Litchfield enquirer., 1871-11-09

sAAsal nes euehotitS 10 make such examinations n respect 70 such assets and liabilities as he shal deem proper, and upon cernnlinr,ce rrfEh inc re- quaremente of this act tt chan be his uty there upons ana rom year to year thereafter to issue to sncn Iofeign insurance company certificate of the requirements of this act have been complied witn, upon which capital itmay transact business n tnle 6tates subjec% to all the restrictions and nmitatcns of the laws regulating fire insurance companies incorporated under the laws of this
 Sec. IS. The trustees referred to in the six teenth section of this act shall be appointed di- receiy by the board of managers or directors of sncn foreign insurance company. and duly eer- were appointed, shall together with a certified copy ofthes trust, deed, or instrument under which they are to act be filed in the office of the commissioner Of insurance; and the said commis- sloner shall have the same power to examine such trustees, or the agent or attorney of such company under oath, and their assets, books, and accounts, either in person or by one or more persons to be appointed by him, as by law he has as to the officers, agents, assets. books. and ac- counts Of any company authorized to do the fire examination it shall appear that the net capital for which the last certificate shall be outstanding has been materially reduced. the commissioner may call in such certificate; and issue another correspondent with such reduced capital
 Sec. 19. No foreign insurance company, or any agent or attorney therof, shall be admitted to transact the business of fire insurance in this State, or take risks until, in addition to all other such companies shall comply with sections I5, I6, and n, of this act, and receive the certificate of the insurance commissioner mentioned in the 1lth section of this act.
 Sec. 20. The term foreign insurance company. as nsed D thiis act, includes any company, corpo- ration, association partnership, or individual of any foreign government doing fire insurance bus- iness in this State, whether incorporated or not. . Sec. 2. Any violation of the provisions of sec the party 80 violating, to penalty of five hand- red dollars for each violation with costs of pros ecution, to be recovered in the name of the treas urer, by action on this statute. one half of which shall be paid to the person informing, and the other half to the treasurer for the use of the State.
 Sec. 22. It shall be the duty of every companv chartered by the legislature of this State to grant insurances, or to make any contract contingent each year. to render to the insurance commis- sioner, upon the oaths of it's president and sec retary, report of its condition upon the pre- ceding Slst day of December, which shall include detailed statement of its assets and liabilities on that day; the amount and character of busi ness transacted; moneys received and expended during the year; descriptive list of all policies and contracts of insurance in force on that day: may deem necessary to determine the soivency or such company. For this purpose the commas shall prepare and furnish to each company shit. able blanks with such questions as may be neces sary. In case any company shall fail to make such report within the time aforesaid it shall be deemed insolvent. and may be proct eded with as provided in section 26 of this act
 Sec. 2S. Upon receipt of such report the con- missioner shall. without delay, make a valuation ot tne policies or each company. and ascertain the on account thereof He shall for this purpose assume the rate of mortality shown by the So called actuaries' or combined experience table. and four per cent. compound interest; and he shall vaiue only net premiums.
 Sec. 24. It shall be the duty of the insurance commissioners, once in three years and ofetner if he deem 1t necessary, to visit each life insurance company yincorporatedin this State, and thorough " examne its nnancial condition ana it's ability to fuiii its obligations and ascertain whether it has complied with all the provisions of law appli- cable to the company and its transactions.
 Sec. 25. He shall in like manner visit and ex anime as aforesaid, any life insurance company not organized or incorporated in this State, and doing busicess by agencies therein, whenever he has reason to doubt the solvency of such comma ny.-He may employ such assistants as may be necessary in making the examination; and ali the expenses of an examination without the State, shall be borne by the company examined
 Sec. 26. For the purposes aforesaid. the com. missioner shall have free access to all books and papers of any life insurance compan, oing bus- mess in this State, and may examine under oath, ltS OuCctS oT agents T6latlSe tO lte business and condition. If any company not organized or in- corporated in this State, it's officers or agents re- fuse to submit to such examination or to com ply with any provisions of this act in relation thereto, the authority of such company to do business in this State shall cease
 Tee. H. No life insurance company hereafter organized or chartered in this State, shall issue pohbies until upon examination by the commits sioner it shall pave been found to have complied with the Jaws thereof nor until the commission CT shall have issued his certificate setting. forth such facts and authorizing such company to is- cue policies For such examination the company shall pay to the commissioner the sum of thirty dollars. F.
 Sec, 9s. Tit shall appear from any report. val uation. or examination, as herein provided, that the assets of any company chartered by this state to grant insurance or make contracts contingent upon lives, are less than it's liabilities, or if it shall fail to comply with any requirements of this act, the commissioner shall forthwith notify such company to cease the issue of new policies and the payment of dividends to- stock and policy holders, until such time as the deficiency shall be supplied; and he may at his discretion bring his petition to the court of probate for the dis trict in which the principle office of such compa- ny is located, setting forth the facts upon which it is founded and praying for an appointment of trustee to take possession of the property of such company for the benefit of it's creditors: such trustee if appointed shall proceed as direct cd by section % of this act.
 Sec. 29. In case that it shall apear that the assets are less m amount than three-fourths of the liabilities of such company, the commission. CT shall without delay bring his petition to the court of probste for the district in which the principal office of such company is located in the manner and form provided in section 2S of this act, and the court shall thereupon appoints trus- tee who shall file with said court his oath of ofce and Q bond in such amount with such security as the court may directf and who shall take posses sion of all books, papers, and property and re- ceive all moneys belonging to such company, and settlement of all claims against it. and to the re- insurance of it's risks in some company or com- panies of good standing, preference being given to companies chaotered by this State; the trustee shall make full report of his doingsin the prem ises, to the court appointing him, and the court shall upon the reinsurance ofits risks and the transfer of it's property for that purpose, declare the dissolution of the company by an order to be published for one month fin paper of general circulation published in the county where the company is located.
 tSec 30. Any company organized or incorpor- ated in another state, or by the government of the United States or of any foreign country. to grant insurances or make contracts contingent upon lives, before being admitted to do business in this State and receiving the commissioners li- cense therefor. and on or before the first day of March in each year, shall furnish to insurance commissioner certificate of the proper officer of the state or government by whose authority it is organized or incorporated, setting forth true aud full copy of it's report to such officer cf its condition upon the thirty-irst day of December last preceding, & valuation of it's policies and contracts by said officer. by a standard equiva lent that provided section a3 of this act and that the compauy has complied with all the laws of the state or government by whose authority it is organized or incorporated and is authorized to transact business therein. HgKs8eE
 If such certificate shall substantially furnish the information required. from companies cha, tered by this state and It shall appear thorefrou that the company furnishing the same is soleent and if it shall have complied with ali other pro. visions oflaw necessary thereto, the commission. CT shall thereupon issue his license to such com pany to transact business in this state for one l year from the thirty-first day of December last preceding, $ass
 Sec. Sl. In default of the certificate aforesaid
 or if any other state or country shall refuse to Ii
 cense life insurance companies chartered by this state to transact business in such other state ol country upon similar certificate from the s.com.
 missioner of this state, no license shall issue to
 any company organized or incorporated in sucl
 other state to transact business in this state, un ! til 1t shall have made report In the manner and
 form required from companies chartered by this state, and until valuation Of it's policies and con all haaF, @ho