Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-02-16
INSURANCE MEASURE
SUBSTITUTE BILL RELATING TO
ASSESSMENT COMPANIES.

The Commissioners today forwarded to
Congress, with request for its enactment,
the draft OF a bill relating to assessment
life insurance companies and sick, accident
and death benefit associations. The bill is
pl opposed as a substitute for the bill re-
ferred to the Commissioners for report, and
it is proposed as an amendment to the Dis
trict code The text of the measure is as
follows:
ANY insurance company or association
hereafter transacting the business of life
insurance on the assessment plan in the
District of Columbia shall file annually in
the month of January, with the superin-
tendent of insurance, a sworn statement
showing its true financial condition and
that it pays the maximum amount named
in it's certificates or policies as the same
become due and payable. Every such COM
pany or association that issues certificates
or policies to individuals for not more than
81 900 shall deposit in the registry % the
Supreme Court of the District of COLUMBIA
United States or other bonds the market
value of which shall not be less than
$50, coo; and every such company or asso-
citation that issues certificates or policies
for more than 81 600 shall deposit in the
registry of said court United States or
other bonds the market value of which
shall be not less than 100000.
Designation of Companies.
amy company or association that issues
certificates or policies, in the District of
Columbia, providing for the payment of
benefits on account of sickness. in addition
to an amount to be paid on the death of
a member, shall be known and designated
as a sick, accident and funeral benefit as
socia ton; and any association that issues
certificates or policies providing for the
payment of indemnity on account of sick
ness or accident shall be known as sick
and accident association. All such sick,
accident and funeral benefit associations
and sick and accident associations shall de-
posit in the registry of the Supreme Court
of the District of Columbia United States
or other bonds the market value of which
shall be not less than 100000
mo company or association licensed to
transact business as Sick accident and
funeral benefit association, or a sick and
accident association, shall issue certificates
or policies for greater amounts than $500,
and all companies or associations described
in this SECTION shall deposit the bonds re-
CURED within six months after the passage
of this act, and such companies or associa-
lions shall, when necessary to pay their
obligations, make extra assessments on
their members; and any such company or
association that fails, for period of thirty
days after notice from the Superintendent
of insurance, to comply with any provision
of this section, or fails to pay within thirty
days final judgment or decree rendered
against it by any court of competent juris-
diction, shall have its license to transact
business revoked; provided however that
nothing contained herein shall interfere
with or abridge the rights of any fraternaI
beneficial organization licensed to transact
business under subchapter II or chapter
Is of the code of law for the District of
Columbia