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CHAP. III.

Repeal,

§ 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in relation to the incorporation of insurance companies, as is inconsistent with the provisions of this act, is hereby repealed.

to be sub

L. 1853, Chap. 469-An Act to amend the general law relative to the incorporation of insurance companies.

PASSED June 29, 1853. Mutual life SECTION 1. Any mutual life insurance company in this State, insurance companies incorporated previously to the passage of the general insurance ject to 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.

taxation.

insurance

L. 1855, Chap. 83 - An Act to declare the intention and

make more certain an act entitled 'An Act to amend the general law relative to the incorporation of insurance companies, passed June twenty-ninth, eighteen hundred and fifty-three.

PASSED March 24, 1855. Mutual life SECTION 1. Any mutual life insurance company, incorporated companies in this State previous to the passage of the general insurance law, subject to taxation on on the tenth day of April, eighteen hundred and forty-nine, shall $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.)

CHAP. III.

$ 3. Any company organized under the acts to which this is an

Reorganamendment, 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 hun

dred 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. (SECTION 1 amends Laws of 1853, chap. 463.) § 2. The amount of capital necessary for the organization of a

Amount of company under the second department contained in the first sec- capital and 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, 81, ante, p. 53.) $ 3. The annual statements of life, health or casualty insurance

Annual companies, incorporated by or organized under the laws of any statemente 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

Fees for period. The fees for each certificate of authority, and certified certificate copy thereof, shall be five dollars.

ity. (See Laws of 1853, chap. 463, $ 14, p. 62, ante, which is modified by this section.)

made.

L. 1866, Chap. 843– An Act relating to dividends to stockholders of life insurance companies.

PASSED April 28, 1866. 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 superin

,

showing passage of this act, to prepare and deposit in the office of the

dividends 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.

§ 2. Such report shall be under oath, and be duly sworn to by Report, how and the president, actuary and secretary of such company ; and a like when to be made. 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.

ment,

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.

Passed April 24, 1867. [As amended by Laws of 1869, chap. 902.*] Additional SECTION 1. Any life insurance company, now or hereafter securities in authorized under and by the laws of this State to make insurance insurance depart

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.

§ 2. The securities deposited by any company under the proto be trans- visions of this act shall be legally transferred by it to the superinsuperintendent in tendent 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.
curities 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 com-

pany appointed as herein provided, and in compliance with the Special deposits. 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,

Securities

trust.

Said se

Not to be alienated.

* 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.

CHAP III.

When

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.

§ 3. Whenever any such company shall legally transfer to the superintendent of the insurance department any amount of said se

registered

policies curities, not less than twenty-five thousand dollars, said superin- may be tendent 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. § 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

Securities. 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;

Annual re

CHAP. III.

treasurer.

of securities.

securities.

but nothing in this act shall be construed as implying any obligstion on the part of the State to pay the policies and annuity bonds issued under this act, beyond a proper application of the securi

ties so deposited toward their liquidation as hereinafter provided. Access to The treasurer of the State, and any person duly authorized by the books.

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 securiSalary of ties as may be necessary for the examination thereof. The treas

urer shall, for the services required by this act, receive the annual salary of two hundred and fifty dollars, to be paid by the com

panies availing themselves of the provisions of this act.* Withdrawal

8 5. The said depositing companies may at any time withdraw any excess of securities above the net present value hereinbefore 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 insur

ance companies and the amendments thereto. Bonds to § 6. The said companies shall deliver to the superintendent of be deliv ered to the insurance department the policy and annuity bonds, engraved superin

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 puroriginals.

pose, 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.

tendent.

tion and return of

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The ex Expens

penses necessarily incurred in registering, countersigning and sealand reining the said policies and annuity bonds, and in otherwise exe

cuting the provisions of this act, including the salary of the 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

bursed.

* By Article V, section 1, of the.constitution the treasurer is prohibited from receiving any fees, perquisites or other compensation except his stated salary.

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