The Van Buren press. [volume] (Van Buren, Ark.) 1859-1914, 1901-06-01
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-
bly, of the state of Arkansas:
Section l. All mutual insurance
companies of life, fire, accident, sick
benefit of other kind or mutual insur-
ance 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 its finan-
cial condition on the 31st day Of De-
cember next preceding. Such state
ment shall plainly exhibit all real
and contingent assets and liabilities
and 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 its financial state
ment, and any mutual organization
failing to file such annual statement,
shall be deemed guilty Of misde-
meanor, and upon conviction shall be
fined one hundred dollars ($100) for
each day so offending after the last
day of February.
Sec. 2. The auditor shall issue to
every agent representing such mutual
insurance organizations 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 ($2), 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 misde-
meanor, and upon conviction shall be
fined the sum of fifty dollars $500
for each offense.
Sec. 3. Every fraternal order do
ing business in this state, which In.
sures the lives of its members against
accident or sick benefit, or in any 9th
er way, shall in addition to filing their
annual statement Of financial condi.
ton, give to the state Of Arkansas a
bond In the sum Of ten thousand dol
lars 100000, 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 Its officers to
which benehciaries 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.
ICED to do business In this state, and
such bond shall be filed annually.
Sec. 4. Every person acting as
agent or solicitor for any fraternal or.
der, or be engaged In issuing any Ger.
tifcate or policy upon when 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 misdemeanor,
and upon conviction shall be fined
fifty dollars for each offense.
Sec 8. All laws or parts Of laws
in conflict herewith are hereby re.
pealed, and this act shall take effect
and be in force from and after Its
passage.