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

Sec: 5. The term American Com
p'"y' as used in this act, dcsignatcs a
company which exists by the laws Of
any State or territory Of the United
States or by any law of the United
States All other are designated as
foreign.
Sec g. The expression "companv
OF State, Territory or nation" US used
!" 'n's act, means company incorpo-
rated by or organized under the laws Of
s"ch state, territory or nation.
Sec. Z The word "commission"
dcs'snates the officer, by whatever name
called, who is charged for tho time be-
ing with the duties Of commissioner Of
insurance.
Sec. 8. The term "oath" in this
act, includes affirmations. The term
Z" d'rectors' in this act. designate. the
trustees, managers or officers const itutins
the executive board Of a company. d.
rectors are included in the term =" off.
GERS: unless contrary intention ap-
pears.
The term "agcnt" or "asents" in
this act ':cIudes an acknowled ged agent,
surveyor, and all other persons who
shal IN any manner, directly or indi-
rectiy' aid in transucting the business Of
insurance: Nothing contained in this
net shall be construed to imply that Al,
agent has any powers to bind compa.
ny. not expressl y, or by necessary iu,.
P''cat'o"' given him by the company.
TITLE II.
rHs INSURANCE COMMISSIONER.
Section l. 1t shall be the duty Of
the Governor, by and with the advice
and consent Of the Senate, to appoin,
one competent person, a resident and
citizen Of the State, and with the
other qualifications hereinafter prc.
vided, who shall be styled the Insu.
rance Commissioner, who shall be sworn
in the manner provided by law for 9th.
er State officers. lie shall hold his Of:
ice tor two years, and execute the du.
ties thereof as herein provided, until
bis successor is appointed and qualified
and III case Of vacancy by death, re-
movaI, resignation or otherwise. the
Governor shall fill the same by appoint.
nent.
No person who is director, officer,
agent, attorney, or stakeholder of, o,
directly or indirectly interested in an,
insurance company except as insured
shall be commissioner, and no officer q,
agent Of any insurance company doina
business in this State shall be deputed
to examine the affairs of company I'm
der this act. The said commissions,
shall keep his Office, ut the capitol Of
the State, and shall give bonds in the
sum Of $4,000, with two suretics to b.
approved by the Governor, for the faith.
tul discharge Of his duties.
Sec. 2. Said commissioner shall be
entitled to an annual salary Of $500
per annum, which shall include and
cover all necessary expenses, clerk-hire,
Office rent, stationery, &C., Except such
necessary blanks and forms Us may be
required, which shall be provided BY
the State), the said salary to be paid
by the State Treasurer in the same
manner as other State officers are paid
and if the said commissioner shall di.
rectly or indirectly receive any com.
pensation or pay for any services or ex.
ira service, or for neglect or omission
Of service, other than is provided in
this act, he shall be deemed guilty of q
felony, and, on conviction thereof, shall
be subject to fine not exceeding five
thousand dollars, or imprisonment ia
the State prison for term not exceed
ing five years, or both, in the discrc
ton of the court.
Sec. 3. 1t shall be the duty of such
Insurance Commissioner:
l. TO see that all laws of this State
respecting insurance companies arc
faithfully executed.
2. To file in his Office every charte,
or declaration Of organization of con-.
pany, :ith the certificate Of tho attor
ney general, and. on application Of the
corporators, to furnish to thom certi
fed copy thereof:
3. He shall, as soon rs practicable
in each year following the passage Of
this act, calculate, or cause to be calcu
lated, in his Office, by officers or EN-
PIoyes Of his department Cor bureau,
the net value, on the 31st duy Of De-
ccmber IF the previous year, Of all the
policies in force on that day, in each
life insurance company doing busine .
in this State. organized by authority v1
this State, and every other life insur.
ance company doing business in this
State, that shall tail to furnish him, as
hereinafter provided, certificate Of the
insurance commissioner Of the State BY
whose authority the company was or.
ganized, or by the State in which i,
may elect to have its policies valued
and its deposits made in case the com.
pany is chartered by the government Of
the United States, giving the net values
Of all policies in force in the company
on the 3lst day Of December OF the
preceding year.
4. Calculations of the net value of
each policy must be based upon the
American Experience Table of Mortal
ity, and six per cent. interest per an
mum. And the net value of q policy
at any time shall be taken to be the net
single premium which will at that time
effect the insurance, less the value at
that time of the future net premiums
called for by the table Of mortality and
rate of interest designated above.
5. In case it is found that any life
insurance company doing business in
this State has not on hand the net val.
ne Of all its policies in force, after all
other debts of the company and claims
against it, exclusive Of capital stock,
have been provided for, it shalt be the
duty Of the insurance commissioner to
publish the fact that the then existing
condition of the affairs Of the compa-
ny is below the standard Of legal safe
~ established by this State, and he
shall require the company at once to
cease doing new business; and be shall
Immediately institute proceedings,as re-
qu'red in this act, to determine what
further shall be done in the case.
q: 1t is hereby made the duty Of
the insurance commissioner, after hav.