The Montgomery advertiser., 1907-03-25
LAWS
Enacted by the Legislature of Alabama.

each one hundred dollars of said gross premiums so received In this State; and every other insurance company shall pay the sum of two dollars upon each one hundred dollars of said gross premiums so received in this State, and the company negleeting to make such returns accurately and in full at the time of filing the annual statement, shall pay to the State, in addition to said taxes the sum of five hundred dollars within sixty days from date of notice of such delinquincy and snail be debarred from transacting any business of insurance in this State un- til said taxes and penalties arc fully paid.
 tb) Its statement shall be sub scribed under oath by the President and Secretary, or other chief officers or managers, and shall be renewed an- nually on or before the first day of March of each year Out the Insurance Commissioner may for good cause extend the time) or as soon thereaf- ter as tine Insurance Commissioner may require, and shall contain full re- port of It's condition as prescribed in this Section. on the thirty first day of December, preceding which statement shall be published by 1t at It's own ex- pense in a daily newspaper of general circulation in this State. Upon failure of any company to comply with this section promptly, fully and correctly, such company shall forfeit It's right to do business in this State for one year thereafter. and shall pay to the State the sum of two hundred and fifty dollars. and shall forever thereafter be debarred from doing any business In this State until such penalty Is tut- ly paid.
 (c.) The annual statement of com pany of a foreign country shall only be required to embrace it's business and conditions in the United States.
 (d.) Any company wilfully making 6 false annual or other statement re- Quired of 1t by law. and persons mak- Ing oath to and subscribing the same. shall be severally punished by fine of not less than five hundred dollars (s5oo.00). nor exceeding one thousand dollars lsl.o0O.0o), and any person making oath to such false statement shall be deemed guilty of the crime Of perjury and punished for such under the criminal laws of this State.
 Second. 1t shall satisfy the Insu- rance Commissioner that 1t is fully and legally organized under the laws of its State or government to do the business 1t proposes to transact. that, if a life insurance company, 1t has on ACpOSlt 0ltA tnc IfSdSuECT VI ll0 oIdlS. or with the proper officer of some other State. securities to the actual cash value of at least one hundred thousand dollars, ($100. 900. co, )consisting of bonds of this State, the United states. or the State In which such company Is orga- nized, or notes or bonds secured hy mortgages on real estate for double the amount. and such companies shall file with the Insurance Commissioner 4 At... Gt-~k @arI the securities are deposited, stating the name and amount of each of said bonds. notes or stocks, and that he Is satisfied they are worth one hundred thousand dollars ($100, 00l, and that the de- posit is made with him by the company for the protection of all policyIhold- CTS and creditors in the United States; that. if an insurance company other than life, 1t has an actual paid-up cash capital of not less than one hundred thousand dollars $100, 900. 00), of which at least fifty thousand dollars, ts50,. 0O0.0o) shall be invested in bonds of the United States, or other good securities. to be certified as such by the Insu- rance Commissioner of the State in which said company is organized reck- oning the same at their current mar ket value: or in lieu of cash capital stock such company shall have and fudiHldln 0 WdFTanty Cdpttdi or SuEpluS above all liabilities, including reinsu- rance reserve of not less than one hundred thousand dollars ($100, ,0o0. .o01: Provided, however, that companies transacting the business of plate glass or live stock insurance exclusively shall not be required to have a cash capital or surplus of more than fifty thousand dollars [$5o,o00.00).
 Third. It shall by a duly executed instrument filed in the once of the Secretary of State constitute and ap- point the Insurance Commissioned, or his successor, it's true and lawful att torney. upon whom all lawful process fin any action or legal proceedings against 1t may be served, and therein shall agree that any lawful process against 1t which may be served upon its said attorney shall be of the same force and validity as if served on the company, and that the authority thereof shall continue in force irrevo- cably as long as any liability of the company remains outstanding in this State. Any proces issued to any court of record in this State and served upon such commissioner by the power off cer of the county in which said conn missioner may have his office, shall be deemed a sufficient process on said company; and 1t is hereby made the duty of the Insurance Commissioner, promptly after such service of process by any claimant, to forward by regis tered mail an exact copy of such mo- tice to the company.
 Approved March 4th, 1907.
 Oficial.
 Frank N. Julian.
 Secretary of State.