The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-19
CIIA pTEDr14o G ~, MO 900

/ OF the state
Section 1. That sections eleven Q1,
twenty-one3 CID, twenty-four CAD, TWEEN
ty-seven CD, twenty-eight (28), thirty
! three (73) OF chapter 175 of the General
Laws of 1888, be amended to read as
Section IL. He shall each year COM
pute the net value ON the thirty-frst day
" December of the preceding year or
! all outstanding policies of life lnsur-
allce in companies authorized to make
insurance on lives III this state upon
the basis of the American Experience
Table of Mortality, with the interest at
tour per cent per annum, and the ager,es-
gate net value, so ascertained, of the poll,
cies or any such company shall be deemed
It's liability on account of It's policy GO
ngatlons, other than accrued claims, 10
pl wide for which it shall hold assets IN
| secure investments of an amount equal
T. such net value above all its other Ia
plntles; and In computing such net value
he shall treat and construe each policy,
according to the terms anG tenor thereof
provided, that policies. OF certificates or
any assessment company, issued on the
mortuary assessment plan, prior to the
! transportation of such company, or the
| authorization thereof to transact life in
sGrance business, under the provisions
OF this act, shall at all times, after
such reincorporation or authorization, be
treated and valued as one year term pol
| lc1es. When the actual premium charged
than the net premium for such insuT-
ance computed according to the table of
mortality and the rate of interest afore-
said, then and in every sucn case une
company shall be charged as a separate
liability with the value of an annuity,
the amount of which shall equal the
sadd and the term of which in years
Shail equal the, number or future AL
nua1 payments due on said insurance
at the date Of the valuation. Provided,
- h NV ha vol l1n ions
MADE by the insurance commissioner OF
| the state under whose authority a 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 certlacate from the insurance commits
sloner of such state setting forth the
value calculated, on the date designated
! above, of all the policies in force in
the company on the previous thirty first
day of December. Every life Insurance
company, doing business in this state
Is made that falls to promptly furnish
the certificate aforesaid shall be re-
CURED to make full detailed lists of
policies and securities to the insurance
commissioner of this state and shall
! be liable for all charges and expenses
consequent upon not having furnished
| such certificate. To determine the liabil-
| !ty on the contracts Of insurance OF an
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
| nifty per cent, or the actual unearnsd
| portion of the premiums written in its
pollcles; but in respect to inlano and
bility thereon by charging sixty per cent
OF the amount Of premiums written in
Its policies upon yearly risks and upon
risks covering more than one passage
not terminated and the full amount of
premiums written in policies upon all
other inland and marine risks not ter
minated. Provided, that in case of fire
and marine insurance companies with
less. than two hundred thousand dollars
capital admitted to transact fire insur-
ance only In this state, the full amount
of premiums written in their marine and
inland navigation and transportation in
bility.
hand, which compose the legal reserve
OF a life insurance company, the real
estate. the bonds and stccAs snail be
taken at such a value that the average
THAN three per cent of the valuation;
and If any asset or investment is con-
d1uoned upon a rate. of interest of less
than three per cent annually such asset
or investment shall be rated at it's value,
considering the actual income and time
It has to run, as the equivalent of a
three per cent investment; ;. loans - and
credits shall not be allowed for more
than their face value, nor shall any as
set or investment be appraised for more
than its market value He shall allow
TO the credit Of an insurance company
In the account of its financial condition
only such assets are available for
the payment of losses III Minnesota, but
may credit any deposits or funds of the
company set apart as security for a par
ticular liability in set-off to the amount
charged on account Of such liability; also
the amount of any lawful interest bear
ing lier against, or loan upon any policy
to the extent of, but not exceeding the
rel value or premium reserve Of such
vided. He shall not allow stockholders
obligations of any description as part of
the assets or capital of any stock insur-
ance company unless the same are Sc
cured by competent collateral or mort
! cages On real estate.
Sec: 21 The general provisions of law
relative to the powers, duties and liza
shall apply to all incorporated insur-
ance companies as far as the provisions
are pertinent and not il conflict with
COMPANIES or with their charters. ~
| Any insurance company, not excepting
| companies, transacting life or casualty
and Stipulated premium plan, or either
| thereof, may qualify and be governed by
| this chapter, anything in it's special
to t fa4 nGbnSy bn
|. shall Impair or operate to impair the
| obligation of any contract. and provided
| further, that after 'such qualification the
company qualifytng shall be governed
solely by this act; and. provided further.
that nothing in this act contained shall
apply to any town insurance, mortuary
assessment, or stipulated premium COM
| pany, unless and until it shall accept
| and qualify. under the provisions hereof !:
and, provided further, that notice OF the
acceptance of said act be filed with the
| insurance commissioner.
Sec. "a Amy such company may adopt
| bylaws for the conduct of it's business
! ncG repugnant to Law nor to its charter,
and therein may provide for the division
! of its board of directors into two, three,
| four or more classes, and the election
thereof at its annual meetings, in such
! class only shall retire and their success
| sors be chosen each year, or at such
! other time or times as the bylaws may
plescTll 6 e,, Nacancles IN any such class
| for tie unexpired term The Secretary
| ana treasurer shall SeVerally give bonds
with sureties. in such sum as the d.
Iectors' may require, for the faithful per
| Torrance. of their respective duties
| All matters proposed to be acted upon
! at any special meeting of the company
All investments of the funds of the
| company shall be made in it's corporate
name, and no officer Of the company and
no no, L member F., OF the committee thereof
! funds, shall borrow the same, or he di.
rectly or indirectly liable for or ON 10
count of loans thereof to others: nor
shall any director or other officer take
| or receive to his own use any fee brok.
erage, commission, gift, or other conkid-
Grafton, for or on account of a loan
| All policies issued by such comnanv
| shall be signed by it's secretary. or in
his absence. by a secretary pro tempore,
ana ny, IT'S president or vice president. or,
! Such companies shall have their Office
IN Inc CITY or toWn, specified in their