The Monticellonian., 1901-06-07
To Regulate Life Insurance.

An act to amend the insurance laws of this state relative to mutual" and "fraternal" organizations.
 Be it enacted by the general assem- ply of the state of Arkansas:
 Section 1. All mutual insurance | companies of life, fire. accident, sick benefit of other kind or mutual insur- anee organizations organized under the laws of this state, shall annually file with the auditor of state, during the month of February, full and complete sworn statement of it's finan- cial condition on the 31st day of De eember next preceding Such state ment shall plainly exhibit all real and contingent assets and liabilities and a complete itemized account of income and disbursements during the year. The auditor is hereby empow- cred to examine the affairs of any such mutual organization for the pur- pose of verifying it's financial state ment, and any mutual organization failing to file such annual statement, shall be deemed guilty of a misde- meanor, and upon conviction shall be fined one hundred dollars (s1OO) for each day so offending after the last day of February.
 Sec. ?. The auditor shall issue to every agent representing such mutual insurance organizations a certificate showing that the laws of the state have been complied with, and that such agent is authorized to solicit for such organization. The fee for such certificate of authority shall be two dollars (S2), to be paid into the state treasury before such certificate is issued, and any person who shall represent any such organization with out first having complied with this act shall be deemed guilty of a misde- meanor, and upon conviction shall be fined the sum of fifty dollars (s50) Tor each offense.
 Sec. 3. Every fraternal order do ing business in this state, which in- sures the lives of it's members against accident or sick benefit, or in any oth- CT way shall In addition to filing their annual statement of financial condi- tion, give to the state of Arkansas a bond in the sum of ten thousand dol lars ts10000), the said bond to be filed with an approved by the auditor of state, and conditioned for the prompt payment of all moneys com ing into the hands of it's officers to which beneficiaries are entitled Said bond shall be signed by at least three citizens of this state, when made by individuals who shall state under oath that they are possessed of prop erty situated In this state, over and above all lawful exemptions, which, taken together, will be equal to the sum of the bond or said bond may be made by any surety company author ized to do business in this state, and such bond shall be filed annually.
 Sec. I. Every person acting az agent or solicitor for any fraternal or der. or be engaged in issuing any cer- tifcate or policy upon which dues. as sessments or premiums are charged or collected, which said order has not first complied with the requirements of this act in relation thereto, shall be deemed guilty of a misdemeanor and upon conviction shall be fined fifty dollars for each offense
 Sec. D. All laws or parts of laws in conflict herewith are hereby re pealed, aid this act shall take effect and be in force from and after its passage.