The Birmingham age-herald., 1923-11-17
JULIAN RULES CASH BASIS |S FUTURE GUIDE
Annual Premiums Must Be
 Fully Paid By 18th Of Sec
 ond Month After Policy
 Is Issued Or Renewed WILL REVOKE LICENSE OF AGENTS VIOLATING RULE Extension Of Credit Without Interest Will Be Considered Relating And In Violation Of AIabama's Insurance Laws


 On all insurance written in Ala bama, safe life, annual premiums must be fully paid by the 18th of the second month following the day the policy or it's renewal becomes effec- tive.
 This ruling goes into effect Decem- Der 1, 1923, and thereafter.
 Penalties for violation constitute revocation of licenses to do business.
 Frank N. Julian, insurance com missioner for the state of Alabama explained this to insurance men in Birmingham Friday morning. He met with a group of officials of the Thursday evening, where the matter was discussed at length.
 Since the last meeting of the Ala bama legislature MT. Julian's official title has been changed to 'Superin- tendent of Insurance"
 Friday morning the new ruling re- garding payment of fire insurance purchases was the one topic in insur- ance and real estate circles. Mir. Julian was called on for short talks and explanations even as he walked along the street.
 Third Big Question.
 This makes the third big queS- tion about fire insurance now under discussion in Birmingham. Insur- ance agents are besetting President D. F. McLendon of the city commits sion to reduce the rate charged by the city for licenses to do a fire in- surance business in Birmingham. MT. McLendon has replied, officially, that there will be no reduction In licenses until the rates charged in Bfrming- han. for insuring realty have been lowered. Lower rates have been under discussion and more or less promised for some time. All in all, the fire insurance men are. finding plenty to talk about.
 Text Of Railing.
 Then ew rulings on credit, collec- tions and premiums, fire and other insurance, promulgated by the "bu- reau of insurance" state of Alabama, are as follows:
 To all fire and marine, casualty and miscellaneous insurance com panies and agents licensed to trans act business in Alabama:
 On all business written on and after December l, 1923, premiums for insurance of all classes issued by stock and mutual insurance com panies and associations, reciprocal exchanges. or inter- insurers associa- tions classified generally as fire and marine. casualty, or miscellaneous insurance. must be paid within 50 days. .,
 premiums for insurance on all ricks generally classified as above must be paid on or before the fir teenth day of the second month sue ceeding the month in which the pol icy or contract or any renewal thereof is effective.
 Payments Payments must be made in cash or by note bearing interest a. not less than 6 per cent.
 Exceptions; Premiums for fire in- suranee on farm risks written on the installinent note plan, wnen the in .erest is included in the computation of the premiums. and premiums for judicial and court bonds and bonds of public officials, are excepted from the provisions of this ruling.
 Penalty; Violation of this ruling by extending credit beyond the max mum credit period will be considered as violative of Section 4579 and Sec ton 71SS Of the code of Alabama, and, as such, will be held to be relating. Any company or agents extending credit beyond the period herein speci- fled will be subject to the penalties provided for violations of the said sections, and any agent found guilry of violation of this ruling will suffer
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