The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-04-16
Matter Of Politics,


sand dollars ($l00.000D,
Matter of Politics.
For the purpose Of making valuations
of life insurance policies the rate of
interest shall be 30 per cent year.
and the rate OF mortality based on the
" American Experience Table of Nor.
tahty, after January l next. Salaries
OF officers or employees shall not eX-
cecd 5000 each year, unless authorized
first by a vote of the board of direc-
tors. The following section, No. AZ,
IS interesting to politicians. no doubt:
No insurance company or association,
Including frnternal beneficiary aSsocia-
tons, doing business in this state, shall
directly or indirectly pay or use or offer
consent or agree to pay or use any
money or property for, or in aid Of any
political party. committee or organiza-
uon. or for or In aid OF any corpora tion,
Joint stock or other association organized
Ii3r or IN aid oil any candidate for po-
litical Office or for nomination for such
Office or for any political purpose what
soever, or for the reimbursement or in
demnitcat ton OF any person for money or
property 80 used. Any officer, director
stockholder, attorney. or agent OF any
any of the provisions of this act, who
participates in, aids. abets or advises or
consents TO any such violation, and any
person who solicits or knowingly receives
any money or property in violation OF this
act. shall be guilty Of q misdemeanov
and be punished by imprisonment for not
more than one year and q fine OF not
more than one thousand dollars and any
officer aiding. or abetting in any contr-
button made in violation OF this act shall
be Stable 10 the company or association
for the amount so contributed.
No person shall be excused from at
tending and testifying or producing any
books, papers. or other documents before
any court ma eistratc upon any in
yestlga tion, proceeding or trial, for a vio-
lalion of any OF the provisions Of this act
upon the ground or for the reason that
the testimony or evidence, documentary
or otherwise. required of him. may tend
10 incrimlnatc or degrade him: but no
person shall be prosecuted or subjected
10 any penalty or forfeiture for or on
account Of any transaction, matter or
thing concerning which he may so testi-
fy or produce evidence. documentary or
otherwise, and no testimony SO given or
produced shall be used against him upon
any criminal invcstiga tion or proceed
ing.
Misrepresentation of the term of
policy is misdemeanor. punishable by
a maximum fine of $500 or sixty days
imprisonment III the county Jail. or
both. The suicide of policyholdcr
after the first policy year Of the com.
pany shall not be a defense against the
payment of the policy, whether the sui
eide was voluntary or involuntary, and
whether the policyholder was sane or
insane. and the receiving of any rebate
| allowance or reduction not specified in
the contract Is n misdemeanor. Follow
| ing are the sections in full on stock
schemes, advisory board contracts, and
| tho like:
AS to Stock Schemes.
From and after the date this act
takes effect, no life insurance company
! shall issue in this state, nor permit its
| agents. officers employees to issue in
this state, agency company stock or other
: f,1rlr on &c or al 90 ri
| Nsory board or other contracts OF auy
| Kind promising returns and profits as all
i induCement to insurance, and on and after
! the passage Of this act. no life insurance
company shall be authorized TO do bust
ness I'm this state. which issues or per-
mits its agents, officers employees to
| Issue In the state of Utah or in any other
state or territory, agency company stock
or other stock or securities or any special
| advisory board or other contracts Of any
| kind promising returns and profits an
| inducemept TO insurance, and no corpora
| tion, or stock company. acting as agent
OF life insurance company. nor any of
| It's agents. officers or employees, shall
be permitted to agree, sell offer TO sell
or give, offer to give. directly or indi-
! rectly, in any manner whatsoever, any
| share Of stock. securities. bonds or
agreement of any form or nature. prom
| is!ng returns and profits induce
! ment to insurance. or in connection there
with provided, that nothing herein con-
ner any such contracts Issued or made
| as an inducement to insurance. prior TO
the enactment hereof. or prevent the pay
ment. OF the dividends or returns therein
stipulated 10 be paid. 1t shall be the
duty OF the commissioner. upon being
satisfied that any such insurance COM
pany or any agent thereof, has violated
any OF the provisions Of this section. IT,
revoke the certificates OF authority Of the
company or agent offending.
Commissioner Squires says the new
law will give the states revenues ONLY
a little boost this year, for the reason
that most Of the companies paid their
fees and licenses before the bill be-
came effective. Tho insurance revenues
last year were S23.14l; The anticipated
revenue next year. $4,000.