New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1905-05-24


/ value of each policy in force on the 31st
4 day of December Immediately preceding,
the pasis OF the eS per-
! interest, or combined experience table
and same rate of interest. For the pur-
/ pose of making such valuation the insur-
ance commissioner may employ a COM
/ petent actuary to do the same, who shall
/ be paid by the company for which the
services are rendered at the rate of not
/ to exceed one cent per thousand dollars
/ OF lnSuranc so valued, but nothing here
! IN shall prevent any company from max
ing said valuation herein contemplated
which may be received by the insurance
commissioners upon such proof as he may
determine.
The expense of verifying the report and
| of making the valuation shall in no case
/ exceed the actual expenses thereof, in
/ GLIDING the cost of the clerical help en-
ployed in the conduct of same, and shall
| be charged to and collected from such
1 company by the insurance commissioner.
It shall be the duty Of the commissioner
! to furnish such company with an item
lied statement of such expenses, and to
| file and record in his Office an exact copy
! thereof.
If it shall appear from the annual
ton and valuation herein authorized,
that tn the net net value Of al policies in force
amount on deposit in his office as re-
quired by section four, and less than the
maximum deposit of two hundred and
1
with notify said company Of the amount
| thereof; and within ninety days after the
| date of such notification the officers of
said company shall deposit with the in
/ and benefit of it's policy holders an
amount of securities >, Of the character
| value of which, together with the sum
already deposited with said insurance
commissioner, shall not be less than the
! amount of such ascertained value of all
| policies in force. minus cash loans which
( may have been made by the company to
its policy holders; provided that no COM
| pany shall be required to deposit with
the insurance commissioner. a greater
amount than two hundred and fifty thou
sand dollars (S25o,ooo), if it be a mutual
hnnded pf and 6ff y thoa a doara
(S25O00O), if it be a stock company, unless
| its stock capital shall exceed two hun
dred and fifty thousand dollars $3.50, 0OO
and in such event such stock company
| shall be required to deposit an amount
equal to it's entire capital stock.
The liabilities OF all such companies
| shall be deemed to consist of all matured
| policy claims, whether due or not due,
adjusted or unadjusted, and of all other
could be held liable, and of the net cash
value of all policy contracts in force; but
same shall not include the company
| capital stock, nor the amount on deposit
state. And the sum total of all such liza
b1llties snail 3l not exceed the cash and
| approved invested assets Of the COM
pany as herein provided.
Sec. 10. That section II. chapter 17S,
| Laws of 1901, be and the same is hereby
amended to read as follows:t
Section II. Duty of Insurance Commits
sioner to Receive and Safely Keep Secu-
rities.-It shall be the duty of the insur-
ance commissioner of this state to receive
all moneys. bonds and securities Offered
or rendered to him by any insurance
company in accordance with the provisions
of this act. or for the purposes specified
M C1I Jy1CI ie,S,@
shall have charge of and safely keep
the same when delivered to him, and
shall not redeliver same, or any portion
thereof. to the insurance company de-
| posting them. except in accordance with
the provisions Of this act. The insurance
commissioner shall, upon the receipt by
from any insurance company, issue and
! deliver to such depositlng company a re-
ceipt stating in detail all moneys bonds
or securities then held by him. or re-
ceived by him from such company, and
minute description thereof; and shall
cause a copy. Of such receipt to be
Sec. ii. That section. u, Chapter 17s,
Laws of 1901, be and the same IS hereby
amended to read as follows:
Section ~ Gertifle fh Of Insurance
prevail Of the annual statement Of any
| insurance company, as provided in the
preceding sections, and if it shall appear
that. such company has also made the
required deposit, it shall be the, duty OF
the insurance commissioner to issue to
such company con a certificate AUTHORIZING
provided that such certificate shall eX-
ptre upon the first day Of May Of the
succeeding calendar year. The insurance
commissioner shall also issue to such
insurance company, upon request there.
of, certificates as to the amount on de.
post with him under the provisions OF
this act.
Sec. u. That section 49, chapter 17s
Laws of 1901, be and the same is hereby
amended to read as follows:
Section 10. Failure Of Company to
Make Statement Or DepoSit.-Upon the
failure Of any company organized or do
ing business under this act to make the
deposit or file the statement in the time
shall notify such company to issue ne
compliance with said requirements
Provided that the insurance commits
sioner may if good cause be shown, ex
tend the time, for filing such annua
statement Or for making the required
deposit. to not later than April list, upor
request of the company. But If no sucE
request is made, or if full compliance
is not made within the extended time
Of the company's affairs and proceed a!
provided in sections ten and fifteen o.
Sec. 10. That section Is Of chapter ITS
amended to read as follows:
Section Is. Impairment Of Company
| SOlFeHCy. AppOlul1ue OF receiver
Distribution Of Assets. Charter Annullet
and Dissolution Decreed.-If the insur
ance commissioner shall at any time
find upon any report, examination o.
otherwise, that the assets Of any com
pany organized or doing business under
this act are less than it's liabilities, in
Guiding valuation of it's policies as FIXED
by paragraph ten QO hereof. and ex
elusive of its capital stock he shall
notify it to cease the Issue of any insur
ance policies or the payment of divi
| dends to stockholders or polcy-holders
or both, until the deficiency be mad'
ascertained by him. that the assets O.
such company are less than eighty-flV'
per cent. $3.50 Of such liabilities exclu
sive Of capital stock. he shall immedi
ately communicate the facts to the at
torney general, who shall, If deemed ad
visable by himself and the insurance
commissioner, after a personal invstga
: ton of the matter and hearing of which
| both the insurance commissioner and tn
company shall have notice, and a
which both may be present and have thu
right to be heard at once apply to thu
,, district court of the county where thu
principal Office of the said company il
|, located, or to a judge of said court, for
receiver for said company, and said cour
or judge shall forthwith issue citation
to said company to appear at a day ant
place to be named therein and answer t.
said application, and if upon the hearins
to such application said court or judg