Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1891-03-20

W. i oSioV SlIu l dSCIlIS 10 ulS-
continue issuing new policies within this
State until such times as its funds nave be-
come equal to its liabilities, valuing its pol
icies as aforesaid. Any officer or agent,
who, after such notice has been given, is
sues or delivers a new policy from and in
behalf OF such company, corporation or So
clety before its funds have become equal to
Its liabilities as aforesaid, shall forfeit for
each O11ense the sum not to exceed one
Thousand (S1,N0O) dollars.
SEC. IL: 1t shall be lawful for any life
or accident company, corporation or
society organized in this State to invest it's
funds or accumulations in the stocks or
bonds of the United States or of this State,
or or any city or town in this State, or in
any National bank, or in such other stocks
ana securities as may be approved by the
Commissioner of Insurance., or in mort
Cages being first liens on real estate worth
at least twice the amount of money loaned
thereon, or in real estate and buildings
necessary in carrying on their business.
SEC. IA. When any life and accident
insurance company, organized in this
State, shall transact business in any other
State, it may invest its surplus funds in
such State in like securities and the same
restrictions as in this State,
SEC. 10. The Commissioner of Insurance
IS hereby authorized and empowered to ad-
dress any inquiries to any life or accident
insurance company, corporation or society,
- Ill lClullOl W
It's dolngs or conditions, or any other
matter connected with its transactions, and
IT sinai be the duty of any such company,
corporation or society so addressed to reply
promptly IN writing to any such inquiries;
ana an sucn companies. corporations or
societies not Incorporated under the laws
OF this State. failing TO answer all such in
qulries, snail not beSGthOriZed to transact
any business in thi$sotate, and their certif-
cate OF authority $lmay be revoked and
cancelled.
SEC. Ii. 1t shalt be the duty of the Com
mlsslonero1 insurance. at any time he shall
deem 1t necessary for the good of policy
h0luers,. TO I'M or cause to be eX-
amlned by some competent person duly ap-
pointed by him, all insurance companies,
corporations or societies doing business of
insurance of whatsoever kind in this State.
or that may make application SO to do, and
aud 1t sail be 81. duty OF the officers or
agents or any cC.anany, corporation or
society doing businesasS:n this State, or
making application so to a., to cause their
books to be opened forthe inspection of the
Commissioner of Insurance or the person
so appointed, and to otherwise facilitate
such examination so far as it may be in
their power to do, and for thai purpose the
said Commissioner of Insurance, or person
so appointed, shall have power to Examine
under oall the officers II agents OF such
companies relating to the business of said
wa l"A wv VI HOCltlls Ill Ill
upon Such examination the Commissioner
OF Insurance is of the opinion that the COM
pany is insolveDt or its financial condition
impaired to a degree that is dangerous
to ITS policy holders he shall com
municate the facts to the Attorney
apply to a Judge of the circuit court to is
sue an injunction restraining such com
pany from doing business Except the nav.
ment OF losses due and accepted by the
company until a full hearing can be lad.
Should the company SO cnjoined and found
insolyent beyond their power o: reparation
it shall be the duty of the court to cause to
be divided for the benefit of the policy
holders in proportion to the last valuation
or SAID policies or applied for reinsurance,
the deposit held by the Commissioner of
Insurance; PlUridcd. That nothing in this
act shall be construed to prevent insur.
ance companies having such deposit in
this State to change such securities for
other securities that may be acceptable to
the Commissioner of Insurance and the
collection of interest thereon.
SEC. II. Any insurance company. cor
poration or society not organized under
the laws OF this State shall not directly or
indirectly take any risks or transact the
business OF insurance IN this State until it
shall first appoint in writing the Commits
sioner of Insurance of this State to be the
true and lawful attorney of such company
in and for this State, upon whom all lawful
process in any action or proceeding against
the company may be served with the same
effect as If the company existed in this
State. SAID power of attorney shall stipu-
late and agree, on the part of the company,
that any lawful process against the com.
pany which is served on said attorney
shall be of the same legal force and valid
lty as II served on the company, and that
the authority shall continue in force SO
long as any liability remains outstanding
against the company in this State. A GER
titicate of such appointment, duly certified
and authenticated, shall be filed in the Of
flee OF the Commissioner of Insurance, and
copies certified by him shall be received in
evidence in all the courts of this State.
Service upon such attorney shall be deemed
sufficient service upon the company.
Whenever lawful process against any in
State shall be served upon the Commits
SiOner of Insurance., he shall forthwith
transmit a copy of said process served on
him 10y mail, postpaid and directed to the
secretary or president of the company.
For each process so served the Commits
sioner of Insurance shall collect the sum
of five dollars, which shall be paid by the
plaintiff at the time OF such service, the
same to be recovered by him as a part of
the taxable costs if the suit prevails.
SEC. 10. 1t shall be lawful for any per-
son to insure his or her life for those de-
pending upon them for support for any
definite period or for their natural life and
in case they survive such time or period
the sum or net amount of the insurance
becoming due ard payable by the terms OF
tie insurance shall be payable to the bene-
factors, his, hers or them as the
the case may be, and for his, her or their
own use, exempt from the claims of the
representative OF or the creditors of the as
sured.
SEC. 10. All companies, corporations or
societies organized under this act or organ
lied under any law in this State before this
becomes a law shall have power to effect
reinsurance of any or all risks taken BY
them respectively.
Seq 20. Whenever the existing or fu-
ture laws OF any other state Of the United
States or foreign country shall require of
life and accident companies, corporations
or societies of whatever kind, Incorporated
by or organized under the laws of this
State, or of the agent thereof any deposits
of securities in such state for the protection
of policy holders or otherwise, or any
payment tor taxes, fines, penalties, certif-
cate OF authority, license, fees or otherwise
greater than the amount required for such
purposes from similar companies of other