CHAP. III. Mutual life insurance to be sub ject to taxation. § 10. So much of the act passed April tenth, one thousand eight hundred and forty-nine, in relation to the incorporation of insurance companies, as is inconsistent with the provisions of this act, is hereby repealed. L. 1853, Chap. 469-An Act to amend the general law relative to the incorporation of insurance companies. PASSED June 29, 1853. SECTION 1. Any mutual life insurance company in this State, companies. incorporated previously to the passage of the general insurance law, on the tenth day of April, eighteen hundred and forty-nine, shall be subject to taxation in the same manner as if it were incorporated under said general law, with a capital of one hundred thousand dollars, as required by the sixth section of the said general law. People, ex rel. Mutual Life Ins. Co., v. Board of Supervisors of New York, 20 Barb. 81; id., 16 N. Y. 424. Mutual life insurance L. 1855, Chap. 83 - An Act to declare the intention and SECTION 1. Any mutual life insurance company, incorporated companies in this State previous to the passage of the general insurance law, taxation on on the tenth day of April, eighteen hundred and forty-nine, shall subject to $100,000 only. be subject to taxation on the sum of one hundred thousand dollars for personal property and no more; and it is hereby declared that such was the intention, and it is the true construction of said act of June twenty-ninth, eighteen hundred and fifty-three, in regard to any taxes imposed on said companies after said act took effect. L. 1860, Chap. 328 – An Act to amend an act entitled "An Act to provide for the incorporation of life and health insurance companies, and in relation to agencies of such companies," passed June twenty-four, eighteen hundred and fifty-three, and the amendment thereto, passed July eighteen, eighteen hundred and fifty-three. PASSED April 12, 1860. (SECTIONS 1 and 2, amend Laws of 1853, chap. 463.) I CHAP. III. Reorgan existing § 3. Any company organized under the acts to which this is an amendment, having first obtained the consent of the superintend-ization of ent of the insurance department thereto in writing, may, by a vote companies. of a majority of their directors, accept the provisions of this act, or any of them, and amend their charter to conform with the same. L. 1865, Chap. 328 -- An Act to amend chapter four hundred and sixty-three, of the Laws of eighteen hundred and fifty-three, for the incorporation of life and health insurance companies, and in relation to agencies of such companies. PASSED April 8, 1865. Amount of required. (SECTION I amends Laws of 1853, chap. 463.) § 2. The amount of capital necessary for the organization of a company under the second department contained in the first sec- capital and deposit of tion of said act, and the deposit of securities required to be made securities in the insurance department for the benefit of policy holders, shall hereafter be at least one hundred thousand dollars, in lieu of twenty-five thousand dollars, as heretofore required, and such deposit shall consist of the same securities required of life insurance companies. (See Laws of 1853, chap. 463, § 1, ante, P. 53.) Annual statements, made. § 3. The annual statements of life, health or casualty insurance companies, incorporated by or organized under the laws of any when to be other State government, shall hereafter be made on the first day of January of each year, or within sixty days thereafter, and the renewal certificates of authority issued and filed within the same period. The fees for each certificate of authority, and certified certificate copy thereof, shall be five dollars. (See Laws of 1853, chap. 463, § 14, p. 62, ante, which is modified by this section.) Fees for of author. ity. L. 1866, Chap. 843- An Act relating to dividends to stockholders of life insurance companies. PASSED April 28, 1866. tendent, dividends to stock. SECTION 1. It shall be the duty of every life insurance company Report to organized under the laws of this State, within sixty days after the superinpassage of this act, to prepare and deposit in the office of the showing superintendent of the insurance department of the State, a report holders. giving a detailed statement of the annual dividends heretofore made to the stockholders of such company. CHAP. III. Report, how and when to be made. § 2. Such report shall be under oath, and be duly sworn to by the president, actuary and secretary of such company; and a like report shall hereafter be annually made in like form and manner to said superintendent, at the same time that the annual report is now required by law to be made by such companies. Additional deposits of insurance department. L, 1867, Chap. 708- An Act to authorize life insurance companies to make special deposits of securities in the insurance department, and to authorize the superintendent of said department to require special reports of such companies. [As amended by Laws of 1869, chap. 902.*] Passed April 24, 1867. SECTION 1. Any life insurance company, now or hereafter securities in authorized under and by the laws of this State to make insurance on lives, may deposit in the insurance department securities of the kind and in addition to the amount now required and authorized by law to be deposited by life insurance companies in that department, to any amount not less than twenty-five thousand dollars, in the manner and for the purposes hereinafter mentioned. People, ex rel. Stout, v. Chapman, 5 Hun, 225. Securities to be transferred to superintendent in trust. Not to be alienated. Special deposits. 82. The securities deposited by any company under the provisions of this act shall be legally transferred by it to the superintendent of the insurance department, for the common benefit of all the holders of its registered policies and annuity bonds issued under the provisions of this act, and he shall hold the same in trust for the purposes and objects specified in this act. Said securities shall not be alienated from the purposes of said trust, nor transferred, except in the manner hereinafter provided, and such transfer shall only be made by said superintendent under his seal of office, upon the written application, under its corporate seal, of the company making such deposit, or of the receiver of said company appointed as herein provided, and in compliance with the laws of this State relating to such transfers; provided, that any company hereafter electing to make special deposits, as authorized by this act, shall do so in respect to all policies thereafter issued, *The title to the amending Act, chap. 902, Laws of 1869, is as follows: -"An Act to amend an Act entitled An Act to authorize life insurance companies to make special deposits of securities in the insurance department, and to authorize the superintendent of said department to require special reports of such companies,' passed April twenty-fourth, eighteen hundred and sixty-seven, and also to provide for the appointment of receivers of such depositing companies in certain cases." Passed May 18, 1869. and not a portion of them only; but any company which has already made such election shall not be required to make special deposits for all its policies until after the first day of January, eighteen hundred and seventy. Attorney-General v. North America Life Ins. Co., 82 N. Y. 172. CHAP III, registered policies may be issued. § 3. Whenever any such company shall legally transfer to the When superintendent of the insurance department any amount of said securities, not less than twenty-five thousand dollars, said superintendent shall issue to said company registered policies of insurance or annuity bonds, of such denominations or amounts as the said company may require. Such policies and annuity bonds shall bear upon their face the words "secured by pledge of public stock or bonds and mortgages," with the seal of the said department, and shall be countersigned by the superintendent or his authorized deputy. Annual re § 4. The said superintendent shall, on delivering said policies Charges for policies, or annuity bonds to any of said life insurance companies, charge etc. to said companies, respectively the amount of the net present value of such policies or annuity bonds, valued by the tables authorized by law in relation to life insurance companies, according to the amount and number of premiums paid annually, semi-annually, or quarterly, thereon, and the terms thereof; but in no case shall the amount of such value exceed in the aggregate the amount of the securities deposited under the provisions of this act. On the first day of July of each and every year, or within sixty days thereafter, turn. the said companies shall make a return to the superintendent of the insurance department, under oath of the president and actuary, of the exact condition of the registered policies received from the said department, and of the premium account of the said policies and shall deposit with the said superintendent additional and similar securities, to an amount equal to any increase of value of the policies heretofore issued, and which shall remain in force, valued by the same rule as upon the issue thereof; and the securities thus from time to time deposited, or so large an amount thereof as may be necessary to equal at all times the net value of all the outstanding registered policies and annuity bonds of said companies, shall be held by said superintendent, in trust as aforesaid, until the obligations of said companies under the said registered policies and annuity bonds shall, to the satisfaction of the said superintendent, be fully liquidated, canceled or annulled; Securities. CHAP. III. Access to books. Salary of treasurer. Withdrawal of securities. but nothing in this act shall be construed as implying any obligation on the part of the State to pay the policies and annuity bonds issued under this act, beyond a proper application of the securities so deposited toward their liquidation as hereinafter provided. The treasurer of the State, and any person duly authorized by the depositing or re-insuring company, shall, at all times in the usual office hours, have access to the books and other documents in the insurance department, relating to the deposits made, and policies and annuity bonds issued under the provisions of this act; and they shall also, at all such times, have such access to such securities as may be necessary for the examination thereof. The treasurer shall, for the services required by this act, receive the annual salary of two hundred and fifty dollars, to be paid by the companies availing themselves of the provisions of this act.* § 5. The said depositing companies may at any time withdraw any excess of securities above the net present value herein before specified, upon satisfying the said superintendent, by written proof to be filed in the said department, that such excess exists, and Interest on shall be allowed to receive the interest on all securities deposited, and to exchange such securities by substituting other securities, as now provided by the acts in relation to life and health insurance companies and the amendments thereto. securities. Bonds to be deliv ered to superintendent. tion and return of originals. § 6. The said companies shall deliver to the superintendent of the insurance department the policy and annuity bonds, engraved and printed or printed and written, in such manner as the said superintendent shall direct, with duplicate originals of the same Registra duly signed. On their receipt by the superintendent he shall cause them to be duly registered in proper books kept for that purpose, in consecutive numbers corresponding to the numbers on said policies and bonds; shall cause his name or the name of his deputy to be inscribed on the policies and bonds, and affix the seal of the department to the same, and shall return the original policies to the said depositing companies, respectively. The expenses necessarily incurred in registering, countersigning and sealand reiming the said policies and annuity bonds, and in otherwise exebursed. cuting the provisions of this act, including the salary of the Expens how paid treasurer, shall be audited and paid out of any moneys in the treasury not otherwise appropriated; and, for the purpose of reimbursing the same, the said superintendent is hereby authorized *By Article V, section 1, of the constitution the treasurer is prohibited from receiving any fees, perquisites or other compensation except his stated salary. |