The Portland daily press., 1889-04-05


than that named in the contract shall be accorded all the
rights and privileges any, in aid of such transfer as
would have been accorded under the terms of the said
tract had he been transferred to the corporation named
therein
keep deposit with the of the state of Maine
reserved fund for the benefit and protection of certificate
holders said corporat0n for the creation of which it
shall before the thrrst day of December of each
deposit with said treasurer in the of life compa
MES not less than fifteen cent, and in Of
atty companies not less than ten per cent of total
cepts on assessments made to death benefits indem
nifty claims during the year then ended until
fund SO accumulated shall amount, together with the
amount there deposited prior to the passage of this act in
the of life companies to not less than fifty thousand
dollars and in the of casualty companies not less
than twenty-five thousand dollars These amounts may be
deposited in such Understanding securities the COVER
nor and council may approve, in such securities
company or savings banks may from time tme
cures shall be held in trust by the treasurer of ate but
any part of said securities for others of like and
character When deemed advisable by majority of the
directors such part of the fund as may be considered
necessary may beapplied from time to time pay
ment OF death losses in order to reduce the number of
essments upon the members association and
expenses necessarily incident thereto the
ner to the payment of accident claims and for other
purpose Provided, however, that said fund shall not at
any time be reduced below equal to
ment upon all of its members The insurance commissioner
the minimum of fund required kept
on deposit In the state treasury by each doing
business under this act. If said corporation shall neglect
for sixty days to satisfy judgments against it, in any
money any or said securities, and forthwith satisfy such
Judgment and said corporation shall not transact any fur
such corporation shall discontinue business justice
the judicial court appoint receiver agent
to administer portion OF such fund which
shall be used compensation per cent
such court justice may allow the receiver agent
hrs In the payment of accrued mortuary indemnity
claims upon certificates policies insufficient to pay
such claims FULL they shall be paid pro rata second if
balance be distributed the holders certificates then
in force rata in with the maximum amount
named therein after first paying all expenses incident to
such distribution.
SECT. 4 Any corporation organized under authority of
of life casualty insurance the assessment pan
condition precedent to the transaction of business this
state shall deposit with the commissioner GER
tilted copy of its charters statement under OATH of its
president and secretary in the form by the insurance
missioner required of its business for the preceding year,
certificate under OATH of its president and secretary that
it paying and for the twelve months preceding paid
the maximum amount named in its policies certificates
in full certificate from the proper authority in its home
state that corporations of this state engaged according
the provisions of this act in lite casualty insurance
the assessment plan, legally entitled to do business in
ton which show that benefits provided for by as
sessment upon policy or certificate holders evidence salts
factory to the insurance commissioner that the corporation
accumuates fund.- equal at all times in amount to not
certificate holders thereof, that such accumulation per-
mitted by the law of its incorporation, and is trust f
the benefit of policy certificate holders and securely
invested Every such corporations and agent of such
poraon shall also comply with the provisions of sections
nine of the revised statutes The insurance commissioner
may thereupon issue renew the authority of such
poraon to do business in this state and such authority
shall be revoked whenever the insurance commissioner
on investigation, is satisfied that such corporation is not
certificates in full And it shall be the duty of the nsur
commissioner to enforce the provisions section
seventyve of chapter fortnne of the revised statutes
Upon such revocation the commissioner shall notice
thereof to be published in the newspaper in which the
general laws are published and business shall be
thereafter done by said corporation its agents in this
state Any person having claim against foreign in
surance company may bring appropriate suit therefor
in the courts of this state The insurance commissioner of
this state shall be the authorized and local attorney every
foreign insurance company doing business under this act
and service made the said commissioner shall be valid
and binding thereon and hold it to any action
brought against it in any court OF this state.
SECT g. NO corporation doing business a life insur-
ance company under this act shall issue certificate pol
icy upon the life of than sixty
age, and every call for payments by the policy cert
cate holders shall distinctly state the purpose of the ame
whether for mOrtuary indemnity claims for expenses
SECT 9. The money other benefit, charity, relief
aid to be paid provided rendered by any corporation
to attachment by trustee other process shall
SEIZED taken appropriated applied by legal equt
able process by operation law debt or
liability of policy certificate holder any beneficiary
named therein The beneficiary named in certificate
may be changed by the insured at any time such
regulations as the corporation may prescribe.
SECT. 10. Any solicitor. agent examung physician
lent statement representation with reference to
any application for insurance, for the purpose of OBJ
tanning any money benefit in corporation transact
ing business under this act, shall be guilty of INSIDE
meanor, and upon conviction. shall be punished fine
OF not less than hundred than five hundred
dollars or Imprisonment in the county Jail less than
thirty days or more than year, both, dscre-
ton of the court
SECT IL. Every corporation doing business under this
ifc shall