Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1868-07-24


inl,le ~ Mortality, with interest 1T four p.r
cent but in case such valuation has been
made IN New York, or any other State upon
tho basis ABOVE specified, . certificate of the
\ iditor, Controller, or chief financial officer
~ such State shall be taken by the Auditor
Of this ST. . as sufficient evidence of the vain
II tpn Of such policies, and Of the amount Sc
r.pnircl for such reinsurance. And for the
purpose OF making such valuations, when not
10Y done aforesaid, the Auditor may
snploy competent acIuary to de the samo
who shall be paid by the CO npany for which
the service was rendered; but nothing herer
shall prevent any con,iany from making SAID
valuation herein contem plated which shall IL
reserved by the Auditor upon such proc! as h<
mnr determine. Upon asceItaning the net
cash value Of policies in force in any compa ny
organized under the laws OF this State or do
irr huainess in tli State, and which has moi
ma lie tho deposit req iircd in section four OF
this act, the Auditor shall notify said compa Y
u the amount Gla within thirty days after
two date Of such not tication, it shn be the
duty of the officers OF such company to deposit
Nnn the Auditor the amount OF such ascer+
tSincl valuation Of All policies within this
STATE in stocks of the United States or of this
State er any other State OF this Union, or in
bo ds and mortgages on real estate within tie
l,3u,s OF this State or within the State whore
.ne' comnany is located OF at least double the
y lnc loaned thereon: Provided, that no joint
stock company of2an'z ad under the Jaws OF
iuis State or doing business therein, shall he
REQUIRED to make such deposit until the cash
value of the policies in force, as ascertained
v, the Auditor, exceeds the amount deposited
br said company under section two OF this act:
Provided, that foreign companies dong
n,,in,s in this state are not required to make
Il ocl o.it in this State, provided such deposit
lns lesn made in The State where located, OF
in any ether State, when they shall have coni-
piled with section folr of this act.
Sec. 10. On receipt Of the deposit and state
mcut from any company rs provided by the
preceding sections. and the statement and ey-
licences of investment according to law OF for
cign companies which shall be renewed annn-
nlv. the Auditor shall issue certificate set
ting forth the corporate name OF tile company
its principle office or agency II the state; that
il las fully complied with the laws OF tins
STAG in relation to life insurance companies
and is authorized 10 transact the business OF
life insurance for twelve months from the date
~ sn.h certificate. or until the expiration Of
Ill. thirty days notice given by the Auditor q
tie ncxt annual \. luation 81 It's policies. lis
certificate ghall il recorded in the recorders
u,j,ce Of the county in which such principal
Office is located, in book prepared for that
prlyesc. 4 copy Of the certificate artiiied hy
HE Audtor, shall he by the general agent 81
said company. furnished TO each of ITS local
ma travelling agents, AMI said COPY she'll be
the:r authority for liciiin. applications for
policies.
See. II. Upon the failare Of any company
Is make the deposit, or file the certificate
isfnte,nentl in the time rs stated IN this act,
HE Auditor shall notify the Attorney -Generai
Of the default, who shall apply at cree TO the
Snpremc or District Court, ii in session, or if
iii vacation. to any member thereof, Tor an or
dsrl counting sai4 company te show cause Why
iis business shall not be closed and if upon
the hearing tie company shall fail to show
sufficient cause for neglectlng to make the de-
posit or filing the certificate required ny TINS
act then if said company was orgsnlzed under
the laws Of this state, tie cour. snail uecree
It's dissolution, and # organized or chartered
BY the laws of any foreign state or country,
shsll cnioin said company perpetualiy from
Transferring business Of any life insurance
within this Stato.
Sec u. The Auditor may at any time make
a personal examination OF the books, papers
and securities of any lie insurance company
doing business in this State. or may authorize
ana empower any other suitable person, to
make such examiuatioi, and for the purpose
of securing a full and true exhibit of its af
fairs. he or the person selected by him to make
Such examination shsll have power to exam
inc under oath, any officer or agent OF said
company, or others il necessary, relative TO
its business and management II upon such
examination the Auditor is Of opinion that the
company is solvent, or that It's condition IS
such us 10 render It's further proceedings hGz-
asduus to tho public or to the hoiders OF its
policies he shall communicate the facts 10 tie
Attorney General who shall at once apply 10
o Judge of the supreme or District Court to is
sue an injunction restraining such company
nom transacting further business except the
payment Of losses alrea iy ascertsinea and duc)
mill a fun hearing can be had. 1t shall be
i scrctionary with the judge either 10 issue
tie Injunction forthwith, or 10 give notice 10
tie company, aid cause hearing 10 be had
rs in ordinary proceedings for injunction
From the final hearing Of the cause. he may
$50 We or modify the injunction, or make it
perpetual and if made perpetual shall also
d., what dis ostion shall be made of the
deposit of tie company in the hands Of the
Anlitor. subject to The provisions Of the fol-
Lowing section; Pro7idec. the certificate of the
Apdi;cr. Controller or chief financial officer
Il any state having a.i insurance department
? the solvenct of any company doing bGs-
mss in thi. State, shall be taken by the Audit
a 81 HIS Stajc, IL e'itIpGCt u SGcH soiNeUCA .
Sec i3. Tie securities Of defaulting
/ solvent company on deposit with the Audit
or Oh S ate, shall vest in the State for the ben
eit Of the policies on which such deposits
we're made, and the proceeds Of the same shall,
ufo, the order of the court. be divided among
i e holders OF said roicjcs in the proportions
AZ the last annual valuation OF the same, or
nppicd 10 the pun chase Of reinsurance for the
benefit Of the policy holders.
See. IA. Companies shall have Il right at
aay tme to change their securities on deposit
by substituting for those Withdrawn like
amount IN other securities Of the character
llovidod for il this act, and whenever t.! ian
i,t.al valuation Of policies outstanding and in
force against any company, in lis les, than
ne amount Of security then on deposit with
tie Auditor, said company shall have thc
ght 10 withdraw such excess; Provided,
$1,000 shall remain on deposit,
SEC ID. The Auditor shall permit comra-
nes having on deposit with him stock or
bonds as security, to collect the interest ac>
orti;ng on such deposits delivering to thei.
authorized agents respectively the coupons or
other evidences OF interest 10 tbs same be
ine due, hut upon default by any company
10 d, osit additional security as called for by
tte Auditor, or pending any proeet dings to
close up snjoin it, he ehal collect tie in
tctesi as 1t becomes due, and add the same
tie securities in his hands lc.onging TO such
c4.apany.
sec If. At The earliest practicable dat,
arter The returns received from the seyera
insurance eomIanies the Auditor shall max
report 10 The General Assembly of the gen
srai conduct and condition of the corporation
visited by him since his last annual report
and shall include therein an aggregate OF th
cAlculated4 tue of all outstanding policies G
life insurance, and in connection thereN III
shall PREY. an abstract OF all the returr an,
stat oments made to him by insurance compa
mes and agents.
Sec. l6. Any company dong business il
this State, without the certificate required b.