The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-19

December Immediately preceding, upon the basis
OF the American experience table of mortality
and four per cent interest, or combined eX-
perience table and same rate of interest. For
the purpose of making such valuation the in
Surance commissioners may employ a compe-
tent actuary to do the same, who shall be paid
by the company for which the services are
rendered at the rate of not to exceed one cent
Fer thousand dollars OF insurance so valued;
put nothing herein shall prevent any COM
pany from making said valuation herein GOA
tehplateu, which may be received by the in
eurance commissioners upon such proof as he
may determine, Upon ascertaining, in the man
ner ABOVE provided, the net cash value Of ell
policies in force in any COMPANY Organized or
DOING business under this act the insurance
eominissioner shall notify said company of the
the date OF such notification the officers of
such company shall deposit with the state
treasurer Tor tho security and benefit of its
PoIe9 holders an amount of securities OF the
KIND described in section twenty three of this
act the value of which, together with the
sum ALREADY deposited with said officer shall
not be less than the amount of such ascer-
talned valuation of all policies in force minus
loans upon or liens against such policies: but
no company organized under this act shall be
required TO make any additional deposit until
the cash value Of the policies in force as as
certalned by the Insurance commissioner, ex-
ceeds the amount deposited by said company
under paragraphs five or six hereof No such
company shall be compelled to have or main
tain with the state treasurer more than the
sum or two hundred and fifty Thousand dol.
lars though larger amount may be deposited,
PROVIDED that tho value of the securities in
vestmepts, property and holdings including
loans ON policies of any company, shall always
a. redtso equal the amount OF such ascertained
Sec II: DUTY OF STATE TREASURER
TO RECEIVE AND SAFELY KEEP SECU-
treasurer TO receive all moneys, bonds and Sc
curlties offered or rendered to him by any ir-
surance company In accordance with the pro
Visions or This act, OR for the purposes speci-
ned herein; ana said state treasurer shall have
charge Of and safely keep the same when de-
livered to him, and shall not redeiiyer the
RI f97n
company depositing thenL except with the con-
sent or the insurance commissioner and in
accordance With the provisions of this act
Such state treasurer shall upon the recent
py MIN or any moneys, bonds or securities
from any insurance company execute in du-
plicate receipt stating in detail all moneys
ponds or securities then held by him or re-
ceiyed by him from such company, and a
minute description thereof. One copy of such
receipt shall be delivered to the insurance
commissioner and be by him filed, kept and
retained IN MS office; the other copy Of such
receipt shaM be delivered to the depoSiting
company.
Sec; II, CERTIFICATE OF INSURANCE
COMMlSSlONER.-On the receipt of the de-
post and statement from any company as pro
y1oed In the preceding sections, which shall
De renewed annually. the insurance commits
sloner snail issue a certificate setting forth
the corporate name of the company, its prin-
eipal Office, that it has fully complied with
the provisions of this act, stating the amount
deposited and the amount of value of other
assets and the net cash value of outstanding
policies and the table upon which same is
act the business OF life insurance; provided
that such certificate shall expire on the Both
Sec iS FAT re yar l 0 1Is lssge M
Make STATEMENT OR DEPOSIT-Upou
The failure of any company organized or doing
business under this act to make the deposit or
file the statement in the time stated herein
the insurance commissioner shall notify such
company to issue no new policies in this state
until there snail nave been compliance with
said requirements.
Sec: "A. EXAMINATION OF COMPANY
TNT
surance commissioner may at any time make
a personal examination of the books papers
and securities OF any life insurance company
organized or doing business under this act, or
may authorize Oh. empower any other suita-
BILE person to make such examination and for
the purpose Of securing full and true exhibit
of It's affairs, he or the person selected by him
to make such examination, skall have power
TO examine, under cath, relative to its bust
persons whomsoever shall have any right to
make or cause to be made any such examina-
directors.
Sec. 10 IMPAIRMENT OF CoMPANY's
SOLVENCY-SCALING POLICY LIABILI-
DISTRIBUTION OF AssErs-CHARTFaR
ANNULLEED AND DISSOLUTION DFOREED
If the insurance commissioner shall at any
time lind from any report, examination or
otherwise that the assets of any life inslr-
ance company organized or doing business I'M
Guiding valuation Of It's policies as fxed Inv by
paragraph ten hereof and exclusive OF its CAP
ita1 stock, he may notify it to cease the issue
stockholders of policyholders or both until the
deficiency be made good; and if it appears to
him that the assets Of such company are less
than three-f ourths of such liabilities exclu-
s1ve of capital stock, he shall communicate
the facts to the attorney general, who shall, If
Festlgatlon of the matter and hearing Of
which both the insurance commissioner and
inc me company shall have notice, and at which
both may be present and shall have the right
TO be heard, at once apply to the district court
OF the county where the principal office of
said company Is located or to a judge Of the
said court for a receiver for said Company
and said court judge shall forthwith issue
citation to such company to appear at a
Gay and place to be named therein and an
sWer to said application and If upon the
nearing of said application said court or judge
snail Ind the assets Of said company to be
less than three -fourths Of its liabilities as
aforesaid, said court or judge may, if prae-
aieable order it to scale its policy liabilities to
he may provide for the reinsurance of it's out
standing policies in some solvent company au-
thor1zed to do business in this state II neither
of these methods is practicable said court or
judge shall appoint some disinterested person
or persons to be receiver or receivers of such
company, and said court judge may pro-
vide the mode of proving said claims against
such company and may limit and extend the
Tine for the presentation Of such claims and
may make all necessary orders in reference to
the delivery to and possession of such receiver
OF the assets and property of such company,
and the sale and conveyance of the same by
MIN, and may direct the applica ton of the
avaMs of such assets and property equitably
In Satisfaction of the claims proved against
such company, and the payment Of ascertained
value of it's outstanding policies to policy
holders, either In whole or in part and said
court or judge shall annul the charter and
decree the dissolution of such company and
make all other orders and DEGREES necessary
ana proper In reference to winding UP the
affairs of such company and tho disposition of
Its property.
Sec; 16. CHANGE IN SECURITIES DE-
POSITEDARIGIT TO WITHDRAW DE
&c mi shall hau fha
any time to change their securities on deposit
by substituting Tor those Withdrawn like
provided for in this act
Any company shall at all times have the
right to withdraw securities deposit in ex-
Sec. II. EXAMINATION At REQUEST
OF .COMPANY-EXPENSE- OF EXAMINA-
TON PAID BY. COMPANY.-The insurance
commissioner shall, at the request OF anv
company doing business under the provisions
Of this act, make an examination of such COM
pany and shall furnish a certificate of the re-
suits of such examination, showing all of its
assets and how they are invested with such
other particulars tie as may be deemed necessary
company. The necessary expense Of such ex-
as gen. g. Sh sH1 e Dad N 9g 5hs sqnP T
BUSINESS OF COMPANY-No order. judg-
meot or decree pTSyidin for accounting
prosecution of the business of ahy insure nee
corporation, association or society Organized
or doing business under the provisions of this
receiver thereof, shall be made or granfe6
otherwise than upon the application of the att
torney general upon his approval of a request
in writing therefor by the insurance COMMITS
sioner, and after notice to said company and
full hearing by him. except in an action by
a Judgment creditor OR in PROCEEDINGS sup
Elementary to execution
Sec 10. VOLUNTARY DISSOLUTION
NOTICE TO INSURANCE COMMISSIONER
If at any time any company organized under
this act shows to the district court of the
county where it's principal offices are located
that 1T wishes to retire from business that if