Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-04-25

doing business in this State during the
year for which the statement was made,
that fails promptly to furnish the GER
t'ticatc aforesaid. shall be required to
make full detailed lists Of policies, and
securities to the insurance com mission
CT Of this State, and shall be liable for
all charges and expenses consequent
upon not having furnished said ccrtifi-
cate.
.. For every company doing fire in
surance business in this State, be shall
calculate the reinsurance reserve for un-
expired fire risks, by taking fifty per
cent. Of the premiums received on all
unexpired risks that have less than one
year t" run, and pro rata OF I'll pre-
miums received in risks that have moro
than one year to run; provided that
when the reinsurance reserve, calcula-
ted US above, is less than forty per cent.
OF all the premiums received during the
year, the reinsurance reserve in this
case shall be the whole Of tho premi.
ums received on all its unexpired risks.
10. In nlarins and inland insurance
he shall charge all the premiums re-.
ceived on unexpirel risks, as a re,nsu-
rance reserve.
II. Having charged against CON-
pany the reinsurance reserve, as above
determined, for fire, inland and marine
insurance, and adding thereto all other
debts and claims against the company,
he shall, in case he finds the capital
stock Of the company impaired to the
extent Of ten per cent, give notice to
the company to make good its whole
capital stock within sixty days; and if
this is not done, he shall require the
company to cease to do business within
this State, and shall thereupou, in case
the company is organized under the au.
thority Of this State, Immediately insti.
tutc legal proceedings, as required i'll
this act,to determine what further shall
be done in the case. Any company re
cciving the aforesaid notice of the COM
missioner to make good its whole CAPT.
tai stock within sixty days, shall forth
with call upon its stockholders for sucl,
an cunts as will make its capital equal
to the amount fixed by the charter Of
said company; and in case any stock.
holder Of such company shall neglect
or refuse to pay the amount so called
for, after notice personally given, or by
advertisement, in such time aid man.
ner as the said commissioner shall ap.
prove, it shall be lawful for the said
company to require the return of the
original certificate Of stock held by sucl,
stakeholder, and in lieu thereof to is.
sue new certificates for such number Of
shares as the said stakeholder may be
entitled to, in the proportion that the
ascertained value Of the funds of the
said company may be found to bear ia
the original capital of the said compa.
ny; the value Of such sharea, for which,
new certificates shall be issued, to be
ascertained under the direction Of the
said commissioner, and the company
paying for the fractional parts Of shares
and it shs Il be lawful for the directors Of
such company to create new stock and
dispose Of the same, and to issue new
certificates therefor, to any amount suf:
6cient to make up the original capital
Of the company.
Whenever the capital stock Of any
joint stock, FIRE or marine insurance
company Of this State becomes impair.
cd the commissioner may, in his discre.
ton, permit the said company to reduce
its capital stock and the par value If
its shares in proportion to the extent OIL
impairment. Provided that, in fixing
such reduced capital, no sum exceed
ing INVENTIVE thousand dollars shall be
deducted from the assets and property
en- hand, which shall be retained as sur.
plus assets; and provided, that no part
Of such assets and property shall be
distributed to the stockholders; and
provided; further, that the capital stocl
shall not be reduced to an amount les!
than that required by law for the or
ganization of new company. TO ex
anime, or cause to be examined, every
detail of the business Of any compan,
transacting business Of insurance with
in this State, whenever in his judg
ment such examination is required By
the interests Of the pol!cy-holders o.
such company.
IL. 1t shall be the duty of the in
surance commissioner, after he has no
tilted u life insurance company, organ
'zed under authority Of this State, Il
cease doing new business until the ne
value Of its polio .es in force is equal to
that called for by the standard Of safe
ty established BY the State, at once tt
cause rigid examination in regard t.
all the affairs Of such company; in cas-
it shall appear that there is no fraud o.
gross incompetency or recklessness
shown to exist in the management, b,
may, upon publishing the facts in thu
case, permit such company to continu,
in charge of its business for one year,
provided Their. is, in his opinion, reason
to believe that the company may even
tually be able to re-establish the legal
net value Of all its policies in force.
ID. In case the insurance commiss.
Toner does not permit the company ia
continue in the control of its old bust
ness, it is hereby made his duty to in
st'tute the necessary proceedings for
the protection Of its policy-holders, in
accor dance with the laws Of this State.
ii. 10 publish the result Of his ex-
animation Of the affairs Of any compa-
ny, whenever he deems it for the inter-
est of the public so to do, in one or
more papers Of this State.
Is. 10 suspend the entire business
If any company in this State, and the
business, within this State, of any 9th.
er company, during its noncompliance
with any provision Of this actor when
ever its assets appear to him insufficient
to justify its continuance in business, by
suspending Or revoking the certificate
granted by him and to give notice
thereof to the insurance commissioner,
or other similar officer Of every State,
and publish the same in the paper in
which, by law, State notices are requir-