Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1915-04-29
CHAPTER sss n. r. No, $50.

AN ACT 70 amend Section 2. Chapter 8is.
General Laws Minnesota 1907. an amended
by section l. Chapter al. General Lave
General statutes Minnesota ieis, relating to-
the manner In which domestic. eo-opefH*
tive life or casualty corporations, societies.
or associations. except fraternal beneficiary
associations. shall create and maintain a
reserve fund,
He ii enacted by the Legislature Of the State
Section /. THAT Section .. Chapter ais, Ge.-
eeal Laws Minnesota 1907. az amended nv Sec
tien ]. chaptar I'll. General Laws Minnesots
1911. same being Section a504. General stat
ufes Minnesota 1913. be and the same ts here.
By amended so as 10 read as follows;
o. ssrrs no, na,'' s',.,.,s ~ assn.,a ,lan
except fraternai beneficiary asssstations
which issues certificate or policy. or mAkes
an ns WIZ 'r assa r. es as ws
hundred tco0) dollars IN TO be paii TO, or
benefit conferred upon the legal representa-
tives or designated beneficiary ~ such member
shall set aside ten 0o) per cent ct its gross
premium receipts or assessments each year.
reserve, until this same, together with
any reserve already accumulated, shnll
amount to the snm OF twenty-five thousand
tS2a o0ot dollars.
Every domestic co operative or assessment
company trHnsacting the business ~ iife
and health and accident Insurance. which
does not issue health and accident policies
providing indemnity for disability from acct
dent or disease In excess Of seven hundres
fifty tT50i dollars on account Of any one acci-
dant or illness nor issues policies providing int
demuity for disability from accident or Illness
in excess OF seven hundred nfty tThN dollars
account of any one accident or iisnsFs ans
death indemnity OF more than two hundred
f2no) dollars. shall set aside as reserve ten
tiol per cent of Its gross premium receipts
or assessments each year until the same. &c.
esther with any reserve already accumulated.
shall amount to two thousand f20nol dollars.
and shah thereafter set aside ~ reserve
Ave 90 per cent OF It's gross premium receipts
or assessments each year until the same te-
yrti ,sF viii NM
shalt AN cunt 10 twenty-five Thousand i-a.9eof
dollars.
Every Domestic cooperative or assessment
life insurance corporation, society or associa-
ton which issues a certificate or policy, or
makes agreement with Its members. by
which upon the drcease OF member q fnners
al benefit Ia TO be paid or funeral service II
TO be furnished not exceeding two hundred
2Ni dollars In amount or value. she'll set
aside ten fo} per cent OF It's gross premium
receipts assessments each year Az re-
serve, until the same. together with any re-
serve already accumulated shall amount n
The sum of Five thousand $1,000 doiiars, which
said reserve fund accumulated as herein pro-
vided. shall be Deposited with the commits
sioner Of insurance OF tho state OF Minnesota
for the benefit Of all It's poiieyhciders.
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 depositing the same
shall be entitled TO the income derived from
such securities. No foreign insurance com,
psny upon the cooperative or assessment
plan shall hereafter be permitted to transact
business In this state unless II makes The
deposit hereinbetore required OF domestic
cor Ipsnies except that where by the laws 81
the state under which said foreign csrnhanv IL
organized u IL permitted to and actually does
maintain for the benefit Of ell It's poiicyhold,
deposit with some proper ofrscer Of such
stats Of an amount equal 10 the deo9stt res
aurrd by this act; the SeposH with snch
other state shall be q sufficient compliance
with the provisions Of this section. No Dr.
post Of securities other than that herein pro
vided for shall be required of any such CO.
operative assessment company, Any corn.
pany trsnsseting the business Of life insur-
snce. upon the cooperative assessment
plan, and creating ana maintaining a greater
reserve than herein provided for, uray elect by
written stipulation. flied with the commits,
sipner of Insurance, to keep depoAit With
the commissioner its entire reserve and special
benefit funds, other thsn rnortuary funds: ans
thereafter said entire and special
benefit funds shall be- deposited With said
commissioner In securities Of Hike chBrncte,
and upon the terms provided herein
for The deposit Of the reserve required by thf,
section. cor c. sIs. 3 as amended by II
r. 21f)
Sec 2. This sct Hhsli take effect and be
in force from and after itx passage.
Approved April "a, 1915