New Ulm review., 1895-05-22

| the books ind papers. of an insurance com
| pany tnat relate to it's business and to the
books and papers kept by any of its agents,
and may summon and quality as witnesses
! under oath and examine the directors, OIL
GERS, agents and trustees of any such COM
I pany and any other persons, in relation to
it's affairs, transactions and conditions.
/ Sec. 4 If he is of the opinion. upon ex-
animation or other evidence, that a foreign
insurance company is in an unsound condi-
tion, or If a life insurance company, that
| Its actual funds are less than its liabilities,
| or that 1t is insolvent; or If foreign in
| surance company has failed to comply with
the law or if it, its officers or agents re-
| fuse to submit to examination, or to per-
form any legal obligation in relation there
TO, ne snail revoke or suspend all certiti-
Gates Of authority granted to 1t or it's
| agents, ana snail cause notifications thereof
to be published in newspaper authorized
| Dy thls act to publish annual statements OF
| shall thereafter be done by it or it's agents
In this state while such default or disability
| continues, nor until its authority to do
business business is restored by the commissioner
provided, however, that unless the ground
tor revocation or suspension relates only
| to the financial condition or soundness Of
sets, he shall notify the company not less
than ten days before revoking its authority
TO 40 business in this state; and he shall
specify In the notice the particulars Of the
supposed violation. The district court of
any county. upon petition of said company,
orousnt within the ten days aforesaid,
snail SuiLlIiailiy near ana aeLefmlne LQe
question whether such violation has been
| committed, and shall make any proper or
ger or decree therein, and enforce the same
! oy any appropriate process If the order
or decfee is adverse to the petitiOning COM
pany, an appeal therefrom may be taken to
| the supreme court; and in the case Of such
| appeal the commissioner may issue his or
| der reyoking the right of said petitiOning
company to do business in this state until
| the final determination of the question by
the supreme court aforesaid. Neither this
n II Is,< +t,0r1 >rJ~r hall
AFFECT any criminal prosecution or proceed
| ing for the enforcement of any fine, pen
| atty, Or forfeiture. If, upon examination,
| he is of the opinion that any domestic in
| surance company is insolvent or has exceed
ed its powers or has failed to comply with
| any provisions of law, or that its condition
hazardous to the public or to it's policy
| holders, he shall apply to a judge of any
| district court to issue an injunction, re-
| stralning it in whole or in part from fur
| ther proceeding with it's business. Such
judge may, in his discretion, issue the in
junction forthwith or upon notice and hear
| ing thereon, and after full hearing Of
the matter may dissolve or modify such
| injunction or make it perpetual, and make
| all orders apd decrees needful in the prem
! ises, and may appoint agents or receivers
| fects of the company, and to settle it's af-
| falfs subject to such rules and orders as the
court may from time to time prescribe, ac-
| cording to the course of proceedings in
| equity. Service of process in such proceed
| ings shall be sufficient if made upon any
person authorized by such company to
| write policies or accept premiums.
Sec. s. Whenever it appears to him that
! the capital of a domestic insurance compa-
| ny, other than life insurance, Is unpaid to
hae,s the extent s; OF one,fourth or more, on t9e
| the company that Its capital is legally SUBJ
| Ject to be made good in the mode provided
In section thirty-tiye, and if such company
shall not within three months after such
notice satisfy him that it has fully repaired
its capital, or reduced it's capital as pro-
! vided in section thirty-seven, he shall insti-
| tute proceedings against it in accordance
! with the preceding section.
Sec. 8. When the actual funds of a do
| nestle life insurance company are not of a
net cash value equal to it's liabilities, in
| puted by the rule Of valuation estab-
ished by section eleven, he shall notify
new policies until it's funds become equal
| to its liabilities
Sec. 10. If, upon examination or OTHER
| evidence exhibited to him, he Is Of the opin-
| ion that any insurance company, or an OH
| Ger or agent thereof, has violated any prOvl-
sions of this act, he shall report the facts
| to the attorney general who shall cause
such company, officer or agent to be prose-
| cuted therefor.
Sec. IL He shall each year compute the
net value on the thirty-tirst day of Decem-
| Der of the preceding year Of all outStand-
ing policies of life Insurance In companies
| authorized to make insurance on lives IN
| this state upon the basis Of the american
| Experience Table of Mortality, with the in
| annum, and the aggregate net value, so as
! certained, Of the policies Of any such COM
pany shall be deemed it's liability on &C
! count Of it's policy obligations, other than
| accrued claims, to provide for when IT
shall hold funds in secure investments of
an amount equal to such net value above
premium charged by a company for an in
surance is less than the net premium for
such insurance, computed according to the
table of mortality and the rate of interest
aforesaid, then and in every such case the
company shall be charged as separate la
bility with the value of an annuity, the
amount Of which shall equal the difference
| between the premiums aforesaid, and the
| term of which in years shall equal Tie
number of future annual payments due on
said insurance at the date of the valuation
uations made by the insurance commission
er of the state under whose authority =
| life insurance company. was organized, when
such valuations have been made on sound
and recognized principles and legal basis,
! or it's equivalent as above; provided, the
company. shall furnish to the INSURANCE
| commissioner of this state a. certif-
cate from the insurance commissioner Of
such state, setting forth the value calcu-
lated, on the date designated above, of all
the policies in force in the company on the
| previous thirty-frst day Of December. Ey-
| cry life insurance company doing business
in this state during the year for which the
| statement is made that fails to promptly
furnish the certificate aforesaid shall be
required to make full detailed lists of poll
cies and securities to the insurance COM
missioner of this state, and shall be liable
! for all charges and expenses consequent
upon not having furnished such certificate.
To determine tue liability OF it's con-
tracts of Insurance Of an insurance compa-
ny, other than life. credit and real estate
title insurance, and thence the amount
such company shall hold as d reserve for a
reinsurance, he may take fifty per cent. or
the actual unearned portion Of Che premi-
ums written IN it's policies; but in respect
to inland and marine risks he shall com
pute the liability thereon by charging sixty
per cent OF the amount of premiums writ;
! ten III its policies upon yearly risks and
upon risks covering more than one passage
not terminated, and tie full amount Of pre-
miums written in policies upon all other
inland and marine risks not terminated.
Provided, that In case Of fire and marine
insurance companies with less than two
hundred thousand uoiiars capital admitted
to transact ire insurance only in this state,
1 the full amount of premiums written in
their marine and inland navigation and
transportation insurance policies shall be
charged as liability. In yauing the as
the legal reserve of life Insurance com
pany, the real estate, the bonds and stocks
shall be taken at such value that the
average annual income thereof shall be not
less than three per cent of the valuation;
and II any asset or investment is condi-
toned upon a rate of interest of less than
three per cent annually, such asset or in.
yestment shall be rated at it's value, con
sidering the actual income and time it has
to run, as the equivalent of a three pei
cent Investment; leans and credits shall
not be allowed for more than their face
value, nor shall any asset or investment
be appraised for more than it's market
| value. He shall allow to the credit of an
insurance company in the account OF its
financial condition only such assets as are
! available for the payment of losses in Min
ncsota, but may credit any deposits OF
funds Of the company set apart as security
for particular liability In set-off to the
amount charged account of such liabili
! ty Hn chon ali ol,1