The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1868-07-02
TEGf CHAPTER 173.
AN ACT Regulating Life Insurance

AN AO4 NcSuldtuS AHio AHoui "HSo
Companies. 80 'is s9
SEcrIoN /, Be it enacted by the
General Assembly Of the State of
Iowa, That every company formed
for the purpose Of assuring the
lives of Individuals, whether organ
lied under the laws Of this State or
any other State, of foreign country,
shall, before issuing any policies On
lives within this State, comply with
the conditions and restrictions Of
this act. s''' ls'l I, q i a''taS4
SIC. q. Joint stock companies
organized under the laws Of this
State shall have not less than one
hundred thousand dollars Of capital
stock subscribed, twenty-five per
cent. of which shall be paid up and
invested in United States stocks, or
in bonds and mortgages upon uninT
numbered real estate IN the state Of
Iowa, worth, exclusive Of improve
ments, at least double the sum loaned
thereon, which raid securities shall
be deposited with the Auditor Of
State, and upon said deposit and
satisfactory evidence to tho Auditor
that the capital stock il al sub
scribcd in good faith, he shall issue
to said company the certificate here.
matter provided for: PROVIDED, No
part, Of the twenty-five per cent.
aforesaid shall be loaned TO-, any
stock-holder or officer Of the compa-
+ ny; tho remainder Of such stock
shall be paid III at such time as the
directors or trustees Of the company
may direct, and the same shall be
secured by the notes of the stock
holders Of said company. And no
note shall be accepted as part Of
such capital stock unless the same
shall DO accompanied by q certificate
of jnstice 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 making the same, is,
in his opinion, pecuniarily good and
responsible for the same in property
tot exempt from execution by the
laws Of this State asistsz "a
" SEc.. s.. Companies organized j uni i
/ der the laws Of this State upon the
mutual plan, shall, before issuing any
policies, have bona fde application
on at least two hnhdred and fifty
Individual lives for an average
amount Of one thousand dollars each,
a list Of which applications, giving
the name, age, resid ence, amount Of
insurance, and annual premium, Of
each applicant, shall be fled with
the Auditor Of State, and q deposit
made with said Auditor Of an amount
equal to three titths Of the whole
ANIMAL premium on said applications,
either III cash or the securities
required by the foregoing section Of
this act, and on compliance with said
provisions, the Auditor shall issue to
said mutual company the certificate
hereinafter prescribed. 3a5 M. s.
SEC. 4. 1t shall not be lawful for
any person to- act within this State
as Agent, or otherwise, in receiving
or procuring applications for insu-
rance, or in any manner to aid in
transacting the business of insurance
referred to in the first section Of this
act, or for any company or associa-
ton incorporated by, or organized
under the laws Of any other State
government, unless such company is
possessed Of the amount of actual
capital required Of companies in
this State, and tho same is invested
in stocks or treasury notes of the
United States, or Of the State Of
Iowa or Of interest paying bonds of
the State in which said company is
located, or where said deposits are
made, or on bonds and mortgages on
unincumbered real estate within the
State where such company is located !;
but all mortgages deposited by any
company under this section, shall be
upon unencumbcred real estate worth
double the amount loaned thereon !;
which stocks aud securities shall be
deposited with the Auditor, Con
troller, or chief financial officer Of
the State, by whose laws said com
pany is incorporated, or some othor