MICHIGAN.

SUPERVISING OFFICER, THERON F. GIDDINGS, COMMISSIONER OF INSURANCE, LANSING.

Preliminary Documents.—Every company must file a copy of its charter and a sworn statement giving the name, location, capital and condition of the company; also a copy of its last annual report.

Attorney.-Company must appoint an attorney to accept service of legal process.

Funds.-Company must possess at least $100,000, properly invested.

Deposit.-Company must have a deposit of $100,000 with the proper officer of some State for the benefit of all its policyholders, and furnish certificate of such officer; $50,000 of these securities must be United States or State bonds, or of any city or county in this State author. ized by an act of the legislature to issue the same, or of State, county or city bonds, or stocks of the State where organized, or of bonds and mortgages on improved real estate worth double the sums loaned thereon.

Valuation of Policies. - Basis of valuation is the American Experience Table of Mortality, with interest at four and one-half per cent.

Annual Statements.-Annual statements must be filed in the month of January of each year, showing the condition of the company on December 31 preceding.

Agents. No requirement.

Fees. For valuation of policies, one cent for every $1000 of insurance; examination of companies, actual expenses incurred. Reciprocal provisions regulate other fees.

Licenses.-Company must obtain license from the Commissioner before commencing

business.

Taxes. Company required to make sworn return to the State Treasurer of the gross premiums received in the State during the preceding year, and shall, at the time of filing its annual statement, pay a tax of two per cent on all premiums received in cash or otherwise, This tax in lieu of all other taxes.

Penalties. Companies doing business without complying with the law subject to a penalty of $100 for every application obtained or contract made. Any person soliciting business or making any insurance contract before complying with the law of the State liable to a penalty of $100 for every application obtained or contract made. And any person who may have paid money for such contract will be entitled to recover the same from the person to whom it is paid.

Miscellaneous Companies.-Accident, plate glass, live stock and steam boiler insurance companies must make returns of gross premiums received, and pay tax on the same at the rate of two per cent.

MINNESOTA.

SUPERVISING OFFICER, C. H. SMITH, INSURANCE COMMISSIONER, ST. PAUL.

Preliminary Documents.-Company must file a certified copy of its charter and a statement showing the condition of the company.

Attorney-Company must designate one or more agents as attorneys to accept service of legal process, and also file a stipulation that any legal process served on the Insurance Commissioner shall be binding on the company.

Funds.-Company must possess available assets, properly invested, to the amount of at least $100,000.

Deposit.-Company must furnish a certificate from the proper official of the State where the home office of the company is located, showing that the company has on deposit for the benefit of all policyholders of the company securities to the amount of $100,000, or, failing to furnish such certificate, such deposit must be made with the Commissioner of the State.

Valuation of Policies.-The basis of valuation is the American Experience Table of Mortality, with interest at four and one-half per cent.

Annual Statements.-Annual statement must be filed within forty days from January 1, showing the condition of the company on December 31 preceding. Such statements must be published at least three times in a daily or weekly newspaper of general circulation, published

in Hennepin or Ramsay counties, having a circulation of 2000 copies or more; or in the county where the State agency of the company is located.

Agents. Every agent must procure a certificate of authority from the Commissioner, to be renewed annually within sixty days from January 1 of each year. In all advertisements of the company or agency the name and location of the company must be given, and in all advertisements and circulars the amount the company had at risk on December 31 preceding must be stated.

Fees. For filing certified copy of charter, $25; filing annual statement, $25; issuing certificate of authority and certified copies thereof, $1 each; copies of papers on file, twenty cents per folio; certifying same, $1; valuing life policies, $10 per million of insurance or fraction thereof; examination of companies, actual expenses incurred. In case the fees do not equal the expense of the Commissioner's office the deficiency may be assessed equally upon the companies doing business in the State. Other fees regulated by reciprocal provision. Licenses.-See Agents.

Taxes.-A tax of two per cent is imposed upon all premiums collected within the State during the preceding year, which must be paid to the Insurance Commissioner annually when certificate of authority is issued. Other taxes regulated by reciprocal legislation.

Penalties.-Doing business as an agent without a license subjects the offender to a fine not exceeding $100. Neglect of company to transmit statement incurs a forfeiture of $100 for each day's neglect. A company willfully making a false statement is liable to a penalty of $500. A company neglecting to furnish information asked for by the Commissioner incurs a penalty of $500. Any company violating any of the provisions of the law, or that shall, "by means of any advertisement, circular, notice or statement, printed or written, to be posted or circulated, through and by the agency of any officer, agent or person, or by any other means falsely represent or hold out to the public that the capital stock of such company is greater than its actual amount, or that the accumulations of such company are greater than their actual cash or market value, every officer or agent of such company guilty of any willful participation therein shall be deemed guilty of a misdemeanor, and on conviction shall be punished by a fine not exceeding $1000, or by imprisonment in the county jail not exceeding three months, or by both fine and imprisonment at the discretion of the court." Any company after having published misrepresentations as above, that shall receive any money, note or obligation from any person as a consideration for any insurance made or to be made by such company, such money, note or obligation shall be deemed to have been received without consideration, and any officer or agent who may have received the sum shall be jointly and severally liable in a civil action for the repayment, and liable to the person insured for the amount of the premium paid.

Miscellaneous Companies.—No provision for companies other than life and fire.

MISSISSIPPI.

SUPERVISING OFFICER, W. W. STONE, AUDITOR OF PUBLIC ACCOUNTS AND INSURANCE COMMISSIONER, JACKSON.

Preliminary Documents.—Company must file a copy of its charter and statement showing the name, location, capital, assets and liabilities of the company.

Attorney.-An agent of the company who lives in the State must be empowered to accept service of legal process.

Funds.-Company must possess at least $150,000 of actual capital or assets of an equal amount satisfactorily invested.

Deposit.-No requirement.

Valuation of Policies.-No provision.

Annual Statements.—Annual statements must be filed on or before March 1, showing the condition of the company December 31 preceding.

Agents. Every agent must file in the office of the Chancery Court of the county in which he does business a copy of the company's statement, certified by the Auditor. Certificates to be renewed and filed annually.

Fees.-To Auditor: For issuing license and receiving statements, $20, and $2.50 for each certificate of authority.

Licenses. For agent in city of 5000 or more, $40; 2000 and less than 5000, $25; less than 2000, $20; all other agents, $15.

Taxes. For the privilege of doing business in the State, company must pay a privilege tax of $1000.

Penalties.-On conviction of violation of any of the provisions of the law relating to insurance the offender is subject to a penalty of not less than double the amount of license, and imprisonment in the county jail not more than six months.

Miscellaneous Companies.-Accident insurance companies must pay a privilege tax of $250; live stock companies, $100.

MISSOURI.

SUPERVISING OFFICER, C. P. ELLERBEE, Superintendent OF INSURANCE, ST. LOUIS. Preliminary Documents.-Company must file with the Insurance Department at St. Louis a certified copy of its charter, with all amendments thereto and their dates; a copy of its last annual statement; a certificate from the Insurance Department of its own State that the company has been duly organized and authorized to transact the business for which it was chartered; a certificate from the Insurance Department (or in the absence of an insurance department, from the State Auditor or Treasurer) that the company has on deposit, for the benefit of all policyholders of the company, not less than $100,000, and a schedule showing the kind of securities in which such deposit has been invested; a certificate that similar companies of the State of Missouri would be authorized to transact business in the company's home State upon compliance with the law; a copy of the appointment of the company's general agent, if any, who would have authority to appoint local agents and solicitors.

Attorney.-A power of attorney authorizing the Superintendent of the Insurance Department to receive and accept service of process.

Funds.-Foreign companies must deposit with proper officer of any State not less than $200,000 for benefit of all policyholders in the United States.

Valuation of Policies.—Annual valuations upon the basis of net premiums by the Actuaries' Table of Mortality, with four per cent interest, are made in the department. Superintendent may (and does) accept certificates of valuation, not made by employees of companies, from States whose laws permit of reciprocation. Before proceeding against an insolvent company, Superintendent must apply a gross valuation based upon company's actual experience. Impairment of capital is to be treated with the discretion of the Superintendent of the Insurance Department.

Annual Statements.—Annual statements showing condition of company on 31st of December must be filed within thirty days after January 1.

Agents. Local agents and solicitors must have certified copy of company's authority to transact business as their license. One copy answers for a firm, but each member of the firm must be named therein. In cities of 100,000 population agents must have special license, at an annual cost of $100. Other incorporated towns have license system under which they demand of insurance agents $5, $10, $15, $20 or more per annum.

Fees. For filing a copy of charter and preliminary statement of condition, $50; regular annual statement, $30; power of attorney and each other paper required to be put on file in the office of the Superintendent, $10; agents' and solicitor's copy of certificate of authority (license), $2 each; copies of papers, 20 cents per folio; affixing seal of department, $1. Valuation fee, $10 per million of insurance.

Taxes Companies must make sworn report to the Superintendent of the Insurance Department, on or before April 30, of all premiums received in the State, whether in cash or by note, during the year ending the preceding 31st of December. On this gross amount the Superintendent levies a State tax of two (2) per cent. Each company must also report on or before April 30 to the assessor of each county, city or town in which it has done business the actual premiums received and the actual losses paid, and on the difference, or net premiums, must pay to the local collectors the local taxes according to the general levy in such county,

city or town. If the receipts for such local taxes are filed with the Superintendent of the Insurance Department on or before the 15th of October next ensuing, he will give credit for the amounts thus paid upon the State levy, and the balance of the State tax must be paid to the State Treasurer on or before November 1. After October 15 the Superintendent will not allow any credit for local taxes for any excuse whatever. State taxes are retaliatory. Companies failing to report local taxes are subject to estimated double assessments; and if they fail to pay taxes levied or fees imposed after ten days' demand, are liable for double the

amounts.

Penalties.-Agents doing business without authority are subject to fines from $10 to $100, or imprisonment, or both. Superintendent of Insurance Department has authority to revoke licenses of companies when, in his judgment, their proceedings are hazardous to the public.

MONTANA.

SUPERVISING OFFICER, A. B. COOK, STATE AUDITOR, HELENA.

Preliminary Documents.-Company must file a certified copy of its charter, with a statement as to the name of company, location, amount of capital and details of its condition. Attorney.-Company must appoint an attorney in each county in which its agencies are established, resident of the county seat, to accept service of legal process.

Funds.-Company must have deposited with the proper officer of some one of the States or Territories a sum of not less than $100,000 for the benefit of policyholders.

Deposit.-See Funds.

Valuation of Policies.-No provision.

Annual Statements.—Annual statements must be filed with the Auditor within ninety days from January I each year, showing the condition of the company December 31 preceding. Agents.-Agents must procure a certificate of authority from the Auditor. and all advertisements publish the location of the company.

Fees. For filing application of company and issuing license, $100; filing annual statements, $25; issuing certificate of authority, $2; copies of papers on file, ten cents per folio ; certifying same, fifty cents; for examinations of companies, the necessary expenses involved. Other fees regulated by reciprocal provisions.

Licenses.-No provision.

Taxes.-Each agent must report to the Tax Assessor of the county wherein he does business the amount of premiums received over losses and expenses during the preceding year, and shall pay a tax upon the excess at the same rate that personal property is taxed. Agent personally liable for the tax. If the agent neglects or refuses to render statement of premiums the Assessor will assess the amount according to the best of his knowledge, and the County Board of Equalization may add fifty per cent to the amount returned by the Assessor. This in lieu of all other taxation except on real estate.

Penalties. For every violation of the law or failure to comply with its requirements a fine not exceeding $1000 and imprisonment not exceeding six months is imposed.

Miscellaneous Companies.-No provision for companies other than life and fire.

NEBRASKA.

SUPERVISING OFFICER, T. H. BENTON, AUDITOR OF PUBLIC ACCOUNTS, LINCOLN. Preliminary Documents.-Company must file a copy of its charter and a statement showing its location, capital, assets and liabilities in detail, and a copy of its last annual report.

Attorney. An agent of the company must be authorized to accept service of legal process. Funds.-Every company must be possessed of properly invested assets to the amount of not less than $100,000.

Valuation of Policies.-No provision.

Annual Statements.-Annual statements must be filed in the month of January of each year, showing the condition of the company on December 31 preceding.

ness.

Agents.-Agents must procure from the Auditor a certificate and file same, together with a copy of the company's statement, in the office of the clerk of the county in which they do busiThe statement and certificate to be published one week in a daily and four weeks in a weekly newspaper published in the county in which the agency is established. If there is no daily paper the weekly publication will be sufficient. Certificates to be renewed annually and published in the same way. In all advertisements agents must state the name and location of the company they represent and the State or government under whose laws it was incorporated. Fees. For filing first application of company and issuing certificate, $50; filing annual statement, $20; each certificate of authority, $2; copies of papers on file, ten cents per folio; certifying same, fifty cents; examinations of companies, actual expenses incurred. Other fees in accordance with reciprocal provision.

Licenses. No provision.

Taxes. The excess of personal property is taxed.

premiums over losses and expenses is taxed at the same rate that Agents required to file list with the proper officer in the county in which he does business, and is personally liable for the amount of the tax. In case of his refusal to render the list the Assessor will assess the amount due according to his best information. This in lieu of all other taxes and licenses except on real estate. Penalties.-No provision.

Miscellaneous Companies.--Plate glass companies may transact such business within the State, provided they have a paid-up capital of $100,000 or more, deposited with their proper State officials, and fully complying with all the insurance laws of this State relating to foreign insurance companies.

NEVADA.

SUPERVISING OFFICER, R. L. HORTON, STATE CONTROLLER, Carson CITY.

Preliminary Documents.-Stock companies must file with the Controller a certificate showing that it possesses a paid up, unimpaired cash capital of $200,000 or more. Filing of certified copy of the charter optional with the Controller.

Attorney.-Company must authorize some citizen and resident of the State to accept service of legal process. In case of the death or removal of such person, service may be made on the Controller.

Funds. Mutual life insurance companies must have assets amounting to $100,000 and upward.

Deposit.-None required.

Valuation of Policies.-No provision.

Annual Statements.-Annual statements must be filed on or before the last day of March in each year, showing the condition of the company on December 31 preceding.

Agents.-Company having outstanding policies in the State may appoint agents to collect premiums, provided it appoints an attorney as required. Controller will issue certificates to such agents.

Fees. Every company must pay a license fee of $100 annually. For filing power of attorney and issuing certificate, $5.

Licenses.-See Fees.

Taxes. No provision.

Penalties.-Company neglecting to file its annual statement shall forfeit $100 for each day's neglect, and its authority to do business shall be revoked. For making a false statement the company and the person making the oath by subscribing to it may be punished by a fine of not less than $500 nor more than $5000.

Miscellaneous Companies. —Other insurance companies of whatever kind or character, except charitable secret societies, must file an annual statement in the month of January with the State Controller.