DEPOSIT.-Deposits are held by the State Treasurer. EXAMINATION.-The Insurance Commissioner may examine at his discretion, but may accept the sworn published statement made to and approved by the proper official of the company's home State. Fee, actual expense incurred. FEES.-Annual fees for company's license, $101 and $10 to Secretary of State for permit. No other annual fees. For copy of any paper on file with the Insurance Commissioner ten cents per 100 words, and $1 for seal to certificates. FUNDS.-Company to furnish sworn certificate that it has at least $100,000 in approved securities, consisting of bonds of State, or United States bonds or notes, or bonds secured by mortgages on real estate for double the amount on deposit with the proper official of some State. GAIN AND LOSS EXHIBIT REQUIRED.-Incorporated in annual statement. IMPAIRMENT OF CAPITAL.-When actual funds, exclusive of capital, are less than liabilities, Insurance Commissioner may revoke license. INCONTESTABILITY.-No company shall contest a claim on the plea of fraud or irregularities in application after two annual premium payments have been made, but must pay the full amount of policy within sixty days after proofs of death have been received at the home office. MISREPRESENTATION.-No misrepresentation, written or oral, in the negotiation of a contract or in the application or proofs of loss, shall defeat or void the policy unless such misrepresentation is made with actual intent to deceive, or unless the matter misrepresented increases the risk. No officer, director or agent thereof, shall issue or circulate, or cause or permit to be issued or circulated, any estimate, illustration, circular or statement of any sort misrepresenting the terms of any policy issued by it or the benefits or advantages promised thereby, or in the dividends or share of surplus to be received thereon, or shall use any name or title of any policy or class of policies misrepresenting the true nature thereof. Nor shall any such company, agent or broker make any misrepresentation to any person insured in such company or in any other company for the purpose of inducing or tending to induce any person to lapse, forfeit or surrender his insurance. MUNICIPAL TAxes and Fees.-See Taxes. NON-FORFEITURE.-No provision. PENALTIES.-Whoever, without justifiable cause, neglects, upon due summons, to appear and testify before the Insurance Commissioner or his deputy, or any person appointed by him as provided by law, and whoever obstructs the Insurance Department in an examination, shall be guilty of a misdemeanor, and punished by a fine of from $100 to $500. Company refusing to submit to examination forfeits license. For failure to properly file tax statements, $500, within sixty days from date of delinquency, and forfeiture of right to do business until tax and penalty is paid. For failure to properly file annual statement, $250 and forfeiture of license until penalty is paid. Any company willfully making a false annual or other statement required of it by law, and persons making oath to and subscribing the same, punished by a fine of not less than $500 nor exceeding $1000, and any person making oath to such false statement shall be deemed guilty of perjury and punished under the criminal law of the State. Company or agent, directly or indirectly, violating anti-rebate or anti-discrimination laws, held guilty of misdemeanor, and upon conviction fined from $100 to $500 for first offense and not less than $250 for each subsequent offense. For acting as agent of foreign unlicensed company, a fine of from $100 to $500, or imprisonment for thirty days, or both. PENSIONS AND POLITICAL CONTRIBUTIONS.-No provision. POLICY FORM OR PROVISIONS.-If application is taken in this State, policy is considered an Alabama contract. No company or agent shall make any contract of insurance, or agreement as to policy contract, other than is plainly expressed in the policy issued. Policy must bear in bold letters on its face a plain description of the policy, so fully defining its character, including dividend periods and other peculiarities, that the holder thereof shall not be liable to mistake the nature thereof. PUBLICATION.-Annual statement to be published in one daily or weekly paper one time, the company to attend to matter of publication. File copy of paper with Insurance Commissioner within thirty days from date of issue of license. REBATES.-Prohibited under penalty of from $100 to $500 fine. RECIPROCAL LAW.-Yes. REMOVAL OF SUITS.-Not permitted. RESIDENT AGENT LAW.-Yes. SALARIES OF OFFICERS, LIMIT.-No provision. SEMI-ANNUAL STATEMENT.-None required. STATEMENTS BY INSURED, DEEMED REPRESENTATIONS OR WARRANTIES.-No provision. SURPLUS DISTRIBUTION.-No provision. TAXES.-State tax, two per cent on gross premiums collected in State. Final date for payment to the Insurance Commissioner March 1. No other State taxes. Company subject to local taxes. TAX STATEMENT.-No provision. VALUATION.-Yearly, on Actuaries' or American Experience Table, interest four per cent. Valuation by company's home State accepted, if made on either of above standards. Fee, no provision. ALASKA SUPERVISING OFFICER, CHARLES E. DAVIDSON, SECRETARY OF STATE, JUNEAU. CHAPTER THIRTY-SIX OF THE INSURANCE LAW. SECTION 360.-No company, corporation, or association, or firm, or individual shall be permitted to transact a life, fire or marine insurance business in the District until he or it has filed in the office of the Secretary of the District a certificate by the Secretary of State or other proper officer of some State of the United States, setting forth that the said company, corporation, association, firm or individual has been qualified to carry on the business of insurance in such State in accordance with the laws thereof. SECTION 361.-No insurance company, corporation, association, firm or individual shall be permitted to transact a life, fire or marine insurance business in the District until it shall have filed with the clerk of each division of the District Court a power of attorney which shall set forth that such company is a corporation or duly organized insurer (naming the principal place of business of the company and principal place of business for the Pacific Coast), which power of attorney shall authorize a citizen and resident of the District to receive and accept service in any proceeding in a Court of Justice of the District. If any attorney of any insurance company appointed under the provisions of this section shall remove from the District or become disqualified in any manner from accepting service, and if any citizen or resident of the District shall have any claim by virtue of any insurance policy issued by any such company not represented by attorney in the District, valid service may be made on such company by service on the clerk of the District Court or any division thereof: Provided, In such case the clerk of the District Court shall immediately notify such company and the principal agent for the Pacific Coast, inclosing a copy of the service by mail, postpaid: And provided further, In such case no proceedings shall be had within sixty days after such service on the clerk. SECTION 362.-All orders or secret societies, such as Masons, Odd Fellows, Druids, Knights of Pythias, Ancient Order of United Workmen, Modern Woodmen of America and other benevolent, fraternal or co-operative societies associated or incorporated for the sole purpose of mutual protection and relief of its members only, and for the payment of stipulated sums of money to the families of deceased members, or for property of its members only destroyed by fire, are hereby declared not to be fire or insurance companies in the sense and meaning of this chapter, and they are exempt from the provisions hereof. SECTION 363.-The provisions of this chapter, under either term or designation of company, corporation, association, firm, or individual in either case, where either term or designation is used, shall apply to any insurer, company or corporation, association, firm or individual, engaged as an insurer or who may hereafter engage as insurers in the District, or who may engage in offering or affording indemnity against the casualties of fire or life. SECTION 364.-Any officer, agent or employee of any insurance company or other person violating any of the provisions of this chapter shall be fined not less than one hundred nor more than five hundred dollars, and in default of payment of such fine shall be imprisoned not less than ten days nor more than six months. SECTION 365.-The secretary of the District shall collect from each company or person for the service provided in this chapter the following fees: For filing certificate of qualification, $5; for filing power of attorney, $5. ARIZONA. SUPERVISING OFFICER, C. C. THOMPSON, SUPERINTENDENT OF INSURANCE, PHOENIX. ADVERTISEMENTS, REGULATIONS GOVERNING.-All advertisements must only show those assets actually held for the protection of policyholders, and must correspond with last statement to the Department. AGENT DEFINED.-"Agent" or "Insurance Agent" is a person, co-partnership, corporation attorney, board or committee duly appointed and authorized by an insurance company, to solicit applications for insurance to be known as a soliciting agent, or to solicit applications and effect insurance in the name of the company, to be known as a recording or policy writing agent, and to discharge such other duties as may be vested in or required of the agent of the company. AGENT'S LICENSE.-Obtain a certificate of authority from the Superintendent of Insurance. Fee for local agents, $2; general or special agent, $2; expiration of license, March 31. ANNUAL STATEMENT.-Filed on or before March 1 with the Superintendent of In surance. ANTI-DISCRIMINATION LAW.-Prohibited. ATTORNEY FOR SERVICE.-Each and every member of the Corporation Commission. BOARD AND SPECIAL CONTRACTS, SALE OF STOCK WITH INSURANCE.-No provision. COMPANY LICENSE.-Expires March 31. DEPOSIT.-None required. EXAMINATION.-Corporation Commission may at any time examine into the affairs of any insurance company. FEES.-Payable to Corporation Commission. Filing statement, $25; issuing certificate of authority, $50; filing charter or articles of incorporation, $25; filing amended articles of incorporation, $10; each renewal certificate of authority, $30; copy of papers per folio, 20 cents; filing miscellaneous papers, $1 each; agent's license, $2. Funds. Not less than $100,000 fully paid capital stock, and if company writes accident and health lines $150,000. If liability is also written $350,000. GAIN AND LOSS EXHIBIT REQUIRED.-Incorporated in annual statement. IMPAIRMENT OF CAPITAL.-Any impairment amounting to 20 per cent must be remedied within ninety days. INCONTESTABILITY.-After three years. MUNICIPAL TAXES AND FEES.-None. NON-FORFEITURE.-After three years' premiums have been paid. PENALTIES.-Agent placing risks with unauthorized companies $500, and $100 for every month practice is continued. Fraudulent advertising by a company, $250 for first offense, $500 for each subsequent offense. Failure to file statement and pay taxes after time specified, $25 per day. A company or agent violating the insurance act is liable to prosecution. PENSIONS.-No provision, POLICY FORM OR PROVISIONS.-Application must be attached to policy and form part of insurance contract. PRELIMINARY DOCUMENT.-File with Corporation Commission copy of charter or articles of incorporation and copy of by-laws with all amendments to either. Foreign companies also file certificate from home State showing it is authorized to do business. Also statement showing amount of capital stock and assets. REBATES.-Prohibited. RECIPROCAL LAW.-Yes. REMOVAL OF SUITS.-Not allowed. RESIDENT AGENT LAW.-Yes. SALARIES OF OFFICERS.-No provision. SEMI-ANNUAL STATEMENT.-None required. STATEMENTS BY INSURED, DEEMED REPRESENTATIONS OR WARRANTIES.-No provision. SURPLUS DISTRIBUTION.-No provision. TAXES.-None. TAX STATEMENT.-None. VALUATION. To be made by Corporation Commission according to standard adopted by the company, which standard shall be stated in the annual report to the Corporation Commission, but in no case shall the standard of valuation adopted be less than that determined by the American Experience Table of Mortality with interest at 31⁄2 per cent. ARKANSAS. SUPERVISING OFFICER, M. F. DICKINSON, AUDITOR AND INSURANCE COMMISSIONER, LITTLE ROCK. ADVERTISEMENTS, REGULATIONS GOVERNING.-None. AGENT DEFINED.-Deemed agent of the company. AGENT'S LICENSE.-Local agent, $2; general or special agent, no provision; date of expiration, March 1. ANNUAL STATEMENT.-Final date for filing with Auditor of State, March 1. Also sworn statement of premium receipts in the State for the year ending December 31. ANTI-DISCRIMINATION LAW.-Yes. (See “Board of Special Contracts.") ATTORNEY FOR SERVICE.-File resolution agreeing to service on Secretary of State, or any agent. BOARD AND SPECIAL CONTRACTS, SALE OF STOCK WITH INSURANCE.-Company not allowed to discriminate between policyholders by allowing, or agreeing to allow, any policyholder, whether as an individual or as a member of a class, a portion or percentage of any premium or premiums collected from any policyholder or policyholders on the pretense of making such policyholder an agent of the company or otherwise, unless such policyholder regularly qualifies as agent of the company under the laws of Arkansas governing the same, and is instrumental in actually securing business for the company, as evidenced by his name appearing on the application or applications of other policyholders, as soliciting agent, and his compensation for such services being limited to a reasonable commission on the business thus secured by the company through his instrumentality. (Penalty, see "Penalties.") COMPANY LICENSE.-Fee, $2. License expires March 1. DEPOSIT. All companies to deposit securities to equal amount of its capital stock, such securities to be approved by the Insurance Commissioner, or furnish bond in the sum of $20,000, with three sureties, to be approved by State Auditor. Two of the sureties to be residents of the State. Corporate bond accepted. In all actions arising under policies the bondsmen of the company may be made parties to the suit, and judgment rendered against them may be enforced as other judgments are enforced. EXAMINATION.-At the option of the Auditor of State. No provision as to fee. FEES. (See "Preliminary Documents.") Depositing additional securities after first deposit 25 cents. FUNDS.-Assets equal to net value of all policies in force. All companies to have $100,000 subscribed capital, fifty per cent paid up. GAIN AND LOSS EXHIBIT REQUIRED.-Incorporated in annual statement. IMPAIRMENT OF CAPITAL.-No provision. Affidavit required under anti-trust law. MISREPRESENTATION.-Officer or agent of company, who shall make any false statement, misrepresentation or pretense for the purpose of obtaining business, shall be guilty of a felony, and on conviction shall be sentenced to the penitentiary for from three to ten years. MUNICIPAL TAXES AND FEES.-None. NON-FORFEITURE.-No provision. PENALTIES. For neglecting to file statement as required, forfeit of right to do business in the State. Any person, agent, company or corporation transacting business without legal authority shall forfeit to the school fund $500, and shall be deemed guilty of a misdemeanor, and on conviction fined $500. Any officer or agent who shall make false statements or representations for the purpose of obtaining business shall be deemed guilty of a felony, and on conviction, sentenced to the penitentiary for not less than three or more than ten years. Any person acting for a company that has not filed the bond as above set forth shall be deemed guilty of a misdemeanor and fined not less than $20 nor more than $100. For violation of act of 1907 in re discrimination, any sum not less than $100 nor more than $500, and have its license revoked. PENSIONS AND POLITICAL CONTRIBUTIONS.-No provision. POLICY FORM OR PROVISIONS.-Must contain clauses prescribed by law. PRELIMINARY DOCUMENTS.- File with the Auditor of State certified copy of charter; fee, $15; copy of annual statement for year ending preceding December 31; certificate from Commissioner from home State, giving net value of all policies in force preceding December 31; bond in sum of $20,000, to be approved by Auditor. Bond may be made by any surety company authorized in State. Pay fee of $10 for filing annual statement; $2 for certificate of authority to company; $2 for certificate of authority to each agent; file power of attorney designating an agent for service. Fees for filing articles of incorporation of Arkansas companies are $25 for the first $10,000 or under of authorized capital stock, and one-tenth of one per cent on all amounts in excess of $10,000. Like fees are payable on any increase in capital stock. Foreign insurance companies and those of other States are charged the same fees that Arkansas companies are charged for filing copies of articles of incorporation in the State where such foreign company was organized, providing that companies organized outside the United States shall pay the same fees as are required by the State in which their United States head office is maintained. PUBLICATION.-No provision. REBATES.-Law does not prohibit agent to rebate commissions. (See "Board and Special Contracts.") RECIPROCAL LAW.-No provision. RESIDENT AGENT LAW.-No provision. Salaries of Officers, Limit.—No provision. SEMI-ANNUAL STATEMENT.-None required. STATEMENTS By Insured, Deemed RepresentATIONS OR WARRANTIES.-No provision. SURPLUS DISTRIBUTION.-No provision. TAXES.-State tax one and one-half per cent on gross premiums. Final date for payment, March 1. No municipal license or tax. TAX STATEMENT.-Final date for filing, March 1. VALUATION.-Annually, on American Experience Table, with interest at four and onehalf per cent. Certificate of home State accepted. Fee, not exceeding 3 cents for each $1000 insurance. |