The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-04-04
AN ACT
No. 39.l


To better secure holders OF life insurance policies
in this State to provide reserve fund
therefor, and for other purposes.
SECTION /. Be ii enacted By The Senate and
House Of Representatives Of The State Of Louis.
lana IN General Assembly conpened. 4 hat
| each and every life insurance company incorpo-
rated under the laws Of this State shall be re-
CURED from and after the passage of this act, at
the date OF writing policy OF insurance on the
life or lives OF citizen or resident, citizens or
thereafter, in each and every such writing
Of policy give a written notice there
of to the Auditor of thes State,
which notice shall set forth the number, date and
form OF policy name, age and residence OF the par
beneficiary or benefciaries; the amount OF the
insurance, and the annual premium thereon.
And 1t shall be the duty Of the Auditor to make
record Of same in . book provided for the
purpose, and to issue to said insurer certificate,
in duplicate, setting forth that such record has
been made. For recording certificates as herein
provided, the Auditor shall be entitled to demand
and receive Zee OF fifty cents, and no more, from
the company obtaining the ssme Any company
failing to give notice. or to procure certificates %
berein provided, shall be subject to fine OF one
hundred dollars FOR each and every such omis-
sion or failure, collectible Is hereinafter pro-
vided. sAlt 3
first day Of January. 1878, or within sixty days
thereafter, and on the first day Of January, in
each and every succeeding year, or within sixty
days thereafter, each and every life insurance
company aforesaid, shall furnish to the Auditor
OF the State detailed statement, on oath, Of ell
such policies registered, in compliance with the
first section Of this act, as have iapsed or been
cancelled or matured or have been paid within
the year next preceding such statement. And at
the time aforesaid each and every such company
shall furnish the Auditor with detailed state
ment, on oath, of each and every policy register
as required by section first Of this act, in full
force at the respective 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 resp Give
charters of the companies and to be calcu-
lated to the end of the running
policy year; aud il shall be the duty OF the
Auditor to record the same In book to be Kept
for that purpose. On rendering such statement
Or statements at time or times aforesaid, such
companies shall deposit with the Auditor sum
in registered bonds of the United States, Or in
bonds OF the State Of Louisiana, issued under the
funding act of the State OF 1874, In bonds that
may hereafter be issued under acts OF the Legis-
lature of the State, equal in amount to the ag-
gregate sum OF the reserve called for by such
statement. The unmatured coupons on any OF
said bonds to remain attached to sald bonds, and
not to be computed in ascertaining the amount
of required reserve, and the amount OF such re-
serve deposit shall be decreased or diminished
from year to year, - the statement required to
be furnished shall show yearly 70 30 needed to
secure the policy holders aforesaid; and it is here
81 made the duty Of the Auditor 70 deposit the
Aforesaid bonds And secuxttiee Nithin zen Gays