The Virginia enterprise., 1909-04-30

- aoQne Ok
t.ssond :. al.aosnt neisat q mes
81 seaned Peennaams np0n. IT. lne1ptred pol
oasshaif ths premiums & recssvsd on poll
~ - nayins ono year or less 70 run from
PORTION Of the prem niuans received. on sths
run from tho date sf policy, ana shai
oe known as the reinsurance liabilIty:z
nard-The an0unt OF it, guaranty sur.
end q ss sRes; re Snd
F1fth-inssr;est q 4 tho rate of eight pc,
GfSentum fSa per annum upon the amount q
aPon ts END na Sef s. ths sS
1or whatever time shall have elapsed
slnee Hns the last preceding cash dividend
Ano the balance shall constitute the net
e !. ss4sas se
company SHAH exceed the amount Of its
plus fund provided tor BY i this T chapter,
'ea seHgay ne n bs eGt fae so the n s
e1ei, e1en make Or cause to be made An ,ex: Z;
issue his certificate of the result, show
as IT .p.s Ss cartel sf
reinsurance liability. and Of other assets;
ana upon his issuing such certificate IN
.G one copy to Be Syen to the
insurance department, the said special
reserve fund shall be immediately held to
protect all policy holders Of said COM
upon t at the % date f Of SAID "a cert,neste. and
other assets, certified by the insurance
commissioner c9aa,as as equal in value to the
such company, to be ascertained as here
lnbefore provided, shall constitute the
fSp'ea, fhp a1oea and assets OF such company for
conauct Of its business, and any official
ceruncate Of the insurance Commissioners
nerein provided for shall be binding and
such company, whether as stockholders.
payment to claimants who are such at
the date Of said certificate, Of the full
OF ns guaranty surplus fund and Of 'ts
assets at said date, excepting only such
SPECIAL reserve fund and an amount OF
company ce14s for unearned premiums. as so
cert1hed by such insurance commissioner,
sucn company shall be forever discharged
from rom any and all further liability to
tne said insurance commissioner shall,
atter issuing his said certificate, upon the
ef; eHm1na s,aaa OF such company: transfer to It
posted With him By e such "es eompsn9 DssS as as
such special reserve fund.- and II the
eeaneunt eane OF such special reserve fund be
se1 less tnan n. fifty per centum Of the fun
requ1sitten shall be issued by the said IN
surance commissioner upon the stock
noIeers: to make up such capital to that
ang espa ef ts f so ps9sd sss1 b.
maze up at least to the sum Of one hum
dred thousand dollars. and tn case said
company. con after such requisitton, shall
said sum Of one hundred Thousand dol-
lars. as therein directed, said special re-
serve fund shall still be held as security
ai1a ana liable for any and all losses occur
company shall. in its annual statement
TO the insurance commissioner Of this
state, set forth the amount Of such spe-
surplus fund. II In consequences Of the
expenses Of the business. Or Of Of the h ie ine
provisions Of this act to stockholders, or or
fund shall be reduced IN amount below
the the amount Of the special reserve fund
make no additions to the special reserve
fund until the guaranty surplus fund Is
equal to the special reserve fund. The
policy registers, insurance maps. books
and other blanks. office furniture. p0is nx. X
t9s lures and supplies are not to be cons'd-
its policy holders: Provided however.
that II any amount greater than q sum
eSu e9ual to one-half Of its capital stock
visions Of this chapter. have been de-
posted with such commissioner, he shall
retain Of such securities an amount
shall 50 hold thereof in excess Of q sum
equal to such one-half OF such capital
stock and he shall transfer the balance
thereof to such company as herein pro-
such company shall from the time Of
such transfer. provided the amount there
Of shall not be less than one hundred
seek e saeh aSars @ The the capital
conduct OF its business as here1nbefore
provided. and the securities SO retained
shall be regarded as the special reserve
tons may be made as herein provided,
and shall be held in the same manner,
ard for the same purpose, and under the
reserve fund Of such co Company "as was speea' Se'S
The provisions Of this section, providing
for discharge of the company from fur
t1er liability to existing claimants upon
OF ITS capital surplus and assets, ex-
amount equal to liability for unearned
eve the eckhcder. O. Of said corporaten 1o ts
from any liability imposed by the con-
sCitutfon Of this state.
Sec O. II at any time after said spe-
cumuiated by any com Company % the beed d,rec- &C.
tors Of such company shall present eyi-
dence satisfactory to the insurance com
missioner that the. capital Of such COM
der the directors to call upon the stock
holders, to make up such impairment.
and the board Of directors may there
the stockholders to make good the
whole Of such impairment, or they NAV
apply for that purpose the whole Or any
part Of the special reserve fund and re:
such amount as may be necessary to
ment not made up out Of the special re-
heer fnd ss hS ped steSf ef s s1o &
amount assessed unon him to make UP
such impairment. either in whole or in
part, and in case any stockholder refuses
ing IN his name may be sold at pubic
auction after thirty davs' notice. IN such
manner as the directors may provide. If
the board Of directors elect to make good
Of the special reserve fund. the insur-
ance commissioner shall. upon request
OF said board transfer to said company
Is necessary for the purpose. No com
pany doing business under this chanter
shall insure any larger amount. upon any
single risk that is permitted by law to
a company possessing the same amount
At capital irrespective Of the fund herein
provided for.
Sec. 10. From and after the date when
this act goes into effect, every policy
not then in the hands OF. agents issued
by a company which, has constituted and
set apart a guaranty surplus and special
reserve fund, under this or any prior
law Of this state. shall have printed
thereon by such company statement