than one yc-ar to run; u pro rata of all prennunis received on unexpin.'d fire risks that have more tlian one year to run; the entire premium receiveil on untsxpired marine and inland risks. Where tlu^ fire reserve is hiss 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. Life. — Eveiy 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 dept)sit, for the benefit of all the policy-holders of the company, securities to the amount of one hundi-ed thousand dollars, and stating the items thereof, and that he is satisfied such securities are worth one hundred thousand dollars. Any company failing to furnish such certificate shaU nuike a like deposit with tlie Commissioner or other financial ofiicer of this State. Annual statements must be filed on the first day of January, or within sixty days thereafter, showing the condition of the company on the preceding thirty-first day of December. Such statement must be published at least three times in some newspaper of general circulation published at the capital. The ('ommissioner is required to make a valuation of all the out- standing policies of any (sompany doing business in this State, if such company does not file with the (Commissioner the certificate of the proper official of the State 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 safe securities, an amount equal to the value of its pohcies. The basis of valuation, as established by the laws of this State, is the American Experience Table of Mt)rtality, with interest at six per cent, per annum. Foreign, — Every company must deposit with the proper official of some one of the States, for the security of all its policy-holders in the Usited States, securities to the amount of two hundred thousand dol- lars, and must furnish the Commissioner a certificate from such official that he holds such deposit, and stating the purpose for which it is held. ho amount of linoHs in tliia sand dollars. 'i January in •(iiiditioii and )f Dec>'nil)er. Ties, in sonic ifty per cent, han one yijar X'd lire risks 1 received on )f all the fire cniiums shall s on any one tlie amount certificate of ited, showing the benefit of iiount of one and that he sand dollars, make a like )f this State. ' Januaiy, or : company on lent must be al circulation ' all the out- ^tate, if such ficate of the d, giving the 1 by the laws s against the ount equal to this State, is 3st at six per per official of olders in the thousand dol- 1 such official ir which it is STATUTE RK()tTinKMK\T8, 45 The capital of any such company shall he the aggregate value of all deposits in the various States for the security of policy-holders, and its assets and investments vested in trustees in the TJniU'tl Stiites, for the security of the policy-hoklers and creditors of the company in the United States, after deducting tliei-efroni the amount of all unpaid losses and claims against the company, and amount of re-insurance reserve on the business of the comi)any in the ITnited States. The (Vflnmissioner must annually issu(> to such company a certifi- cate showing the amount of its so (letermined capital, and such com- pany must not assume any one risk in this State, greater than five per cent, thereof. Annual statements othei' than that relating to business in the United States, shall ))e filed on or bc^foi'e the first day of July in each year, showing the condition of the company on the preceding thirty- first day of Decemb(!r. Such stati'ment must be published at least three timesMn soin(> i)aper of general circulation at the capital. 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 (?very copy of any paper filed with the Cojumissioner, twenty cents per folio, and for affixing seal and certifying such copy, one dollar. For valuing life insurance policies, ten dollars per million of insur- ance, or any fraction thereof. For official examinations of companies, the actual expenses in- curred. 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. Taxes. — A tax of two per cent, upon all premiums collected within the State during the year ending on the preceding thirty-first day of December, shall be paid to the Treasurer annually at the time of issu- ing the certificate of authority. Penalties. — Every person violating any of the provisions of the law of this State relating to insurance, shall be punished by fine not exceeding one thousand dollars, or imprisonment in a county jail not exceeding six months, or both. Any company wilfully neglecting to file any statement as required by law, shall forfeit one hundred dollars for each day's neglect. MISSISSIPPI. H. MosGROVK, Auditor of Public Accounts. .A.d.mission. — Every company desiring to transact ]>usiness in this State, must, before admission, possess an actual capital of one hundred and fifty thousand dollars, and must file with the Auditor — A copy of the charter, or act of incorporation of the company. ^g STATUTE UKQIIIRKMKNTH. A statement under the ..ath of the Pnmlent or S.yrotarv of the corapany. sliowinR the name, location, capital stock, a.ssets, and lial.iU- tio8 of the comimnv. , • i i „ ' \ written instrument, under the seal ot the company, siKUod l.y its President and Secretary, auth-.rizinK the aK«M"t o the company to ack.n.wledKC service of process for and in l.eludf of the company '■on- senting that service of proc-ess upo.i su..h a^ent shall he as val d d l.inding as if s.,rve.l on the company, and waivm- al c an. of t oi hv reaso.i of su.'h service. If the agent r.^move rom this State. ai.scon» -^^e process can be sin-veo , m a".V«"»'-t "[ competent jurisdiction, be (ine.l in any sum not exceedmg one tl""i^nnl dollars, or imprisoned in the county jail not more than thirty days, or both. MISSOURI. Celsus Price, Superintendent of the Insurance Department. Every companv desiring to transact business in this State, before admission shall file with the Superintendent— A cmided copy of its charter, or act of incorporation. A statement under the oath of the President and Secretary (^ he company showing its condition and alfairs on the preceding first day °^ ATpy'of the last annual report, if any was made in compliance with aV law of the State, or country, by which such company was incorporated^ instrument, or power of attorney, duly signed and sealed^ authorizing any and every agent that is or ."'^•y f « Jjl"! for and company in this State, to acknowledge service of pr"C''^8/"^ ^"Jj in behalf of such company, and consenting tliat service of process upon any such agent, shSl b'e taken and held to be - jf d a^ ^f --^ upon the .company, and that in case such company shall cease to trans- a Unislness in thfs State, any person who ha. acted as -ch agent shall be held to continue agent of such company for purposes of process. Pfir+ifipatea and Agents.— Every company, previous to trans- actingtSL's^intSsst^: shall procure from fV'TlhfreSe' certifLte, stating that such ^o"^P^"y /'"^ -"^.f ,f .^^^.^^^ ^J^^^^^^^ ments of law and authorizing it to do business in this State A certi S cipy o7'such certificate shall be filed in the office of the recorder of every county where the company has an agency or oflice, and shall £ the authority for such company and its agents to transact business '" 'Sh TeSmcate shall be renewed amiuaUy, and a certified copy of such renewed certificate filed with the recorder within sixty days after the first tlay of January in each year. _ Examinations and Impairments.— The Superintendent, when- eveffeSrhP^eJood reason to suspect that the affairs of any com^ piny are in an unsound condition, shall require of «^cb conipa^y a Lecial statement of its affairs, and if he shall not be satisfied that the Xirs of such company are in a safe condition he shall have power to make an examTnation of its affairs. He may, if he deem it for the Snefit of the THiblic, publish the result of such examination m some newspap r ^ished'iS the city of St. Louis. If it shall appear from 48 HTATtJTK HKyUIRKMKNTS. Biich examination that tlio atTiiirs of any company nn' in an nnHound condition. In- «liall rtsvokt; tint wrtilicatc! of antliority j^rantcd to .siu'li c()nii)any, and piihlisii notice of sucii revocation, at l«'ast once a weeic for lour weeiiH, in sonie newspaper pulilislied in the city of Ht. Louiw. If any lire or marine company, after lieinff cliarj^od with its liabihtioH, and a re-inHuraiuu* fund as r(!(juired liy law, lias its capital stoci< .m- pairiMl to the extent of twenty per cent., it cauimt transact business in tiiis State. Fire and Marine, — Kvery stock company sliall possess a paid-up capital stock of at least one hnndred thousand dollars. Animal statements shall he filed on the lirst day of January, in each year, or within thirty days tliereafter, showing the alTairs and condition of the company on the preceding Hist day of Dc-cemher. Life. — Every stock company must pos.scss an actual paid-up capital of one himdred thousand dollars, and every mutual company must possess assets to the amount of one hundred thousand dollars. Every company must have on d(!i)osit with the proper officer of the State where it is incorporatoii. for the security of all its policy-holders, one hunr tlu; hand and official seal of the oflicer holding such deposit, certifying that he holds in trust and on deposit for the benefit of all policy-holders of the company, such stocks and securities, and statiuf; their character, and that ho is satisfled they are worth one bundled thousand dollars. .'^ nmial statements must be filed on the first day of January, in each year, or within tliirty days thereaftm-, showing the condition of the company on the preceding 3l8t day of December. The Supcrintendfmt, once in every five years, shall make or cause to be made a valuation of all the outstanding iiolicios of every Ameri- can life insurance company doing busini'ss in this State. Such valua- tion shall be made upon the basis of tlie American Experience Table of Mortality, with interest at four and one half per an\X. per annum, valuing only net premiums. Misrepres(!ntations made upon procuring a policy of insurance upon life slmll not be deemed material or render the policy void, uide.ss the matter misrepresented shall actually contribute to the contingency or event on which the policy is to become due and i)ayable. In suits upon life policies, no defense based upon misrepresentations in obtaining the same shall be vaUd, unless the defimdant company shall at or before the trial deposit in court for the benefit of the plain- tiffs the pi-emiums received on such policy, after March 1874, with interest from the time so received, at six per cent, per annum. Foreign. — Every life insurance company must either deposit in this State, or in some one of the other states of the United States, for the benefit of the policy-holders of such company, citizens or residents of the United States, one hundred thousand dollars, in safe stocks or securities. ill ill) IIMSdlllld I'fintcd to .HiU'h t onci! u W('t!k r of St. Ijouin. 1 its liabilitii'H. lital stock '.111- wt buninoss in ssess a paid-up iiiiarv, in oacli i and condition paid-up capital 'ompany must (lilars. ■r officer of the policy-holders, Ignited Statos, !, or loaned on ed real estate, superintendent r holding such for the benefit securities, and ire worth one of January, in le condition of make or cause f every Aniori- , Such valua- pcrience Table t. per annum, nsurance upon 'oid, unless the contingency or representations idant company it of the plain- rch 1874, with nnuin. .her deposit in ited States, for ms or residents safe stocks or UTATUTK MKVJUIHK,MKNrH. 49 When such deposit iH mad(> in some otl.er state, a certidcate whall be llh'd with the Siiperiiileiident, under liie hand and onicial .seal of the officer holding such deposit, certifying tliat he holds in tru.Htand on deposit for the lienelit of all the policy-holders of such company, citizens or I'csideiits of the United States stich stocks or securiti.'s. and staling ;lie kind and amount of eacii, and that lie is .^atislied they nrv. worth one hundred thousand dollars. Annual statements shall Ke lileil on the first day of January in eiu'li year, or within thirty days tliereafter. showing the atTairs and condi- tion of the company on tlie preccMJiiig liOtli day of June, and siiall be accompanied by a supplementary annual statemcmt showing the busi- ness and iiivestiiieiits of the company in the United States, on the pro- ceding .'Usl day of Doceniber. Licenses. — Every agent for any company doing fire, marine, or river insurance in the city of St. Louis, shall pay to the collector of the w^ard in which the office of such agent is located, on or before the first day of February in each year, the sum of one hundred dollars for the use of saiil city, and shall receive from the collector a license to do business for one year. Fees, — For filing statement and certified copy of cliarter, fifty dollars. For filing annual statement, fifty dollars. For filing supjilementary annual statements, twenty-five dollars. For filing any other paper re(iuire(l lo be filed, ten dollars. For furnishing copies of records, papers or documents on file, twenty cents per folio. • For affl.\ing seal of office, one dollar. Reciprocal provision. In case the exptmses of the Department .shall exceed the amount of fees collected, the Superintendent shall antmally assess upon all com- panies doing business in this State, a sum equal to such excess. Such assessments shall be mad(! in proportion to the relative amounts of the assets of each company. Taxes. Every agent of a fire, river, or marine insurance com- pany, doing business in this State, shall, on or before the first day of February in each year, deposit with the assessor of tlie county and also of the city in which the agency is located, a statement verified by oath, showing the gross amount of premiums (less return premiums) received by such agent during the year ending on the first day ot January preceding. Such premiums shall be subject to the payment of the same taxes as other property, for state, county, and municipal purposes. Reciprocal provision. Penalties. — Any agent neglecting to pay the fees or taxes prop- erly assessed upon his company, shall be subject to a fine of two hun- dred dollars. Any company neglecting to pay any fees or taxes for ten days after demand, made in writing, shall be Uable to pay double the amount thereof. 50 HTATHTK HKQUIHKMKNTS. Any violiition (.f iJif provisioim of law shall Hiihjoct ilu- piirty vio- latinm to a jM'iialty "f five liuii(ir«i| .lolliirs: in cast' ..f iinii|iayim'iit of such pi'imltv, tlu) otTcador hIiuU Ixj liablo to impriHonni.-iit iioloxioinliiig Hix moil ths. NEBRASKA. J. H. Wkbton, Awlitnr of State. Admission.— Kviiyi'ompiiiiydi'siriiiK in tninsact, biiHiiicw in iIiIh Stati', hrforc acJinisHlon siiall liK' witii tlif Au«lio\vinK its name, location, capital, and also its asst.-ts and liabilili''H, in .IctaU. A copy of Uic last annual report, if any nuido, under any law of tho State hy which the company whs incorporated. Every life company shall also file a written instrument under the seal of the compiuiy, signcHl by llie President and Secr(>tary, authorizing an agent of the company to acknowle.lKe service of process, and con- senting tliat service of process upon audi agent shall lie tiikeii and held to be as valid as if served on tho company, and waiving all claims of error by reason of such service. Kire, marine, and other companies shall ai^point an attorney resi- dent at the county seat of each county in which the coni[.iiny shall establish agencie.s, and shall file with the Auditor a written instrument authorizing such attorney to acknowledge service of process tor and in behalf of the companv, and consenting that service of process upon such attorney shall be taken and held to l)o as valid as if siTved 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 tliat the company has complied witli all the requirements of law relating to insurance, ami such certificate shall be published once, in two news- papoi-s of general circulation, one of which newspapers shall bo pub- lished at tho capital of the State. The agent of every life company shall procure from the Auditor a • certificate, and tile the same together with a copy of the statement filed with tho Auditor, in tho office of the clerk of tho county in which he or they may desire to establish an agency for any such company. Such 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 publication shall be sufficient if made in one weekly newspaper as aforesaid; if no weekly newspaper be published in tho county, then such publication shall be made in one weekly newsi)aper of this State, of most general circulation in such county. . V , « Every agent (except agents of life companies) before transacting business shall procure from the Auditor a certificate of authority. HTATI TK. UKglll(l':MKNTM. 51 ho party vio- n-liavinrtit of lul uxi'oodiiig iisiiicsH in lliis 1, or i1o(m1 of '•I'n'widriit, or inn 't*^ niuno, il. er any law of mt under tho •y, autliorizing COSH, and con- lic taken and ,'ing all clahna attorney resi- eonipiiny Hhall iMi instrument, i-(;ce8s tor and E process upon if served upon if such service. jpt a life com- wing that tho aw relating to , in two newH- \ shall bo pub- . the Auditor a the statement ounty in which such company. 3 week in one bliahed in the paj)er be pub- ;Kcient if made newspaper be to made in one ilatioii in such are transacting authority. All ccrtifir(it<d to the extent of twenty per cent, thereof. Fire and Marine. — Every company muat possess an actual paid- up capital of two hundrcHl thousand dollars, exclusive of any assets dei>osited in any other State or territory, for the special benelit or security of the insured therein. Every such company must also havery company must possess assets, properly invested, to the amount of one hundred thousand dollars. Annual statements shall bo filed in the month of January in each year, showing the condition and affairs of the company on the preced- ing thirty-first day of December. If any such company has made any deposit in any other State or territory for the exclusive benefit of its policy-holders therein, then such company shall, on tho first day of January, annually, return under oath to the Auditor, a statement showing the amount of preniiums received in this State during the year preceding, and shall deiwsit with the Auditor, for the benefit of the insured in this State, five per cent, of such premiums, either in money, or in stocks or bonds secured by mortgage of property in this State, and shall continue such deposit from year to year, until the sum of forty thousand dollars is deposited. Foreign.— Every life company shall furnish evidence to tho satis- faction of the Auditor, that it has invested in the stocks of some one or more of the Statcis of this Union, or of the United States, the r,2 STATUTK UKQUIUEMENTS. amount of one liundr(>(l thousand dollars, and that such stocks are hcl.l by citizens of tho United States or in bonds secured by nioi-t^'ages of rill (^stat(! situated in the United States, fully secui'ing tiie amount for which the same is mortgaged, or bonds of cities of the United States, the aggregate market value of the investment of the company in winch shall not be less than one hundred thousand dollars. Deposits.— ( « (excei.t by substitution of some otiier quahh.-d per.son) to m.ept sei- vice of all i.r..c.'ss at law against such company witlun this b ate, and ulx^n whom' within this State valid service may be made ot all process issued acfiinst said company. - . EvetT company shall file in the .office of the county recorder of each county in this State wherein such company does business, a prop- erlv authenticated copy of the act of incorporation of the company, wtV^proper certificate of the officers of such company as ^o he genuinenesiof the same; and to such certificate shall be appended a duly certifiery such company heretofore admitted to do l)usiness in this State prior to March first, 1876, and every company applying for ad- mission, shall file with the Insurance Commissioner a written stipulation duly autlienticated by the company, agreeing that any legal process affecting the company served on tlu; Insurance Commissioner for the time being shall have the same effect as if se:-ved personally on the company within this State. "Wlien process is served on the Com- missioner he si I all make a memorandum of the fact and inform the company by letter addressed to its principal office in this country, and shall on the next day forward the copy of process served upon liim to the company. If any company negle'-.t to pay any final judgment against it for thirty days after demand is made for the same upon the attorney of the company, the Connnissioner shall suspend the business of the company in this State until such judgment is paid. Certificates and Agents. — Every company before doing busi- ness in this State shall receive from the Commissioner a license, which shall expire on the first day of the next April, and shall be renewed on said day and annually thereafter. Every agent before doing business for any company, must file with the Commissi assets of any fire insur- ance company, after charging it with the amount requisite for the re- insurance of its outstanding risks and with its other pi-op(;r habilities, amount to less than three-fourths of its cajntal stock, or that the assets of any life insurance company are not sufficient to re-insure its out- standing risks and discharge its total actual liabilities, he shall revoke the certificates granted to such company and its agents, and publish notice of such revocation in two newspapers published in Trenton and Newark respectively, at least six times. Fire, Marine, and Life. — Annual statements shall be filed in the month of January in each year, and shall show the condition of the company on the 31st day of December jireceding, and state the name, residence, and amount of premiums received by each agent during the preceding year. Life policies may be valued by the American Experience Table of Mortality, with interest at four and one half per cent, per annum, or tlu! Actuaries' Table of Mortality, with interest at four per cent, per annum, or any other recognized standard of valuation. License. — Every company nmst, on or before the first day of February in each year, pay to the Secrcitary of State the sum of fifty dollars as license for transax'ting business in this State. Fees. — For filing statement, five dollars. For agent's certificate, five dollars. Reciprocal provision. Taxes. — Every company in its annual statement shall state the rri<(rn«gim'tniiiiOTig<'Tiifr^^^rTiY*^~^-^''-^ - '-■ ^^*s^-*^'^'^&^stsa'^ to this State, al stock of at iove all claims a a statement wing the con- and residence re transacting , certificate of ill agencies in 3 a list of the 3ry such agent re transacting Y in the month ;ary of State and if it shall any fire insnr- ite for the re- :)por habilities, that the assets insure its out- e shall revoke ,s, and publish ti Trenton and be filed in the ndition of the Htatc the name, :ent during the •ience Table of per annum, or ' per cent, per le first day of le sum of fifty STATrTK REQUIREMENTS. 57 gross amount of premiums received m the State durmg the piereding vear and shall on or before the first day of February m ea.-h year pay to the Secretary of State a tax of two per centum upon such ^'"^Lifrinsuri.nc<> companies located in States which do not impose a greater assessment upon the companies of this State, shall pay anmial y on or before the first .lay of February to the Secretary of State i lieu of the ta.K of two per centum, the sum of twenty dollars for each and evei-y agent acting for them in this State. Reciprocal provision. Penalties.— Every violation of the laws relating to insurance shall subject the offender to a penalty of five hundred dollai-s for each "^^Anv company failing to make and file its annual statement for thirty davs after the time provided by law. shall be subjort to a pen- alty of W> hundr<-d dollars, and a like penalty for every monh it continues to do business in this State without filing such statement. NEW YORK. shall state the Orlow W. Chapman, Superintendent of the Insurance Department. Admission.— Every company must possess the amount of capital and assets hereinafter mentioned, before being admitted to transact business in this State, and must file with the Superintendent— A certified copy of its charter or deed of settlement. A statement under the oath of the President or Vice-Fresident or other chief officer and Secretary of the company, stating the name, location, capital, assets, and liabihties of the conipany in detail. A copy of the last annual report, if any, made under any law of the State by which such company is incorporated. (Fire CoMrANiEs ) Every company must also appoint an attorney in this Sate on whom process of law can be served, and file with the Supermtendent a ccrtilied copy of the vote or resolution of the directoi^ appomtmg such attorney which appointment shall continue until another attorney be substituted. 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 com- plied with all the requirements of law, and the name of the attorney appointed to act for the company. A certified copy of such certificate of authority shall be filed in the office of the clerk of the county where the agent's office is located and the agency established Aeents 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 notices are required to be inserted, and within thirty days thereafter file with the Superintendent the affidavit of the publisher of such paper, nis foreman or clerk, showing such publication. Every agent doing a fire business in any incorporated city or village shall execute a bond, with 8 58 STATUTE RKQPTREMENTS. anoh snretios as the Trnasuicr ol' tlio firo department shall approve, comlitioiioil tlial he will make true and correct returns ns required by law of the aniuuut of [)reniiums received by him, and pay the taxes fhereon imposed. In the city and eonnty of Xew Yoi-k such bond must be for the sum of one thousand ilollars. In every other incorpo- rated city and village, such bond must be in a sum not e.xceeding live hundred dollars. Agents of each marine company shall file in the office of the clerk of the county in which tiiey reside a copy of tin state- ment of the company, and publish the same in a newspai)er (if one be published in the county) at least si.x successive weeks after the same is so filed. Such agents shall e.\ecnt(! and deliver to the Comptroller a bond in the sum r incdrpo- fcccding live 11 lib in the r of tin state- M' (if one be r the same is 'imipti'oUor a :-eties as the s shall make and shall be certifieate of e represents, n, or village, (ndent. when- suspect the 1 to be made ate. Wlien- II publish the rom such ex- nd condition, in behalf of ilished in the tate when its tate when its lium reserve f doing busi- igs must pos- uch company ess a paid-up of New York nd fifty thou- er county in dollars, uary in each y on the pre- of all premi- in. Pro rata n one year to risks.) STATUTE HEQriRKMENTS. 69 Life. — Every company transacting business in this State must possess at least ()n(>. hundred thousand dollars invested in tli<^ stocks or bonds of the United States, the Stiite of New York, or of the State where the company is located, or in loans si-cured hy mortgage on im- proved, unincumbered real estate within tlu- Slate where such comiiauy is located, worth seventy-live per cent, more than the amount loaned thereon. Such securitii'S shall be dejiosited with the A tulitcr. Comp- troller, or chief financial oflicor of the State where said company is incorporated, for the benefit of all the ])olicy-holders of such company, and the Superintendent shall be furnished with a certificate thereof under the hand and ollicial seal of such officer, stating the items of such securities, and that such officer is satisfieil that they are worth one hundred thousand dollars. Annual statements must be filed on the first day of January in each year, or within si.xty days thereafter, showing the condition and affairs of the company on the preceding 31st day of December. The Supin-i'ntendeut shall, at least once in five years, and annually in his discretion, nuike valiuUious of all outstanding policies in every life insurance company d(jing business in this State. For the purpose of such valuation the rate of interest assumed shall be four and a half per cent, per annum, and the rate of mortality shall lie that established by the vVmericau E.xperieuci! Table. The Superintendent may in his discretion accept I he valuation of the DepartuKmt of Insurance of any other State, in place of making such valuation, provided the insurance officer of such State does not refuse to accept as sufficient and valid for all purposes the certificate of valuation of the Insurance Departiiieut of this State. Foreign. — Every foreign insurance company doing a fire insurance business in this State shall deposit with the Superintc'udent, k)V the benefit and security of policy-hoUlers residing in the United States, a sum not less than two hundred thousand dollars in stocks of the United States, or of the State of New York, or in bonds secured by mortgage on improved, unincumbered real estate in the State of New York, worth fifty jier cent, more than the amount loaned thereon. The cap- ital of such company shall be the aggregate value of such sums or secu- rities as such company has on deposit with the officials of various States, and all other assets and property of the company in the United States conveyed to and vested in trustees, citizens of the United States approved liy the Superintendent, for the general benefit and security of the policy-holders and creditors (jf the company in the United States, after taking from such aggregate value the amount of all the debts and liabilities of the company in the United States, including a proper sum for a re-insurance fund as provided by law or the rules of the Insurance Department. The Superintendent shall annually issue a certificate to such com- pany of the amount of its so-determined capital. Every foreign insurance company doing a life insurance business shall make a deposit with the Superintendent in securities of the value of one hundred thousand dollars. Annual statements of every foreign fire company shall be filed on or before the first day of June in each year, showing the condition of t ■4 1 1; = ^jiiB!ffls^sgaB»**?;si^»"»««»"^ 60 8TAT0TK UEQL'IKKMENTrt. the company on the preceding 31st duy of Dcceinbor. Supplementary annual statements shall bo filed in the mi^nth of Jauuaiy in each year, showing tjie investments constituting the capital nf the company in the United States, and the conilition and business of the company in the United States, on the preceding 3lBt day of December. Fees. — For ev(;ry copy of any paper filed in the Department, the sum of ten cents per folio; and for itffixing the seal of said Department to such copy and certifying the same, one dollar. For examinations of insurance companies, the actual expenses incurred. Reciprocal provit^ion. Taxes. — The agents of all marine companies shall pay into the State Treasury, on the first day of January in each year, a tax of two dollars on the one hundred dollars, and at that rate upon all pre- miums wliich shall have been received in this State for the year ending on tilt! preceding Slst day of December. The agents of all fire companies taking risks in incorporated cities or villages shall annually, on the first day of January, render to the Treasurer of the fire department of such city or village an account, verified by oath, of all premiums received by liim within any incorpo- rated city or village for the year ending on the preceding 3 1st day of December, and shall pay to such Treasurer a tax of two dollars on the one hundred dollars, and at that rate for the whole amount of such premiums. Foreign fire companies having a capital, assets, or funds in this State of not less than one hundred and fifty thousand dollars, shall be liable to be taxed upon .such capital, assets, and funds, as the same are yearly assessed by law. The amount of such tax wl i would equal two per cent, of its gross premiums received in the ci' jf New York, shall be paid to the Treasurer of the fire departmimt saiil city, and the residue of such tax shall be paid to the city of !Sre\ ""ork as in the case of ordinary taxation. Such payments shall exempt the company from all further taxation. If such assets shall bo reduced below said amount, then such company sliall pay the tax on premiums as provided in case of other fire companies. Foreign life insurance companies shall annually pay to the Superin- tendent, on or before the first day of March, a tax of two per cent, upon all premiums received in this State for the year ending on the preceding 3 1 st day of December. Reciprocal provision. Penalties. — Any violation of the provisions of law relating to fire insurance shall subject the party violating to a penalty of five hundred dollars. Any company failing to file annual statements as required by law, and continuing business, is subject to a penalty of five hundred dollars, and five hundred dollars for each month such business is transacted. HTATCTK REQriRRMnSTS!. Gl aplementary II tuich year, ipaiiy in the ipaiiy in the artmenl, the Dopartment >al expenses pay into the a tax of two pon all pre- year ending orated cities ■ender to the i an account, any incorpo- 31st day of ollars on the )unt of such funds in this lars, shall be the same are would equal :' Now York, aiil city, and ork as in the the company id below said 3 as provided the Superin- two per cent, nding on the elating to fire five hundred lired by law, idred dollars, transacted. NORTH CAROLINA. Wm. II. llowKBTON, Srr.rctary of State. Admission.— Every company transactiuK any business in this Stat.! must pcsHoss one hundrcl thousand dollars m availal.lo assets, and shall appoint a KO'ioral agent, who shall receive I'rom the 1 roasurer a lieenso. and irom the Socrotary of State a .•ertiCu-ate autiiorizmg such agent and Such company to do busiiuiss in llio State. Every such company shall also tile with the Secretary ot htate a state- ment under the oath of its chief officer or sonu^ other officer appomted tor the purpose, showing the financial and business condition of the com- pany. Certificates and Agents.— Every company upon filing its annual report with the Secretary of State must procure from him a certificate of authority. . . , The general agent must furnish each sub-agent a c(jmmi8aion autlioi • izing him to do business. Fire. Marine, and Life.— Every company shall annually file with the Secretary of State a statement of its condition, and stating all unsettled judgments against the company from which no appeal has liecii taken. Sucli statement shall be published m t.he newspaper having the largest circulation published in the city of Kaleigh. There-insurance reserve shall be computed as follows: i^or l*ire and xMarine comi.anies, at fifty per centum of premiums on unexpired risks For Life companies, no table of mortality is mentioned, but in computinK the reserve, four and one-half per cent, interest is to bo assumed by mutual companies and five per cent, by stock companies. Licenses —Every general agent shall exhibit his appointment un- der seal of the company to the State Treasurer, who shall issue a license to him which shall be renewed annually. He shall pay for such license, one hundred dollars. Fees. For examining and approving annual statement or report, twenty-five dollars. Taxes —Every general agent shall, on the first days of July and January in each year, make a statement under oatli to the State Ireas- urer of the gross premiums received in this State for the six mcmths pre- ceding, and within thirty days thereafter, the company he represents shall pay to the Treasurer a tax of two per centum upon such premiums. Upon failure to make such return and pay such tax at tlie prescribed time, such company shall pay as a tax tvfo thousand dollars. The agent effecting insurance shall, on the first days of July and January in each year, make return to the Registrar of Deeds of the county in which the insurance is effected, the amount of premiums received in such county for the six months preceding, and pay to tlie sheriff of such county the county tax asses.M'l thereon. 1 he general agent shall also, within thirty days after said first days of July and January, make return of the amount of premiums received m eacii county to the Registrar of Deeds of each county, and if the local . ,,^»¥Kl£3*W»'!lWVi.i-*^)"ew!»SK' 69 STATUTE nEQl'IRITMRNTN. agcni fiiilB lo pay the county .axes assossed thcroon the gonoral agc^iit ahull pay tho same to the shfMTlT. Penalties. — Tf such ufrcut failfl to mako rofiinia and pay taxna, ho shall forftiit, and pay twonty-fivr dollars for cnrh policy thcroaftor ncj^otiatod by him. Any sidi-agcnt soliciting insMiancc witliotit, a com- niiasiiiii from llu^ {r(MH!ral aycut, slinll. on cdnvicfion, pay a, liiu' not less than on(! thousand dollars and he imiirisoiicil not less than ninety days. Any porpon acting as a ^'cnoral agent without a certificate from the Secretary, is liable to a fine of not les.s than five hundred dollars and imprisonment at tho discretion of tin; court. OHIO. W. D. ilii.L, Su[jeriHtcvdcnt of Insurance. Admission. — Every company desiring to transact business in this State, before admission must file with the Superintendent — A certilied copy of its charier or thied of .seLlleinent. A statement, under the oath of the President, Vice-President, or other chief ollicer and Secretary of the company, showing its condition and allaii's. A copy of the last annual rejiort of the com))any, 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 l)ehalf of the company, and consenting that service of pro- cess upon any such agent shall be taken and lield to be as vali(i as if served upon th(! company, and waiving all claim of error by reason of such acknowh'dgment or service ; also, waiving all claim or riglit to transfer any cause then or thereafter pending in any courts of this State, whoein such company may be a party, to any of the courts of the United States ; and in case suit shall hv, brought against any com- pany which lias ceased to do business in this State, such written in- strument shall also provide that service of process may be made therein, by the sheriff sending a copy of such process by mail, postage pre-paid, addressed to the company, at the place of its principal office, in the State where it was organized ; or, in case of a foreign company, ad- dressed to the company at the place of its principal office in the United States. Certificates and Agents. — Kvery company, before transacting business in this State, must procure from the Superintendent a certifi- cate of authority. Such certificate of authority, containing a statement under the oath of the President or Secretary of such company, showing the actual amount of paid-up (Capital, the aggregate amount of assets and liabilities, together with the aggregate income and expenditures of the company for the year preceding the date of such certificate, shall be published at least once in every year in some newspaper of general circulation in every county where such company has an agent. A copy of such certificate shall be filed in the office of the recorder of each county in wliich such company has an agent. moral agent pay tnxes, y tlifToaftor lintit, a c.nvn- (iiii' not 1('S8 lidoty (lays, ificiitc from Invl dollars inoss in this resident, or ts condition y was made icorpo rated, orizing any ut' process, i'ice of pro- s valiii as if )y reason of or right to urts of this e courts of st any com- writteu in- adp therein, ge pre-paid, ffice, in the jmpany, ad- the United transacting 3nt a certifi- a statement ny, showing nt of assets snditures of ificate, shall r of general at. A copy der of each BTATt TE BEQrtRKMKNTS. fli Every njjont, hoforo tranBacting hurtinHSs, nhall procure from the Piipf'i'inU'ndnit ii licciisi' fur I'ai'li fompany h(( represents, and shall d((posit a CiTtilii'd '.^n]^y of such liccnHe in the office of tlie iTcoi'der of the couiily in wliich the cilice of sucii agent is esiablislicd. All ciMt ideates shall lie renewed annually, and .shall Ik* pulilisiii'd or Hied as aforesaid. Examinations and Impairments. — Whenever the Superin- tendent shall have good reason tosu.sjject the correctness of any annual Btalement, or that the alTuirs of any company are in an un.sounil con- dition, it is his duty to make or cause to ho made an e.vamiinition into the atTairs of such ('om|>any. If he deem it for the he.st intereslof the public, he shall publish the result of such examiinilion in a newspaper of general circulation puhlislied at (^)luml)us. Whenever the; alTniis of ;iny company are fouiul to he in iin un- ROun- ' 64 BTATlTTr. RF.qtTIRK.Mr.NTR, compnnv, pivinjj; tlio items of surh KOcurifioH and stating that he is satifiiii^il iIk'.v lire worth iit li-a.st one hiiniin'd tlioustunl (Inllnrs, Annual Htutfiunnis nniwi Ih> (iltMl on tlic liift iliiy of .litnuaiy in ■acli V«'iir. or witliin mxty (iftVH thoroaftor, Hlrnvvinj^ tin- iitTiiirs and condi- tion of the conipany" on tlu> procc(iinK :»lHt day of hcccinlMT. Tlio iircniMuii rcH.'rvc >liidl Ix" CMniiutt'd on tlii' linsis of the Ainori- civil Kxiicricncc ThMh of Morliilily. witli inli'rcst iil fMiir and (>iichMlf porccnt. 'I'lic Siipcrintondcnt sliiill aiinunily vitliic liw policies out,- HtnndinK in id! companies doing hiisintw in tiiis Sfuto wiiicli do iiot furnish liini a cortiticatc from an nfliccr of sonic otiior Static authorized bv hiw to make vidiuitions, showing a valuation of such policies upon the standard estnlilislied l.y tiie law d' this State, or upon anyotiier Htandard of valuation which shtill make the value of such policies not lesH than that by tho standard of valuation adopted liy this State. Foreign. — Kvery company must make a deposit with the Super- intendent of on(^ hundred tlmiVsaiid dollars in the stocks of tlu« State of Ohio, or of the United States, for the henelit, in ca.se of fin- com - l)anies, of policy-holderH in this State, ami in case of life companies, of tho policy-holders in the I'nited States. The capital of a foreign (iro coniimny shall be the agu'reKnte value of its deposits with tho several States, and the amount of its invost- ments held by trustees, citizens of the Tnited States approved by the Insurance Ctmimissioner, for thebenelitof policy-holders in the United States. In addition to the annual statimient, every such company sliall an- nually file at tho same time a stipplementary .statement showing its investments, condition, and dlTairs in the I'nited States on the preceding lUst day of December. Such supplementary statement must be verified in case of fire com- panies by the oath of the manager residing in the United States, and in case of life companies by the oath of general agent or attorney in this State. Deposits. (See Life and Fobeion.) Fees. For filing and examination of the first application of any company, twenty-five dollars. For filing the annual statement, twenty dollars. For each certificate of authority, or license and certified copy thereof, two doUtirs. For every copy of any paper filed in the office of the Superintend- ent, twenty cents per folio ; and for affixing the seal of office and cer- tifying the same, one dollar. Any company may pay to the Superintendent two hundred and fifty dollars for licenses to its agents, and may appoint as many agents as it chooses without further charge. For valuation of life policies, one cent for each thousand dollars of insurance valued. For making examinations of companies, the actual expenses in- curred. Reciprocal provision. Taxes. The agent of every insurance company shall return to a: that ho ia liirs, mary in "nch t mill condi- her. )f the Atiiori- 1111(1 (lllC'llMlf pdlicics out,- ^•liicli (III not U' uiilhnii/.cd |io!i(:i('s upon (III iiiiy otlii'i' I |i(ilici('s Udt is Htato. h ilm Siiimr- of tlu« State (if fln' com- •oinpaniee, of ,'rejj;iite valuo )f its invest- roved by the in the United muy shall an- t showing its the procediiiij; of fire com- d States, and n- attorney in cation of any iertified copy Superintend- i)flice and cer- huiidred and 5 many agents md dollars of expenses in- lall return to dTATiiTi: Rii:qtMHr.Mr,NTJ«. AA the Auditor of the county in which his omce is located, in the month of Mavanninillv, a statement of the K''.hs amount .,f preinmuis c^ coivedhv hiiM, whichslinll he entered „n the tax hst of the ''ount v a d be Hid.iect to the same rate of taxation ns personal pmiier y AM per- sona property, .noneys, and credits within this State belonK.nK' < » any '-'npluiy shall in like manner he entered upon the tax hst utid be subject to taxation. Itociprocal provision. Penalties.-Kvorv person violating th.< provisions of law relating to insurance, shall bo liable to a line not exceedmg five hundred dol- '""''Everv agent who shall act in this State for any company tliat ii.^g- lects or refuses to make an annual .statement as re(inire.l by law s ha 1 be subject to a line of live i.u.idred dollars, and live hundred I'.olla.s for each month he continues to do busiiums for such company. OREO-ON. Btepiien F. ChiADWicK. Secretary of State. Admission.-Rvery company desiring to transact bvwine.^ \u this Stat^TTil^S before engi-.g Tn business, duly exoc.-'c ^^f^^^e edtre a t)ower of attorney appointing some persov, a cmz<.u ot .lie uSeS Stales and a ci.izii. al.ll resident of this State, an attorney fo^ such company, with authority and power to accept soryv', 7.'',., V., ,' and process necessary to give complete unsdiction of sue! coTnl;.:ly to ho cvLirts of this State, and providing that lawful and vahd s.mco may be made upon such attorney in any action by or ..gama mc ZLLy in any -ourts of this State. Such power of atte. aey .hall bo reZled in Z county clerk's office of each county where such ^■ pany has a resident agent, and so long a* such company sh:, hav, pla(es of liusiness in this State, shall bo irrevocable, o^cepi oy th. ^ .K ititution of another qualified person for the one mentioned .}unvy.> as attorney for such company. Agents.— Life insuraiu;e agoi.ts or nolicitors are required to pro- cure from the Secretary of Slate a license. Firfl and Marine —Every fire or marine compau^^, b< lori; pnga>r- ingfululelhUh^ State, slJu deposit with the Stat. Ti.a surer u^ thi benefit and security of pers(.ns transacting •;;;^^;^,,;^f^\ f^^f company in this State, the sum of fifty thousand dobai. ui tlw teve.t- bearing bonds of the Unifni States, or in the bondb of -^y^^^^^; Ev!ry such company shall procure from the .-- . >*.sy of Stat.,, and affix to every policy issued by it in this State, • /amps to fohowfe. Every jJlicy on which the premium is lo „ ^^lan fn dollars, a stamp of the vilie of ten cents, over te. .oh u. and less than wenty do ■ lars a stamp of the value of tw,•.^n^^ cents; over twenty dollars ad ess Smn fifty dollars, a 'tan,., of the value of fifty cen^s; over litty doILuraud iL than one hundred dolkrs, a stamp of the valuo of one f; 66 BTATtTTE nEQUIREMENTP. dollar. An additional ono por cent, on all sums over ono hundred dollars. Life.—A 11 companies having agents or solicitors within this State shall annually pay to the TreasurcM- of this State one himdrod dollars in gold coin "of the United States. Fees. — To Secretary of State: Por recording each certifi<'ate of deposit and issuing such certificate to depositors, t\ve'>ty-fivo dollars. Por issuing Lcense to life insurance agents or solicitors annually, ten dollars. To the Treasurer: Por receiving and filing a certificate of deposit, ten dollars. Por keeping deposits and returning to depositors coupons, one- eighth of one per cent, per annum on all deposits made with him. Taxes.— All deposits made in this State shall be subject to taxa- tion to the same extent as other property in this State. Penalties. — Every person acting or professing to act as agent for anv company before such company shall comply with the provisions of law, shall be guilty of a misdemeanor, and subject to a fine not exceed- ing one thousand dollars, or hnprisonment in a county jail not exceed- ing one year, or such fine and imprisonment both. PENNSYLVANIA. J. M. PoKSTER, Insurance Commissioner. Admission.— Every company desiring to transact business in this State before admission must file with the Insurance Commissioner— A certified copy of its charter. A statement verified by the signature and oaths of the President or Vii;e-President and Secretary or Actuary of the company, showing its affairs and condition. A wi-itten stipulation, duly authenticated by the company, agreeing that any legal pi-ocess affecting the company served on the Insurance Commissioner or the party designated l)y him, or the agent specified by said company to receive service of process lor such company, shall have the same effect as if served personally cm the company within this State; and if such company should cease to maintain an agent in this State so designated, such process may be thereafter served on the Insurance Commissioner. So long as any hability of such company to any resident of this State continues, such stipulation cannot be revoked or modified, except that a new one may be substituted, so as to require or dispense with service at the office of the company m this State. , Certificates and Agents.— Every company, before transacting business in this State, must procure from the Commissioner a certificate of authority showing that such company is authorized to do business in this State. ono hundrpd liiii this State indred dollars 3ucli certificate iitors annually, lollars. coupons, ono- with him. subject to taxa- ict as agent for le provisions of ine not exceed- jail not exceed- business in this nmissioner — ' the President npany, showing npany, agreeing 1 the Insurunco agent specified company, shall jompauy within ain an agent in r served on the such company ition cannot be iibstituted, so as company in this fore transacting jner a certificate to do business STATtTK T!F,(^rUiF,MF,NTS. 67 Every such company shall from time to time certify t^o the Com - missiS the names of the agents appointed by it to solicit risks in ^^"'Ev-eiT such agent, before transacting business for any such com- pany shall i.rocure from the Commissioner a certil.ciito of authority showing that the company has coMU-lied with the requirements of law and that he is duly appointed its agent. All certificatiis must be renewed annually. Examinations and Impairments.-The Commissioner, for proSr;u.se, may visit and exaniine any -;7'-y;^3J— tfe this State provided such company is not located in a, State ^^heie the sb^tantial provisions of the act of this State entitled "An Act to SSsh aV'liiL-ance Department;- are e,^ l']^ r^rr suK deem it for the interest of the pub he, he ..hall W^^^fJ^^' '^^f^^^ such examination in one or more publications in this State. He shaU revoke or modify any certificate of authority g''^^^^^.^^ "^ "\Sv i's anv such company, whenever its assets are insuOicient to justify its Snuance hJ b/siness, or when any conditions prescribed by law for granting it no longer exist. If the capital stock of any fire or marine company, after the com- pany is charged with all debts and claims against ^t and the sum ,e^ miired bv law for a re-insurance fun.l, is impaired to the extent ot twenty per centum, the Commissioner shall give notice to the company o nmke^good its whole capital stock within sixty days; and if this is noi done\e shall require the company to cease to do business m this ^^% any life insurance company has not on hand the net value of all its policies in force, ascertained as required by law, after provud- ing for all debts and claims against it, exclusive of capital . ^;ck the Coinmissioner shall publish the fact that the ^1"^" ^^^f "§ 7'', .^°" f the affairs of such company is below the standard of legal safety es- tablished by the laws of this State, and shall require the company at once to cease doing new business. Fire and Marine.— Annual statements must be filed on the first day of January in each year, or within sixty days thereafter showing the condition and business of the company on the preceding thirty-hist ^^Vhe re-hisurance fund is computed at fifty per centum of all premi- ums received on unexpired fire risks having less than one year to run and pro rata of all premiums received on unexpired fire risks that have more than one year to run; the entire premium received on unexpired marine and inland navigation risks. Life —Annual statements must be filed on the first day of January in each year, or Within sixty days thereafter showi^ng the condition and business of the company on the preceding thirty-hrst day of ^'''^kaUons are made upon the basis of the American Expenence Table of Mortality, with interest at four and one-half per centum per annum, except in cases of companies possessing a cash capital of five hundred thousand dollars fully paid in and safely mvested. Ihe I dfi STATUTE ItEQI'lREMENTS. 1 / pnsmium reserve of any such company, upon non-participating policies, may be, cfmipiited on th(> basis of tiio American ExpeiicMico Table of Mortality, with interest at not less than four and oiie-half nor more than six" per centum per annum in lh(i discretion of the Commissioner, and with refc^rence to the rates of premium charged by such company. The (!ommissioner 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 t value of all its policies in forc(\ and that the company was entitled to do business in its own State. Kvery company that fails to promptly furnish such certificate shall make full detailed lists of its policies and securities to the Commissioner, and pay all charges and expenses t;onsequent on not having furnished such certificate. Foreign. — Annual statements other than those relating to business in the United States must be 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. Fees.— For filing certified copy of charter, twenty-five dollars. For filing annual statement, or certificate in lieu thereof, twenty dollars. For each certificate of authority and certified copy thereot, two dollars. For every copy of any paper filed in the department, tw( ity cents per folio; and for affixing the official seal to such copy and certifying the same, one dollar. ,. , For valuation of life insurance policies, not exceedmg three cents for each one thousand dollars of insurance valued. For ofiicial examinations of companies, the actual expenses ui- ciirrGQ. If the necessary expenditures of the Department exceed the amount of fees collected, such excess shall be annually assessed by the Coni- missioner in just proportion upon all insurance companies doing busi- ness in this State. Taxes. Every company authorized to transact business in this State shall" annually, in the month of January, report to the Commis- sioner under the oath of its President or Secretary, the entire amount of premiums received by such company in this State during the year ending on the preceding thirty-first day of December, and pay mto the State Treasury a tax of three per centum on such premiums. Penalties.— Any company neglecting to make or transmit any statement required shall forfeit one hundred dollars for each day's neglect. Any person transacting business for any company without procur- L ig policies, ;(i Table of ' nor more imissinnei", I company, s premium before the -ance Com- y is orgaii- lany on tbo iis n^qnii'ed ihts of tlie safe secur- forc(\ and te. Every . make full sioner, and lishod such to business of July in ,'i.ny on the dollars, eof, twenty hereof, two RTc "ity cents I certifying three cents xpenses in- the amount jy the Com- doing busi- aess in this ;he Commis- itire amount ng the year pay into the as. ■ansmit any r each day's liout procur- BTATt'TE HEQinnKMENTS. 69 ing a certificate of authority, and every ^^^"'V^^y.^o'^'f ^''"^^'ZTZ out c..mi.lvin- with the re.iuirements of law. slmll forte t and pay tlie sum oriiv. Imndred dollars for each month and fractu.n thereof m wliicii mch illegal business is transacted. RHODE ISLAND. Joel M. Spenoeu, Insumnce Commissi -.er. Admission.-Every company desiring to transact business in this State, befon* admission must iile with the Commissioner— A certified copy of its charter. A staLment l^ned and sworn to by the ^--^"/^ -^^^^^"^^^^-^ of the company, showing the condition and affairs of the ^on pany. Every comimny shall appoint by a written power some citizen of this State resident then^in, its attorney, with authority to acx-ept seJvic^ (rf picess against such company in this State, and upon whom a^Uawful Voeess fgainst such company in th s State may be served. A copy of such powe^- of attorney, duly certified and authen icated shall be filed with the Commissioner; and no such power of a torncy Si be revoked until after a like power shall i^-e been given K, some other competent person and a copy thereof file.l with the Com- missioner. Certificates and Agents.-Every agent, before transacting business for any company, shall give bond to the general treasurer, S two or more sureties .0 be approved by h m, m the sum of one thousand dollars at least, conditioned to make the annual returns and pay the taxes prescribed by law. Every agent shall exhibit in conspicuous letters, on the sign desig- nating his place of business, the name of the State under whose author- ity the companv he represents is incorporated; and such company and agent shall have printed in large type the name of such S ate upon a pSlicies issued to citizens of this State, on all cards, placards and pamphlets, and in all advertisements published, issued, or circulated in this State relating to the business of such company. No sLh agent doing business in any town in this State shall estab- lish a branch agency in any other town. Examinations.— The Commissioner may, when he shall deem it important for the safety of the policy-holders, visit and examme the condition of any company doing business m this State. Fire and Marine.— Every company shall possess a capital of one hundred thousand dollars. .v, « . j„„ Every fire company shall file its annual statement on the first day of January in each year, or within thirty days thereafter, showing its business and condition on the preceding 31st day ot December Every marine company shaU file its annual statement on the farst day of January in each year, or within sixty days thereafter showing its business and condition on the preceding 31st day of December. The Commissioner shall annually publish an abstract of the statements I 70 WTATl'TF. UKQITIURMKN'I'S. thereof shall hv paid by nach ct)ni- filod in his office, and thn expense Life, — Every company mnst possess one hundred tliousand dollars in good and safe stocks or securities, and deposit the same with the Auditor, Comptroller, or chief financial officer of the State by whoso laws the company is incorjioratcd, 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 foi' the benefit of all the policy-holders of such company, giving the items of such securities, and stating that he is satistiiid that such securities are worth one hundred tliousand dollars. Annual statements shall ho filed on the first day of January in each year, or within sixty days thereafter, showing the business and condi- tion of the company on the preceding :nst day of December. The Commissioner shall annually publish an ab.itract of each statement filed in his office, and the expense thereof shall Ije paid by the company. Foreign. — Annual statements of business other than that done in the United Stales shall be filed on or before the first day of July in each year, showing the condition and business of the company on the preceding 3 1 st day of December. Fees, Upon the deposit of chartei- and power of attorney to each agent, there shall be paid the sum of five dollars. For examinations of companies, the actual expenses incurred. Reciprocal provision. Taxer. Every agent shall, during the month of January in each year, make return to the gentn-al Treasurer of the ainount 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 coinpany has not complied with the requirements of law, shall be fined not less than three hundred dollars nor more than one thousand dollars. 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 the Commissioner for thirty days shall be fined one thousand dollars. SOUTH CAROLINA. Samuel M. Hoge, Comjitroller General. Admission. — Every company desiring to transact business in this State, before admission must file with the Comptroller General — STATUTE REQUIREMENTS. 71 oaoh ct)ni- ,nd dollars same with ■} State by le general md official iiBt and on ,ny, giving that such iry in each and condi- ibor. The ■ment filed mpany. at done in of July in )mpany on ley to each irred. iry in each insured or preceding, s collected jhe general iiiiums and )any within when such w, shall be le thousand pljdng with srrogatories 3 thousand A cortinpss on the Secre- tary of State or Insurance (Commissioner as the cas(! may be shall be tiiken and heM as valid as if served upon the company, and waiv- ing all claim of error by reason of such service; also waiving all claim or right to remove any cause now oi- liereafter pending in any courts of this State, in which such company is a party, to any of the courts of the United States. Certificates and Agents. — Every company shall certify to the Commissioner the names of all agents appointed in this State, and tho Commissiojier shall issue a ceitificate of authority to such agents, authorizing them to transact business for such company. Every Life Insurance company shall procure a License from the Insurance Com- missioner. All certificates and licenses shall be renewed annually in January. Agents of all companies except life shall deposit a copy of the cer- tificate of authority, duly certified, with the clerk of the county in which the office of the agent is located. Examinations and Impairments. — The Commissioner, when- ever he shall deem it expedient, may examine into the afTairs of any company transacting business in this State. If it shall appear from such examination that the affairs of such company are in an unsound condition, the Commissioner shall revoke all authority to such com- pany or its agents to do business in this State, and cause a notification thereof to be published at least three times in some newspaper in the city of Nashville. A fire or marine company is in an unsound condition whenever its capital stock, after the company is charged with its proper lial)ilities and a re-insurance fund, as provided by law, is impaired more than twenty per cent. A life company is in an unsound condition if it does not possess one hundred thousand dollars in excess of the amount of assets nec- essary to provide for all outstanding 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 in United States bonds, or bonds of one or more of the States. Annual statements must be filed on the 31st day of December in each year, or within thirty days thereafter, showing the condition of the company on the said .31st day of December. The re insurance fund is computed at fifty per cent, of all pre- miums 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. STATUTE REQflHKMENTS. 73 ?ml)er, pro- 3crotary, or signed by tatu in caso case of all in bi'lialf the S((cre- ly bo shall and waiv- i^aiving all ng in any any of the tify to the State, and ich agents, Every Life ance Goni- i January. of the cer- county in ner, when- lirs of any )pear from 1 unsound such com- lotification iper in the lenever its lia])ilities more than ot possess issets nec- laims, and iw. least two Ired tliou- bonds of member in ndition of )f all pre- 3 run, and ) run. Life —Every company must possess actual cash assets to the amount of one liundrod thousand dollars, invested as required by th(f laws of the State where it is organized, and must furnish the ( om- missioner a certificate from the proper officer of the State wliere located, showing that he holds securities of the value of one hnndrtHl thousan.l dollars on deposit for the security of the policyholders ot the coniijativ. . , . „ , , . r^ „ Annualstatenients shall be filed on the thirty-first day of Decem- ber in each year, or within thirty days thereafter. Tlie Commissioner shall annuallv value all the policuis outstanding in everv life company doing business in this State, which does not furnish "him a certificate of valuation, under seal from the (commis- sioner or Superintendent of the State by whose laws it is incorporated, showing the e.xisting 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, except in case of companies having one hundred thousand dollars capital st.ick paid up. The stock, or nou-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.— Every life company shall pay a license fee of seven hundred and fifty dollars. Reciprocal provision. Fees. — Fire and Marine. For filing copy of charter or deed of settlement, ten dollars. For filing annual statement, twenty-five dollars. For filing any additional or supplemental statement, ten dollars. For each certificate of authority, and certified copy thereof, three dollars. For copies of any pai)er on file, twenty cents per toho, and tor affixing seal of ofiice 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 incuiTed. Life companies shall pay the Commissioner fifty dollai-s for exam- ining statement, and six dollars for each certificate of authority. Reciprocal provision. Taxes. — P^ach 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 officers of such company, the total amount of premiums received in this State, within the six months last preceding, and at the same time shall pay into each State Treasury the sum of two dollars and fifty cents on each one hundred dollars of 10 74 PTATfTK HKqrinKMENTS. siicli promiums. Iiifo comiiunics hIihII ninko a like rofiirn on the first days of Januiirv aiitl July, and pay a tax of oim and one half \n;r C(!tit, upon such prcniiuins. Ueciprocai provision. Penalties. — Every af^oiit doiuj? business for any company withovii. a ccrtificati' of authority from tlio Comniissiont'r, shall Im subject to a penalty of five hundred dollars for (^ach olTensc. Every company failing to n:;.ke i-eturu,s and \)&y taxes as required by law, shall forfeit and pay to the State five hundred dollars, TEXAS. Stei'iikn H. Dkauden, Slair Comptrnller. Admission. — Every company desiring to transac^t business in this State, before admission must file with the (Jomptrollor — A duly cortilied copy of its charter. A statement under the oath of tli(> President oi' Vice-President and Secretary of the company, showing the condition and Inisiness of tlie company. A written instrument under the seal of the comi)any. signed by the President and Secretary, and authoriz(i(l by resolution of the directors in ease of Fire and Marine companies, ai)pointing some per- son in this State its attorney upon whom all servicer of proc«!SS may be nuide in any action against said company in this State. In case of Life companies, such writtim 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 Comptroller befon^ transacting business, a certificate of authority, which shall be renewed annually at the time of filing the annual statement. Such certificate shall be published once annually in two newspapers of this State, one of which shall be published at the capital. All agents before transacting business for any company in this State sliall procure from th(> Comptroller a. certificate of authority, which shall be renewed annually on the first day of January or within sixty days thereafter. Examinations and Impairments. — The Comptroller, when he deems it expedient, may examine into the condition and affairs of any company doing business in this State, and if he is satisfied that the affairs of any (company are m an unsound condition he shall revoke the certificates granted in behalf of such company and publish notice thereof in one or two newspapei-s 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 capital stock is impaired twenty-five per cent. Fire and Marine. — Annual statements must be filed on the first day of January or within sixty days thereafter. Every such coznpany on tho first ilf [)(!!• cont. any without subjoct to a as required ars. STATl TK UKQlIRF.MKNrS. 76 lincss in this roaidciit and iness of tlie y. signed by tion of the Iff some por- process may In case of ervice to be ny shall pro- certificate of of filing the nee annually published at pany in this ^f authority, ,ry or within Her, when he flairs of any ied that the shall revoke ublish notice tion, if after iabilities, its i on the first ich coinpany must possess an actual paid-up capital of one hundred thousand dollars exclusive of any assets deposited in any State or Territory for the special bcnelit of the insured therein. The n-iiisurarice fund shall lie computed at forty per cont. of all pre- miums i.n ime.\|)ircd lire lisksaml the entire pivmium on unexpired ma- rine and inland risks. If any company fails to pay any e.\<'cuti()n against it, on a valid judgment in this State, for thirty days, the cert ideates of the company shall bo revoked and it siiall not bo permitted to transact further business in this State until such e.xecuticm is paid. Life. Every company shall possess at least one hundred thousaiul dollars of actual capital invested in stocks, bomls, and mortnage.H, or other satisfactory securities of the market value of at least one hundred thousand dollars. Every such comi^any, organiztsd in any foreign country, shall furnish a certilicato that it has one hundred thousand dollars" on doposit with the proper ollicer of some other Stale of the United States or shall make such deposit with the Treasurer of this State. Annual statements shall bo filed on the first day of Jantiary or witliin sixty days tliensafter. If any company fails to pay any claun arising under any [lolicy within the time spocifie.l in such uolicy, it shall in addition thereto pay not moro than twelve per cent, on the amount thereof and reasonable attorney's fees for the prosecut.'cn of the claim against the company. If such company fails to pay any exe(!Ution issued on linal judgment, for thirty days, the certificate granted such company shall bo 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 five 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 five dollars in every coimty in wliich it does business. Such taxes shall be paid by the company to the Comp- troller, whose receipt under seal shall be issued to the company, certi- fied copies of which, when furnished to agcmts, shall be authority to work in any county in the State. The county courts of the several counties have the power to levy taxes to the amount of one-half the State taxes. Any such company doing business for less than a year shall pay a pro rata amount of such taxes. Fees— Fire and Marine.— For filing first application and issu- ing certificate, twenty-five dollars. For filing each annual statement, ten dollars. For each certificate of authority, one dollar. For all copies of papers on file, ten cents per folio, and fifty cents for certifying the same and aflixing the seal of ofiice. For examinations, ten dollars per day and the actual expenses in- curred, not to exceed two hundred and fifty v ii fine not Ichs lliaii livr Imndrod dollars nnr more tlian one tiioiisanil doilai's. VERMONT. (I KoHHK S\nuM.H, Si;c\i/ of Nfntc, | Iiifuninri' John a. I'aok. Ticinmrcr, \ Ciiniinissiinicrs. Admission. — Kvory coniimny dcHiriiiff to transact Imsinoss in this State, bofort) admission shall tile wiili tho Socretary of State — A certified copy of its cliarter. A statement, signed and sworn to by tlie President and Secretary of the conii)aiiy, shuwiiif^ its (capital, assets, and liabililies. Kvery sucii coinpatiy. by a written stiiiulati(»n liled with the Secre- tary of State, sliall agree that all lawful i^rocess against sucli company may bo served upon (Mtlier of the Insurance (!ommissioners, and shall have the same eli'ect as if served personally upon the com{)any. When process is served on the [nsurani;e Commissioners it shall be served by duplicate copies, ami one copy shall lie immediately forwarded to the company. Certificates and Agents. — Every company shall, before doing business, obtain a license from the Commissioners. Such license sliall be renewed annually on the first day of April. Every agent before doing business for any (company shall lilo with the (!ommissioners a certificate of liis appointment from the company or its general agent. The C/ommissioner shall thereujion issue a license to every such agent. Such license sliall be renewed annually on the first day of April. Every agent shall exhibit in conspicuous letters on the sign desig- nating his place of liusiness, the name of the State under whose author- ity the company lie represents has been incorporated. Such company and every agent shall have printed in large type, the name of such State on all policies issued to citizens of this State, on all cards, placards, and pamphlets, and in all advertisements published, i8,sued, or circu- lated in this State by them, or him, i-elating to the business of such company. ■ If any judgment remains unpaid thirty days after demand and notice to the Commissioners, tlie Commissioners may suspend the busi- ness of the company in this State. Examinations and Impairments, — The Insurance Commis- sioners may at any time examine into the allairs and condition of any company doing business in this State. If in their opinion such com- pany is in an unsound or failing condition, they shall revoke the licenses granted to such company and its agents, and publish notice thereof in every county in which the company has an agent. No company can transact business in this State if its capital stock is impaired more than twenty per cent. )ii>< nf Inw ,'r llllllill't'ii 11088 in this \ Secretary the Secro- h company I, and sliall ly. Wlion e served by rded to the iforo doing cenae sliall ill Jile with e company Lie a license illy on the sign desig- lose author- h company ne of such Is, placards, d, or circu- jss of such emand and id the busi- e Commis- tion of any 1 such com- the licenses B thereof in ipital stock BTATIITK HKtjriueMKNTH. (7 Fire and Marine. — Kvery «r(»ck company muRt havn a pnid-iip capiial of Kiio liuiidrcil limusanil dullars, not I(ry person who shall act as agent for any company that has not complied with tho requirements of law, shall forfeit a sum not exceeding one thousand dollars, nor lesb than three hundred dollars, for each oU'enso. I WEST VIRGINIA. E. A. Hknnktt, Auditor. Admission. — Every company desiring to transact business in this State, before admission must lilo with the Auditor — A statement of tlie condition of the company, under tho oath of the President or Secretary. A power of attorney duly acknowledged and autlienticated, appoint- ing some person residing in this State to accept service of process and notice in this State for such company, and consenting that service of any process or notice upon such person, or his acceptance of service, shall liave tho same effect as service on the company. Certificates and Agents. — Eveiy company and its agents must procure from the Auditor a certificate of autliority, and cause the same to be published in some newspaper of general circulaiion, published in BTATfTK TirgriHEMFNTS. 79 1 llioimami I to niuko "(juiii'il by I lljxill llio ) liiiiiili't'il ito. Sucli (irst duy [)f jmlicies 1 tilt! bums ust at four to re(!oivo i(!3 of iiuy I, then l.lui 111! b(! HlKi- Lioii ol' lilt) t businuHS under th(! 1 Stiito, be- , the gi'oss iiiiodialely reoii. y company •ftiit a sum J hundred iiess in this he oath of 3d, appoint- srocess and service of of service, -gents must 36 thf! same ublished iu thiH State, iitnl causf a ropy of Huch publication to ho filed in the office of the circuit court, in each county wher<» »aid comjianv docs insurntif"*' huBiiicss. Sucli ccrtillcatcm sluiil bo n.-nowtdl annually, and aiinun'ry publi.shcd and lilcd ns aforesaid, Examlnntions. — Tiie .Auditor is authorized to examine the a' irs of any company doin^r business in this State. Whi'iicvcr it shall ap[>(^ar to his satisfaciiun that the all'airs of any such company arc in an un- Hound condition, Im .shall revoke the certificate of authority granted in behalf of such cinnpiiny and cause iiotilication thereof t<> be jiublishcd in some newsjiapor of general circulation, published ai the capital of this State. Fire. Marine, and Life. — Every company iiu," possess at least one hundred thousand dollars actual capital, invested in safe .securities. Annmil statcunents shall be filed in the month of .Jantiary, in each year, showing the condition ami affairs of the company on the pre- ceding Illst day of December. Fees. — For liting and examination of statement, ton dollars. For each certificate! of authority, five dollars. Reciprocal provision. Taxes — Kvery company doing business in this State shall, at the time of filing aiuiual statem(!nt, pay into the State treasury a lax of three per centum uixm the gross amount of premiums collcct(!d in this State, during tlu! preceding yeai'. Fverv lif" insurance <-(impany which siudl invest in this State the whole auK-iint of its n(!t receipts from its business therein, shall pay only ono-third of such tax. Penalties. — Every company or agolicics shall betaken and deemed the true value of the property at the time of such loss, and the amount of the loss sustained by the individual or corporation in whose favor the said policy was issued, and such amount sliall be taken and deemed the measure of damages. Life.—Everv company must possess one hundred thousand dol- lars invested in safe securities approved by the Secretary of State. Annual statements must be filed on or before the first day of March in each year, showing the condition and affairs of the company on the preceding 31st day of December. The Secretarv shall calculate the value of the policies outstanding in any company whose policies are not valued by the insurance depart- ment' or prope'r oflicers of any other State. Such valuation by the Secretary of State shall be made upon the basis of the American Ex- perience Table of Mortality, with interest at four and one-half per ce it. per annum. Foreign. — Every company shall file evidence with the Secretary of State that it has on deposit with the proper official of some other State, or vested in trustees, citizens and residents of the United States, two hundred thousand dollars, for the benefit and security of the policy- holders of such company residing in the United States. In default of such evidence, such company shall deposit with the State Treasurer bonds and stocks to the amount of fifty thousand dollars. License. — Every fire or marine company shall procure a license, and if such company shall not have transacted business in this State for one year prior to applying for the same the sum of five hundred dollars shall be paid as a license for the first year. Life companies shall pay an annual license fee of three hundred dollars. Reciprocal provision. Fees. For filing certified copy of charter, twenty-five dollars. For filing annual statement— life, twenty-five dollars ; fire or ma- rine, ten dollars. For each certificate of authority, one dollar. For every copy of any paper filed in the office of the Secretary of State, twenty cents per folio , and for aflnxing the seal to such copy and certifying the same, one dollar. For valuation of hfe policies, one cent for each one thousand dol- lars of insurance valued. For examinations, the actual expenses incurred. Reciprocal provision. Taxes. — F.very fire or marine company 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 locate c? 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, a 'W. 82 STATUTE REQUIBEMENT8. with such sureties as such Treasurer shall approve, conditioned that he will, on the first liay of February in each year, render to such Treas urer ;<• correct statement, under oath, of all the premiums received by him for insurance against loss by lire in such city or village for the year ending on the priiceding first day of January, and pay to such Treasurer two dollais on every hundred, and at that rate, upon the amount of such premiums. Every such agent shall pay said tax of two dollars on each one hund- red dollars on or before the first day of February in each year. Penalties. — I^'ur failure to file statement of tire company as re- quired by law, five hundred dollars, and one hundred dollars for each month in which such failure continues. For failure to file hfe com- pany's statement, one hundred dollars for each day's neglect. For doing business without certificate of authority, not less than fifty nor more than five hundred dollars. For wilfully making false statement, not less than five himdred dollars nor more than one thousand dollars. . .,»i^^-jfi*.,.i.3asiiri,;£se3:iKK*ffr-- i,r«e ji»st i^ifij^?:^ ^ iiMiit,i\ti ^^^B ^■1 • Q d that Treas fed by .1 ' ■ . '. for the o such viii the huud- '''■,. • , . ^ as re- 3r each 'e coiii- For fty nor undred •i n i si'M i.'i wi!riJ w .-;^.at:Jt-twvj!.'w