Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1870-04-20
WATERTOWN WIS, WEDNESDAY, APRIL 90 1870.

ing in case of companies whose policies have been
valued by the proper officer in some other state,
which valuation shal be shown by certificate from
the insurance department of such state.
i6th Number and amount of each class or kind
OF policies which have, within the year, cease to
be III force; how terminated; what has been paid to
! the legal holders OF the policies
18th. Amount OF losses ascertained and unpaid.
18Th. Amount of losses claimed against the COM
pany, whether acknowledged as due or not by the
company.
18Th. Amount due from the company on its de-
clared, promised or acknow lodged Indebtedness or
other Claims including dividends bonuses on dis
t1bution of surplus, or as profits.
10th. Amount received for premiums the past
year.
2Ist Amount received for premiums in cash.
22d Amount receis ed for premiums in promis-
23d Amount received for interest the past year.
24th. Amount paid for interest the past year
25th. Amount OF guarantee funds; and state par
ucuiarly whether the sam in cash subscrip-
ti0n notes.
26th. How are dividends, distributions of surplus
funds, bonuses or estimated profits. paid F.? Whether
in cash scrip or otherwise, on credit, and whether
on demand; If on credit for what length OF time,
and whether payable at specific time or indef-
nitely, at the discretion of the company
/ 27th. Amount paid for expenses taxes and COM
missions the past year, classified.
| 2Sth. Amount Of dividends p&id specifying the
amount paid to stockholders and the amount paid
| to policy holders.
Sec. S. The secretary of state is hereby author
lied to amend and revise the forms Of annual state
ment hereinbefore prescribed and to propose such
additional inquiries are necessary to elicit full
exhibit of the business and standing of the various
insurance companies doing business in this state.
Sec. 8. Any company doing business in this State,
neglecting to make returns in the manner and with
in the time hereipbefore authorized and prescribed
| shall forfeit one hundred dollars for each days
| neglect; and every company that wilfully makes
false statements, shall be liable to fine of not less
than five hundred dollars nor more than one
| thousand dollars. Any new business done by any
| company its agents. in this state, that has neg
lected to make true returns in the prescribed form
shall be deemed to be done in violation OF law.
See 10. When the actual funds of any life in
Surance company, doing business in this state,
not OF net value equal to the net value of its poll
cies according to the American experience table of
mortality, with interest of four and one half per
cent per anuum. it shall be the duty of the secre
tary of state TO give notice to such company and its
agents, to discontinue issuing policies within
this state until such time its funds have become
equal to its liabilities, yIlun@ its policies afore
said Any officer or agent who, after such notice
| has been given, issues or delivers new policy
! from and on behalf of such company, before its
funds have become equal to it liabilities as afore
sad shall forfeit for each offense sum not exceed
! ing one thousand dollars.
! Sec II. It shall be lawful for any company, or
ganZed in this state to invest its funds accumu-
ations in the stocks of the United States. of this
state, or Of any incorporated city or town in this
| state or in mortgages (being first Hens) real
estate, being worth at least twice the amount of the
money loaned thereon and any company may loan
|
time, sums not exceeding one-half the annual pre-
miums their policies, upon notes 10 be secur-
ed by the policy of the person to whom the loans
may be made.
| See 12 Wren any life or accident insurance
company, organized under the laws of this state,
| shall transact business in any other state, itmay
invest its surplus funds in such state in like secu-
| rity, and under the same restrictions as in this
/ state.
Sec. f3 The secretary of state is hereby author
lied and empowered to address any inquiries to any
life accident insurance company, to the secre
ary thereof in relation to its doings conditions,
any other matter connected with its tran sactions
and ii shall be the duty Of any such company so
addressed to reply promptly in writing to any such
inquiries; and all such companies, not incor
pOrated under the laws of this state,
| falling to answer all such inquiries, shall not
be authorized TO transact any business in
| this state and their certificates OF authority
may be revoked and cancelled. 1t shall be the duty
| of the secretary OF state to make cause to be
made an examination of the condition and affairs
| of any life or accident insurance company doing
business in this state. whenever he shall deem it
eXpedient to do So and also whenever he shall have
good reason to suspect the correctness of any an
nual statement, that the affairs of any company
making such statement, are IN an unsound condit-
| ion.
Sec IL Life or accident insurance companies
| doing business in this state, which do business
upon the principle of mutual insurance, or the
members of which are entitled to share in the sur
plus as they hare accumulated annually or once in
two, three four five years. the directors there
|
mining the amount of the surplus to be distributed
there shall be reserved amount not less than the
aggregate net value of all the outstanding policies
said value to be computed by the American
experience table of mortality, with interest not
| exceeding four and One-half per cent.
! Sec 15 Every life accident insurance COM
pany not organized in this state, before doing bus-
in this state, shall appoint an attorney resident
| in this state, upon whom ell lawful processes
against the company may be served with like effect
as if the company existed in this state, and said
| aft hall and on la
part of the company making the same, Thatany law
full process against said company, which is served
On said attorney, shall be of the same legal force
and validity as il served on said company. copy
of said power OF attorney duly certified and authen-
tcated shall be filed in the Office of the secretary of
state and copies certified by him shall be sufficient
| evidence This agency shell be continued while
any liability remains outstanding against the COM
pany in this state, and the power shall not be
revoked until the same power IS given to another
ann like copy filed as aforesaid. Service upon
! SAID attorney shall be deemed sufficient service
| upon the company.
Sec 16 The treasurer Of the state in his official
capacity shall take and hold on deposit, the securi
| ties of any life insurance company Incorporated
under the laws of this state, which deposited by
any such company for the purpose Of securing
policy holders and complying with the laws of any
state in order to enable such company to transact
! business in such state. Ihecompanies depositing
such securities shall have the right to receive the
income thereof, and at any time to exchange the
same, according to the laws OF the state in which
| they may be doing business.
Sec IL If any life insurance company organized
| in this state, in any other state OF the United
States, in any for ign country, whose pocles are
not valued by the insurance department or proper
officers of any other state, shall transact business
in this state shall be the duty of the secretary of
state to calculate the existing value of all outsand-
ing policies of such company; and every such COM
pany shall pay annually, to the secretary OF state,
| by way of compensation, one cent on every thous-
and dollars for the valuation OF its policies, issued
by it on lives. certified copy OF the valuations OF
the policies of any company organized III this state,
| or any other state, made by the insurance depart
ment or other proper officers of the states of Mas
sachusetts or New York, filed III the office of the
secretary of state, shall be compliance with this
| section.
| Sec IS. No life insurance company organized
under the laws of this state shall issue policies
insuring fire marine, or accident, or live stock
risks, nor do any banking business.
Sec 10. It shal bs lawful for any married woman
any third person, VITA his assent her trustee, to
be insured, for her sole use, the life of her
or for the of the natural life OF such person. and
it shall lawful for any person erecting or causing
to procured effected any pjilcy Of insurance on
the life of person. to assign transfer or cause the
same 10 be m e payable to any married woman or 70
the person effsuting procuring such insurance or
such married woman not, and such policy OF IN
surance expressed 10 be for the benefit of or
assigned trans erred or made payable to any married
woman shall inuTe to her separate and benefit and
tina of her Children and in OF her surviving such
period or term the sum or net amount OF the lnsu
ance becoming oue and payable by the terms OF the
use and benefit Eee the claims of her husband,
his representatives OF ersdtors and free from the
claims the person ctfectnE, assigning transfer
ring such insurance his representatives creditors
prOUed, bOl0eUer, thatf he premium such policy
is paid by any person with the intent to defraud
creators. an amount equal to tne premium paid,
with interest thereon shall nure to the benefit of
said creditors subject, ho Fever the sUatute of
itations. The amount OF the insurance may be made
payable in of the death of the wife, before the
period Whit it becomes due, to his her their
children for their use sha be provided in the poll
cy of insurance. and to their guardian, If under
and the receipt OF such married of such
children of their guardian If minors in the cases
IN which such insurance is psyabie to them either
of them pursuant to the terms of the policy, and the
provisions of this act, snail relieve the
pany from all further liability therefor The pro-
visions of this section shall apply to all nsurances on
lives effected before the passage of this act
Sec. 20, Whenever the exist ing future laws of
any other OF thu United States shall require
life insurance panies rporated by organized
under the of this state, of the agents thereof
any deposit of securities such state for the protec-
ton of policy holders otherwise, any payment for
taxes, fines, penatie certificates Of authority, IL
cenSe or otherwise greater than the amount
quired for such purposes from similar companies of
other states by the then existing laws of this state
then, and every such Gaze, all life accident in