The Appeal. [volume] (Saint Paul, Minn. ;) 1889-19??, 1905-04-29


| upon the basis of the American expert
| ence table of mortality and 4 per cent
interest, or combined experience tabl
! 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
services are rendered at the rate OF, no
| to exceed one cent per thousand dollar
of insuranc so valued. but nothing here
in shall prevent any company from n. max X,
| which may be received by the insurance
commissioner upon such proof as he ma!
determine.
The expense of verifying the report ant
of making the valuation shall in no cas-
exceed the actual expenses thereof, in
GLIDING the cost of the clerical help EN-
be charged to and collected from sucl
company by the insurance commissioner
It shall be the duty of the commissions
to furnish such company with an item
lied statement of such expenses, and tt
file and record in his Office an exact cop,
thereof
II it shall appear from from tn the us saaus
t ton and Valuation ed; or herein authorized
that the net value of all policies In force
on the 31st day Of December immedi
ate1y is IN he ose OF tne
quired by section four, and less than the
maximum deposit of two hundred and
fifty thousand dollars. he shall forth;
! thereof; and within ninety days after the
date of such notification the officers OF
said company shall deposit with the In
and BENEFIT Of its policy holders al
amount of securities of the. character
described in section 2s of this act. the
already deposited with said insurance
commissioner, shall not be less than the
amount of such ascertained value of al
policies in force. minus cash loans which
hry% tho nv r.
it's policy holders; provided that no com:
pany shall be required to deposit with
the insurance commissioner greater
amount than twe h1ndrfd and d nifty taoa
CONF Company; nor a Greater amount thar
two hundred and fifty, thousand dollars
$3.50, o0). If 1t be stock company: unless
dred and fifty thousand dollars $3.50, O0O)
and in such event such stock compan.
shall! be required to deposit an amour:
The liabilities Of all such companies
shall be deemed to consist Of all matureC
policy claims, whether due or not due
adjusted or unadjusted. and of all ct othe ;,
could be held liable, and of the net cash
value of all policy. contracts in force; but
shall sfddk mot f mel tine co
with the insurance commissioner of this
state. And the sum total of all such liza:
bilities shall not exceed the cash an6
pany as herein provided.
Sec. 10: That section II, chapter IT'S
Laws of 1901, be and the same Is hereby
a% geat]e to read Yit, as f9lloWs
sioner to Receive and Safely Keep Secu-
rities.-It shall be the duty. Of the insur-
ance commissioners of this state to receive
all moneys. bonds and; securities Offered
company in accordance With the provisions
of this act, or for the purposes specified
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
him of any moneys, bonds or securities
from any insurance company, issue and
deliver to such depositing company re-
ceipt stating in detail all moneys, bonds
or securities then held by him. or re:
ceived by him from such company, anG
recorded and filed in his office.
Sec: II. IT That section -. chapter l7s
amended to read as follows: =,
Section IL. Certificate Of Insurance
Commissioner.-Upon the filing and ap-
proval of the annual statement Of any
preceding sections, and if 1t shall appear
that such company has also made the
required deposit it shall be the duty OF
the insurance commissioner to issue tc
such company a certificate authorizing
it to transact its appropriate business
provided that such certificate shall ex.
succeeding calendar year. The insurance
commissioner shall also issue to such
insurance company, upon request there
of. certificates as to the amount on de,
this act. .
Sec. 12 That section 10. chapter 178
Laws Of 1901, be and the same is hereby
amended to read as follows:
Make Statement or Deposit.--Upon the
failure Of any company organized or do.
ing business under this act to make the
stated herein, the insurance commissioner
shall notify such company to issue nc
new policies until there shall have been
companeGe W {It4 f sac tes
sioner may if good cause be- shown, ex;
tend the time for filing such annua!
statement Or for making. the required
request Of the company. But if no such
is not made within the extended time
Of the companys affairs and proceed as
provided in sections ten and fifteen OF
Laws avs; Of Of 1901 be and the ns same IS hereS5
amended to read as follows:
Section Is. Impairment Of Company's
S9lyencX Appointment Of RgGeXer
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
this act are less than its liabilities, in
GLIDING valuation of it's policies as fixed
by gf a ten caa staeR he and sha
notify it to cease the issue of any insur
ance policies or the payment Of divi
dends to stockholders or policy-holders
e good io' and he he may, and Whenever it i,
such company are less than eighty-av'
per cent $50 Of such lia ihati {no exciT
ately Communicate the facts to the at
torney general, who shall, II deemed ad
visable by himself and the insurance
ton Of the matter and hearing of which
| both the insurance commissioner and tn
company shall have notice.. and a
right to be heard. at once apply to tn,
district court Of the county where tn
principal office Of the said company /:
located, or to a Judge of said court, for
or judge shall forthwith issue citation
to said company to appear at a day ant
place to be named therein and answer tt
sad aRpcat1n+ ana IL upon the OF ,,da
shall find the assets Of said company t
be less than It's liabilities as aforesaid
and it is considered by him to be advisa
Bile and in the interest Of the policy
holders Of such company. order and direc
the reinsurance Of its outstanding pol1cie
do business in this state. or said cour
or judge may, if deemed advisable TO-
the interest Of the policy-holders, ap
sons to be receiver or receivers Of sait
company, and said court or judge ma!
provide mode for proving claims agains
said company and may limit and exten!
| the time for the presentation Of sucl
claims, and may make all necessary or
| ders in reference to the delivery to an
| possession Of such receiver or receiver
| Of tho assets and prOpertY of Said com