have violated any law or are in an unsound condition. He must, however, accept the sworn published statement of a life insurance company made to and approved by the Commissioner or a like officer of the State in which it is incorporated.

Fees.-The Insurance Commissioner shall collect from each company filing copy of charter or deed of settlement and financial statement $101, and same amount with each annual statement thereafter for the privilege of carrying on its business in the State of Alabama; for each certificate or renewal thereof to an insurance agent or solicitor, $3.50; for copies of any paper on file or deposit with the Insurance Commissioner, or in his office, ten cents per hundred words. Provided, that the Auditor shall pay, upon vouchers approved by the Governor, out of this fund alone the expenses of the Insurance Department. Reciprocal laws in force.

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 of loss. No life insurance company shall contest a claim under any policy of insurance on the plea of fraud or irregularities in application after three annual premiums payments have been made on policy, but must pay the full amount of policy within sixty days after proofs of death have been received at the home office of the company in the United States.

Licenses. Every company must pay to the Insurance Commissioner in January of each year $101 for a license to do business, and every agent must have a license.

Taxes. "All companies must state the total amount of gross premiums received, designating the amount received in this State, and shall at the same time pay to the Insurance Commissioner the sum of $1 upon each $100 of said gross premiums so received in this State."

ADDITIONAL NOTES FROM THE STATUTES.

Application of Laws.-The provisions of the laws apply when the risk is taken, or any insurance business transacted in the State, whether policies are signed in or out of the State. Policies incontestable after three annual premiums have been paid.

Company Defined.—The term "company" used in the laws includes every company, corporation, association, or partnership organized for the purpose of transacting the business of insurance.

Miscellaneous Companies.-Fidelity or surety companies must have $250,000 capital and are required to deposit $50,000 with the State Treasurer, and to comply with the laws relating to other State companies. Companies doing a liability business must retain as a reserve fifty per cent of the premium having not more than one year to run, and an additional reserve fund, known as “liability reserve," to an amount not less than $300 for each suit pending against such company's policyholders, and $700 when such suit is appealed to a higher court by the defendant. Plate glass and live stock companies required to have $50,000 capital. All other companies must have $100,000 capital.

ARIZONA.

SUPERVISING OFFICER, ISAAC T. STODDARD, Secretary of TERRITORY, PHOENIX. Preliminary Documents.-Company must file with the Secretary of the Territory copies of its articles of incorporations and its appointment of an attorney, and a statement giving the name and location of the company, amount of capital stock, assets and net surplus, and receive from him a certificate of authority to do business. Every company must deposit with the Territorial Treasurer a bond, with two or more resident sureties, in $15,000, for the protection of policyholders in the Territory, or $15,000 in Territorial bonds.

Attorney.-Company must appoint an agent in the Territory to accept service of legal

process.

Funds.-No requirement.

Valuation of Policies.-No provision.

Annual Statements.—Annual statements must be filed with the Secretary of Arizona in the month of March of each year.

Agents.-Agents must obtain a certificate of authority to do business from the Secretary of Arizona. Any person acting in any way for an insurance company is considered an agent of such company and subject to the regulations and penalties of the insurance

act.

Examinations.-No provision.

Fees. To the Secretary of Arizona: For filing statement, $5; issuing certificate of authority, $5; issuing certificate to agent, $2; for filing articles of incorporation, $5; for printing statement in newspaper, $2.50.

Licenses. No provision.

Taxes. Upon filing the annual statement, a verified statement must also be submitted, showing the total premium receipts collected within the Territory for the period lapsing since the filing of the previous statement. Such statement must be published in at least one newspaper in the Territory; thereupon the Secretary of Arizona will levy a tax of two per cent upon such premium receipts, which shall be paid to the Secretary of Arizona before certificate of authority can be renewed. This tax to be in lieu of all other taxes and licenses.

Penalties. If any insurance company, its agents or attorneys, shall solicit insurance or shall issue a policy without having complied with the laws of this Territory, said company, its agent or attorney, shall be guilty of a misdemeanor. Punishment for misdemeanor is fine not exceeding $300, or imprisonment in County Jail not exceeding six months, or both.

ARKANSAS.

SUPERVISING OFFICER, T. C. MONROE, AUDITOR AND INSURANCE COMMISSIONER, LITTLE ROCK.

Preliminary Documents.-Copy of charter must be filed with the State Auditor; also statement showing the condition of the company at the close of the preceding year. In accordance with the act approved March 6, 1891, all insurance companies doing business in the State must give a bond in the sum of $20,000, with three sureties to be approved by the Auditor of State, conditioned for the prompt payment of all claims arising under policies issued by them. Two of the sureties must be residents of the State. 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. Bond may be executed by surety company.

Attorney-Company must file a stipulation designating the Auditor, or some person appointed by him, or agent designated by the company as its attorney to accept service of legal process.

Funds.-Company must have assets equal to the net value of all policies in force. Companies of Other Countries.-Foreign companies must file on or before July 1 a statement of business done outside the United States.

Valuation of Policies.-The standard of valuation is the American Experience Table of Mortality and interest at four and one-half per cent. Valuation to be made annually unless certificate is furnished from the Insurance Commissioner of the State in which the company was organized that the company is solvent on the above basis.

Annual Statements.-Annual statements showing the condition of the company on December 31 preceding, must be filed with the Auditor of the State on January 1 of each year, or within sixty days thereafter. Statement must show premium receipts in the State, less losses and commissions.

Agents.-Agents must obtain certificates from Auditor. Any person soliciting insurance is deemed an agent of the company taking the risk.

Examinations.—The Auditor is authorized to appoint actuaries and examiners, to issue

licenses, and for cause to revoke licenses, and when legal cause is found, to suspend the company from doing business in the State.

Fees.-Filing charter, $15; filing annual statement or certificates of Commissioners, $10; issuing certificate of authority, $2; copy of papers on file, 20 cents per folio; certifying same and affixing seal, $1; valuing policies, not exceeding three cents for each $1000 of insurance.

Taxes. At the time of filing annual statement with the Auditor a report must also be filed showing the amount of premiums received in the State during the year ending December 31 preceding, and after deducting losses and commissions therefrom, a tax of two and one-half per cent must be paid into the State Treasury. Municipal licenses and

taxes are prohibited.

Penalties.-Companies neglecting to file statement as required forfeits its 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.

ADDITIONAL NOTES FROM THE STATUTES.

Suits Against Companies.-By an act passed in February, 1897, it is provided that suit may be maintained against a company in the county where the insured lived.

Miscellaneous Companies.-Accident companies required to give bond in $20,000, with three sureties, two of whom shall be residents of the State, same as life companies. No other miscellaneous companies specified in the act. Surety companies must give a $50,000 bond, approved by the Auditor of State and filed in the State Treasurer's office. Statement of condition to be published once a year in a newspaper having general circulation.

CALIFORNIA.

SUPERVISING OFFICER, E. MYRON WOLF, INSURANCE COMMISSIONER,
SAN FRANCISCO.

Preliminary Documents.-Company must file with the Insurance Commissioner a certified copy of its charter and a certificate from the proper State official showing that it is duly organized and possessed of the assets required by the State; also a statement of its condition on December 31 preceding.

Attorney. An agent of the company must be appointed attorney to accept service of legal process.

Companies of Other Countries.-Must file a statement on or before May I of business of preceding year.

Valuation of Policies.-Valuation will be made upon the basis of the Actuaries' Table, with interest at four per cent. Policies may be registered with the Insurance Commissioner, and the reserve on the same deposited with him.

Annual Statements.-Annual statement must be filed on or before the 10th day of March each year, showing the condition of the company on December 31 preceding. Statement to be published one week in a daily newspaper published in the city where its principal office is located. All companies or persons engaged in the business of life insurance must file with the Commissioner, on or before January 15 of each year, a statement verified by the oath of the principal officer or manager residing in the city, showing the amount of business done in the State during the year ending on December 31 preceding.

Agents.-Agents must procure certificate of authority from the Commissioner. An

agent to collect renewal premiums due from residents of the State may receive certificate of authority for this sole business. All solicitors must be licensed annually; fee, $1.

Examinations.-The Commissioner is authorized to examine any company doing business in the State whenever he deems it necessary. Such examination is to be private unless the Commissioner deems it in the best interests of the public to publish the results thereof, in which case he is authorized to print the report in two newspapers of the State, one of which must be published in San Francisco. In case a company is found insolvent, · its license will be revoked and notice thereof published daily for four weeks in a San Francisco newspaper.

Fees. For filing charter, $30; annual statement, $20; other papers, $5; license to solicitors or agents, $1; special agent of life insurance companies to collect renewal premiums, $20; copies of papers, 25 cents per folio; certification, $1; valuation of policies, three cents for each $1000 of insurance value. Expenses of the office of the Commissioner, not covered by fees collected, to be assessed among the companies, proportionate to the amount of premiums received. Retaliatory legislation.

Taxes.-Taxes provided for under reciprocal provision of the statute.

Penalties. For failing to file statement as required, $100 and $200 for each month the company does business without filing such statement. For failing to answer fully and truthfully written inquiries of the Commissioner, $500. For issuing a policy in the State without specifying that it so issued, $100.

Municipal License.-San Francisco is authorized by statute to collect for license from life insurance companies. The ordinance provides that each agent shall pay for each company represented by him the following sums: Those doing business to the amount of $50,000 or over per quarter, $100 per quarter; $25,000 and less than $50,000, $75 per quarter; $10,000 and less than $25,000, $50 per quarter; $5000 and less than $10,000, $25 per quarter; less than $5000, $10 per quarter. Reciprocal provisions.

ADDITIONAL NOTES FROM THE STATUTES.

Application. Misrepresentation as to material facts entitles the injured party to rescind the contract. Statements in application held to be warranties if material to the risk. Miscellaneous Companies.-Companies of other States or countries organized for the purpose of transacting any kind of insurance except fire, life or marine must have a paidup capital stock of at least $100,000. A mutual company doing such business must have available cash assets equal to at least $100,000 over and above all liabilities.

Policies Non-forfeitable.-After three annual payments, policies are non-forfeitable for non-payment of premium, but a paid-up policy must be issued therefor for an amount that the reserve, as a single premium, will purchase.

COLORADO.

SUPERVISING OFFICER, JOHN A. HOLMBERG, AUDITOR OF STATE, SUPERINTENDENT OF INSURANCE, EX-OFFICIO, DENVER.

Preliminary Documents.-Company must file a certified copy of its charter with a statement showing its condition on December 31 preceding.

Attorney. Superintendent of Insurance must be appointed attorney for the company to accept service of legal process.

Funds.-Company must have a cash capital of $100,000.

Companies of Other Countries.-Foreign companies must have at least $100,000 deposited in some State or Territory for the benefit of policyholders in the United States. Valuation of Policies.-Policies are valued by Actuaries' Experience Table, with interest at four per cent.

Annual Statements.-Annual statements must be filed on or before March 1 of each year, showing the condition of the company on December 31 preceding.

Agents.-Agents and solicitors are required to be residents of Colorado and to

secure certificates from the Superintendent, which expire on the last day of February of each year.

Discrimination.-Company prohibited from making any discrimination or exception, either as to rates, dividends or terms. All conditions of the contract must be specified in the policy.

Examinations.-The Superintendent, with the consent of the Governor, is authorized to examine companies at any time and to charge his actual expenses.

Fees. For filing power of attorney and preliminary statement, $50; for filing copy of charter, $25; annual statement, $50; certificate of authority, $5; each copy of same for agents, $2.

Taxes. All insurance companies, partnerships or associations engaged in the transaction of the business of insurance shall annually, on or before the first day of March in each year, pay to the Superintendent of Insurance two per cent on the gross amount of premiums received or written within the State during the year ending the previous 31st day of December.

Penalties.-License will be revoked on failure to pay fees. For refusal to answer questions on examination or for false answers to such questions, or for making false entries in the books, the offender is subject to a fine or imprisonment, or both, at the discretion of the court. Doing business for an unlicensed company, $500 for each offense. Violation of anti-rebate law, $250 fine and revocation of license of agent. Doing business through an unlicensed agent, $250 to $1000 and revocation of license.

ADDITIONAL NOTES FROM THE STATUTES.

Discrimination.-Discrimination between insurants of the same class and expectation of life, as to rates, benefits or conditions of contract, is prohibited. Penalty for violation, a fine of $250 and revocation of license of offender.

Fraudulent Statements.-Any solicitor, agent or examining physician making any false statements in any application for insurance shall be deemed guilty of a misdemeanor. Penalty, a fine of not less than $100 nor more than $500, or imprisonment for not less than thirty days nor more than one year, or both fine and imprisonment.

Miscellaneous Companies.-All companies other than fire must have a paid-up cash capital of not less than $100,000. Surety companies must have $250,000. Fire companies must have $200,000.

Policies Non-forfeitable.-Policies non-forfeitable for non-payment of premiums after three years, but shall be converted into paid-up insurance. Provided, that the application be made in writing for such paid-up policy by the assured within six months after default in the payment of premiums shall first have been made.

Suicide.-Suicide, sane or insane, shall not be a defense against payment of a claim by a life insurance company.

Contested Claims.-A law passed April, 1901, provides as follows: Any foreign life or accident insurance company that contests any claim for insurance and has judgment rendered against it, shall be taxed all costs, including an attorney's fee for the attorney for the successful party, such fees to be fixed by the court before whom the case was tried. Where the verdict or finding in any such case shall be for the plaintiff and the verdict of the jury, or the finding by the court, if tried without jury, shall state that said defense of said company was frivolous or instituted for the purpose of delay, then a penalty not exceeding twenty-five per centum of the amount recovered shall be added to said judgment.

CONNECTICUT.

SUPERVISING OFFICER, THERON UPSON, INSURANCE COMMISSIONER,

HARTFORD.

Preliminary Documents.-Life and accident insurance companies of other States must furnish to the Insurance Commissioner a satisfactory certificate of the proper officers of