The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1901-04-20

sa.att PIoceeu 70 ascertain the net cash value
Of each policy in force on the 31st day Of
december Immediately preceding, upon the basis
" me American experience table Of mortality
perience table and same ate of interest. For
me purpose Of making such valuation the in
suranee commissioner may employ eompe-
by the company for which the services are
rendered at the rate Of not to exceed one cent
b bt 1no4sand dollars Of insurance so valued;
pany from making said valuation herein Goa
eeinpiated, which may be received by the in
may determine Upon ascertaining, in the man
ner ABOVE provided. the net cash value Of oil
doing BUSINESS un m any
soanmtssioneT shall notify said company of the
t ~ tnereof and within ninety days after
such company SHALL deposit with the state
treasurer for the security and benefit of its
t Iia holders an amount of securities Of the
act me value of which. together with the
sum already deposited with said officer, shall
ned .eSn naa Of the ne;ns Of such
loahs upon or liens against such policies: but
no company organized under this act shall be
the cash yalus Of the policies in force. as las as
eertained by the insurance commissioner, ex-
under paragraphs Eve or six hereof, No such
company shall be compelled to have or MAIN
IAN ss,,, WIN the stats treasurer more than the
sum OF Two hundred and fifty thousand dol
lars, though Larger amount may be deposited
provided that the value OF the securities, in.
loans policies OF any company. shall Il alWaVs
at least equal the amount Of such ascertained
Fa qua n Of n al policies n,,n
to RECEIVE AND SAFELY KEEP sE;CIJ-
RlTlES.-lt shall he the duty of the stats
t ezf'nS to receive all and Sc
curltles oHered or rendered to him by any iE-
surance company In accordance with the pro-
e visions OF this act or for the purposes speci-
nea aerein and SAID state treasurer shall have
ha ,ubo
same any part thereof to the si Insurance. nee
sent of the Insurance commissioner and in
accordance with the provisions Of this act
S BY STATE os sa the receipt
from any insurance company execute i'm du-
plicate receipt stating in detail ali moneys,
bonds or securities then held by him or re-
minute description thereof One COPY Of 1t such
receipt shall be delivered to the insur a,
commissioner and be by him filed, kept: and
r ra IN his office; the other copy Of such
receipt shall be delivered to the depositing
Sec; Il CERTIFICATE OF INSURANCE.
COMM1sS1ONER.-On the receipt Of the de-
pos!t ana statement from any company as pro-
be renewed annually, the insurance COMMITS mis-
s 80 shall issue certificate setting forth
c ne copR Ta name Of the company, its prin
the provisions Of this ac statng s tRs aouna
deposited ae and the amount OF value Of other
policies, and the table upon which same is
computed, and that 1t is authorized to trans
f aSs the Of life
Gay Of May IN tn the year following its issue.
MAKE AZ e srA EMihqNE 0 Of GoMRANY TO
the failure Of any company organized or doing
business under this act to make the deposit or
ne ne the statement in the time stated herein,
company to Issue no new policies In this state
until there shall have been compliance with
said requirements.
Sec: Il. EXAMINATION OF COMPANY
BY INSURANCE COMMISSIONERS in
surance commissioner may at any time make
and of E 81
organized or doing business under this act or
ma may authorize or empower any other suita-
tue purpose Of securing a full and true exhibit
OF ITS affairs he or the person selected by him
to exatn sch nGer s s 4 baye
ness and management. No other person or
persons whomsoever shall have any right to
make OF cause to be made any such examina-
ton ';1o except with the consent OF the board ct
ST. IL Eo 9E
PisTR zR9T46N 81 A S. E5GHkRHE
If the insurance commissioner shall at any
time find from any report examination or
otherwise that the assets Of any life insur-
DER, this act are. less than Its liabilities, in
Guiding valuation OF its policies as liked by
paragraph ten hereof and exclusive OF its cap
ital stock hes may notify 1t to cease the Issue
Of new policies or the payment Of dividends to
stockholders Of policyholdens or, both until the
him that the assets Of such company are less
than three-tourths of such liabilities exclu-
s sa Of capital stock. he shall communicate
the facts to the attorney general, who shall, If
by him deemed advisable after a personal IN
vestigation Of the matter and a hearing. Of
Wnich both the insurance commissioner and
md xrr,jo
poth may be present and SHALL have the right
to be heard. at once apply to tho district court
said company Is located, or to a Judge of the
said court tor a receiver for said company
and sald court or judge shall forthwith issue
q citation to such company to appear at a
say a3a 70 saa s9 be nsed therein and
snail lind the assets of said company to be
less than three-fourths Of its liabilities as
feasIa crd sad court 20 or 5udgs may
an amount equal to or less than its assets, or
he may provide for the reinsurance of its out
stanulng policies in some solvent company au-
thorized to do business in this state ii neither
Of these methods LIS 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
time for the presentation Of such claims, and
may make all necessary orders in reference to
the delivery to and possession Of such receiver
or the assets and property Of such company
and the sale and conveyance of the sama by
him, and may direct the application OF the
In satisfaction Of the claims proved against
such company. and the pa! ment Of ascerIained
value Of its outstanding policies to policy
court or judge shall annul the charter and
decree the dissolution of such company and
make all other orders and DEGREES necessary
and proper in reference to winding up the
affairs of such company and the disposition OF
sec Is. CHANGE IN SECURITIES DE.
PosITBD-RIGHT TO WITHDRAW De
POSIT.-Companies shall have the right at
any time to change their securities on deposit
amount in other securities Of the character
provided for In this act.
Any company shall at all times have the
right to withdraw securities on deposit in ex-
Sc = EXPERIMENTATION fs!S:IS5s s xT Khoypsr
T1oN PAID BY c6MPANY.grhe insurance
commissioner shall. at the request Of any
company doing business under the provisions
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
to show the ana eosson 81 sas
company. The necessary expense OF such ex-
g. 'h suI e pad n hs sqnSsRy
BUSINESS OF CONTAINING order. judy
Ga 11SHae oF FIT VIE s
prosecution Of the business Of any Insurance
corporation, association Or society organized
or doing business under the provisions OF this
act: or appointing q Temporary or permanent
receiver thereof, shall be made or granted
otherwise than upon the application Of the ct
torney general upon his approval Of request
in writing therefor by the insurance commits
sioner, and after notice to said company and
an es @ IL IL aa hst0n By
Elementary 70 execution.
Sec IS. VOLUNTARY DISSOLUTION
NOTICE TO INSURANCE COMMISSIONER
Ii at any time any company organized under
this act shows to the district court Of the
county where its principal offices are located
that It wishes to. retire from business that It
has reinsured al OF Its policies, and that It
has no unpaid liabilities OF any character, such
court shall. If It finds such facts are true. enter
an order directing the state treasurer to surren-
der to said company all funds or securities
theresofore deposited with him by such COM