Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1868-07-17

amount of insurance effected thereby,
and total amount of risk.
9th. All other items OF informa-
tion necessary to enable the Auditor
to correctly estimate the cash value
of policies, or to judge of the correcta
ness of the valuation thereof.
SEC. 8. The Auditor of State is
hereby authorised to amend the form
of annual statement, aud to propose
such additional inquiries rs he may
think necessary to elicit q full exhibit
of the standing of companies doing
business I'm the State.
/ SEC. 0. As soon as practicable
after the filing of said statement Of
any company organised or doing
business under the laws of this State,
In the Office of the Auditor of State,
he shall proceed 10 ascertain the net
cash value of each policy In force,
upon the basis Of the New York
standard of valuation of life policies,
it being DIR. Farr's English Life
Table number three, for males, with
interest at five per cent, of Actuary's
Combined Experience Table of Nor
tality, with interest mt four per cent;
but I'm case such valuation has been
made ia New York, or any other
State, upon the basis above specified,
a certificate of the Auditor, Control
Ter, or chief financial officer Of such
State, shall be taken by the Auditor
of this State as sufficient evidence of
the valuation of such policies, and of
the amount SO required for such re-
insurance. And for the purpose of
making such valuations, when not
already done as aforesaid, the Audi
tor may employ a competent actuary
to do the same, who shall be paid by
the company for which the service
was rendered; but nothing herein
shall prevent any company from
making said valuation herein con-
templated, which shall be received
by the Auditor upon such proof as
he may determine. Upon ascertain
Ing the net cash value of policies i'm
force in any company organized un-
der the laws Of this State, or doing
business i'm this State, and which has
not made the deposit required In Sec
tion four of this act, the Auditor
shall notify said company of the
amount, and within thirty days after
the date of such notification, IL shall
be the duty of the officers Of such
company to deposit with the Auditor
the amount of such ascertained valu-
alton of all policies within this State
In stocks of the United States or of
this State, or any other State Of this
Union, or in bonds and mortgages on
real estate within the limits OF this
State, or within the State where such
company Is located, of ut least double
the value loaned thereon; Provided,
that no joint stock company organ
lied under the laws of this State or
doing business therein, shall be re.
quired to make such deposit until the
cash value of the policies in force, rs
ascertained by the Auditor, exceeds
the amount deposited by said COM
pany under section two of this act !;
And Prouided, that foreign compa-
nies doing business In this State are
not required TO make q deposit In this
State, provided such deposit has been
made I'm the State where located, or
In any other State, when they shall
have complied with section four Of
this act.
SEC. 10. On receipt of the depos-
IL and statement from any company
as provided by tho preceding Sec
tions, and tho statement and evil
dences of investment according to
law of foreign companies, which
shall be renewed annually, the Au-
ditor shall issue certificate setting
forth the corporate name of the COM
pany its principal office or agency
i'm the State, that it has fully COM
piled with the laws of this State I'm
relation to life insurance companies,
and Is authorized to transact the
business of life insurance for twelve
months from the date of such certifi-
cate, or until the expiration of thirty
days notice given by the Auditor of
the next annual valuation of its pol
icies. The certificate shall be record
ed In the recorders office of the
county In which such principal Of.
flee Is located, I'm book prepared for
that purpose. A copy of tile certif-
icate certified by the Auditor, shall
be, by the general agent of said com.
pany, furnished to each of It's local
and travelling agents, and said copy
shall be their authority for soliciting
applications for policies.
Sec. 7. Upon the failure Of any
company to make the deposit or file
the certificate [statementl in the
time as stated I'm this act, the Audit
or shall notify the Attorney General
J of the default, who shall apply al
the Supreme or District Court, III In
session or If In vacation to any mem
Der thereof, for an order requiring
said company to show cause why Its
business should not be closed; and II
upon the hearing the company shall
fail TO show sufficient cause for neg
lecting to make the deposit or filing
the certificate required by this act,
then If said company was organized
under the laws of this State, the
court shall decree its dissolution, and
II organized or chartered by the laws
OF any foreign State or county, shall
enjoin said company perpetually
from transacting business within this
State.
SEC. IL. The Auditor may ut any
time make personal examination O
the books, papers and securities ol
any life Insurance company doing
business I'm this State, or may au'
thorize and empower any other suit
able person, to make such examina
tion and for the purpose OF securing
full and true exhibit Of Its affairs
he or the person selected by him Il
make such examination, shall have
power TO examine under oath, any
officer or agent Of said company, ol
others IL necessary, relative to LII
business and management. liz upor
such examination the Auditor II o
opinion that the company is insolv
, ent, or that its condition Is such as TX
render its further proceedings hazai d
Gus to the public or to the holders o
It's policies, he shall communicat,
the facts to the Attorncy.General
who shall at once apply to a judge o
: the Supreme or District Court to Is
sue an injunction restraining suci
company from transacting furthe
business Except the payment of loss
es already ascertained and duel unit
full hearing can be had. III sbal
Q be discretionary with the Judge eth
er to issue the injunction forthwith
or to give notice To the company, an,
: cause q hearing to be had as In ordi
nary proceedings for injunction
Upon the final healing of the cause
9 he may dissolve or modify the I'm
junction, or make 1t perpetual, and
: mad6 perpetual, shall also decre
what disposition shall be made Of tn
j deposit of the company I'm tin
hands OF the Auditor, subject to tn
y provisions of the following rection
Providcd, The certificate OF the Au
ditor, Controller, or chief financia
4 officer, of any State, having an In
= surance department., as to the soiyen