Frostburg mining journal. [volume] (Frostburg, Md.) 1871-1913, 1878-05-04
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OUT Oh Tue iyeS Oh sal4 insurance department
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%. 1t shall lie ;hn duty of the Iusu
rance Commissioner. First 10 see that all
laws OF this State relating to insurance or
insurance compaurs nrc faithfully cynrulcd. to
keep ON file in his office comics of the the charter
declaration of ORGANIZATION, or deed of settle
mtnt Of every insurance company. including
partnerships Joint stock associations and corpo-
rations, organized under the laws of this State,
or Organized under the laws of some other State
or nation and applviur to do business iu this
State, which copies Snail he duly certified in &C
curdancc with law BY the Secretary Of State or
other proper officer OF the state or nation where
in such companies are or-anizc,i and the lnSu-
rance Commissioner shall. mon a,plication of
any such company or association furnish them
with certified copies of their charter, so filed in
his department. Second To furnish in DeCem-
her of each Year to the companies required by
this act, to rebort to him the necessary blank
forms for the statement require Il and us soon
practicable, in each wear he shall cause to be
calculated by the actuary of his department, un-
der his supervision. the net value, on the thirty
first day of December of the previous year, Of
all the policies in force on that day, in each life
Insurance company doing business in this State,
organized by authority of this State, and of every
other life insurance company doing business in
thus State that shall fail to furnish him rs here
matter prov ded a certificate Of the insurance
commissioner OF the State hv whose authority
the company was organized, OF of tine State III
which it may cl, ct to have US policies valued
and its deposit made, in case the company is
chartered toy the Government of the | nitcd
States, or by any furcign government or by any
State not having au insurance Department. Civ
my the net value Of all policies in force in the
company ON the thilty-irsI day of Dcccmbcr, of
the preceding year, which calculation OF the net
value OF each policy shall be based upon the
"Ameriean Experience Table of Mortality, y
and four and nc-half per cent. interest per an
mum and the net value of policy at any
time SHALL be taken to be the single net premium
which Will at thai time effect the insurance, less
the value at that time of the future net premiums
payable upon the policy, rs determined by the
table of mortality and rate of interest designated
above Third, the INSURANCE commissioner shall
accept the valuation made by the insurance com
missioner Of the State, under whose authority
life insurance company i, organized, Or that OF
the State in which il NAV elect TO have its poll
cics valued, when such valuations have been
properly made on sound and recognized princi-
pies, and legal basis, not less than that pre-
scribcd above yrosided. that the company shall
furnish to the insurance commissioner of this
State II certificate from the insurance commission
lated on the data esignatcd above, of all the pol
icies in force in the company on the previous
thrty-frst day Of December and stating that said
company is fully authorized to do business in its
own State; and every life insurance company
doing business in this State during the year for
which the statement is made, that fails promptly
to furnish the certificate aforesaid, shall be re-
quired to make Il full detailed list of its policies
and securities to the insurance commissioner Of
this State, who shall thercupon cause the same
to be valued at the expense of said company.
Fourth Ard it is hereby made the duty of the
insurance commissioners after having nscer-
tanned the amount OF the net values of all the
policies in force, to see that the company has
that amount in safe legal securities of the des-
cripton and character hereinafter provided for
in this act, after all its other debts and claims
against it, including those resisted by the com
panv, but exclusive of capital stock have been
provided for and in case it is found that any
life insurance company, doing business in this
State, has not in hand, after 50 dcductiug all
debts and claims AGAINST it, exclusive Of capital
stock, an amour, of assets Of the character here
after prescribed in this act, equal in value to the
net present value of all its policies in force it
shaIl he the ,lutv of the insurance commissioner