June 30 and December 31, and to pay into the State Treasury $2.50 on each $100 of premiums received. Each agent, including each member of a firm or agency, shall pay a State tax of $10 in lieu of all other taxes, such tax to be paid direct to the Insurance Commissioner. Taxes subject to change by reciprocal provisions in law.

Penalties.-Agents doing business for an unauthorized company liable to a fine of from $100 to $200 or imprisonment for not more than thirty days, or both, in the discretion of the court. Company neglecting to make return or pay taxes as required incurs a penalty of $500. A company that neglects to file its annual statement within the time required by law, incurs a penalty of $100 for each day neglected. For violation of any provision of the law the penalty whereof is not specifically stated, a fine of not more than $500 is incurred.

ADDITIONAL NOTES FROM THE STATUTES.

Discrimination.-Discrimination between insurants of the same class and equal expectation of life as to rates, benefits or conditions of contract is prohibited. Penalty, a fine of not less than $100 nor more than $500 for company; for officer or agent, a fine not exceeding $100, or imprisonment not exceeding thirty days, or both fine and imprisonment.

Misrepresentations.-Misrepresentations in application shall not void policy unless such misrepresentations were made with intent to deceive, or increase the risk of loss. Advertising Financial Condition.—Company must not publish its assets unless it shall in the same connection and with equal conspicuousness publish its liabilities, and any publication purporting to show its capital shall exhibit the amount of such capital as has been paid in cash. Penalty for issuing advertisement contrary to the requirements is a fine of not less than $100 nor more than $500.

Miscellaneous Companies.-Plate glass and live stock insurance companies must have at least $100,000 capital. All other companies not less than $200,000.

TEXAS.

SUPERVISING OFFICER, W. J. CLAY, INSURANCE COMMISSIONER, AUSTIN. Preliminary Documents.- Company must file a certified copy of its charter and bylaws, giving the name and residence of each of its officers, directors and members, also a verified statement showing the condition of the company.

Attorney. A stipulation must be filed by level premium companies authorizing a resident citizen of this State to accept service of legal process. Natural premium companies must appoint Commissioner; other companies may appoint any one to accept service in the State.

Funds.-Company must possess at least $100,000 invested in State and other securities. Deposit.-Company must furnish certificate that it has at least $100,000 deposited with the proper officer of some State, or in lieu thereof must deposit a similar amount with the Treasurer of this State.

Application.-Copy of application must accompany policy, except in the case of life policies, which are indisputable after two years or less. Misrepresentation in application no defense, unless material to the risk. Company must notify the insured or beneficiaries within ninety days of the discovery of any misstatement. After two years, misstatements in application shall not constitute a defense, provided company has not up to that time the correctness of same.

Annual Statements.— Annual statements must be filed within sixty days from January I, showing the condition of the company on December 31 preceding.

Agents.-Agents must obtain from the Commissioner a certificate of authority, to be renewed annually before March 1. Company must furnish a list of agents appointed in Texas each year.

Valuation of Policies.-American Experience Table at four and one-half per cent.

Examinations.-The Commissioner is authorized to examine into the condition of any company doing business in the State whenever he deems it expedient, and to publish the result; expense of examination to be paid by the company.

Fees. For filing annual statement, $20; for each certificate of authority, $1; notice of qualification, $1. Copies of papers on file, 20 cents per folio; certificates of same, $1; valuing policies, $10 for each $1,000,000 of insurance; other fees regulated by reciprocal provision.

Taxes.-Companies required to pay a tax of two per cent on gross premiums collected within the State. In addition, every foreign corporation authorized to do business in the State shall, at the time so authorized, and on or before the first day of March of each year thereafter, pay to the Secretary of State the following franchise tax: Every such corporation having an authorized capital stock of $25,000 or less, an annual franchise tax of $25; every such corporation having an authorized capital stock of more than $25,000 and not exceeding $100,000, an annual franchise tax of $100; every such corporation having an authorized capital stock of over $100,000, an annual franchise tax of $100, and in addition thereto an annual franchise tax of $1 for every $10,000 of authorized capital stock over and above $100,000, and not exceeding $1,000,000; and if such authorized capital stock exceeds $1,000,000, then such corporation shall pay a still further additional tax of $1 for every $100,000 over and above $1,000,000.

Penalties. For violation of the insurance laws the offender incurs a penalty of not less than $500 nor more than $1000 and imprisonment from three to six months.

Miscellaneous Companies.-Every company must have at least $100,000 capital. Guaranty and fidelity companies are required to deposit with Treasurer securities to the amount of $50,000. All companies must pay tax of one per cent on gross premium receipts in the State.

UTAH.

Supervising OFFICER, J. T. HAMMOND, Secretary of State, Salt Lake City. Preliminary Documents.— All foreign corporations, insurance or otherwise, must file with the Secretary of the State and with the County Clerk of the county wherein their principal office is located, within sixty days after commencing business, a copy of its last annual statement, a certified copy of certificate of incorporation, articles of incorporation or charter and by-laws, coupled with an acceptance of the State constitution, also a verified statement showing the name and location of the company and the amount of capital stock, assets and liabilities, and surplus. Must also file an authenticated abstract of the laws of the State or government under which it is organized.

Attorney.-Company must appoint an attorney or agent residing in the county where its principal office is located to accept service of legal process.

Funds.—The law provides "that it shall not be lawful for any life insurance company to transact a life insurance business in the State unless it shall have a paid-up capital of not less than $200,000." Except fraternal or mutual companies.

Annual Statements.-Annual statements must be filed with the Secretary prior to the first day of March, and must be published four times in some newspaper having a general circulation, published in the State.

Agents.-Agents must procure a certificate of authority from the Secretary, renewable

annually.

Examinations.-The Secretary of State is required upon the application of twenty-five policyholders to make an examination into the affairs of any insurance company doing business in this State and to publish the result of such investigation whenever he deems it for the best interests of the public.

Fees.-Filing copy of certificate of incorporation, $25; filing acceptance of constitution, $3; certificate of authority to company, $5; filing list of authorized attorneys, $1; filing notice of appointment of agents and solicitors, $5; certificate of authority to agents and solicitors, $5 each; renewal of certificates, $2; for filing statement, $25; issuing a

certificate of authority and each subsequent certificate, $5; issuing certified copy of annual statements for publication, $5; filing tax statement, $2.

Taxes. One and one-half per cent on gross premiums collected.

Penalties.-Agent doing business without obtaining certificate of authority is deemed guilty of a misdemeanor and is punishable accordingly.

Miscellaneous Companies.-Surety companies must file the same preliminary documents as life and fire companies. They must have an unimpaired capital of $250,000 and a deposit of $100,000 in securities deposited with the State authority where incorporated, and $25,000 deposited in Utah. Deposits to be in interest bonds or stocks worth par.

VERMONT.

SUPERVISING OFFICERS, FREDERICK G. FLEETWOOD, SECRETARY OF STATE, MORRISVILLE; JOHN L. BACON, State Treasurer, HartfORD.

Preliminary Documents.- Company must file a certified copy of its charter and bylaws, and a verified statement showing its capital, assets and liabilities.

Attorney-Company must appoint the Secretary of State its attorney to accept service of legal process.

Funds. Every company must possess at least $100,000, and in addition assets equal to its liabilities.

Deposit.-Reciprocal provisions.

Valuation of Policies.-Net value of policies issued before January 1, 1903, to be computed upon basis of "Actuaries" Table of Mortality, with four per cent interest. Net value of policies issued after December 31, 1902, to be computed upon basis of "American Experience" table, three and one-half per cent. Company may elect to reserve on three per cent basis.

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

Agents.-Agents must be residents of Vermont and must file with the Commissioner a certificate of appointment and obtain a license, renewable annually on April 1. Examinations.-The Insurance Commissioner is authorized to examine into the condition of any company doing business in the State at any time.

Fees. For filing charter, $30 (reciprocal); filing annual statement, $20; issuing license to company, $5; license to agents, $2; license to brokers, $10.

Licenses.-Companies and agents must procure licenses annually.

Taxes.-Company must pay, during the month of February, an annual license tax of $10 for the first $50,000, or less, of capital stock or deposit, and $5 for each additional $50,000, or fractional part thereof, but the whole tax not to exceed $50, and a tax of two per cent upon premiums received in the State during the preceding calendar year. [Domestic life companies must pay an additional tax of one per cent annually on surplus above the necessary reserve computed at four per cent; the value of real estate taxed locally may be deducted from such surplus.] The amount of tax to be paid is determined by deducting from the gross premiums the reinsurance in authorized companies, return premiums, unused balances of premium notes, and dividends to policyholders. Reciprocal provisions apply to all taxes, fees, fines, penalties, deposits, obligations or prohibitions when by the laws of any other State or foreign country, greater taxes, fees, fines, penalties, etc., are required than those above stated.

Penalties. For any violation of the law relating to insurance a fine not exceeding $2000 will be imposed. Agents doing business without a license or for unauthorized companies are liable to a fine not exceeding $1000. For violation of the anti-rebate law a fine of $500 is provided.

ADDITIONAL NOTES FROM THE STATUTES. Discrimination.-Discrimination between insurants of the same class and equal expectation of life, as to rates, benefits or conditions of contract is prohibited. Penalty, a fine not exceeding $500.

Miscellaneous Companies.-No special provisions for companies other than life, fire, fidelity and surety and accident, except as to mutual live stock companies, which, in the discretion of the Commissioners, if chartered by any of the New England States or organized under the laws of New York, may be licensed. Fidelity insurance and corporate surety companies are also recognized and legalized on official bonds to State, county, city, town or to any corporation or association, public or private.

VIRGINIA.

SUPERVISING OFFICER, MORTON MARYE, AUDITOR OF PUBLIC ACCOUNTS, RICHMOND.

Insurance supervision is in charge of the State Corporation Commission at Richmond, which was created on March 1, 1903. Beverly T. Crump is chairman.

Preliminary Documents.- Company must deposit with the Treasurer bonds of the State of Virginia, or of the United States, or of the cities of Richmond, Petersburg, Lynchburg, Norfolk, Alexandria, Danville, Winchester, Manchester, Portsmouth, Roanoke or Staunton, to an amount equal in cash value to five per cent of its capital stock, but not less than $10,000 or more than $50,000. Company must give bond, with two approved sureties on a guaranty company authorized to do business in Virginia of not less than $1000 nor more than $5000, conditioned to make returns and pay taxes as required by law.

Attorney.-A citizen of the State and a resident of the city of Richmond must be appointed agent to accept service of legal process. When agent dies or removes from State, or resigns or is removed, another agent is to be appointed, and if none be appointed service may be made on Auditor of Public Accounts of the State.

Deposit.-Company must deposit with the State Treasurer bonds of the State of Virginia, or of the United States, or of the cities of Richmond, Petersburg, Norfolk, Lynchburg, Alexandria, Danville, Winchester, Manchester, Portsmouth, Roanoke or Staunton, of not less than $10,000 nor more than $50,000. Amount of the deposit must be equal in cash value to five per cent of the capital stock of the company. Same law as to mutual companies.

Valuation of Policies.-The basis of valuation is the American Experience Table of Mortality, with interest at four and one-half per cent.

Annual Statements.— Annual statements must be filed with the Auditor on or before March 31, showing the condition of the company on the 31st of December preceding. Such statement to be published, at company's expense, once a week for four weeks in some paper issued either weekly or daily in the county, town or city where the principal office is located, or where the principal business of such company is done, and if there be no paper published in such county, town or city, then in such paper issued either weekly or daily in the State of Virginia, as the Auditor may, in his discretion, select, and in pamphlet form at expense of company.

Fees.-Fees are covered in the license to company.

Licenses. Upon making the required deposit and paying a specific license fee of $200, the company may obtain a license to do business from the Auditor of Public Accounts. Licenses to be paid annually on January 1.

Taxes. Company must certify to the Auditor of Public Accounts before March 1 of each year the gross amount of assessments, premiums, dues and fees collected or received, or obligations taken therefor, in the State during the preceding year, and pay into the Treasury a tax of one per cent thereon. Treasurer authorized to assess company onetwentieth of one per cent, for safe keeping of bonds deposited, etc.

Penalties. Any person acting as an agent for an unauthorized company to forfeit a sum not exceeding $1000 nor less than $30. For neglecting to pay taxes a penalty of five per cent a month, or fraction thereof, during the continuance of such failure, is incurred For failure to make annual report a fine of not less than $100 nor more than $1000 is provided.

Miscellaneous Companies.-Surety companies must have $250,000 capital and give bond not less than $1000 nor more than $5000, conditioned that it will make annual returns and pay taxes. All miscellaneous companies must pay annually a specific tax of $200, except live stock companies, which must pay $100.

Deposit of Securities.-Every surety company must, by an agent employed to superintend or manage its business in the State, deliver under oath, to the Treasurer of this State, a statement of the amount of capital stock of such company, and deposit with him bonds of the State of Virginia or of the United States, or bonds of the cities of Richmond, Petersburg, Lynchburg, Norfolk, Alexandria, or Danville, to an amount equal to five per cent on said capital stock, and the Treasurer shall thereupon give the agent a receipt for the same; provided, that the cash value of the securities so deposited need not be more than $25,000, nor shall be less than $12,500. Said securities shall be assigned to said Treasurer and his successors in office in trust for the purpose of this act. The Treasurer shall require any such company to make good any depreciation or reduction in value of said securities, and he shall, in the month of December of every year, examine all securities so deposited with him for the purpose of ascertaining whether any of them have depreciated or have been reduced in value. The Treasurer shall give to the company authority to draw the interest on the bonds, as the same may become due and payable, for the use of the company, which authority shall continue in force until the company fails to pay any of its liabilities in this State by reason of its becoming security, or by reason of its assuming any duty or obligation of like nature, as principal or otherwise, by becoming fiduciary, and which failure has been ascertained by agreement to the parties binding on such company, or by judgment, order, or decree of a court of competent jurisdiction against such company, not appealed from, superseded, or stayed; and, in case of such failure so ascertained, the party charged with the payment of such interest shall be notified of such failure and thereafter such interest shall be payable to the Treasurer, to be applied, if necessary, to the payment of such liabilities.

WASHINGTON.

SUPERVISING OFFICER, SAM. H. NICHOLS, SECRETARY OF STATE AND INSURANCE COMMISSIONER, OLYMPIA. J. H. SCHIVELY, DEPUTY COMMISSIONER.

Preliminary Documents.-Company must file with the Secretary of State, who is erofficio Insurance Commissioner, a copy of its articles of incorporation and charter certified by the State or county officer having custody of the original, also a certificate of the proper officer of the State in which it was organized setting forth that it has unimpaired capital of not less than $100,000.

Attorney.-A citizen and resident of the State must be appointed to accept service of legal process. In the absence of such attorney service may be made upon the Commissioner.

Funds.-Companies must have a paid-up capital or net assets of $100,000 at least. Companies of Other Countries.-Foreign companies must have at least $200,000 deposited with the proper officers of some State for the protection of policyholders in the United States.

Annual Statements.- Company must file with the Commissioner, on or before February 15, a statement showing the business done in the State during the previous year, and on or before March 1 must file the usual statement showing the condition of the company December 31 preceding.

Examinations.-The Commissioner of Insurance is authorized to make examinations of companies whenever he shall deem it necessary for the interests of policyholders.

Fees.-Filing articles of incorporation, $35; issuing certificates, $10; filing annual statement, $10; filing statement of business done in the State, $10; filing any other paper, $1; copies of papers on file, 20 cents per folio; certification of same, $1. All other agents