The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-08-30

deputy. and sealed with the Great seal
Of the State, and for each certthcato
with the Great seal Of State attached
a. hsrsin provided the Insurance Com
shah collect one dollar. buoh
policies shall be known a. Registered
policies, and . memorandum OF eaen
such policy containing such certihcate.
In such form ana stating such faots -
the Insurance Commissioners may pre-
scribe, shall be furnished the Commis-
sionsr ana kept In his ONCE.
Sec. .. II shall be the duty o. the
Insurance Commissioner to keep such
Q register OF all policies containing
such certificate A. will enable MIN 20
compute their value at any time. Up
on written proof. attested by the pres
ident, or vice-president. and secretary
OF the company which shall have rs
sued such policies. that any Of them
have been commuted or Terminated.
the Insurace Commissioner shall com
mute or cancel the same on the regis
ter. The net present value. or reserve
value, OF every registered policy, shalt
be ascertained according to the stand
ard of valuation Of polioies Of life In
surance prescribed. or which may
hereafter be prescribed. BY the laws OF
this State. when the hrst premium
shall have been paid thereon. less the
amouut OF sucn ticHs VI chafBcss uOt
exceeding such value. as the company
may have against Il. and shall be en-
tered opposite the record of said policy
In the register at the time such record
IL made. or. on the first day Of January
In each year. or within sixty days
thereafter. the Insurance uommis-
sioner shall. and at any other time and
at more frequent intervals he may
cause tho registered policies of each
company to be carefully valued, or re-
valued as the Insurance Commissioners
may require. and the actual value
thereof. less such liens or charges. not
exceeding such value, az the company
may have against them, shall be en-
tered upon the register opposite the
record OF each policy. ana the Insur-
ance Commissioner shall furnish q GER
tificate Of the aggregate of such values
to the company. It shall be the duty
of the Insurance Commissioner to can.
Gel on the register mutilated policies
ter in lieu thereof other policies pre-
sented OF like tenor and date.
Sec. .. Each company which shall
have made the deposit herein provided
for shall make additional deposits
from time to time of such securities
as are authorised by section Of this
act TO be deposited In such amount
that the market value Of all the Sc
curities deposited shall always be at
least equal TO the net value OF the reg
istered policies issned by said COM
pany, less such liens and charges. not
exceeding the net value, as the COM
pany may have against them. So long
as any cofnpay shall maintain its de-
posts, as herein prescribed. at an
amount equal to, or In excess OF, the
net value of It's registered poll
cies as aforesaid, IL shall be the duty
of the Insurance Commissioners to
sign and affix the Great Seal OF the
state TO the certificate provided for
In section two Of this act on every
policy presented to him for that pur.
pose by any company making such
Sec. S. The State Treasurer shall
keep q careful record of the securities
deposited by each company. and IL at
any time 1t shall appear to the Insur-
ance Commissioner or to- the. State
Treasurer that the value Of the securi-
ties Of any company held on deposit IL
less than the actual value OF the re-
gistered policies issued by such COM
pany. 1t shall not be lawful for the In
surance Commissioner to execute the
certificate on any additional policies
until the company shall have. made
good the deficit by depositing addition.
al securities. II any company shall
fail or neglect to thus make good such
deficit within sixty days 1t shall be
deemed to be insoivent and, may be
proceeded against In the manner pro-
vided by law in such cases.
Sec. 9. Every company which shall
have made the deposit herein provided
on which said deposit was made. de
posit witA1tAs f6snfanSe sConffii sioier
securities OF the kind authorised by
this act. and In accordance with the
provisions of the same. In an amount
equal to the actual value of all it's
non registered policies. which 1t shall
have in force at the time less such
liens or charges not exceeding their
actual cash value, as the COMPANY
may have against them: and the Insur-
ance Commissioner shall, when request
ed so to do. furnish such company
with certificate Of the kind prescrib-
ed in section two of this Act; to be
attached to and made part Of each of
said policies. The COMMISSIONER shall
In such case. enter upon each Of such
certificates the number Of the policy
to which It belongs.
Sec I. Any company depositinK
under the provisions OF this Act may
increase its deposits of such securities
as are authorized under this act. And
any company whose deposits exceed
the net value of all registered poll
cies which 1t has in force less such
hens and charges, not exceeding such
net value, as the company may hold
against them, may withdraw such
excess. And any company may at any
time withdraw any of the securities
which It has deposited by depositinx
others of equal value. satisfactory TO
the Commissioner, and of the char
acter authorized by this aot,j In their
stead. And so long as said company
shall remain solvent and maintain its
deposits, as by this act required It
may collect, interest coupons, rents
and profits on the securities deposlt-
ed as the same may accrue.
Sec 8. All securities deposited
with the Insurance Commissioners az
provided In this act. shall be by him
the State Treasurer, who shall, in his
official capacity, receipt to the In
surance Company making such deposit
of securities, and hold the same, as
provided in secJlon 1875 of the Code.
Sec. 0. All certificates heretofore
made by the Insurance Commissioner
on policies Of life insurance similar
in substance to the certificates pre-
scribed in section two of this Act.
fore made with the Insurance COM
missioner as certified in said certifi-
Gates, are hereby made subject to the
provisions of this act. 1t shall be the
duty of every life Insurance company
which has heretofore issued policies
such certificates, II they
have not already done so, to furnish
the Insurance Commissioners q mem
orandum OF all such policies, in such