Birmingham state herald., 1897-02-27


 it may be served, and therein shall agre9 that any lawful process against 1t which may be served upon its said attorney, shall be of the same force and validity as if served on the company, and that the authority thereof shall continue in force irrevocaly as long as any liability of the company remains outstanding in this state. Any process issued by any courts of record in this state and-serVed upon such commissioner by the proper officer of the county in which said commissioner. may have his office, shall be deemed sufficient process on said company; and 1t is hereby made the duty of the insur- ance commissioners promptly after such service of process by any claimant, to for ward by registered mail an exact copy of. such notice to the company.
 Sec. 10. That insurance companies not incorporated by the laws of the state of Alabama, but legally authorized to do business in this state through regularly commissioned and licensed agents located in this state, shall not make contracts of insurance on life or property herein, save through agents of such companies regu- larly commissioned and licensed to write policies of insurance in Alabama; Pro- Vided, however, that this act shall not apply to fire insurance companies cov- ering actual property of railroad com panies engaged in interstate commerce.
 Sec. il. That nothing in this act con tained shall be construed to apply to any fire insurance company underwriting the property of cotton manufacturers exclus- lively. nor to any secret benevolent society snch as Masons, Odd Fellows, Knights of Pythias, Ancient Order of United Work men. National Union, nor other orders of like kind rs-
 Sec f2. That any foreign company, if Incorporated or associated under the laws of any government or state other than the United States shall not be admitted until, besides complying with the condi- tions of section 8, it has made deposit with the treasurer of this state or with the financial officer of some other state of the United States sum of not less than two hundred thousand ($200, ,000.00) dollars. Such deposit must be in exclusive trust for the benefit and security of all the company's policy holders and credit OTIS in the United States, and may be made in bonds of this state or of the United States, or of some state in the United States, or other good securities satisfactory to the insurance commits sioner, and such deposit shall be deemed for all purposes of the insurance law, the capital of the company.
 Sec 13 That any admitted company of a foreign country may appoint trustees who are citizens of the United States and approved by the insurance ,comms- sioner to hold funds in trusts for the ben eft of it's policy holders and creditors in the United States Said trustees shall be named by the directors of the com pany, and certified copy of the record of the appointment of such trustees and of the deed of trust, shall be filed in the office of the insurance commissioner, who may examine such trustees and assets in trust, and all books and papers re- lating thereto, in the same manner that he may examine the officers, agents, as- sets, and affairs of insurance companies. The funds so held by such trustee so far as the same are in securities, money, or credits admissible as sound assets in the financial accounts of insurance com panies, shall, together with it's deposits made in accordance with section 12 con stitute the assets of such company as re gards it's policy holders and creditors in the United States.
 Sec. IA. That every life insurance com pany doing business in Ala bama,- char tered by the laws of this state, shall be required, for better protection of the policy holders to keep at all times the sum of one hundred thousand dollars ($100, 000.00) invested in bonds, securities or mortgages on real estate for double the amount loaned, to be certified as safe and worth this amount by the insurance commissioner. Fire insurance compa- mics chartered by the laws of this state shall not be allowed to transact business in this state, unless possessed of at least one hundred thousand dollars ($100, 900, ,00) paid up capital, provided that the pro- visions of this section shall not apply to mutual fire insurance companies here tOloi Olfdl tcl Su DS -lipS SuAlS-
 Sec. 15. That every insurance company hereafter incorporated, CT organized un- der the laws of this state, for the pur- pose of engaging in any insurance busi- ness other than that of life and fire in-- surarae, before actively engaging in such business, skull be required to have not less than fifty thousand dollars of paid up capital; Provided, however. that this section shall not apply to any company incorporated or organized under the laws of this slate prior to the passage of this act for the purpose of engaging in the insurance business, and then actively en- gagged in such business.
 Sec. Is. That every insurance com pany licensed to do business in this state under the provisions of this act, shall ob-- tain from the insurance commissioner cer ificate of authority for every indiyid- ual agent writing or soliciting insurance for them in this state, and such certifi- cate shall be renewable in January of each year.
 Sec. IT, That associations or individ- uals, whether organized within the s.ate. CT elsewhere, formed upon the plan known as "Lloyds''- each asso- ciate underwater becomes liable for a proportionate part of the whole amount insured by policy-may be authorized to transact business of insurance, other than life in this state, in like manner and upon the same terms and conditions as are re- quired of and imposed upon insurance companies regularly organized Provid- ed, however, that all such -'sLloyds,' whether organized within this state or elsewhere, niot having an actual paid up cash capital. shall make the same de- posit and upon the same terms and con ditions as required by section 12 of this act of foreign insurance companies in- corporated CT associated under the laws of any government or state other than the United States or one of the United States .,.,,s - ,1,
 Sec. 1S That the insurance -conlmis- sioner shall keep and preserve in per manent form a record of his proceedings. including a concise statement of the re- suit of official examinations of insurance companies. He shall, annually, and as early as consistent with full and accurate preparation, make a report to the gov ernor of his official transactions and shall include in such report a statement of the receipts and expenditures of his de- partment for the preceding year; an ex- hibit of the financial condition and busi- ness Transactions of the several insurance companies. as disclosed by their annual sta .ernents, abstracts of which state mentsshall appear therein. and such oth- CT infDrmation and comments in relation to insgra nee and the public interest there- in asshS deems fit to communicate.