Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1872-05-09


defined in the last section
Sec. II All the provisions contain
cd in this title respecting fire insurance
companies. shall apply to companies do.
ing an inland insurance business, so far
as, from the nature Of the business of
INLAND insurance, the same may be ap-
plicable.
Sec. -. Any fire insurance con,-
pa"y already organized under the laws
Of this State and doing farm business
only, may continue to do such business
by possessing $4,000 invested BY de-
rosits in national banks, or q, provided
in section 4, Title III, Of this act, and
comply with the other provisions Of this
act So far as applicable, but shall be ex-
empt from complying with section %,
Title Ill, and section 3, Title IL.
TITLE V.
LIFE INSURANCE COMPANIES.
Section !. No life insurance compa-
ny shall be organized Or do business in
this State unless it has ut least one hum
dred thousand dollars capital or assets,
invested as provided in this act.
Sec. 2. No life insurance company
Of this State shall do business in this
State or elsewhere, and no other lite in
surance company, except as provided in
section Ii OF this title, shall do bust
ness in this State, unless it has on de-
posit with the insurance commissioner
Or other financial officer Of this State,
as security for all its policy holders,
stocks Or bonds Of this State or of the
uplted States to an amount the actual
market value Of which, exclusive Of in
terest, shall never be less than one hun.
drcd thousand dollars, which stock or
bonds shall be retained by the commiss-
Toner or other designated officer, and
disposed Of as directed by law.
Provided, however, that personal oh.
legations, secured by first mortgages On
real estate within this State, worth, cx-
elusive Of all buildings, at least double
the amount Of the lien, and 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, ia the amount of not
exceeding fifty thousand dollars.
| Sec. ). AS long AS any policies o.
the depositing company remain in force
the insurance commissioner shall hole
the deposit mentioned in the last sec
ton as security for all holders Of it,
policies.
! Sec. 4. Any life insurance compan,
OF any other State of the United State
in which the provisions Of law contain
cd in this act shall he in force may FL,
with the insurance commissioner Of Thu
|, State a certificate of the insurance com
missioner Of such other State, that, a
such officer, he holds in trust and o,
deposit, for the benefit of all the policy
holders of such company the dcposi
. above described, stating the items Of tn
securities so held and that he is salts
} fed that snch securities are worth on
: hundred thousand dollars. NJ deposi
shall be required in this State while tn
? said deposit so certified remains.
Sec. 5. When any life INSURANCE
company doing business in this Stat
desires to rclinquish Its business the in
! surance commissioner shall, on its up
plication, under the oath of the presi
: dent or vice president, and secretary 0
! actuary. give notice Of such intention
: in a public newspaper, published at til
: State capital, ut least twice week fo
5 six months and after such publication
? he shall deliver up to such company o
), its assi Sns any securities held by hi,
= belonging to it, on being satisfied b
: the exhibition of its books and paper.
l and on examination, by himself or
). person appointed by him, and upon tn
y oath Of the president or vice, presiden
+ and The secretary or actuary Of tn
:. same, that all liabilities due or to b.
9 CONF due, on any agreement made wit
= any citizen Of the United States, at
o paid and extinguished And the cou
i missioner may also, from time to tim.
h deliver w to such company, or its Al
c signs. any part Of said securities. on b.
II ing satisfied by any other compcter
d proof that all liabilities due or to b.
n come due on any agreement made BY i
n are less than ono half the amount ofti
J. securities he still retains.
G Any foreign life Insurance conpan
# having made such publication, may,
&c the discretion Of the insurance con
ID missioner. withdraw one-half IF its d
,r post Of one hundred thousand dollar
ID on registering, according to the provi
ions Of law for registered policies, a'l
y outstanding policies issued to citizens
es residents Of the Uuited States, and co
of enanting to maintain uninpaired tt
G. reinsurance deposit for such register'
is policies at all future times, and speci;
ly pledyins for their security all lutu
ce premiums payable on American pc
te cies.
H. Sec. 6. Any life insurance comp
tit ny OF this State may, at any time, :
I'd sign to the insurance commissioner s
u curities, such as are described in S,
rs ton two (2), to the amount Of twen'
or five thousand dollars or more, in ad,
xt ton to the deposits required by til
section, to be held by him in trust
NJ the benefit Of all holders of its polic
in and bonds registered under section Sc
re Gu 60, and not to be Transferred by h
his without the written application Of t
he company or its receiver duly appoint'
and for the purpose Of paying su
H. holders.
he Sec. 7. Upon being furnished
~, the depositing company with polio
&C. and annuity bonds, consecutively nu
bered, executed by the company in {
his plicate, each bearing the words, ct
L. present net value Of this policy is
cured by pledge of public stocks
m- bonds and mortgages, and of such
ar- nominations and amounts as the co
or pany may require, within the lin
elf prescribed by section six (G), the co
for missioner shall register the same
its books provided for the purpose. Il
ny countersign, seal and deliver to the CO
tic pany the originals, aud file the dur
Gates. Mutilatcd registered policies a
his annuity bonds, issued to co,npa,
'cc shall be received back by the comm
IS sioner and others delivered in lieu the
he of, Of like tenor and date. And
he case Of lost policies or bonds. he sh