Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1852-12-16

vi OCtOOef, make return to the salQ secretary
OF the state and condition of the affairs of the
company he represents, made up to sometime
between the first Of January and the first of Ju-
ly in each year, in the following form namely :
FORM OF RETURN FOR FOREIGN LIFE INSURANCE
COMPANIES.
Name Of the company.
Where located.
Amount insured by existing policies.
Present value of existing policies.
Present value to the company of future pre-
miums on these policies.
State the name of the person or persons
who made the calculations in which the ans
wcrs to the two preceding statements were
made.
Amount of assets of the company.
How invested.
Amount due from the company for losses.
Amount of all expenses the past year, inclu-
ding commissions paid to agents
Amount Of other claims against tae oanlpa-
ny including dividends unpaid
Which return shall be signed and sworn to
by a majority of the directors of said company :
Prorided, that the deposit in the Office of the
treasurer of this state, in the month of October
in each year, of copy of the last annual return
and exhibit made to its members verified by the
oaths of a majority of its directors, by the at
torney Of any such company established with
out the limits of the United States, shall be a
sufficient substitute for the return herein re-
quired.
SEC. 7. No person shall be allowed to act
as agent for any life insurance company not in
corporated in this state, unless the capital stock
and accumulated premiums of said company,
shall amount to one hundred thousand dollars
actually paid in and invested otherwise than in
notes Of stockholders or those Of holders Of pol
icies issued by the company. nor until such
company shall have deposited with the trcasur-
er of this state the sum of fifty thousand doll
ars, in public stocks of the United States or the
stocks Of any Of the states of the Union, which
are above paror in bonds and mortgages on un-
incumbered real estate within this state and
worth ut least fifty per cent more than the amount
of the mortgage thereon, and the president or
agent of every such company shall annex to ey-
cry mortgage his affidavit that said mortgage
was taken in good faith for money loaned by
the company which he represents to the amount
therein named, and that no part of it has been
since returned, and that he has reason to believe,
and does believe, that the premises thereby mort
gagged are worth at least 80 per ct. more than the
amount of the mortgage thereon and the treas
urer shall prescribe such regulations for ascer-
tanning the title and value Of such real estate as
he may deem necessary.
SEC g. The treasurer shall hold said stocks
and mortgages as security for policy holders in
said companies, but SHALL 50 long as any com
pany SO dcposting shall continue solvent and
shall comply with all the requisites of the laws
of this state applicable to such company, per-
nit such company to collect the interest or div
idends on its mortgages or stocks 50 deposited,
and from time to time withdraw any Of such Sc
curites, on deposting with the treasurer other
like securities, stocks or mortgages the par val
ue Of which shall be equal to the p value o
such as may be withdrawn each mortgage s.
substituted to be also accompanied with an at
the treasurer 5rii ptf'a9cff8G" 8jRn '4GgaHei6HS
for ascertaining the title and value OF the rea
estate covered by mortgage as he may deem nee
cssary.
Sec. O. The sum so deposited with tn
treasurer shall not be Withdrawn so long as sal
company shall continue to effect insurances o
renewals of policies within this state, nor unit
all lis debts and liabilities of every kind ar
paid and extngulshed that are due or may be
comes due upon any contract or agreement mad
with any ctzes Of this state; and said ioreig
companies transacing life insurance in thI
state shall pay all reasonable charges for tn
services of the treasurer, and secretary Of state
and auditor, in complying with the duties pre-
scrbed for each in this act.
SEC 10. If any such insurance compan
shall make insurance as aforesaid without com
plying with the provisions of this act, the con
tract Shall be valid; bat the agent Of such com
panv acting within this state respecting tn
effecting Of any policy of insurance, snail for
cnr, mot nvcaadinu nnn ibou sand dol la RS
nor less than three hundred dollars, tor eac
offence. And every person shall be deeIhe
= an agent of such company, who shall receive o
transmit proposals tor insurance, or receive 10
delivery, policies founded on proposals forward
ed from this state or otherwise to procure insu'
I ance to be effected by such insurance compah
l for persons residing IN tins state or who sha
receive payment for such policies; and shall b
subject to the restrictions and liable to the per
, aties specified in this act; but the provision
Q of this section shall not apply to any clerk {
, messenger acting for such agent in the town c
1 city were such agent may reside or have h
place of business.
SEC. II. Every person, acting as agent
this state tor any IIe insurance company hoL III
. corporaed bg the legislature of this state, shal
, on the first Monday of October in every yes
G durinp the continuance of his agency, make
return on oath to the treasurer Of the state {
the amount insured or procured to be insured
him in this state as such agent during the ye,
9 preceding, and of the amount OF premiums IT
cevcd and assessments collected during the sa
f period, and shall at the same time pay to sa
treasurer tax OF one half per cent. on tn
$ amount of suca premiums and assessments, an
e the whole sum received for policies, whetht
= paid in money or in notes, or both, shall /
y deemed to be premiums ioF the purposes oil tnl
If section.
SEC. II. Ii any such agent shall neglect
| make such returns and payments as are require
e in the preceding section, or II he shelI make II
f. same tlauduIently or falsely, he Shall tor eve
.o such offence forfeit sum not exceeding OIL
n thousand dollars.
l. SEC. l3. Every such agent shall, beio