Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-07-17
CHAPTER l72.
AN ACT Regulating Life Insurance
Companies.


AN ACT Regulating Life Insurance
Companies.
SECTION /. BE IL enacted by the
General assembly of the State Of IOt0ot,
That every company formed for the
purpose of assuring the life Of in
dividuals, whether organized under
the laws of this State or any other
State, or foreign country, shall, be-
fore issuing any policies on lives
within this State. comply with the
condition of the act.
SEC. 2. Joint stock companies or
ganized under the laws of this State
shall have not less than one hundred
thousand dollars of capital stock sub
scribed, twenty five per cent, of
which shall be paid up and invested
In United States stock, or Of this
State, or I'm bonds and mortgages
upon unincumbe-ed real estate In
the State Of Iowa worth, exclusive
Of Improvements, Mt least double the
sum loaned thereon, which said Sc
curities shall be deposited with the
Auditor of State, and upon said de-
posit and satisfactory evidence to the
Auditor that the capital Is all sub
scribed i'm good faith, he shall issue
to said company the certificate here
inafter provided for: Pr0Uided, No
part Of the twenty-five per cent,
aforesaid shall be loand to any stock
holder or officer OF the company; the
remainder of such stock shall be paid
I'm at such time as the director may
direct, and the same shall be secured
by the notes of the stockholders of
said company. And ne note shall be
accepted as part of such capital stock
unless the same shall be accom-
panied by o certificate of q justice OF
the peace, notary public. or clerk OF
| the district court of the county In
which the person executing such
note shall reside. that the person ma
king the same Is, in his opinion,
pecuniarIy good and responsible for
| the same in property not exempt
! tem execution by the laws OF this
State.
SEC. 8. Companies organized un.
der the laws of this State upon the
mutual plan, shall, before issuing any
policies, have bona fide applications
on at least two hundred and fifty in.
dividual lives for an average amount
of one thousand dollars each, q list
of which applications, giving the
name, age, residence, amount of in.
surance, and annual premium oi
each applicant, shall be filed with
the Auditor of State, and deposit
made with said Auditor of an amount
equal to three fifths of the whole
annual premium on said applica
tions, either in cash or the securities
required by the foregoing section O
this act, and on compliance with
said provisions, the Auditor shall Is
sue to said mutual company the Ger
tificate hereafter prescribed.
SEC. A. It shall not be lawful fol
any person to act, within thii
State as Agent, or otherwise, in re
ceiving or procuring applications fol
insurance, or In any manner to aid
in transacting business of Insurance.
referred to in the first section of thii
act, or for any company or ass0cia
tion incorporated by, or organized un
der the laws Of any other State GOV
ernment, unless such company Is pos
sessed of the same amount of actua
capital required OF companies In thi
State, and the same Is invested In
stock or treasury notes of the Unitet
States, or of the State Of Iowa, or o
interest paying bonds of the State il
which said company Is located O
where said deposits are made, or OF
bonds and mortgages or unincum
bered real estate within the Stat