2. Such as shall have been mortgaged to it in good faith, by way of security for loans previously contracted, or for moneys due; or, 3. Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings; or, 4. Such as shall have been purchased at sales upon judgments, decrees or mortgages obtained or made for such debts; and it shall not be lawful for any company incorporated as aforesaid to purchase, hold or convey real estate in any other case or for any other purpose; and all such real estate as may be acquired as aforesaid, and which shall not be necessary for the accommodation of such company in the convenient transaction of its business, shall be sold and disposed of within five years after such company shall have acquired title to the same; and it shall not be lawful for such company to hold such real estate for a longer period than that above mentioned, unless the said company shall procure a certificate from the comptroller that the interests of the company will suffer materially by a forced sale of such real estate, in which event the time for the sale may be extended to such time as the comptroller shall direct in said certificate. CHAP. XX. seal, make $10. The corporators, or the trustees or directors, as the To adopt case may be, of any company organized under this act shall by-laws, &c have power to adopt a seal, and to make such by-laws, not inconsistent with this act or the constitution and laws of this state, as may be deemed necessary for the management of its affairs; and suits at law may be maintained by any corporation formed under this act against any of its members or stockholders for any cause relating to the business of such company; also, suits at law may be prosecuted and maintained by any member or stockholder against such corporation for losses which may have accrued, if payment is withheld more than two months, on all risks, after such losses shall have been due. formed, to corporate. S 11. All companies formed under this act shall be deemed Companies and taken to be bodies corporate and politic, in fact and in be bodies name, and shall be subject to all the provisions of the Revised Statutes in relation to corporations, so far as the same are applicable, except in regard to annual statements and other matters herein otherwise specially provided for. under oath, annually. $ 12. It shall be the duty of the president or vice-president Statement, and secretary or actuary, or a majority of the trustees of each to be made company organized under the laws of this state, annually, on the first day of January, or within sixty days thereafter, to prepare under oath, and deposit in the office of the comptroller of the state, a statement, showing: 1. The number of policies issued during the year. 2. The amount of insurance effected thereby. 3. Amount of premium received during the year. 4. Amount of interest and all other receipts, specifying the PART I Reports to legislature. Agents, when to act for companies of other states. 5. Amount of losses paid during the year. 6. Amount of losses unpaid. 11. Amount of accumulation, specifying whether received upon life insurance, annuities, or how otherwise. 12. Amount of assets and manner in which they are invested, specifying what amount in real estate, on bond and mortgage, stocks, loans, on stocks, premium notes, credits or other securities. 13. Amount of dividend unpaid. 14. A tabular statement of the policies in force for the whole term of life, showing how many thereof for each age of life, and for what amount of risk, were issued or in force during the first year of the existence of the company, during the second year, and so on up to the time of making such statement. 15. A tabular statement of the policies in force for a shorter period than the whole term of life, showing how many thereof for each age of life, and for what amount of risk, were issued, or continued in force dur ing the first year of the company's existence, during the second year, and so on up to the time of making such statement. The comptroller shall cause to be prepared, and furnished to every company to which this act shall apply, printed forms of the statements herein required; and he may make such changes from time to time, in the form of the same, as shali seem to him best adapted to elicit from said companies a true exhibit of their condition in respect to the several points hereinbefore enumerated. See Laws of 1865, ch. 328. Post, vol. 6, p. 408. § 13. It shall be the duty of the Superintendent of the Insurance Department to arrange the information contained in the statements required in the last section in a tabular form, or in abstracts, and to prepare the same for printing in his annual report to the legislature. It shall also be the duty of the said superintendent, at least once in every five years, to make valuations of all the outstanding policies, additions thereto, unpaid dividends and all other obligations of every life insurance company transacting business in this state; and for the purpose of such valuations, and for making special examinations under the seventeenth section of this act, the rate of interest assumed shall be five per cent per annum, and the rate of mortality shall be that established by the English life table number three, for males. The superintendent may, in his discretion, vary the above standards of interest and mortality, in cases of companies from foreign countries, and in particular cases of invalid lives or extra hazards. The superin tendent may also, in his discretion, value policies in groups, use approximate averages for fractions of a year and otherwise, and calculate values by the net, the actual or the gross premiums, deducting, in cases of gross valuations from the gross value of future premiums, one-sixth thereof for future expenses and contingencies. 36 B., 213. As amended by Laws of 1866, ch. 785. Post, vol. 6, p. 832. § 14. It shall not be lawful for any person to act within this state, as agent or otherwise, in receiving or procuring applications for insur ance, or in any manner to aid in transacting the business of insurance referred to in the first section of this act, for any company or associa tion incorporated by, or organized under, the laws of any other state government, unless such company is possessed of the amount of actual capital required by the sixth section of this act, for companies in this state, and the same is invested in stocks or treasury notes of the United States, or of the State of New York, or of the state in which said company is located, or in bonds and mortgages on improved, unincumbered real estate within the state where such company is located, or in such stocks or CHAP. XX. to be fur security. clause. securities as now are, or may hereafter be, receivable by the bank department; but all mortgages deposited by any company under this section shall be upon improved, unincumbered real estate worth seventy-five per cent more than the amount loaned thereon, which stocks and securities shall be deposited with the Auditor, Comptroller, or chief financial officer of the state, by whose laws said company is incorporated, and the Superintendent of the Insurance Department of Certificate this State furnished with the certificate of such Auditor, nished as to Comptroller or chief financial officer aforesaid under his hand and official seal, that he, as such Auditor, Comptroller, or chief financial officer of such state, holds in trust and on deposit, for the benefit of all the policy holders of such company, the security before mentioned, which certificate shall embrace the items of the security so held, that he is satisfied that such securities are worth one hundred thousand dollars, if the company proposes to transact the business referred to in the first department, or that they are worth twenty-five thousand dollars if the company proposes to transact the business referred to in the second department. But nothing Saving herein contained shall be construed to invalidate the agency of any company incorporated by another state by reason of such company having from time to time exchanged the securities so deposited with the Auditor, Comptroller, or chief financial officer of the state in which such company is located, for other stock or securities, authorized by this act, or by reason of such company having drawn its interest and dividends, from time to time, for such stocks and securities. Such company shall also appoint an attorney in this state, on whom process of law can be served; and such attorney shall file with the Superintendent of the Insurance Department a certified copy of the charter of said company, and also a certified copy of the vote or resolution of the trustees or direc- be filed. tors of the said company appointing such attorney, which appointment shall continue until another attorney be substituted. And in case any such insurance corporation shall cease to transact business in this state according to the laws thereof, the agents last designated or acting as such for such corporation, shall be deemed to continue agents for such corporation for the purpose of serving process for commencing actions upon any policy or liability issued or contracted while such corporation transacted business in this state, and service Service of of such process for the causes aforesaid upon any such agent, shall be deemed a valid personal service upon such corporation. Such company shall also file a statement of its condi- Statement tion and affairs in the office of the Superintendent of the Insurance Department, in the same form and manner required for the annual statements of similar companies organized under the laws of this state. It shall not be lawful for any Certificate agent to act for any company referred to in this section, di- cured be rectly or indirectly, in taking risks, collecting premiums, or can act. Attorney to ed on whom may be be appoint process served. Charter to process. to be filed. to be profore agent PART I. in any manner transacting the business of life insurance in this state, without procuring from the said Superintendent a certificate of authority, stating that the foregoing require ments have been complied with, and setting forth the name of the attorney for such company; a certified copy of which certificate shall be filed in the county clerk's office of the county where the agency is to be established, and shall be the authority of such company and agent to commence business in this state; and such company or its attorney shall annually, in the month of January, file with the superintendent of the Insurance Department of this state a statement of its affairs for the preceding year, in the same manner and form provided in the twelfth section of this act for similar companies in this state; and if the said annual statement shall be satisfactory evidence to the Superintendent of the Insurance Department of the solvency and ability of the said company to meet all its engagements at maturity, and that the said deposit is maintained as above required and provided, he shall issue renewal To be fled certificates of authority to the agents of said company, certi in county clerk's office. Agents, for foreign fied copies of which shall be filed in the county clerk's office of the county where the agency is located, during the month of January in each year; and which renewal certificates shall be the authority of such agents to issue new policies in this state for the ensuing year. So amended by Laws of 1862, ch. 300; 26 N. Y., 302. $15. It shall not be lawful for any person to act in this when to act state as agent or otherwise, in receiving or procuring appli companies. cations for life or health insurance, or in any manner to aid in transacting the business of any life or health insurance company, partnership or association, incorporated by or organized under the laws of any foreign government, until such company, partnership or association shall have deposited with the Superintendent of the Insurance Department, for the benefit of the policy holders of said company, partnership or association, citizens or residents of the United States, securities to the amount of one hundred thousand dollars, of the kind required or which may hereafter be required for similar An attorney companies of this state, and shall have appointed an attorney in this state on whom process of law can be served; and the said company, partnership or association shall have filed with the Superintendent of the Insurance Department a duly certi fied copy of the charter or deed of settlement of the said company, partnership or association, and also a duplicate original copy of the letter or power of attorney of such company or association appointing the attorney thereof, which appointment shall continue until another attorney be substituted. And in case any such insurance corporation shall cease to transact business in this state according to the laws thereof, the agents last designated or acting as such for such corporation, shall be deemed to continue agents for such corporation for the purpose of serving process for commencing to be ap pointed on whom pro be served. cess may CHAP. XX. process. to be filed. to act with cate. Certificate to be filed. statement. actions upon any policy or liability issued or contracted while such corporation transacted business in this state, and service Service of of such process for the causes aforesaid upon any such agent, shall be deemed a valid personal service upon such corporation. Such company, partnership or association shall also file Statement a statement of its condition and affairs in the office of the Superintendent of the Insurance Department, in the same form and manner required for the annual statements of similar companies organized under the laws of this state. It shall Agents not not be lawful for any agent or agents to act for any company, out certiapartnership or association referred to in this section, directly or indirectly, in taking risks, collecting premiums, or in any manner transacting the business of life insurance in this state, without procuring from the said Superintendent a certificate of authority (which shall be renewable annually) stating that the foregoing requirements have been complied with, and setting forth the name of the attorney for such company, a certified copy of which certificate shall be filed in the county clerk's office of the county where the agency is to be established, and which shall be the authority of such company and agent to commence business in this state; and such com- Annua. pany, partnership or association shall annually, on the first day of January, or within thirty days thereafter, file with the Superintendent of the Insurance Department a statement of all its affairs in the same manner and form provided in the twelfth section of this act for similar companies in this state; which statement shall be made up for the year ending on the preceding thirtieth day of June, accompanied also by a supplementary annual statement, duly verified by the attorney or general agent of the company or association in this state, giving a detailed description of the policies issued and those What to which have ceased to be in force during the year, the amount of premiums received and claims and taxes paid in this state and the United States for the year ending on the preceding thirty-first day of December; said supplementary statement shall also contain a description of the investments of such company or association in this country, and such other information as may be required by said Superintendent; and if the said annual statement shall be satisfactory evidence to the said Superintendent of the solvency and ability of the said company to meet all its engagements at maturity, he shall issue renewal certificates of authority to the agents of said company, partnership or association, certified copies of which shall be filed by such agents in the county clerk's office of the county where the agency is located, within sixty days after the first day of January in each year, and which renewal certificates shall be the authority of such agents to issue new policies in this state for the ensuing year. All such foreign Foreign insurance companies, partnerships and associations engaged to pay tax. in the transaction of the business of life or health insurance in this state, shall annually, on or before the first day of March contain. When retificates to newal cer be issued. companies |