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

United States, and fer premiums on unex.
pired risks as are made in the case Of com
panies of this state provided that such
assets and investments be vested in and
held within the United States by trustees.
citizeus of the United States, appointed BY
the board Of directors of the company, aud
approved by the insurance commissioner
Of tho state where invested for the
benefit Of the policy holders and
creditors in the United States
The trustees 90 chosen are hereby
empowered to take, hold, and convey real
and personal property for the purposes of
the trust, subject to the same restrictions
as insurance companies Of this state
Sec. IL. The annual certificate of the
insurance commissioner, given to any
foreign Ere insurance company or it's
agents, within this state. under section s,
must state the amount of capital of the
company, ascsrtainsd by him as defined
Dy the last section.
SEQ IL. All the provisions contained
in this title respecting Are insurance CON.
psnies. shall apply to companies doing an
inland insurance business, 30 far as, from
the nature Of the business Of inland insur-
ance the same may be applicable.
SEQ. ID Any Are insurance company
already organized under the laws of this
this state and doing = farm business only,
may continue TO do such business by pre-
senting twenty. i've thousand dollars invest.
cd by deposits in national banks, as pro.
vided in section 4, title 3 Of this act, and
comply with the other provisions of this
act, 80 far as applicable, but shall be ex-
empt from complying with section twenty
eight title three, and section three title Two.
TITLE Y. =
LIFE INSURANCE. COMPANIES.
s1o l. No life insurance company shall
be organized or do business IN this State,
unless it has at least one hundred thousand
dollars capital or assets, rs provided in
this act.
SEC 2. No life insurance company of
this state shall do business in this state or
elsewhere, and no other life insurance
company, except as provided in section Is
of this title shall do business
in tho State. unless il has
on deposit with the insurance mmissioner
or other financial onaeer of this STATE, a. 90
curity for all its policy holders, stocks or
bonds Of this State or of the UnitedStstes, to
an amount the actual market value of which.
exclusive of interest, shall never be less
than one hundred thousand dollars, which
stock or bonds shall be retained by the
commissioner or other designated officer,
and disposed of as directed BY law:
Provided, however, that personal obi
cations, secured by first mortsa ages on real
estate within this State, worth, exclusive
of all buildings. III least double the amount
of the lien, aud bearing an interest of not
less than six per cent. per annum, may be
received by the said financial officer Of this
State, instead of bonds or stocks, to the
amount Of not exceeding fifty thousan d
dollars.
SEC. 3. As long Is any policies Of the
depositing company remain in force, the
insurance commissioner shall hold the de-
post mentioned in the last section, IS 80.
curly for all holders of ito policies
SEC. 4. Any life insurance company Of
any other State of the United States in
which the provisions of law contained in
thus act shall be in force, may Gle with the
insurance commissioner of this Stase q Ger.
tihcate of the insurance commissioner of
such other State, that as such officer, he
holds in trust aud on deposit, for the bene-
it of all the policy holders of such com
pany, the deposit above described, stating
the items of the securities 10 held, and that
he is satisfied that such securities are
| worth one hundred thousand dollars
No deposit shall be required in this
State while the said deposit 50 certified re
mains.
SEC 5. When any life insurance com.
pany, doing business in this State, desires
to relinquish its business, the insurance
commissioner shall, on It's application, un-
der the oath of the president or vice pres
ident, and secretary or actuarY, give nolice
ofsuch intention in q public newspaper,
published at the State capital, at least tw,cs
! q week for six months; and after such
publication he shall deliver up to such
| company, or its assigus, any securities held
| by him belonging to it, on being satisfied
by the exhibition Of its books and papers,
aud on examination, by himself or q per-
son appointed by him, and upon the oath
| Of the president or vice president. aud the
secretary or actuary of the same, that all
liabilities due or to become due, on any
| agreement made with any citizens OF the
United States, are paid and extin2uished
And the commissioner may also, from time
to time, deliver up to such company, or Its
assigns, any part of said securities, on being
satisfied by any other competent proof that
all Liabilities due, or to become due on
any agreement made by it, are less than
one half the amount Of the securities he
still retains.
Any foreign life insurance company
having made such publication. may. in the
discretion Of the insurance commissioner,
withdraw one.half Of its deposit of ohe
hundred thousand dollars, on registering
according to the provisions OF law for reg
Istered policies, all lis out,la ding police,
issued to citizens or residents Of the Uait
ed States, and covenauting to maintain un
| impaired the reinsurance deposit for sucl
registered policies at all future times, ant
specially pledging for their security al
future premiums payable on America,
policies.
SEQ. 6. Any life insurance company o
this State may, at any time, assign to ths
insurance commissioner securities, such a.
are described in section two, ~, 10 the
amount of twenty 1--WE thousand dollars o,
more, in addition 10 the deposits required
by that section, to bs held by him IN trust
for The benefit of all holders of its policies
and bonds registered under section seven
! ~, and not to be transferred by him withou.
the written application of the company, or
| IT'D receiver duly appointed, and for the
purpose of paying such holders.
SECT. Upon being furnished by the
depositing company with policies and a..
| nuity bonds, consecutiveIy numbered, ex-
bearing the words, 1.-THE present net value
Of tails policy is secured by pledge Of pub
lie stocks or bonds AID mortgages" aud OF
such denominations aud amounts as the
company may require, within the limits
prescribed by sectlon six, Is. the commits
sioner shall register the same in books pro
vided for the purpose, and counterslgn,
seal aud deliver to the company the orig
igiaals, and filc the duplicates. ......'.
Autilsted registered policies and annuity
bonds, issued 10 q company, shall be re-
ceived back by the commissioner, and 9th,
ers delivered IN lieu thereof Of like tenor
and date; and in case of lost policies, or
bonds. he shall furnish certified copies of
the duplicates on die.
SEC s. Receipts for renewal premiums
on registered policies must be COUNTER
signed or stamped by the insu rance CON-
missioner; aud no policies shall be marked
off or cancelled on the books of a registering
company, except those the renewal re-
ceipts Of which d, il, arc returned
to the commissioner, or other proof
Satisfactory to the commissioner ia fur.
nished, that they have not beeh taken, or
have ceased to be in force.
+ SEQ 8. The commissioner shall value
the policies and annuity bonds chartered
under the last section, according to the
rules prescribed by section three, title Two;
aud in no case shall the aggregate amount
Of the net value Of said policies and bonds
issued to any company exceed the value of
the securities he holds by lis transfer, as
providedin section tw Q, title i've. -,
He may, upon satisfactory proof pre-.
scented iu writing and fled with him, that
the securities 90 held by him exceed The
net present value Of outstanding registered
policies and annuity bonds issued 10 the
depositing company, allow tito withdraw
the excess. ' S,1z -.
SEC. 10. Nothing in this act shall be
construed Is implying any obligation on
the part Of the State to pay policies or an
nuity bonds of companies, except u to the