The Birmingham age-herald., 1909-08-30

with the Great Seal of State attached as herein provided the Insurance Com missioner shall collect one dollar. Such poileies shall be known as registered pol lcles. and memorandum of each such policy containing such certificate. in such form and stating such facts as the h. surance Commissioner may prescribe. shall be furnished the Commissioner and kept in his office.
 Sec. 3. It shall be the duty of the In- surance Commissioner to keep such q register of all policies containing such certificate as will enable him to compute their value at any time Upon written proof, attested by the president. or vice president. and secretary of the company which shall have issued such policies. that any of them have been commuted or terminated, the Insurance Commis- sloner shall commute or cancel the same on the register. The net present value. or reserve value Of every registered pol icy shall be ascertained according to the standard of valuation of policies of life insurance prescribed, or which may here after be prescribed. by the laws of the State, when the first premium shall have been paid thereon, less the amount of such liens or charges, not exceeding such value, as the company may have against It, and shall be entered opposite the rec ord Of said policy in the. register at the time such record is made, or, on the first day of January in each year. or within sixty days thereafter. the Insur-
 
 other time and at more frequent inter- vals he may cause the registered policies of each company to be carefully valued or revalued as the Insurance Commits sioner may require, and the actual value thereof less such liens or charges, not exceeding such value, as the company may have against them, shall be entered upon the register opposite the record of each policy, and the Insurance Commits sioner shall furnish a certificate of the aggregate of such values to the com pany. It shall be the duty of the In- surance Commissioner to cancel on the register mutilated policies issued by said companies, and to register in lieu there of other policies presented of like tenor and date.
 Sec. 4. Each company which shall have made the deposit herein provided for shall make additional deposits from time to time of such securities as are author ized by section 1 of this act to be de- posited in such amount that the market value of all the securities deposited shall always be at least equal to the net value of the registered policies issued by said company. less such liens and charges, not exceeding the net value, as the company may have against them. So long as any company shall maintain its deposits, as herein prescribed. at an amount equal to, or in excess of, the net value of it's registered policies as aforesaid, 1t shall be the duty of the Insurance Commis- sioners to sign and affix the Great Seal of the State to the certificate provided for in section of this act on every poll icy presented to him for that purpose, by any company making such deposits
 Sec. 5. The State Treasurer shall keep careful record of the securities depos- ited by each company, and if at any time it shall appear to the Insurance Com missioner or to the State Treasurer that the value of the securities of any com pany held on deposit Is less than the ac- tual value of the registered policies is- sued by such company, it shall not be lawful for the Insurance Commissioner to execute the certificate on any addition al policies until the company shall have made good the deficit by depositing ad- Nditional securities. If any company shall fail or neglect to thus make good such deficit within sixty days 1t shall be deemed to be insolvent and may be pro ceeded against in the manner provided by law in such eases.
 Sec. 8. Every company which shall have made the deposit herein provided for, may at any time after the date on which said deposit was made, deposit with the Insurance Commissioner secu- -.sA. I.... Ix 4n.. ..nf and in accordance with the provisions of the same, in an amount equal to the &C., tual value of all it's non-resistered poll cies which 1t shall have in force at the time. less such liens or charges not ex- ceeding their actual cash value, as the company may have against them; and the Insurance Commissioner shall, when requested to do, furnish such company with certificate of the kind prescribed in section of this act to be attached to and made part of each of said policies. The Commissioner shall in such cases enter upon each of such certificates the number of the policy to which it be- longs.
 Sec. '. Any company depositing under the provisions of this act may increase its deposits of such securities as are au- thorized under this act. And any com- pany whose deposits exceed the net value of all registered policies which it has in force less such liens and charges, not ex- ceeding such net value. as the company may hold against them, may withdraw such excess. And any company may at any time withdraw apy of the securities which it has deposited by depositing others of equal value, satisfactory to the Commissioner, and of the character au- thorized by this act, in their stead. And so long said company shall remain sol- vent and maintain its deposits, as by this act required, it may collect interest coupons, rents and profits on the securi- ties deposited as the same may accrue.
 Sec. S. All securities deposited with the Insurance Commissioner as provided in this act shall be by him promptly de- livered into the custody of the State Treasurer, who shall, in his official ca pacity, receipt to the Insurance Com pany making such deposit of securities, and hold the same, as provided in section 4575 of the Code
 Sec g. All certificates heretofore made by the Insurance Commissioner on poll icies of life insurance similar in sub stance to the certificates prescribed in section ? of this act and all deposits of securities heretofore made with the 1n- surance Commissioner as certified in said certificates, are hereby made subject to the provisions of this act. It shall be the duty of every life insurance com pany which has heretofore issued poli- cies containing such certificates. if they have not already done so, to furnish the Insurance Commissioner a memorandum of all such policies, in such form and stating such facts as the Commissioner may prescribe. and the register herein required to be kept shall contain record of all such policies and the provisions of this act shall apply to such policies.
 Gao 10 The prOyisions of this act shall