Echo de l'ouest. [volume] (Minneapolis, Minn.) 1883-1929, 1901-04-19

Be it enacted by the Legislature of the
State OF Minnesota:
t egst;spo' e. st tw ens"sSg5Sp4 e2 s. ehi Mt
two (32, sixty-three (6s), and seventy
three (7s) Of chapter l75 Of the General "a
follows:
sectdon II. He shall each year com
pute the net value ON the t~htrty-frst DAY
Vt December of the preceding year %
a.lce in companies authorizes to make
Insurance. on lives III this state ~! u p y
Table of Mortality, with h interest al
gate net value, SO ascertained. Of the Poll,
cies OF any such company shall be deemed
Its liability on account OF ils policy oo-
n ng sVida for po Wbic fhi e. s heffq hold ci assets in
secure investments of an amount ea!ual
t. such net value abevf all It's other la7
biltties: and In computing such net value
! - shall ndtaa treat Re t. and eonstrue e tb policy % nc:
provided, that policies. or certificates or
any assessment company, issued on the
mortDary assessment plan, prior to the
r~einoenporation OF such eounpany, or the
business, under the provisions
of this act, shall at all times, after
such re~irscorperatton or authorization, be
icies. When the actual premium charged
by a company for an insurance is less
than the net premium for such Insult.
computed according to the table OF
mortality and the rate Of interest afore-
company shall be charged as a separate
liability with the value Of an annuity,
the of which shall equal the
difference between the premium afore,
shall equal. the number Of future all
nual payments due on said insurance
at the date Of the valuation. Provided,
made by the insurance commissioner OF
the state under whose authority q life
insurance company was organized, When
such valuations have been made on
legal basis. OF lbs equivalent. as above;
provided, the company shall furnish to
the insurance commissioner Of thts state
q certificate from the insurance eo7nm q:
above, of all the policies in force in
the company on h previous THIRTY first
cay al psdS odns bu5 h ! IN me this fasof stase
during the e Tor which the statement
is made that fails to promptly furnish
the certificate, aforesaid shall be re-
policies and securities 70 the Insurance
commissioner of this state, and shall
be liable for all charges and expenses
consequent upon not having furnishes
CSTIlllCALo 10 O6EGIIIllIl& Ull6 Lud0ll-
ity IN the contracts Of insurance. of ar
insurance company. other than life, and
real estate title insurance. and thence
the amount such company shall hold as
reserve for the reinsurance, he may take
fifty per cent, or the actual %urnearnsAd
portion of the premiums written In Its
policies; but in respect to Inland and
marine risks he shall compute the LA
bility thereon by charging sixty PER cent
its policies upon yearly rdsks and upon
risks covering more than one passage
not Terminated. and the full amounf OF
premiums written In policies upon all
minated. Provided, that In case Of fire
Ind marine insurance companies with
than two hundred thousand dollars
capital admitted to transact. fire tnsur-
only in this state. the full amount
of premiums written In their marine and
navigation n transportation in
surance policies shall be charged as Liza
bdlity.
In valuins the assets, except cash on
hand, which compose the legal reserve
Of a life insurance company, the real
estate, the bonds and STOCKS shall be
taken at such a value that the average
annual income thereof shall be not Less
THAN three per cent OF the valuation;
and If n asset or investment Is com
upon a rate of Interest of less
than three per cent annually such asset
or investment shall 10 rated at its value,
considering the actual incoume and time
has to run. as the equivalent OF q
three per cent Investment; loans and
shall not be allowed for more
set or Investment be appraised for more
h its market value. He shall allow
to the credit OF an insurance company
In the account OF its financial condition
the payment Of losse. in Minnesota, but
may credit any deposits or funds of the
company set apart as security for q par
ticular liability In set-ofr to the aanouart
charged OF account Of such liability also
lieE against, or loan Upon any policy,
to the extent OF. but not exceeding the
net value Or premium reserve of such
policy. computed as by this act pro,
obligations Of any description as part OF
the assets or capital Of any stock insur-
company unless the same are Sc
cured by competent collateral or mort
Sec. 81. The general provisions Of law
relative to the powers, duties and la
bil1ttes Of corporations or their agents
shall apply to all incorporated ingur-
are pertinent and not In conflict with
the provisions of law relative to such
COMPANIES or with their charters.
Al Any Insurance am a,s s4 n@ lyi.a not IT. .eaespei1q1g 8
and stipulated premium plan, or either
thereof, may qualify and be governed by
this chapter, anything IN Its special
provided, that nothing herein contained
shall impair or operate to impair the
obligation Of n contract. and provided
further, THAT after SUCH qualification the
solely BY this act; and. provided further,
that norlung In this act CONTAINED shall
apply to amy town insurance, mortuary
assessment, or stipulated premium conn
and qualify under the provisions hereof
and, provided further, that notice of the
acceptance of said act be filed with the
insurance commissioner.
bylaws for the conduct Of dts business
not repagnant olaw NOT to It's charter,
and therein may provide for the division
of it's board of directors Into two. three
four OF more classes; and the election
thereof at Its annual meetings, In such
manner as that the members Of one
class only shall retire and their elcces.
sor5 be chosen each year., or t SUCH
other time or times as the bylaws may
prescribe. Vacancies in any such class
for tho ~unexpdred term. The secretary
and treasurer shall severally give bonds,
with sureties, in uch sum as the d.
fefToss may 81 r sSsir fe f9e tfs 'e daaies. pef'
All matters proposed to De acted upon
at any special meeting of the company
be specified In the call for the same.
All investments of the funds OF the
company shall be made in its corporate
name, and no officer Of the company and
no member OF the committee thereof
charged with the duty OF investing Its
funds, shall borrow the same, o. be di-
rectly or indirectly Liable for or ON &c
count of loans thereof to others: nor
any director or other officer take
Or receive to his own use any fee, brok-
erage, commission, gift, or ether contsid.
Grafton, for O. on account Of a loan
made by or on behalf of such company.
All policies issued by such company
shall be signed by it's secretary, or, In
his absence, by a secretary pro tempere,
and by dts president or vice p%relident, or,
N sn 1ahA companies an9strde; 9 Shall imi ba a1get their office
in the city or town specified In their
charter; Int when they establish agen
cdes In other cities or towns, all signs,
cards, pamphlets and advertisements *.
hibited or Issued by them shall specify
the city OF town where the company they