Page:United States Statutes at Large Volume 54 Part 1.djvu/1100

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PUBLIC LAWS-CH. 792--OCT. 9, 1940 Records of Insur- ance Department. Rules and regula- tions. Certificate of au- thority. Requirements of do- mestic mutual com- panies. Pos, p. 1070. Revocation and sus- pension of certificata of authority. (9) The interest accrued during the twelve months immediately preceding on mortgage loans other than those upon which the com- pany is proceeding for the enforcement of security. (10) The rents accrued on the company's property during the twelve months immediately preceding. (11) Interest due and accrued on bonds conforming to this Act and not in default. (12) Amounts due and accrued on dividends declared on shares of stock conforming to this Act. (13) Interest due and accrued on collateral loans which is not in excess of the value of the collateral over the amount loaned thereon. (14) Interest due and accrued on deposits in sound banks and trust companies. (15) Interest accrued on tax-anticipation warrants. (16) Amounts due for tax refunds allowed but unpaid from the United States or any State. CHAPTER II-POWERS AND DUTIES OF SUPERINTENDENT GENERAL PROVIIONS SECTION 1. RECORDS OF INSURANCE DEPARTMENTr; POWER TO MABE RmuEs.- The office of the Superintendent shall be a public office, and the records, books, and papers thereof on file therein shall be public records of the District, except as the Superintendent for good reason may decide otherwise, or except as it may be provided otherwise herein. The Superintendent shall have authority to make and enforce such reasonable rules and regulations as may be necessary in making effec- tive the provisions of this Act, but such rules and regulations shall not be contrary to nor inconsistent with the provisions of this Act. SEC. 2. CERTIFICATE OF AUTHORITrY.- It shall be the duty of the Superintendent to issue a certificate of authority to a company when it shall have complied with the requirements of the laws of the District so as to be entitled to do business therein. The Superintendent may, however, satisfy himself by such investigation as he may deem proper or necessary that such company is duly qualified under the laws of the District to transact business therein, and may refuse to issue or renew any such certificate to a company if the issuance or renewal of such certificate would adversely affect the public interest. In each case the certificate shall be issued under the seal of the Superintendent authorizing and empowering the company to transact the kind or kinds of business specified in the certificate, and each such certificate shall be made to expire on the 30th day of April next succeeding the date of its issuance. No company shall transact any business in or from the District until it shall have received a certificate of authority as authorized by this section, and no company shall transact any busi- ness not specified in such certificate of authority. No domestic mutual company shall transact any business in the District until it has bona fide applications for insurance covering not less than two hundred separate risks in not less than twenty policies to be issued to not less than twenty members, and has received the cash premium therefor, and has a surplus of not less than the amount provided under sections 12 and 13 of chapter II of this Act. SEC. 3. REVOCATION AND SUSPENSION OF CERTIFICATE OF AUTHOR- rITr-The Superintendent shall have power to revoke or suspend the certificate of authority to transact business in the District of any 1066 [54 STAT.