Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1915-04-29
CHAPTER sss n, r. No. sse,

AN Act to amend sertion g. Chapter ais.
General Laws Minnesota 1907, Al amended
Minnesota 1911. same being section 1904.
General Statutes Minnesota 1915. relating To-
the manner Ia which domestic. co-opeias
or associations. except fraternai beneficiary
associations, shall create and maintain =
reserve fund
BE ii enacted by the Legislature 81 The state
of Minnesota.
Section l. THAT section 3. Chapter ais. des.
eeai Laws Minnesota 1907. ~ amended nv SEE.
tion /, Chapter I'll. General Laws Minnesota
l8ii same being Section a5o4. General Stat.
ntes Minnesota 1919. be and the same ts here
BY amenasd r e. a. 70 rsaa a. se,ow. ~.
or casualty corporation, society, or association
except fraternai beneficiary assosations.
which issues certificate or policy. or makes
an agreement with It's members by which,
upon the aecease Of member. mere than two
hundred t2oo1 dollars is 60 be paid to, or
benefit conferred upon the legal repreaentae
tives or designated beneficiary ~ such member
shali set aside ten u01 per cent OF liz Kross
premium receipts or assessments each year,
as a reserve. until the same. together with
any reserve already accumulated. shall
amount 60 the sum OF Twenty-Five thousand
tx2s. On0t duitars.
Every domestic co. cooperative or assessment
company transaeting the business OF life
and health and accident Insurance. which
providing Indemnity for disability from accls
dent or disease In excess ct seven hundred
nifty eco, dollars on account Of any one acct.
demnsiy for disability from accident Illness
In exc<sa OF seven hundred Nifty fT50l dollars
on account OF any one necident or illnees ami
death indemnity OF more than two hundred
t2n0l dollars shall set aside . reserve ten
100 per cent of it's gross premium receipts
or assessments each year until the same, tc-
gether with any reserve already accumulated.
shall amount TO two thousand f200Ql dollars,
ard shalt thereafter set aside al reserve
1--WE 20 prr cent o. s sr'ss M a. ree'ps
gather with any reserve already accumulated.
shat an cunt to twentysave thousand CO. 300,
dollars.
Every domestic co-operative or asressnien,
life insurance corporation. society or aBsoeia.
ton. which issues certificate or policy, or
makes agreement with It's members. by
which upon the decease OF q member. fnner-
al benefit II to be paid or funeral service is
TO be furnished. not exceeding two hundred
f2h dollars In amount or value shNH set
aside ten tl0) per cont Of its gross premium
receipts or assessments each year as re-
serve. until the same. together with any. re-
serve already accumulated. shall amount 10
The sum Of Five thousand 5000, dollars. which
said reserve fund accumulated ns herein pro-
sioner Of insurance Of the state Of Minnesota
for the benefit OF slt its poiiey'hoiders.
Such deposit may consist OF securities Of
the class In which insurance companies are
authorized to invest under the laws of this
state and the company depositinE the same
shall be entitled 80 the income derived from
such securities No foreign Insurance com
pany upon the cooperative or assessment
plan shall hereafter be permitted To transact
business IN this state unless ~ makes the
deposit hercinbefore required OF domestic
co, Irsniss except that where by the laws cf
the state under which said foreign eomp4nv ID
organized II IL permitted 10 and actually does
maintain for the benefit OF all Its poifcyhold-
deposit with some proper officer Of sueh
state Of nm amount equal 10 the deoosit RE-
auired by Tits act: the d~nosit with slch
other state shall be a sufficient compliance
with the provisions Of this section, Mo de-
posit Of securities other than that herein pro.
vtded for shall be required OF any such CO.
operative or assessment company Any com
pany transacting the business OF life insur-
ance. upon the cooperative or assessment
plan, ana creating and maintaining greater
reserve than herein provided for. may elect by
written stipulation. flied with the commits
sfoner of insurance, 10 keep on deposif with
thn commissioner It's entire reserve and spsciai
benefit funds, other than mortuary funds; and
thereafter said entire reserve and special
benefit funds ehaii be deposited WITH said
commissioner In securities OF Ike character
and upon the terms AZ provided herein
for the deposit Of the reserve required by this
Section. r07 c. 3is, as amended by II
e. 2115
sec. 2. This art shalt take effect ana be
In force from and after It's passage
Approved April a. 1915.