The Portland daily press., 1870-04-16

day of December previous or its last exhibit setting
forth its condition as required bv blanks furnished he
the commissioner. ---.,-'- - -, -
b SECT. 10. Every insurance company incornorated
out OF this State doing business in this state shall
annually cause to be published in daily or week.
ly paper, for three weeks successfully, published in
the county where said company has a duly author
lied agent or takes policies condensed Statement
OF its condition cOntormabe to its last annual renort
to the commissioner The commissioner shall pre.
serve in proper form the statements of the cond
ton OF every company examined caused to be ex-
amlned by him. aAd all which Shall be rendered to
him as aforesaid He shall annually report to the
legislature the general condition OF the several insur
ace companies doing business in this state together
with the names anu location of their authorized
agents In this state, with such suggestion as he NAV
LINK proper ana IN connection herewith shall pre-
pare an aDSuact OF all the returns and statements
made to him by said insurance companies.
SECT. IA. Any person having claim against any
insurance company not incorporated by this state
vice made upon any authorized agent Of said COM
pany shall be valid and binding on the company and
aerad 20 answer to such suit and the judgment re,
Judgment IN every respect, whether tie defendants
appear or not this provision to embrace all cases Of
1oesn attachment OF trustee suits For the purpose
OF receiving notice service Of any fact proceeding
or process the agent shall be regarded as still author
ized until another is appointed. Unless any such
Judgment shall be paid Within thirty days alter de-
maud made upon any such agent by the officer hold
ing the execution, the commissioners may. upon notice
and hearing OF the parties suspend the power Of the
company to 40 business in this state until it shall be
paid, and If the company any agent thereof shall
said company aud agent shall each forfeit a sum not
exceeding one hundred dollars. But any policy 50
granted shall be valid and binding the company j.,
favor Of the holder.
E SECT. Is. All notices and processes which by any
law, bylaw or provision OF any policy, any insured
company incorporated out of the state may be given
to or served on the agent of said company with like
effect as it given to served the principal Such
agents ana the agents OF all companies incorporated
III this state shalt be regarded in the place Of the
company In ali respects regarding any insurance eff
bound by their knowledge of the risks and of all
matters connected thereWltl. Omissions and INSIDE
scrlptions known to the agents shall be regarded
known by the company aud waived by it the same as
II noted in the policy. o915. ~ ,ata
SECT. l6. The commissioner shall have power to
administer Oaths whenever wherever necessary in
all parts OF the state III the performance OF the duties
Of his office. Ea - san.L s.sI.I 81. sr
SECT. II. Upon application in writing to the COM
missioner by the officers of any insurance company
doing business in this state, stating that they
reason to believe and do believe that any person
representations, that said person has sustained
loss by the fraudulent OF the assured with his
knowledge or consent, and said company requests an
investigation thereof said commissioner such mag
lstrate as he may appoint shall summon and examine,
under OATH at such time and place he shall desg
nate any person persons, and require the produc
ton OF all books and papers which may be necessary
for full investigation Of the facts and make report
thereof with the testimony by him taken, and report
the same to the company making such application.
Such investigation shall be at the expense IF said
company and it shall pay to the said commissioner
supreme judicial and his expenses and ten dol
lars per day for his services.
SECT IL. Whenever it shall come to the knowl.
edge OF the commissioner that the actual funds of
any life insurance company doing business in this
state not OF cash value equal it's liabilities
including the net value of its policies according
the Combined Experience" or "Actuares' rate of
mortality with interest at four per cent per annum,
it shall be his duty to give notice to such company
and its agents to cease issuing policies within this
state. The commissioner may nave authority to pur-
chase and use the life valuation tables adopted by the
a ffS his
all purposes OF valuation under this act. When he
shall become satisfied that the funds of such COM
pany have become equal to its liabilities, valuing
its policies as aforesaid he shall give notice to such
company and agents that its business may be resumed
in the state II any officer agent, after such notice
OF suspension has been given, shall issue any new
policy from or on behalf of such company he shall
forfeit for each offence not exceeding three
hundred dollars; and the delivery Of policy in this
state by mail otherwise shall be deemed issuing
Of such policy.
SECT. 10. In any company whose operations
shall have been suspended by the commissioner shall
be dissatisfied with the decision of the
In suspendng it Or i'll refusing to allow it, upon APP
pcation therefor to business it may petition
the supreme judicial court for revision OF such de-
cision. The petition may be presented to any justice
of said court i'll vacation term time and he shall
notice to be given to the commissioner OF the
time and place of hearing, which may be in chambers
and in vacation, and upon such hearing affirm re-
cision Of such justice shall be final. i
10 1ipinc OnAv diva fI,0