Evening star., 1898-01-26


or to continue business after the revoca-
ton of it's license, and any such company
or association violating this provision shall
be liable to penalty of $50 for each day
it transacts business without such license,
the same to be recovered by the Commis-
sioners of said District in any court Of
competent Jurisdiction. And the assessor
of said District shall issue such license to
any such insurance company or associa-
tion whenever 1t shall have complied with
the provisions of Sec. 2 of this act, SUBJ
ject. however, to the provisions Of Sec. 9
of this act.
Provided, that the assessor Of said Dis
trict shall have power to make an official
examination into the affairs Of any insur-
ance company or association organized
under the laws of the District of Colum-
bia, or having its principal office therein,
at his discretion, for the purpose of ascer-
tanning whether such company Is impaired
or insolvent as aforesaid.
Sec. g. That no insurance company or as
sociation, organized outside of the terri
torial limits OF the United States, shall be
licensed to do business in the District of
Columbia until 1t shall have complied with
the laws of some one of said states reQuir-
ing deposit cf not less than 100000 and
the financial statements of such companies
or associations required by this act to be
filed annually with the assessor of said
District shall set forth separately the as
sets, liabilities. and conduct of the affairs
of such company or association within the
United. States, and such statements shall
be verified under oath by the manager and
assistant manager of said company or as
sociation within said United States; and so
much of this act as requires the publica-
tion of annual statements shall only extend
to the statements respecting the affairs Of
such foreign companies or associations
within the United States
Sec. 6. That the said assessor shall pre-
serve, In permanent form, record In the
division of insurance herein provided for,
and shall report annually to the Commits
n q District Columbia
before the 30th day of June, the financial
condition of each company or association
doing business under this act.
Sec. Z. That it shall be the duty of tie said
assessor to ascertain whether the capital
required by law or the charter of each in
surance company or association organized
under the laws of the District of Columbia
has been actually paid up in cash and Is
held by it's board of directors subject to
their control, according to the provisions of
their charter, or has been invested in Sc
curities valued in the market at not less
than the full amount of the capital stock
required by it's charter; or, If a mutual
company, that 1t has received and Is in
actual possession of securities, as the case
may be, to the full extent of the value re-
Quired by it's charter; and the president
and secretary of such company or assoc1a-
ton shall,make declaration under oath to
said assessor (who is hereby empowered to
administer oaths when required by this acD
that the tangible assets exhibited to him
company or association, which sworn dec
laration shall be filed and preserved in the
office of said assessor; and any such o1ncer
swearing falsely in regard to any OF the
provisions of this act shall be deemed guilty
of perjury, and shall be subject to all the
penalties now prescribed by law for that
crime.
An Annual Statement.
Sec s. That insurance companies or as
sotiations transacting the business of life
insurance on the assessment plan, organ
lied under the laws of the District Of Co
lumbia, or of any state OF the United
States, and doing business in the District
of Columbia, shall not be required to COM
ply with the provisions of the next preced-
ing section of this act in regard to its as
sets; but such assessment companies or
associations shall BE- required, as a condi-
ton of license to do business in the District
of Columbia. to file annually in the month
of March with said assessor a sworn state
mcnt, setting forth that they are paying.
and for the twelve months next preceding
have paid. the maximum amount named in
their policies or certificates of membership,
when and as the same became due and pay
able, and that one assessment upon their
members Is sufficient to pay the maximum
amount for such certificate or poIicy is
sued, and such other information as he
may require. Such assessment companies
or associations shall also furnish said as
SCISSOR evidence that they hold an emer-
gency or sur lus fund as a guarantee fer
the payment of future death claims when
the same is required by the Charter or con-
stitution OF such company or association.
ana any such company or association IL
censed TO do an insurance business refus-
Ing or neSiecting to furnish such certi0 n to
snall nave Its license to do business in tho
District of Columbia revoked; but the pro-
associations INCORPORATED tn tra,s.n. u.
insurance upoT the assessment plan.
Secticn ,. Any insurance company or as-
soclatlon having mere than one office or
pay license fee of 500 per wear for aaat
and every additional office or agency and
SAID license fee shall be paid to the COL
iector OF taxes in the month of March in
eacn year; ana no person. firm, corporation
OF association shall act as agent for nro
curing insurance for any insurance com
pany or association or act as an Insurance
broker or agent for soliciting procuring or
Plscing insurance for commissions COM
pensat1on, gain or profit without first hay-
ing obtained a license as an Insurance
agent, broker or solicitor from the assessor.
o. the District of Columbia. and for every
sIcn Incense the sum of 500 shall be paid
annually in the month Of March to the col
lector OF taxes of the said District; and no
person firm, corporation or association
snail allow or pay any commissions, rebate
or compensation whatsoever, directly or in
Urect'y for or in behalf of any person
hfm, corporation or association In the Dis
trlct Of Columbia, not licensed as an :nsur-
ance agent. broker solicitor as herein
provided, and any violation of this section
shall be deemed to be misdemeanor, and
on conviction in the Police Court of said
District be punishable by fine of not less
than 800 nor more than $500, and in de-
fault of the payment of such fine, impris-
oEment in the Jail of said District for
term OF not less than thirty days nor more
than six months, at the discretion of the
court: Provided, That licenses to firms,
corporations or associations shall be held
to extend only to the bona fide copartners
In each firm and to the secretaries and one
assistant secretary of each corporation or
association 80 licensed. any one of whom
may be held and dealth with on behalf of
such firm, corporation or association for any
violation of this act, according to it's pro-
visions.
Sec. TO- That it shall be unlawful for
any insurance company or association to
engage in business in the District of Co.
lumbia until it shall have complied with
all the provisions of this act, and such in
surance company or association shall have
paid to the collector of taxes of said Dis
trict the following fees, viz: For filing
the declaration, certified copy of the char
ter, financial statement and power of at
torney, SO, and for filing each annual
financial statement or any power of at
torpey thereafter, 81. which shall be in
full of all license fees required of such
companies or associations, except as pro-