Page:United States Statutes at Large Volume 37 Part 1.djvu/40

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SIXTY-SECOND CONGRESS. Sess. I. Ch. 12. 1911. _ 17 from holders of its certincates or policies, and which provides for the payment of indemmt on account of sickness or accident, or a benefit m ease of death, shah be known as ‘ health, accident, and life insur- ~ ance companies or associations} After ninety dms from the passage gg*•*· •¤=·· reof Act no such company or association sh transact business ° '

 the District of Co umbia unlem it shall have in assets or in

capital stock fully paid ulpni; cash, or in both together, not less than twenty-five thousand do as a capital or guarantee fund; which assets may be invested in United States, State, county, munici al ”{:'¤¤¤¢¤• M ¤+ bonds, and bonds of the District of Columbia, or railroad bonds; liiut mvestments in the bonds of railroads shall be limited to the bonds of those which have paid dividends on their capital stocks for the ten years immediately previous to the date of the investment; or m improved real estate, or in first mo:?ages on improved real estate; but no loan on real estate shall be m e or an amount exceeding seventy) per centum of its assessed value, such investments to be zgproved {Q the sulperintendent of insurance of the District of umbia. 0 such ealth, accident, and life insurance comlilany or I·¤¤**¤* www association, now or hereafter transacting the business of healt , accident,_and life msurance, or either or all said kinds of insurance, m tlie District of Columbia shall issue policies or eertincates lpcrzvidirggzgither singl or 111 aggregate, a greater accident or death eiit five hundred dollars, or a ngreater weekly indemnity than twenty dollars, on_any one person u ess such company or association has in assets or m capital stock fully paid up in cash, or in both together, not less than one hundred thousand dollars invested and approved as aforesaid. Every such eompang0or association shall pay to the collector www ¢¤ ¤¤ re of taxes for the District of lumbia a sum of money, as tax, eshualto onlziger centum of all money; received from members of po cy or ce cate holders within the 'strict of Columbia, said tax to be paid on or before the first day of March of each mr on the amount of such income for the year ending December t y-first next preceding; and shall also file annual] with said superintendent of insurance, u·}r¤g,;¤•* *¢i¤>¤ reon or before the first day of Mirch of each year, a swom statement, on q ' blanks furnished by said superintendent of insurance, showing its true financial condition, income, disbursements, assets, and liabilities on the thirty-first day of December next preceding, and such other information as said sulperintendent of insurance may require; and *`°°*°' *“‘“¤— shall pag to the said co ector of taxes ten dollars for fi iing such statement. aid superintendent of insurance shall examine rom time to ¤¤;¤gl;1¤¤¤¤· { pr time and at least as often as once a year all companies or associations °.3l’E¤§L, °“° ° °` described herein; and when he finds the capital stock of any such company impaired or its assets reduced in value to an amount less than reczuired by the provisions hereof he shall at once give notice of said act to said company or association, and unless said impair- mfpvmgdvnif •¤e¤ ment is made good within sixty days after said notice, it shall be the duty of said superintendent to revoke or suspend the license of said com any or association until such impairment shall have been made ` good; any companly or association that issues policies or certiii- p0{$}Q‘§ ¢atos_of msurance as escribed herein without a icense from_said ewsupenntendent or during a suspension thereof, as herein provided, shall be fined not less than twenty dollars nor more than one hundred dollars per day: Prmnkled, That if any such company or association fgxgmm ,,,,,,,_ shall fw} aggrieved by the decision of said superintendent concemning rnwndenn the mvestment or impairment of its assets or capital stock, it sh _ have the 1$ht to ap eal, within ten days, from the decision of said supermten ent to tliie Board of Commissioners of the District of Co umbia, who shall prescribe rules and r lations for the hearingl of said appeal, and their decision shall be Provided also, That w en Inueof assess. any such company or association shall have complied wit.: the provi-