Page:United States Statutes at Large Volume 31.djvu/1343

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FIFTY-SIXTH CONGRESS. SEss. II. CII. 854. 190]. 1291 ness in the District; and it shall be unlawful for an insurance T"“““*‘°““g l”,““.li company, association, or order todo business in the Dilsitrict with- idgisélliiilhout h°°m£’ out a license, or to continue business after the revocation of its license, and any such company or association violating this provision shall be liable to a penalty of twenty dollars for each day it transacts business without such license, to be recovered by the Commissioners of the District by an action of debt in any court of the District of competent jurisdiction. And any person who shall aid in carrying on the business of any such company, or shall act as agent or solicitor for any company not licensed to do business in said District, or whose license is revoked, shall be guilty of a misdemeanor, and on conviction thereof in the police court of aid District shall be punished by a fine not exceeding one hundred dollars, or, in default of ayment thereof, by imprisonment in the jail of the District for not lfzss than ten nor more than sixty days. And the superintendent of insurance shall issue such license to any such insurance company O1' association whenever it shall have complied with the provisions of section six hundred and forty-six of this subchapter, subject, however, to the rovisions of sections six hundred and ’fifty-four and six hundred and)’fifty-five thereof : Provided, That the superintendent of insurance shall have g‘¤‘¤v¢ri<;, , _ power to make an official examination into the affairs of an insurance 2Se mmgmg°1l` company or association organized under the laws of the `l)istrict of Columbia, or having its principal office therein, at his discretion, for the purpose of ascertaining whether such company is impaired oI· . insolvent, as aforesaid. _ SEc. 649. DEPOSIT REQUIRED or FOREIGN ooM1·ANIEs.—No insurance ,0§,‘§g*Z,‘{Sg§,,§§,$,;*,§§;§ 0* company or association organized outside the territorial limits of the i United States shall be licensed to do business in the District until it shall have complied with the laws of some one of said States requirin a deposit of not less than one hundred thousand dollars, or deposited in the re istry of the supreme court of the District United States or municiptg bonds, the market value of which shall be not less than one hundred thousand dollars, to be approved by the superintendent of insurance and the Commissioners of the District, to be held and maintained unimpaired in the registry of said court as a reserve fund fo1· the liquidation of any judgment or judgments that may be obtained against such insurance company or association in said court or any inferior court of competent jurisdiction in said District; and the finan- m;QQ_g*;gig{l0‘g 3;;;*- cial statements of insurance companies or associations, required hereb em. s' to be filed annually with the superintendent of insurance, shall set forth specifically the assets, liabilities, and conduct of the affairs of such com anies or associations within the United States, and such statement shallpbe verified under oath by the manager and assistant manager or other proper officers of such companies or associations within the nited States; ‘ and so much of this subchapter as requires the publication of annual statements shall only extend to the statements respecting the aéifairs of such foreign companies or associations within the United tates. · Sec. 650. STATEMENT or BUSINESS IN DISTRICT or COLUMBIA.·r— ,,€§“§$,“{§§§,,§§O§"§,S(§j Every insurance company and association doing business in the District 1¤¤¤bi¤- of Columbia shall, through its local agents or representatives, furnish to the superintendent, during the month of January of each year, a statement of its business in said District, setting forth specificall ‘ the net amount of its premium receipts, the amount of losses paid}; the amount of expenses incurred, respectingthe business done in the‘Dis— trict during the calendar year next receding, and said superintendent shall preserve a separate record of the same in his office for convenient reference, showing the ratio of such losses and expenses, respectively, to said premium receipts, "and all insurance companies of every description, except mutual fire insurance companies, shall pay to the