The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-03-17
AN ACT.
AN ACT.
To better secure holders OF Life Insurance Poll
cies in this State; 10 provide q Reserve Fund |
therefor: and for other nrrposes.

AN ACT.
To better secure holders OF Life Insurance Poll.
cies in this Suite: TO provide Reserve Fund
therefor: and for other purposes.
House Of Heprssentatiyes u The State ef LoaisI
a ana n General ". Assembly CONVENED That each
rated under the laws of this State. shall be re-
aufrsd from and after the passage of this act, at
lite Of ives u 1sn q r. pesdsn o. elens
or residents Of this State, or within thirty days
si ID saeh and eyer such writing Of
| ditor OF the State which notice shall set forth
the number, date and form Of policy: name,
sna rdss s Of The ps wfess M In
benefciaries; the amount Of the Insurance, and
The annual premium thereon. And 1t shall be
purpose, and to Issue to said IN In.
snrer g certificate. in duplicate, getting forth
and issuing certificates MS herein provided. the
Auditor shall be entitled to demand and receive
pany obtaining the same. Any company fall
herein provided, shall be subject TO 0 flne q
| omission or failure. collectible as hereinafter
SEC. .. Be it further enacted, etc, That on the
first day OF January, 1873 or within sixty days
| thereafter, and on the first day OF January, in
each and every succeeding year, or within sixty
| Company aforesaid. shall furnish to the Auditor
Of the State detailed statement on oath. Of ali
such policies registered In compliance with the
| cancelled. or matured, or have been paid
| within the year next preceding such
| each and every such company shall furnish the
| Auditor with d.tailed statement, on oath, of
each and every policy registered as reqnired by
speetive times of making such statement. which
| sworn statements shall also set forth the
| amount of the required reserve. on each and
| every such policy, calculated according to the
provisions Of the Respective charters Of the
companies, and to be- calculated to the end Of the
running policy year, and 1t shall be the duty of
| the Auditor to record the same in q book to be
kept for that purpose. On rendering such state
| ment or statements. nt time Or times, aforesaid
saeh n sa bon dgpog b W e An taa
under the funding act Of the State, of 1914 or IN
Of the Legislature Of the state equal IN
reserve called for BY such statement
| to remain attached to said bonds, and not 10 be
computed in ascertaining the amount OF re-
CURED reserve and tho amount 2i such st reserve
| year to year as the statement required TO be
furnished shall show yearly to BE- needed 70
e a y 81 the aad to
he aforesaid bonds and securities within ten
days after receiving them with the State Treas
| forth the number, description and amount OF
said bonds or securities, and the object for
which said bonds and securities have been de-
date OF policy or policies to be secured, as
well as, company or companies issuing same.
Gss Of which Ri DfSaSs receipts hs be
full compliance with the requirements
q q. th9 .h several .s pr9gyl,Ylions = q thls
pany entitled to same, for which service the
Auditor shall receive yearly fee of one hum
dred dollars, and the Treasurer y like fee Of one
h II Il
| surance company, incorporated under the laws
OF this State. as aforesaid payable by said COM
| panies annually The Treasurer shall keep the
said b ,nds separately, and the same or their
proceeds. shall be inconyertible to. any purpose
Or purposes other than those Of this act; and rs
they snail be delivered to the respective com.
| panies, unless default shall have been made in
| any of the requirements Of this act by the COM
| SEC. 3. Be IL further enacted. etc, That any
| life insurance company aforesaid which shall
| fail or omit to make the returns or deposit the
| tho time or time specified herein. or at any
Of said times next succeeding the year In which
such business shall be done by such company
shall be liable to pay q fine Of twenty-five hum
| dred dollars for the benefit Of the State. before
l'any court of competent jurisdiction; and such
company shall besides, be liable to be enJoined
at the suit of the State from doing any business
| except adjusting and paying losses and receiv-
| ing premiums on policies written prior to the
date Of said failure or omission 10 make re-
| shall have complied with the provisions Of this
act, Provided, THAI it Shall be the DUTY OF the
Auditor on or before the second Monday Of
March In each year, to report to the Attorney
| General any delinquent eomp.py as aforesaid
and i shall be the duty Of the Attorney General
| SEC. 4. Be 1t further enacted, etc, That when
| ever any company aforesaid shall have made q
shall thereafter fall or omit to frn s The an
nual statement required. or make deposit OF
| such additional reserve as may be necessary to
| then the Auditor shall notify the Attorney Gem
| era as aforesaid. whose duty 1t shall be to en-
| join such company from doing business, except
premiums on policies written prior to the
date OF such failure or omission to make
| returns or deposit the required reserve; pro
aaid company from the penalties imposed
by this, act; and thereupon the court shall
try ssGh o and any th9
then it shall make the Injunction perpetual,
and shall appoint receiver, who, shall give
in such sums as the court shall determine, who
shall receive of the Treasurer all the bonds and
sureties deposited by. such company, and
ct psc a aucticn' to ' The ghest bi dae
Said receiver shall then, notify all policy
holders BY public noGs through
during such holders to, file with him, the said
within sixty days from the date Of first pubca.
ton of said notice. At the expiration Of said
sixty days tho said receiver shall divide the net
proceeds Of said bonds and securities, having
first deducted necessary cost of sale and COM
mission Of five per cent on proceeds Of sale for
his own compensation, pro rata among all the
aforesaid holders Of said policies; provided that
II any policy holder should fail to claim the
| amount payable to him. her or them under such
public notice aforesaid, then such amount shall
be paid into the State Treasury, and shall there
remain as a fund to satisfy the claim Of such
pr yided further. that nothing herein contained
shall release the aforesaid company, or any OF
them, from any obligations incurred under and
by virtue Of policies issued by them, or any of
them. or change the contract between the
parties
SEC. s. Be it farther enacted ETC.. That every
penalty imposed by this act shall be collectibe
at the suit OF the State before court Of compe-
tent jurisdiction: provided however. that the