Page:United States Statutes at Large Volume 24.djvu/399

 366 FORTY-N IN TH CONGRESS. Sess. II. Gus. 45, 46. 1887. in said building; and such action may be maintained by any person or persons now anthortized by law to sue, as in other cases for injuries caused by neglect 0 duty. Sec. -1. That all acts or paras of acts inconsistent with this act are hereby repealed. Approved. January 26, 1887. J¤·¤· 26. 1*587- CHAP. 46.——An act to regulate insurance in the District of Columbia. Bc it enacted by the Senate and House of Representatives of the United IQ¤¤¤¤¤{¤¤ _¢<>¤=· States of America in Congress assembled, That no company hereafter org‘;§;:i£l“"'°“ °f ganized or incorporated within the District of Columbia shall transact Capim mum the business of insurance in any of its branches unless the whole capital of such company be not less than one hundred thousand dollars, actu- Assessment com- ally and in good faith paid upin full, inoash, excepting life-insurance com- P=¤=i¤¤ panies which issue to their members policies or certificates agreeing to pay benellts or sums of money which are to be realized by assessments . levied upon the members; no other capital than such assessments shall be required of them. The Commissioners of said District, or any two of them, shall ascertain and determine such facts, upon evidence satisfactory to them to be tiled in their office, and thereupon shall issue to such companies authority to transact business. Annan s n an- Sm:. 2. That every insurance company doing business in said District m°¤“ *° b°¤¤d°· must transmit torthe Commi siouers of the District a statement of its condition and business for the year ending ‘on the preceding thirty-iirst day of December, which statement shall be rendered on the iirst day of January following or within sixty days thereafter, except that foreign companies shall transmit their statements of business, other than that done in the United States, prior to the following ilrst day nf July, which statements must bein form and state the particulars required by Special state- the blanks prescribed by the Commissioners; and the Commissioners, ‘”°““’- or any two of them, may require at any time statements from any company doing business within the District, or hom any of its omcers or ‘ agents, on such points as they may deem necessary and proper to elicit a. full exhibit of its business and standing, all of which statements _ _ herein required must be verified by the signatures and oaths of the presimC<>¤¤1>¤¤¤¤¤ Mt dent or vice-president, or the secretary or actuary. No company having !Q)‘;§bif;3*°z°:;; neglected to nie a statement required of it within the time and manner 5,,,,,,, b,,,;,,c,,_ prescribed shall do any business, after notification by the Commis- Money penalty. sioners, or any two of them, while such neglect continues; and any company or association neglecting tomake and transmit any statement required shall forfeit one hundred dollars for each day’s neglect. -§9¤•¤¤-, Sec. 3. That every nre-insurance company, to entitle itself to the c0£"';¤i;:°°'“”°° written authority by this act required to transact business in the Dis. P ‘ trict, shall have assets equal to its liabilities, including a reinsurance reserve liability equal to tlfty per centum of premiums received upon one year-risk, and an amount proportioned to the unexpired time upon all _1¤1qm1 mm ma· other tire risks. Every company doing an inland or marine business  ° ¤ ° ° shall have assets equal toits liabilities, including a reinsurance reserve Pliability equal to the total premiums charged upon all unexpired inland Li fe _ insurance 01* marine risks. Every llf6·i¤8lll‘3l1C8 Oompfmy, Clclbptlllg those Organ- °°*¤P¤¤*°¤· ized upon the plan of assessments on their members, shall have assets equal to its liabilities, including a reserve liability computed upon the basis of the American experience table of mortality, at four and onehalf per centum interest. Before issuing any written authority to anv company to transact business in the District, the Commissioners. or a majority of them, shall satisfy themselves that such company hascomplied with the law; and at any time thereafter they shall revoke such authority when satisiied that such company has fallen below such reqmrements.