The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-07-03

WHOLE NU. AS
laws q this state In relation to life In
surancc companies, and Il authorized Il
transact the business OF lie insurance
for twelve months from the date Of sucl
certificate, or until the expiration nf tht
thirty days notice given By the auditor
Of the next annual valuation Of Ito poll
cies. The certificate shall be recorded
In the recOrder's oflice Of the county II
which such principal ofIlce Is located, ir
. book prepared FOR that purpose. A
copy Of the certificate certified by the
auditor, shall be, by the general agent o
said company, furnished TO each Of II.
local and travelling agents, and ssid copy
shall be their authority for soliciting ar.
plications for policies. .--. 49,
SEC. II. Upon the failure Of any com
pany to make the deposit, or file the Ger.
tifcate [statement1 In the time rs stated
IN this act, the auditor shall notify the
attorney general Of the default. who
shall at once apply to the suprcne. cr
district court, II in session, or ii In ~.
cation, to any member thereof for IN
order requiring said company to show
show cause Why its business shall not be
closed; and II upon the hearing the
company shall fil to allow suhicient
cause Tor neglecting to make tho dcposit
or fling the certificate required BY this
act, then II aid company was organized
under the laws Of this state, the court
shall decree it, dissolution. and II organ
lied or chartered by the laws Of any Tor
eign state or country, shall cnjoin said
company perpctually from trsnsacting
business Of any life insurance within
this state. :.r .. s.-
- SIC. IL The auditor may at any time
make . personal examination Of the
bookA papers and securities Of any life
insurance company doing business In
this state, or may authorize sud esnpow-
er any other suitable person 70 make ex-
animation, and for the purpose Of g..
Curing full and true exhibit OF its afai,s
he>or the pers,n selected By him 10 make
such examinstion, shall have power TO
examine under oath, any oflcsf or agent
Of aaid company, or others if noeanaFy,
relative 70 its business md management.
IT upon such examination the auGiitoris
of opinion that the Company is insOl.
vent, or that ito condition il such as to
render its further proceedings hazardous
10 the public or TO the holder Of It's pol
icies, he ahall communicate the facts 10
The attorney general, who shall 1t once
apply to Judge Of the supreme or dis
trict court to issue an injunction restrain
ing such company from transacting fur
ther business Except the payment Of
losses ascertaincd and due) until . fall
hearing can he had. It shall be discre-
tionafy with the Judge either to issue
the injunction forthwith. or to give no.
ticc to the company, and cause . hearing
70 be had q IN Ordinary proceedings for
injunction. Upon he hnal hearins q
the cause, he ny desolvsor modify the
injunction, Or maka tpeFpetnal, and II
made perpetual, shall also decree what
disposition shalt be made Of the deposit
of the company in the hands Of the au-
ditor, subject to the provisions q the
following section: Provoked the certif.
cate Of the auditor. controiler, or chief
financial officer 0 any state hsving IN
insurance department, a. to the snlven-
~ Of any company ttoiAe business IN
this State, shall b taken by the ssditor
Of this state, as evidence Of such >olvsn.
e.. :. :.
SEC. 13 The securities pf dcfaull-
Ing or insOlvent company On deposit
with the auditor Of state, shall vcse In
the state for the benefit Of the po1icies
on which sucn tieposits were made, aud
the proceeds Of the same shall, upon the
order Of the Court, be divided amoax
the h0is.ers Of ssaid policies in ;,4e PIC.
portions Of tho last annual valuation Of
the same, or appiisd to the purchases Of
rsinsurance for the benefit Of the policy
holders. - -
SEc. II. Companies shall have the
right 1t any time to change their securi.
ties on deposit By substituting tor those
like amount Of other secu.
rifles of the character provided for in
in this act, and whenever the annual
valuation Of policies outstanding and in
force against any Company, in (is] less
than the amount Of security tllen ON de.
p0sit with the auditor, said company
shall have the right to withdraw such
excess: Provided that $25,ON shall r..
main on deposit.
SEC. Is. The auditor shall permit
having on deposit with him
stock or bonds as security, to collect the
Interest accruing ON such deposits, Geliv-
ering to their authorized agents respect.
|vely the coupons or other evidences of
interest ss the same become due but up
on default by any company to deposit
additional security ss called for hy the
auditor. OF, pending any proccedings to
lnaeruse - il becomea due, and odd ttlers
same to the securitiss IN his hands be-
longing 70 such company. .'..--a-,.s
SIC. Is. At the earliest practicable
date after the returns ore received from
the several in9Nnncs companies tho au-
ditor shall make q report to the general
Of the general c0nduct and
coalition 0f 4he coIperxtions yieked ~
hin sipcs tn last annual I6vpo8s M !,
shall include therein an aggregate Of the
value Of the Outsta 1ding pol
icies Of life insurance, and In conneiAion
therewith shalt prepare an abstract Of
Ill the returns and statements made to
him by insurance companies and agents.
SEC. II. Any company doing bust.
ness in this state, without the certificate
required by section ten Of this act, shall
terfeit one hundred dollars for every
daY'ssnegleot t. prpcure aid ec1iocl1e.
Am eg&f ma kine insds@pca orsSolidk.
ing applications for any company having
% certificate from the auditor, shall for
feit the sum Of three hundred dollars,
md Any person sctin8 4tr. = comp,nY
authorized TO transact business IN this
state without having q certified copy Of
The company's certificate, issued By the
III iitor Of state, in his possession, shall
be liable to pay twenty five dollars for
each fAy's neglect , prosnre ssch copy.
SEC. l8. A policy of insurance on the
lie Of an individual. ip tho absence Of IN
agrssnlent or assignment 10 snatr1ry.
shall inure to the separate use Of the
husband or wife aud children Of said in
dividual. INDEPENDENTLY Of his or her