The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1901-04-20
CHAPTRR 1858 -F. mo. 2s2

to revise and codify the insurance laws
Be it enacted by the Legislature Of the
Section !. tn That sections eleyen GID
t., e, ga? twenty-four 90, TWEEN
two e., sixty.thres es$j. and i ssven ven y
three (7S) Of chapter IT'S of the General
Laws Of 1896. be amended to read as
Section Ii. He shall each year com
pute the net value ON the thirty-first da,
" December of the preceding year OF
an 1oa OUTSTANDING IT. policies Of life insqr:
Insurance ON lives III this state upon
the basis of the American Experience
Table Of Mortality, with the interest al
1our per cent per annum. and the aggre
cles Of any such company shall be deemed
us liability on account OF LIS pol4cy oo-
NJ ng SsSi9 Other than aeerued claims, to
secure, investments of an amount equal
i I; such net value abevt all it's other la
bbi n and In computing such net value
according to the terms am tenor thu 60.
provided, that policies. or certificates OF
any assessment company, issued on the
m me assessment plan, prior to the
authorization thereof to transact life In
surance business, under the provisions
Of this act shall at all times. after
such reinconporation or authorization, be
ic1es. When the actual premium charged
by a company for an fnsllranoe is less
tEan the net premium tor such insur-
mortality and the rate Of interest afore-
said, then and in every suon case une
Company shall be charged as a separate
t BE- amount Of which shah ~ equal l tie Il
difference between the premium afore.
said and the term Of which in Years
snail EQUAL the number OF future an
G1rn
at the date Of the valuation Provided.
however, he may accept the valuations
made by the insurance commissioner Of
the state under whose authority q life
such valuations have been made on
sound and recognized principles and
!ega basis. or lbs equivalent. as above;
The insurance eornmisaoner Of this S State te
a certificate from the insurance commds-
aoner ct such state. setting forth the
s6oTe Of Il he on na hs date r
day OF December Every life INSURANCE.
company COMPANY doing business IL this state
t Is made eaS that tail. It,. to promptly FURNISH
CURED to make full Detailed lists of
policies J.; and securities to the Insurance
be liable for ali Charges I and '. e9pens as'
consequent upon not having furnished
such certificate. To determine the liabil-
ity on the contracts Of insurance of an
real estate title insurance. and thence
the amount such company shall hold as
reserve r for the reinsurance, he may take
portion Of the premiums written in It's its
pom;nes; put IN respect to inland and
marine marine risks he shall compute the liza,
blltty thereon by charging sixty per cent
Its It's, policies upon yearly RISKS and upon
risks covering more than one passage
n not terminated 31 and the full amount %
OF other ,,s inland and marine risks not ter
minated. Provided. that in case Of fire
and marine insurance companies with
less re- m;+ shan Two hundred thousand dollars
ance only IN this state. the full amount
OF premiums written In their marine and
Inland navigation and transportation in
bdlity. ' 1'>''
IN valuing the assets, except cash on
hand, which compose the legal reserve
OF eftata life e. insurance g company. the real
taken at such a value that the AVERAGE
annual income thereof shall be not less
uilan Three per cent OF the valuation;
9nd II any asset or investment Is com
d att upon rate Of interest Of less
than three per cent annually such asset
or INVESTMENT shall be rated at It's value,
considering G. the actual income and time
three per: cent investment: 'f loans e and
credits, shall not be allowed for more
than their face value, nor shall amy as
sst or investment be appraised for more
IMAM It's market value He shall allow
20 the credit Of an insurance company
In the account OF it's financial condition
only on such assets as are available fol-
may credit any deposits or funds OF the
company set apart as security for g. par
ticular liability In set-of+ to the amount
charged On account Of such liability; also
the amount Of any lawful irterestbear
ing lien against, or loan upon any policy
to the extent of, but not exceeding the
net value or premium reserve of such
Videi He Gem s'n1 no as a 5y this aGt pro
Obligations Of any description as part %
the assets or capital OF any stock insur
allce company unless the same are So
cages on real estate.
zee: n. The general provisions Of law
ffeelIa e!e to the powers. duties and liza
2i51es sn OF co 1 or thei agents
ance companies as tar as the provisions
are pertinent and not In conflict with
cne 2r niss Of lay relative to suck
Any insa,ra ar WIN o 1e,r Charters
companies transactins life or casualts
business on the mertuary assessment
thereof maS duPu sa P Pa or eth S4
chan ter to the contrary nntwit outstanding
pbboTId fH5d that nothing herein containst
obligation Of any contract. and provided
further, that after such qualification tlae
company qualifying shall be governed
s s,2a by this act; and provided further
apply TO amy town insurance, mortuary
assessment, or stipulated pre1M urn com,
pany. unless and Until It shall accept
s and q nral s9dsr The provisions hereof
acceptance OF said act be filed with the
insurance comarnd Missioner.
Sec. "a. Amy such company may adopt
bylaws for the conduct Of it's business
not repugnant to law NOR to It's charter
and therein may provide for the division
Of its board OF directors into two, three
four or more classes, and the election
manner as that the members of one
class only shall retire and their success
sors De CHOSEN each year, or at such
s,aea time , or times as the bylaws may
may be filed by, election BY the board
for the uneXpired term The secretary
and treasurer shall severally give bonds,
EectouN may. require. for the faithful per
Torrance of their respective duties.
All matters proposed to be acted upon
at any special nesting Of the company
All Investments Of the funds Of the
company shall be made In its Corporate
name, and no officer Of the company and
no member OF the committee thereof
charged with the duty OF investing It's
funds, shall borrow the Same, or be d.
rectly or Indirectly liable for or ON &c
count of loans thereof to others: nor
shall any director or other officer take
or receive to his own use any fee brol-
erage, commission, gift, or other coslkfd.
Grafton, for or on account Of q loan
made by. or on behalf OF such company
All policies issued by such company
shall be signed by It's secretary, or, in
his absence, by secretary pro ternpore.
and by its president or vice president, or,
Such companies Shall have t1eir Office
IN the city or town specified in their
charter; and when they establish ageu-
ctes In other, cities or towns, all signs,
Mbited or issued by them shall specify
the city or town Hhara the Command thes,