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CHAP. III.

sation ot

failure to

§ 13. The compensation of the receiver under this act shall be Compen

fixed by the superintendent of the insurance department, and shall receiver.

not exceed the sum of five per cent on the amount of the assets of May em- such company, as shall come into his possession. The receiver ploy clerks and actu

may employ such clerks and actuaries as he may deem necessary aries.

for the proper conducting of his business as such receiver, and the How paid, said clerks and actuaries shall be paid such reasonable compensa

tion as he may determine, subject, however, to the approval of the superintendent of the insurance department, all of which compensation to said receiver, clerks and actuaries, shall be a charge on the funds of such company, and paid out of the said funds.

Matter of North America Life Ins. Co., 55 How. 465; Attorney-General v. North America Life Ins. Co., 26 Hun, 294 · Attorney-General v. Continen

tal Life Ins. Co., 27 id. 524. Inquiries § 14. The superintendent of the insurance department is hereby tendent of authorized and empowered to address any inquiries to any life or companies.

casualty insurance company, or the secretary thereof, in relation

to its doings or condition, or any other matter connected with its Penalty for transactions; and it shall be the duty of any company so addressed reply.

to promptly reply in writing to any such inquiries, under the same penalties provided in similar cases for fire insurance companies, and failing to answer, it shall not be authorized to transact any business in this State, and its certificates of authority may be re

voked and canceled. Examin

§ 15 It shall be the duty of the superintendent of the insurance ation of, affairs of

department to make, or cause to be made, an examination of the companies. condition and affairs of any life or casualty insurance company, as

provided for in the seventeenth section of chapter four hundred and sixty-three of the laws of eighteen hundred and fifty-three whenever he shall deem it expedient so to do, and also whenever he shall have good reason to suspect the correctness of any annual statement, or that the affairs of any company making such statement are in an unsound condition.

$ 16. It shall be the duty of either the president or secretary, Duty of officers of or actuary, of every insurance company having securities deposited company as

in the office of the superintendent of the insurance department of ties depos- this State, once or more during each calendar year, and at such superin

time or times during the ordinary business hours as said insurance company may select, to examine and compare such securities with the books of said department, and, if found correct, to execute to the superintendent of the insurance department a receipt or

to securi

tendent.

CHAP. III. certificate setting forth in the same the different kinds and the amounts thereof, and that the same are in the possession and custody of the superintendent at the date of such receipt.

may be

L. 1868, Chap. 118 - An Act to authorize certain life insurance companies to make dividends.

PASSED April 3, 1868. SECTION 1. Any life insurance company, chartered by or organ- Annual

dividends ized under the laws of this State, which, by its charter or articles of association, is restricted to the making a dividend only once in life insurtwo or more years, may hereafter, any thing in said charters or

panies. articles of association contained to the contrary notwithstanding, make and pay over or credit, annual dividends in the manner and proportions, and among the parties provided for in said charter or articles of association.

ance com

L. 1868, Chap. 482 – An Act authorizing any life insur

ance company, or any trust or loan company to invest their funds in bonds issued by any county, town or village of this State, pursuant to any law of this State.

Passed April 30, 1868. SECTION 1. Any life insurance company, or any trust or loan Life insurcompany, may, by the direction and consent of two-thirds of their ance and respective boards of directors, managers or finance committee, panies may purchase or invest, by loan or otherwise, any of their funds in the funds in

county, bonds issued by any county, town or village of this State, pursu

village ant to any law of this State, any thing in the charter of either of bonds of said companies to the contrary notwithstanding.

trust com

town or

this State.

L. 1869, Chap. 634 – An Act to extend the provisions of

chapter four hundred and sixty-three of the Laws of eighteen hundred and fifty-three, in relation to life and health insurance companies.

Passed May 6, 1869. SECTION 1. The provisions of the third section of chapter four Majority of hundred and sixty-three of the laws of eighteen hundred and directors to fifty-three, requiring a majority of the trustees or directors of life be State and health insurance companies to be citizens of this State, are

CHAP. III.

hereby declared to be applicable to such companies incorporated by special acts of the legislature; and no greater number than a majority, as aforesaid, shall hereafter be required to be residents of this State.

L. 1869, Chap. 902 - 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. (See Laws of 1867, chap. 708, ante, pp. 78-87, for the text of this act.)

Life insurance companies may ascertain and dis

L. 1872, Chap. 100 – An Act in relation to the dividends of life insurance companies.

PASSED March 9, 1872, SECTION 1. It shall be lawful for any life insurance company, organized under the laws of this State, to ascertain at any given

time, and from time to time, the proportion of surplus accruing to tribute pro- each policy from the date of the last to the date of the next surplus succeeding premium payment, and to distribute the proportion accruing

found to be equitable, either in cash, in reduction of premium, or in policy.

reversionary insurance, payable with the policy, and upon the same conditions as therein expressed, at the next succeeding date of such payment; any thing in the charter of any such company to the contrary notwithstanding.

to each

not to be declared

L. 1876, Chap. 341- An Act regulating the forfeiture of life insurance policies.

PASSED May 15, 1876. Policies

SECTION 1. No life insurance company, doing business in the

State of New York, shall have power to declare forfeited or lapsed forfeited

any policy hereafter issued or renewed by reason of non-payment for nonpayment, of any annual premium or interest, or any portion thereof, except

as hereinafter provided. Whenever any premium or interest due pay.

upon any such policy shall remain unpaid when due, a written or printed notice stating the amount of such premium or interest due

notice to

CHAP. III.

on such policy, the place where said premium or interest should be paid, and the person to whom the same is payable, shall be duly addressed and mailed to the person whose life is assured, or the assignee of the policy, if notice of the assignment has been given to the company, at his or her last known post-office address, postage paid by the company, or by an agent of such company or person appointed by it to collect such premium. Such notice shall further state that unless the said premium or interest then due shall be paid to the company or to a duly appointed agent or other person authorized to collect such premium within thirty days after the mailing of such notice, the said policy and all payments thereon will become forfeited and void. In case the payment demanded by such notice shall be made within the thirty days limited therefor, the same shall be taken to be in full compliance with the requirements of the policy in respect to the payment of said premium or interest, any thing therein contained to the contrary notwithstanding; but no such policy shall in any case be forfeited or declared forfeited or lapsed until the expiration of thirty days Proviso. after the mailing of such notice. Provided, however, that a notice stating when the premium will fall due, and that if not paid, the policy and all payments thereon will become forfeited and void, served in the manner hereinbefore provided, at least thirty and not more than sixty days prior to the day when the premium is payable, shall have the same effect as the service of the notice hereinbefore provided for. [As amended by Laws of 1877, chap. 321, § 1.] Robertson v. Metropolitan Life Ins. Co., 88 N, Y. 541.

§ 2. The affidavit of any officer, clerk or agent of the company Evidence that the notice to the assured, provided for in section one, has been duly addressed and mailed by the company issuing such policy to the assured, shall be presumptive evidence of such notice having been duly given.

(See Laws of 1877, chap. 321, 82, post p. 90.)

of notice.

L. 1877, Chap. 229 - An Act to regulate the reinsurance of the policy obligations of life insurance companies.

PASSED May 4, 1877. SECTION 1. No life insurance company, organized under the Reinsurlaws of this State, shall insure any of its outstanding risks or policy obligations in any other life insurance company except as hereinafter provided.

ance.

CHAP. III.

8 2. Any life insurance company, organized under the laws of Consent of owners to this State, is hereby authorized and empowered to reinsure the

whole or any part of any policy obligation in any other company or companies, provided the written consent of the owner of such

policy so reinsured shall first be obtained to such reinsurance. Reinsur § 3. It shall be lawful for any receiver of any life insurance ance by receivers company organized under the laws of this State, to reinsure upon of companies. the written consent of the superintendent of the insurance depart

ment, and the attorney-general, the whole of the policy obligations of such company in any solvent company or companies organized under the laws of this state, whenever the assets of the company of which he is receiver are sufficient to effect such reinsurance, and whenever such assets are not sufficient to effect such reinsurance, such receiver, upon the like consent, as above provided, may reinsure a percentage of each and every policy obligation outstanding in such company to the extent that the assets of such company may be sufficient to effect such reinsurance, provided, however, that no contract effecting such reinsurance shall be entered into except in pursuance of an order of the court in which such receiver was appointed, directing reinsurances authorized by this section, and establishing the general form of the contract to effect the same.

Evidence of notice.

L. 1877, Chap. 321–An Act to amend chapter three hun

dred and forty-one of the Laws of eighteen hundred and seventy-six,entitled “An Act regulating the forfeiture of life insurance policies."

PASSED May 23, 1877. (SECTION 1. Amends Laws of 1876, chap. 341, ante, p88.)

§ 2. The affidavit of any one authorized by section one to mail such notice, that the same was duly addressed to the person whose life is assured by the policy, or to the assignee of the policy, if notice of the assignment has been given to the company, in pursuance of said section, shall be presumptive evidence of such notice having been given.

L. 1877, Chap. 439– An Act in relation to the insurance

of plate glass.

PASSED June 15, 1877. SECTION 1. Every corporation, association or company organized Plate-glass insurance under the laws of this State, or of any foreign country, to make companies

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