The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1872-03-14
Tho Iusuranee Con miseiolner.

",
With two sureties to 30 approved BY the
Governor. for the faithful discharge Of his
duties. - *'ss
sEo. Z. Said oommission,rt' shall b. On.
titled to IN annual salary Of 800 per
aanun, which shall include and cover al
necessary expenses, clerk hire, ONCE rent, >
stationary. &c (excspt such necessary
BLANKS and.forms a. may bs required, which
shall DO provided by the State,) the said
salary 70 DO paid BY the State Treasurer in
the same manner - other State officers are
paid, and If the said commissioner directly
or indirectly receive any compensation or
pay for any service, or for neglect OF omis-
sion OF service, other that 10 provided in
this oct, he shall be doomed guilty of
felony, and, On conviction thereof shall be
subject to doe not exceeding Ave thous.
aad dollars, or imprisonment in the State
Prison for term not exceeding i've years,
or both, in the discretion OF the court. j
$40. ,. 1t shall 30 the duty of such In.
surance Commissioner; %.'~:''s 5'4
/. To Gee that oil laws Of this STATE res.
peetins insurance companies ars faithfully
executed. %S <@e.-. =, ~-.
Z. To fle in his ONCE every charter or
declaration Of organization Of company,
With the certificate Of the attorney general;
and, on application Of tha esrporslors, to
| furnish to them . certified copy thereof.
3. He shall. - soon a. practicable. in
each year following the passage Of this act,
calculate, or cause to be calculated, in his
once, BY officers or employees of his dc.
partment, Tor burean,) the net value. on
the 3lst day Of December of the previous
year, OF ell the pelioies in force on that
in inc, lns~
business in this STATE, organised by ~
thority Of this State and every other life
insurance company doing business in this
| inafter provided, . certificate Of the insur.
aucs commissioners Of the State BY whose
authority the company was organised, or
| iss policies valued and it's deposits made in
case the COMPANY 10 chartered BY the Gov.
ernnsnt of the United States, giving the
pany on the 3lst day .! 'December Of tho
preceding year. .,..,-,. >, ~ ,.f. =.
4. Calculations Of net value OF each pol
Icy must be based upon the American Bx-
perlence Table Of Mortality, and nix per cent
| interest per anaum And the net value Of
policy s5 any Time shall be taken to be the
net single premium which will at that time
effect tho insurance, less the value Ut that
I time Of tho future net premiums called for
by he table of mortality and rate of in
] tel cat designated above. :-lrl .
10 case it 10 found that any life insurance
l company doing business in this State has
not on hand tho net value of all it, policies
| in force, after all other debts Of the COM
pAny aud claims agsnst it, exclusive of cap'
4 sf0l hou al 4np hall
DO the duty Of the insurance commissioner
| publish tho fact that the then existing
! condition ofthe officer Of the affairs Of the
company is below standard Of legal safety
/ established by this State, and he shall 70.
quirs the company at once to cease doing
new business, and he shall Immediately
institute proceedings, - required in this
| act, to determine what further shall be
s. 1t is hereby made the duty Of the in
sursnce commissioner, after having deter
mined, ~ yahoYe. thu amount. of the~ .asl
value Of I'LL the policies in force to see that
the company has that amount ins safe legal
securities, Of the description aud character
hereafter provided in this oct. after all it's
other debts and claims against it, exeu-
s,ve ofcapital stock, have been provided
for. -s.a- - -..---~ - Z. ss+g: Il
Z. He shall accept the valuations made
BY the insurance sommlssiensr Of the
State under whose authority . life insur-
ancs company WAS organised, when such
valuations have been properly made on
sound and recognised principles and legal
basis, 90 above provided thaconpany shall
furnish to the insurance commissioner Of
this State certificate from the insurnee
commissioner of such State, setting forth
the value, calculated on the dAta designat.%
ed above, OF all the policies in force in the.
company on the previous 2lsr day Of De-.
eember aud stating that, after all the
other debts of the company, and claims
against it at that time, were provided for,
the company had, in safe securities Of the
character specified in this act, an amount
equal to the net value Of oil ito policies in
force aud that said company is entitled to
do business in its own State. ~; MI.
8. Every life insurance company doing
business in this State during the year tor
which the. statement is made, that fails
promptly to furnish the certificate afore-
said, shall be required to make full detail
list Of policies aud securities 70 the insur-
ancs commissioner Of thia Stats, and shall,
be liable for all charges and expenses con i,
sequent upon not having furnished said
certificate. = - "a - staas= s"i& ssss5ss4 -
g.. For every company doing dre issur-ss
ance business in this State, be shall eslcu-.
late the reinsurance reserve for .unexpirod
fire risks by taking City per cont. of the
premiums received. on oil sunsxpired risks
shat have less than ene year 70 rum asd =,
nor rata Of Al premiums received on nslss
that have more. than one ,year 70 RIM, pro.
t..;aolt that ~han- thu Pninanr nca raaave