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ing the payment of money or providing other benefits on account ‘of and during disability from sickness or accident, in this State, shall have and constantly maintain, over and above its capital stock and other liabilities and reserves required, and as a special security for the payment of such benefits a sum of money either in cash or in investments such as are prescribed for the reserve fund of life insurance companies, equal in amount, if the premiums for such benefits are payable monthly or at shorter intervals, to at least one-twelfth part of the total premiums or contributions payable during the year for and on aecount of such disability insurance or sick or accident benefits; and if the premiums for such insurance are payable annually or at intervals longer than one month, then the sum so to be maintained shall be the amount of the unearned premium calculated proportionately for the unexpired term of the insurance in the manner provided in Section 178 of this Article for calculating the reinsurance reserve of fire insurance companies.
1904, art. 23, sec. 177. 1898, ch. 468, sec. 128A. 194. Such organizations as are described in Section 193 of this Article may, upon complying with the requirements contained in said section, make such contracts of insurance as are by said section allowed, both of adults and infants; provided, however, that in all cases of the insurance of infants, some adult shall become responsible for all obligations of said infant to said organization.
Ibid. sec. 178. 1888, art. 23, sec. 129. 1888, ch. 424. 195. Organizations not excepted, as described in Section 192, not having heretofore filed an annual statement in or with the Insurance Department of this State, shall hereafter file an annual statement as requierd by law, except that they shall sererally file their first report on or before June first, eighteen hundred and eighty-eight, showing the assets, liabilities, number of policies in force and amount thereof for the year ending December thirty-first, eighteen hundred and eighty-seven.
Ibid. sec. 179. 1888, art. 23, sec. 130. 1888, ch. 424. 196. Any agent, physician or other person who shall insure. 01 knowingly cause to be insured or reinstated in membership,
any infirm or unhealthy person not at the time in an insurable condition, shall be deemed guilty of a misdemeanor, and, upon conviction thereof, shall be subject to the penalty prescribed in Section 205 of this Article.
Ibid, sec. 180. 1888, art. 23, sec 131. 1888, ch. 424. 1916, ch. 275.
197. Any agent, collector, physician, assured or other person who shall make, present or cause to be presented to any company, association or organization, as defined or referred to in Section 192, Section 193 or Section 229 of this Article, any false, dishonest or fraudulent certificate or report of death, sickness or disability of any kind or nature, or any false, dishonest or fraudulent claim for any death, sick or disability benefit, or claim for payment to or against any such company; or any agent or collector who shall falsely represent or pretend to represent any such company, association or organization, or who shall collect or attempt to collect any premiums or monies or do any business of insurance without authority of the company, association or organization which he pretends or claims te act, or who shall secure or obtain any cash or pecuniary advantages from any such company, association or organization by any false statement, or who shall fail to turn over when required to do so, or satisfactorily account for all collections for or on account of or property of any such company, association or organization shall be deemed guilty of a misdemeanor and subject to the penalties prescribed by Section 205 of this Article.
Ibid, sec. 181. 1888, art. 23, sec. 132. 1888, ch. 424.
198. No corporation of this State shall assume the name of any such foreign or home corporation as described in Section 192, nor one so closely resembling it as to mislead the public as to its identity.
Ibid, sec. 182. 1888, art. 23, sec. 133. 1888, ch. 424.
199. The Insurance Commissioner of this State may examine all such corporations as described in Section 192, in order to verify the correctness of the annual report required by law to be made to him.
Ibid, sec. 183. 1888, art. 23, sec. 134. 1888, ch. 424. 200. Any organization, as described in Section 192, doing business upon the industrial or weekly payment plan, whether of this or other States or districts, shall require from each of its agents or collectors in this State a good and sufficient bond for not less than fifty dollars, and for failure to do so shall be liable to the penalty prescribed in Section 205 and for all dam. age the public may have sustained by such negligence; provided, that the informant shall receive one-half of the fine imposed in any conviction under this section. 1904, art. 23, sec. 187. 1888, art. 23, sec. 137. 1860, art. 56, sec. 35. 1858, ch. 432, sec. 8. 1872, ch. 388. 1874. ch. 400.
1876, ch. 248. 1878, ch. 106. 201. Every insurance company, including individuals, partnerships, joint stock associations and corporations, conducting any branch of insurance business in this State, must transmit to the Insurance Commissioner a statement of its condition and business for the year ending on the preceding thirty-first day of December, which statement shall be rendered on the first day of January following, or within sixty days thereafter (except that foreign companies may transmit their statement of business, other than that done in the United States, at any time prior to the following first of July), which statements must be in the form and state the particulars required by the blanks prescribed by the Insurance Commissioner; and he may require at any time statements from any company doing business within this State, or from any of its officers or agents, on such points as he may deem necessary and proper to elicit a full exhibit of its business and standing; all of which statements herein required must be certified by the signatures and oath of the president or vice-president of the company, with that of the secretary or actuary. No company having neglected to file a statement required of it within the time and manner prescribed shall do any new business, after notification by the Insurance Commissioner, while such neglect continues; and any company 01 association neglecting for thirty days to make and transmit any statement required, shall forfeit one hundred dollars for each day's neglect; and any person or company wilfully making a false statement in any report to the Insurance Commissioner
skall be liable to the fines imposed by Section 205 of this Article.
1916, ch. 194, 2014. All bonds and other evidences of debt held by any life insurance corporation authorized to do business in this State, may, if amply secured and not in default as to principal or interest, be valued for any and all purposes for which valuation may be made, or is required to be made, under the laws of this State, as follows:
If purchased at par, at the par value;
If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity, and so as to yield meantime the effective rate of interest at which the purchase was made; provided, that the purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase; and provided further, that the Insurance Commissioner shall have full discretion in determiuing the method of calculating values according to the foregoing rule, and the values found by him in accordance with such method shall be final and binding; provided also, that any such corporation may return such bonds or other evidences of debt at their market value or their book value, but in no event, at an ag. gregate value exceeding the foregoing rule; and provided further, that all securities except those having a fixed term and rate and not in default as to principal or interest, shall be valued according to the provisions of the laws of this State, or the established practice in this State existing at the time of the passage of this Act. But this Act shall not be construed to apply to any insurance corporation authorized to do business in this State, which shall not elect to value its bonds and other evidences of debt by amortization as herein provided.*
Ibid, sec. 185. 1904, ch. 376, sec. 135A. 202. The statement or statements required to be made to the Insurance Commissioner under Section 201 of this Article may, for the year ending December 31, 1903, be transmitted on or before July 1, 1904, in lieu of the time or times provided in
* The supplemental section, repealing conflicting provisions of law, is left out.
said Section 201 of this Article, and the Insurance Commissioner shall not be required to publish abstracts of the said statement or statements as required by Section 206 of this Article, nor his annual statement to the Governor, as he is required by sub-section tenth of Section 178 of this Article, until September 1, 1904.
1904, art. 23, sec. 186. 1888, art. 23, sec. 136. 1860, art. 56, sec. 34. 1858, ch. 432, sec. 7. 1872, ch. 388. 1874, ch. 400.
1876, ch. 248. 1878, ch. 106. 203. The capital stock of no insurance company, mutual insurance companies excepted, incorporated by this State, or incorporated by the laws of any other State or nation, and doing business in this State, whether life, fire, marine or inland insurance, shall be less than one hundred thousand dollars; and every insurance company authorized to do business in this State must have and continually keep an amount equal to its entire l'einsurance reserve, and all other debts and claims against it, exclusive of capital stock invested in the bonds, coin or treasury notes of the United States, or bonds or stocks of this or any other State of the United States, or of any county, incorporated city or other corporation of this or any other State haviig legal authority to issue the same, not only bearing, but paying interest, or it may be invested in real estate for their office or business purpose only; provided, however, that they shall have the right to purchase and hold real estate under a fore. closure of their own mortgages for a period of not more than five years; and for five years longer, if, in the judgment of the Insurance Commissioner, it is advisable so to do; or it may be invested in ground rents, or loaned upon mortgages of unin. cumbered real estate, in this or any other State of the United States, worth at least double the amount loaned thereon, exclusive of buildings, except where such buildings are insured against fire, and the policies duly assigned as additional security, when the value of the buildings so insured—to an extent not exceeding the amount for which they are insured shall be taken into account as a part of the security for such loan, in determining whether the security is worth double the amount loaned thereon; or it may be loaned on pledges of any security named in this section, or on the policies of the com