the government by whose authority it is organized setting forth a full copy of its report of its condition on the preceding 31st day of December, and that it has complied with the laws of such government, and is authorized to transact business, and that such government licenses similar insurance companies, incorporated by this State, to transact business therein upon a similar certificate from the Insurance Commissioner of this State. Attorney. The Insurance Commissioner must be appointed attorney of the company to accept service of legal process.

Funds.-Assets must be in excess of liabilities.

Companies of Other Countries.-Foreign companies must have at least $200,000 on deposit with the proper officer of some State for the protection of all policyholders in the United States.

Valuation of Policies.-Policies must be valued by a standard equivalent to the American Experience Table, with compound interest at three and one-half per cent per anaum, net premiums only considered. Commissioner may accept the valuation of the proper official of the State where the company is organized in lieu of making valuation himself. If there be no such officer, he may make it himself.

Annual Statement.-Annual statement must be filed on or before the first day of March each year, showing the condition of the company on December 31 preceding.

Agents.-Agents must procure a certificate of authority from the Commissioner before transacting business; prohibited from advertising any but available assets for payment of losses.

Miscellaneous Companies.-Must report same as life companies.

Discrimination.—Companies are prohibited from making any discrimination in favor of individuals between insurants of the same class, in the amount of premiums or rates charged or any dividends or other benefits payable, or any other terms and conditions of the contract. All conditions must be plainly expressed in the policy. Rebate on premiums, directly or indirectly, prohibited.

Examinations.-The Commissioner is authorized to examine a company whenever he deems it expedient, and to publish the result in one or more newspapers, if he deems it for the best interests of the public so to do.

Fees.-License, $10; filing statement, $10; filing copy of charter, reciprocal; valuing life policies, reciprocal; other fees reciprocal.

Taxes.-Governed by reciprocal legislation.

Penalties.-Officers or agents transacting business in violation of law are subject to a fine not less than $100 nor more than $500 for each offense. Agents liable to a fine from $100 to $500 for doing business for unauthorized companies. For giving any rebate on premium in life insurance, a penalty of not less than $100 nor more than $500 incurred, and a revocation of the agents' certificate for three years.

ADDITIONAL NOTES FROM THE STATUTES.

Copy of Application.-Any person whose life is insured is entitled to a copy of the application upon which the policy was issued; company must furnish same on demand. Discrimination.-Discrimination between insurants of the same class and expectation

of life, as to rates, benefits or conditions of contract, is prohibited.

Miscellaneous Companies.—Surety companies must have a capital of $250,000, and have $100,000 at least deposited with some State official for the protection of all policyholders.

DELAWARE.

SUPERVISING OFFICER, GEORGE W. MARSHALL, A. M., M. D., INSURANCE COMMISSIONER, MILFORD, KENT COUNTY.

Preliminary Documents.-Company must file a copy of its charter and a statement of its condition at the close of the preceding year, and power of attorney to accept service of process.

Funds. Every company, whether chartered by special act of the General Assembly, or under the General Corporation Law (passed 1899 to conform with the requirements of

the amended Constitution of Delaware) must within three months from approval of amended Insurance Laws by the Governor, March 22, 1891, increase capital to $100,000. Insurance Commissioner may approve stockholders' notes to increase capital to $100,000 for Delaware companies incorporated before the passage of this act.

Attorney. A resident of the State must be appointed attorney for the company to accept service of legal process. And certificate of appointment must be filed in the office of the Insurance Commissioner.

Valuation of Policies.-Company required to furnish certificate of valuation of the Insurance Commissioner of either New York, Pennsylvania or Massachusetts, or of the State wherein it is incorporated. If incorporated in any other State, its policy shall be valued on the New York basis.

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

Agents. Each agent must procure a certificate of authority to agents from the Insurance Commissioner for each company represented by him, and also one State license to do insurance business.

Discrimination.-Discrimination between insurants of the same class is prohibited. Examinations.-The Commissioner is authorized to examine any company doing business in the State at any time he may deem it expedient to do so.

Fees. To be paid to the Commissioner: Company to pay an annual license fee of $25 with a $2 fee for issuing said license; for filing charter, $10; filing annual statement, $10; certificates of authority, to an agent, for each company he represents, $2; copies of papers on file in the office, 20c. per folio; affixing seal and certifying same, $1; examinations, actual expenses incurred; publication, $3.

Licenses.-Every agent must pay a yearly license of $5 to the Commissioner and a fee of fifty cents for issuing the same, and $2 for certificate of authority that the company is entitled to do business in the State.

Taxes.-Foreign insurance companies, one and one-half per cent on gross premium receipts. Each Delaware life insurance company incorporated under the General Corporation Law of 1899 must pay a franchise tax of three-quarters of one per cent on the amount of its surplus on the 31st day of December next preceding, and in addition 31-100 of one per cent on total gross insurance premiums.

Penalties. For every violation of the law a fine not exceeding $1000, or imprisonment not exceeding one year, or both, is incurred. An agent neglecting to take out a license is liable to a fine of $500, or imprisonment not exceeding two years, or both. For each violation of the anti-rebate law a penalty of $500 is provided where the insurance is $25,000 or less, and $500 additional for each $25,000 of insurance.

Miscellaneous Companies.-Surety companies must have capital of $250,000; plate glass $100,000 above all liabilities.

DISTRICT OF COLUMBIA.

SUPERVISING OFFICER, THOMAS E. DRAKE, SUPERINTENDENT OF INSURANCE, WASHINGTON.

An Act of Congress, passed in 1901, created the office of Superintendent of Insurance for the District of Columbia. The law provides that the Superintendent "shall have supervision of all matters pertaining to insurance companies, beneficial orders and associations, subject only to the general supervision of the commissioners (of the District).. It is made his duty to keep on file charters, declaration of organization, or articles of incorporation of every insurance company, benefit association or order, including life, fire, marine, accident, plate-glass, steamboiler, burglary, cyclone, casualty, live stock, credit and maturity companies, or associations doing business in the District."

Preliminary Documents.-The company must file a copy of its charter, or articles of incorporation, duly certified by the proper officer of the State wherein the company

was organized; also, a certificate that it is entitled to transact business, assume risks and issue policies of insurance therein.

Attorney.—A resident of the District must be appointed attorney, upon whom legal process may be served.

Funds.-The company must have a paid-up capital of not less than $100,000, and must maintain a reinsurance reserve fund.

Annual Statements.-Every company and association doing business in the District is required to furnish to the Superintendent, during the month of January of each year, a statement of its business in the District. Fee for filing annual statement and certificate of compliance, $10.

Examinations.-The Superintendent is authorized to make an official examination into the affairs of any company organized under the laws of the District, or having its principal office therein, at his discretion.

Agents.-Agents and brokers must obtain from the Superintendent a license to do business within the District. All licenses expire on the 30th day of April.

Taxes. The law provides that "All insurance companies of every description, except mutual fire insurance companies, shall pay the Collector of Taxes before March 1 of each year, a sum equal to one and one-half per cent of its net premium receipts of the preceding calendar year, in lieu of all other taxes, except taxes upon real estate."

Penalties.-A company doing business without a license is liable to a penalty of $20 for each day it transacts business without such license. An agent transacting business for an unlicensed company is deemed guilty of a misdemeanor, and upon conviction will be punished by a fine not exceeding $100, or imprisonment in jail for not less than ten or more than sixty days.

Application.-Every life insurance company doing business in the District shall attach to each policy issued by such company a copy of the application made by the insured, so that the whole contract may appear in the application and policy.

Licenses.-The Superintendent has issued the following regarding licenses:

All Companies and Associations.-For filing charter and other qualifying documents, together with issuing license to company; such license authorizing the company to issue only its own policies, $10.

Local and Foreign Companies.-Each insurance company, local or foreign, desiring to act as agent for the purpose of receiving business from another company, or from agents or representatives of any other company, is required to procure a "General Insurance License." Fee to be paid by the company, $50.

Foreign Companies.-Must be licensed under Section 646 before they can in any way do business in the District of Columbia. A foreign company issuing its own policy to a person in the District of Columbia is not required to be represented by a Principal, or Policy-Writing Agent. If such a company desires, however, to do business in the District by issuing policies there, then its representative must hold a "General Insurance License." Fee to be paid by the agent, $50.

Principal, or Policy-Writing Agents' License.-This "General Insurance License" may be issued to a person, or a firm not exceeding two members, or an association, or to a corporation or secretary or assistant secretary of either of such bodies having such officers. Under this form of license an unlimited number of companies may be represented by an agent; and power is granted to the licensee to appoint solicitors for each company he represents. A Policy-Writing Agent may also act as broker. Fee to be paid by the agent, $50. Brokers' "General Insurance License."-This license carries with it all the privileges granted a Principal, or Policy-Writing Agent, except that the licensee cannot issue policies or appoint solicitors. A broker represents no company, but places the business he controls wherever he elects in companies that are licensed to do business in the District of Columbia. Fee to be paid by broker, $50.

Solicitor's License.-A solicitor must be employed in some capacity by a company or its principal agent. License privilege is limited to one company only and the name of such company must be embodied in the license. Fee to be paid by solicitor, $5.

Industrial Solicitor's License.-Limited to one company and the name of such company must appear in the license. Fee to be paid by the solicitor, $2.

Licenses for companies, agents, solicitors, and brokers now doing business in the District will bear date as of January 1, 1902, and be in force until April 30, 1902; fees for which must be prepaid. Applications for annual licenses for the same must be applied for and prepaid during the month of March, 1902. Annual licenses take effect May 1, 1902. All licenses are transferable by assignment; fee for each assignment being 25 cents.

FLORIDA.

SUPERVISING OFFICER, WILLIAM V. KNOTT, STATE TREASURER, TALLAHASSEE. Preliminary Documents-Company must file with the Treasurer a copy of its charter and statement of its financial condition on December 31 preceding.

Attorney. All agents of the company in the State must be authorized to accept service of legal process.

Funds. Each foreign company must possess at least $200,000 and each domestic company $25,000 in United States or State bonds, or other bankable or interest-bearing stock of the United States at market value, or mortgages on unencumbered real estate worth double the amount loaned thereon.

year.

Valuation of Policies.-No provision.

Annual Statements.-Annual statements must be filed in the month of January each

Examinations.-The State Treasurer, Comptroller and Attorney-General constitute a board of insurance commissioners, who may make examinations whenever deemed necessary.

Fees. For filing annual statement, $10.

Licenses.-Each company must pay a license fee of $200 in October of each year, except plate glass companies, which must pay $50. Companies must pay $5 for each local agent and $25 for each traveling agent. Counties, cities or towns may require an agent's license tax not to exceed fifty per cent of the State tax for such agent, and from traveling agents a tax of $5 for each county in which business is transacted.

Taxes. Each company is required to pay an annual tax of two per cent on gross premiums.

Penalties. For making false returns or statements a fine is incurred of not less than $500 nor more than $5000. For a violation of any of the provisions of the law a fine not exceeding $1000, or imprisonment not exceeding six months, is imposed. For failure to procure a license, fine of not more than double the amount required for such license.

ADDITIONAL NOTES FROM THE STATUTES.

Agents. Whoever aids in the procurement of insurance is deemed an agent of the company taking the risk.

Miscellaneous Companies.—Any company doing business in the State must have at least $250,000 capital. Surety companies are required to have $500,000 capital, of which $100,000 must be invested in United States or other approved securities. All companies must pay a tax of two per cent on gross premiums received in the State.

GEORGIA.

SUPERVISING OFFICER, W. A. WRIGHT, INSURANCE COMMISSIONER, Atlanta. Preliminary Documents.-A copy of the charter must be filed with the Insurance Commissioner and statement showing the condition of the company on December 31 preced

ing. Also certificate of the proper officer of the State in which the company is organized, showing that it has deposited with him not less than $100,000 for the security of its policyholders.

Attorney. Some resident of the State must be appointed attorney for the company to accept form of legal process.

Funds. Each company must possess at least $100,000 in bonds and stock, estimated at their market value, or mortgages on real estate worth double the amount for which the same is mortgaged.

Valuation of Policies.-Policies shall be valued upon the basis of the American Experience or Actuaries' Table and four per cent interest. Certificate of examination by proper officer of the State in which company is chartered to be accepted in lieu of other examinations.

Annual Statements.-This State requires that semi-annual statements shall be filed, showing the condition of the company on June 30 and December 31 of each year. The first statement to be filed on or before the last day of April, and the midsummer statement on or before the last day of August of each year. Semi-annual statements to be made to the Governor, and an annual statement in addition to the Comptroller-General. Semiannual statement to be published in a newspaper of general circulation.

Agents.-Agents must procure certificates of authority from the Insurance Commis

sioner.

Examinations.-The Commissioner is empowered to examine, personally or by deputy, any company at any time

Fees. For filing charter or certificate relative to same, $20; filing statement, $20; certificates to agents, $3; reciprocal provisions as to other fees.

Licenses.-Agents must procure licenses. For local agent, $10; special, $50 for the

State.

Taxes.-Agents are required to make returns to the Comptroller-General for a year, ending on the 30th of April, and report showing the total amount of premiums received in the State by agencies, and on or before the first day of July in each year must pay a tax of one per cent thereon. Special and traveling agents must also pay a tax of $50 for privilege to do business in the State at large.

Penalties. For violation of any of the provisions of the law relating to insurance a penalty is provided of not less than $100 nor more than $1000. For default in payment of taxes a penalty of $500. All companies, both home and foreign, are prohibited from becoming members of or maintaining membership in any pool, combination or association which tends to defeat competition under penalty of a revocation of their licenses.

ADDITIONAL NOTES FROM THE STATUTES.

Compacts Unlawful.-It is unlawful for companies or agents to enter into any compact or agreement for preventing or lessening competition. Penalty for violation, revocation of license.

Miscellaneous Companies.-Fidelity companies must have a capital of at least $250,000, and conform to the laws pertaining to life companies. Deposit $25,000 State Treasurer. Live stock and steam boiler companies must also comply with the laws relating to life insurance. Life and accident insurance companies must show that they have on deposit with the proper officer of the State in which they are incorporated, or of the State of Georgia, not less than $100,000 in securities that he may deem equivalent to cash, subject to his order, as a guaranteed fund for the security of policyholders. All companies must pay a tax of one per cent on premiums received.

Semi-Annual Statements.-Companies must make semi-annual statements to the Governor on the 1st of January and July, or within sixty days thereafter.

Who are Agents.—Any person soliciting insurance, or performing any act in relation thereto, or in adjusting losses, shall be deemed an agent of the company carrying the insurance.