North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-07-15
P liza.
An Act Regulating Life Insurance Companies

An Act Regulating Life Insurance Companies.
Section /. Be 1t enacted by the General Assembly
of the state OF Iowa, That every Company formei
whether organized under the laws of this state or
any other state, or foreign country, shall, before is
suing any policies An lives within this state, comply
with the conditions and restrictions.
Sec. 2 JOINT stock companies organized under the
dred thousand doii..s Of capital stock sH subs Snt ndn-
TWENTY-FIVE per cent, Of which shall be paid up and
invested In United States stocks. or OF this state. or
IN bonds and mortgages upon unincumbered real
estate IN the State OF Iowa worth, exclusive OF I'M
provements, at least double the sum loaned thereon
which said securities shall be deposited with the
Auditor Of state, and upon said deposit and satis.ac-
tory evidence to the Auditor that the capital stock
Is all subscribed IN good iaith, he shall issue TO said
company the certificate hereinafter provided for :
said shall be loaned TO any stock holder or officer ~
paid In at such time as the directorS or f Srnsse sna al De
company may direct. and the SANE shall be secured
cy the notes OF the stockholders OF said company
And no note shall be accepted AZ part OF such canyit.,I
stock unless the same shall be accompanied by n GER
clerk OF the district court OF the county In when the he
person executing such note shall reside. that the per
son making the same IS, in his opinion, pecuniariIy
good and responsible for the same in propertv no No
exempt from execution by the laws of this State. "
state upon the mutual plan. shall, before issuing any
P0nSies, nave bona nds applications on at least two
amount OF one thousand dollars each. a list of which
applicantions, giving the name, age. residence,
applicant. shall be filed with the Auditor of STATE :
and = deposiie made with said Auditor OF AN amount
equal 10 tnree-iillhS OF the whole annual preminn
on SAID Applications, either IN cash or the Securities
ro9ul I ny inc foregoing section OF tDis act, and on
compliance. with SAID provisions. the Auditor sinai
issue 10 said mutual company the certificate herein
Sec. 4. II shall not be lawful for any person n act
within this State rs agent, or otherwise, in r. ceiving
manner to aid il transactins , Ih.sGbl nsines,s or IN any
ance referred 10 in the first section OF this act. or for
sanized under the laws of any other state p iv,p
ment, unless such company is possessed of tho
companies OF this State, and the same is shi nYYaated IN =
STOCKS or treasury notes OF the United States. or a.
the state Of Iowa, or of interest paying bonds Of the n
state 10 whichs said company is located or where said
deposlts are made, or on bonds and mortgages on
such company is located; but ali MORTGAGES de T,sr
ed by any company under this section. sIiall be nnon
loaned thereon which stocks and securities shall he
Heposslted with The Auditor. Controller, or chief Fl.
Auditor Of this state furnished with a certificate q OF
Aforesaid, under his hand and official seal, that he.
~ y such Aual1or, controller. or chief financial officer
OF Sucn STATE, holds IN trust and on deposit, for the
benefit OF all the policy holders OF such company.
embrace the items of security SO held. that h heG IL ss satl
isned that such securities are worth one hundred
shall b. construed TO invaliiate the agency of anew
company Incorporated in another state, by reason n
che securities 50 deposited with the Aud tor ce 3
lroiier. or CHIEF inan".a officer OF the state in which
authorized by this act. or by reason OF snch co o
ny having drawn its interest and dividends from
49," W thIt " Y SttCkSd anu court g -
Sec. s.. Such company snail also appn' mt an ot,or.
ney or agent in each county in this State, i'm which
can be served: and such company shall file with the
Auditor Of State a certified copy Of the charter or
certified copy OF the certificate of appointment OF
such agent or agents. which appoin.ie.t S,:H 80
And ~ ease o"y sach Insurance corporation shall
cease to transact business in this State according to
Ing as such for such corporation, shall be deemed 10
continue agents for such corporation Tor the purpose
u u serving process Tor commencing actions uDpnn any
policy or liability issuet or contracted while such
corporation transacted business in this state, and
services OF such process for the cause aforesaid upon
any such agent, shall he deemed n valid personal
service upon such corporation, and such company
Snail also file q statement OF its condition and affairs
IN the office Of the Auditor OF state, in the same
form and manner required for the annual
2! similar companies organized under the laws OF
Sec. 8. 1t shall not be lawful for any agent to ac,
i0r any company referred to In the foregoing section.
Directly or indirectly in taking risks. collecting pre-
NUNS, or In any manner transactfng the business
otlife insurance in this State without procuring rom
t tSe Aqals9r a Certificate Of authority, stating that
with, and setting forth the name OF the attorney for
s ssn fbo o apa a certified copy of which certificate
eCunty where the agency is to be established. and
ommenc business in this State. and SUCH company,
orlts agents or attorneys shall, annually, In the
as with the Auditor Of this state 4 statement Of is
aualrs ior the preceding year, in the same manner
State. ~ I'm
Ser, T. 1t shall be the duty of the president or vice
the trustees or directors, Of each each COMPANY \ m oEGanize d
under this act. or doing business in this State, annu-
days thereafter, to prepare under oath, and deposit
IN the office of the Auditor Of State, a statement,
showing
FIRaT-NAME AND CAPITAL.
lst. The name of the company and where located.
"a. The name of the officers.
%. The amount of capital stock.
9Th. The amount of capital stock paid up.
SECOND-ASsETs.
-Ie lat The valne NJ tho roal oatata ou,nod hu -
ID. The amount on hand.
ID. The amount Of cash deposited in bank, giving
4th. The amount of cash in the hands OF agents,
ana IN the course OF transmission.
Of each bank, giving par and market value Of the
9th. The amount of stocks and bonds of the Unit
Cd states. and all other bonds, giving names and
emounts, with the par and market value of each
7th. The amount of loans secured by first mort
Sth. The amount of all other bonds and loans, and
how secured, with the rate OF interest.
ah. The amount of premium notes on policies in
I@h. The amount Of notes given for unpaid stock,
nth. The amount of assessments unpaid on stock
nth. The amount of interest due and unpaid.
18th. AL other securities.
THIRD-LIABILITIEs.
IT, The amount Of losses due and unpaid:
ID. The amount Of losses unadjusted.
4th. The amount of claims for losses resisted.
nent borrowed.
e. TIE amount Of dividends unpaid.
outstanding risks.
9TH. All other claims against the company.
3 FOURTH-INCOME DURING THE YEAR.
r. The amount Ct net cash premiums received.
e. Inc amount OF premium notes received.
"a The amount OF interest received from all
1fh. Tho nmonnt roco;uaa rrou =,