The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-03-18
AN ACT
e1sting to Life Insurance Com.
panies.

elating to Life Insurance Com
panies.
! SECTION 1.-Be 1t enacted by the GOuer-
nor aud Legislative assembly of the Ter
ritory of Utah, That it shall be
unlawful to transact the business OF
life insurance in this Territory except
under the provisions of this act.
Sec. at shall be lawful for any
number of persons, not less than five,
to associate themselves together for the
establishment of life insurance COM
pany in this Territory, and they shall
be deemed body corporate authorized
under the laws of the Territory to trans
act life insurance business, on comply
ing with the provisions of Chapter l of
| Chapter As of the laws of this Territory
relating to private corporations, ap-
proved March 10, 1894; Provided, that 1t
shall not be lawful for any such COM
| paay, except fraternal associations
organized upon the assessment plan, to
transact life insurance business IN this
Territory, unless il shall have paid up
capital of not less than $780, and
shall have complied with the provisions
of this act, unless herein otherwise pro-
vided.
SEC. 3.-It shall be lawful for any
number of persons, not less thar fifty,
at least two-thirds of whom shall be
residents of this Territory, to associate
themselves together for the establish
ment of a mutual life insurance COM
pany in this Territory; and they shall
be deemed a body corporate authorized
under the laws of the Territory to
transact mutual life insurance bust
ness, on complying with the provisions
of this act, and of Chapter of Chapter
As of the laws of this Territory relating
to private corporations, approved March
%, 1884, as far as the provisions of this
| act and of said chapter are, or may be
applicable: Provided, that at least fifty
persons, tWo-thirds of whom shall be
residents of this Territory, shall first
have paid to the proper official of said
company, twenty-five (25) per cent. of
the annual premiums on $3.50, 600 of life
insurance policies in the proposed COM
pany, together with their respective
notes for the remaining seventy-fve (75)
per cent. of said annual premiums,
which said sums shall amount to not
less than $40 900, the fact of which pay
ments must appear to the Territorial
Auditor, who, upon satisfactory evil
dence that the provisions of this section
relating to said payments have been
complied with, shall issue a certificate
of approval, which shall be filed with
the Secretary of the Territory.
SEC. At shall be lawful for any
life insurance company, incorporated
under the laws of this Territory, to in
vest its capital and funds accumulated
| in the course of its business, or any part
| thereof, in bonds of the United States
or this Territory, in real estate within
| the Territory, in first mortgages on real
estate within the Territory; in bonds OF
any school district or incorporated city
of the Territory, authorized by the
Legislature to be issued, in stocks or
bonds of any solvent dividend-paying
institutions, other than mining corpor-
| atoms, incorporated under the laws of
the Territory; to change and re-invest
the same as occasion may, from time to
| time, require; and to lend the same or
any part thereof on the security of such
above, named property; Provided, al
ways, that the current market value of
such property shall be, at the time of
the investment, at least so per cent.
more than the sum loaned thereon.
SEC. Sit shall be the duty of the
Auditor of Public Accounts to examine
the securities and investments of every
life insurance company organized I'M
der the laws of this Territory; and If he
finds the provisions of this act COM
piled with, he shall approve the same,
and must thereupon issue to each COM
pany so incorporating, certificate ap-
proving IT'S securities, which certifi ate
shall be filed with the Secretary of the
Territory. No life insurance company
shall have authority to commence
business until its securities shall have
been approved by the Auditor, and the
certificate of approval is filed in the
Secretary's Office. The Auditor sh-H
be entitled to receive and collect from
each company for each day or fraction
thereof occupied in examining said
securities, the sum of$10; Provided, that
this section shall not apply to any
mutual life insurance company organ
lied under the provisions of Section 8
of this act.
Sec. Cit shall be unlawful for any
agent of any lite insurance company to
transact the business of life insurance
within this Territory, unless the insur-
ance company shall have first obtained
certificate of authority from the
Secretary of the Territory, which GER
tificate shall be issued to said agent upon
his filing with said Secretary a state