Page:United States Statutes at Large Volume 42 Part 1.djvu/432

 404 SIXTY-SEVENTH CONGRESS. Sess. II. Ch. 93. 1922. V¤1-3*·1» 1*** hereafter operate in the District, known as life, health, and accident companies, under section 653 of the code. _aa¤s¤¤m» compa Corporations for the sole purpose of reinsuring risks insured by “‘§§;,,,m,,Ss ,,,m,,.,,,,d_ other companies may be organized, or admitted, within the District in the same manner as prescribed for other companies. Such reinsurance companies may transact business with any other insurer or re— insurer, and such reinsurance rg/gg include all classes of insurance that rmym. may be lawfull written: Pr ed, That any reinsurance company ,,,°,§,*§§’}I,,,‘f,‘¢,l,,*§“,f4‘}$ organized or admitted to reinsure one or more of the enumerated surplus equal to the capital and surplus provide y this section for the direct writing of each class of insurance, and shall be required to hold reserves in the same amount and manner as now required of other companies for each such class of insurance which, by the provisions of its charter, it is authorized to transact. Such reinsurance company shall compllggvith all other sections of this Act, and with any; other {law of the ltrict, qggullpting direct-writing companies, in so arast esamernay eapp ca e. mgmegf ¤¤¤*¤¤l Sec. 4. That no domestic mutual company shall be organized or _n€§iier or appuea licensed within the District imless it has applications from at least §‘,§§°,,,,",§§,l,§‘,§,°,{’,,“f,“,{ fg two hundred persons for each class of insurance (as enumerated under <>rs¤¤¤¤¤- the several subdivisions of section 3) it may be authorized to write aggregating not less than $500,000, the maximum amount of insurance applied for in any application on any risk not exceeding one—half of 1 per centum of the aggregate amoimt, nor three times the averagg m '> 1**** amount of insurance app ed for in the several applications. No suc mutual company shall e so licensed for any of the classes of insurance as allowed under the several subdivisions of section 3 unless it has received in cash, with respect to each such class of insurance written, at least one advanced periodical premium on each such application, _ nmpioyss liability gating at least $10,000 ; but if the applications are for employers’ ‘”S“““‘°°· lia ility or workmen’s compensation insurance, the premiums on such applications shall aggregate at least $25,000, and each emplo er shall S¤¤>l¤S- be considered a separate risk; nor unless it has a sur lus ofy $10,000 in mone or other lawful investments above its liabillities, includin the liabilit equal to the aggregate amount of premiums so advanced? 0¤¤¤¤• <>¤¤P¤¤*¢5· Sec. 5. That an insurance com any organized under laws other than the laws of the District and tlivsirinv to transact business in the ,,,f’,§§f°1 “°°" °°‘“‘ District shall satisfy the superintendent that it has, if a capital stock P¤:gS·;v <:}>£l¤¤¤¤d company, a paid-up capital and a surplus of assets, invested in mm aq accordance with the laws of the State under which it is organized, over its entire authorized cagital and all other liabilities, at least _ _ equal to the capital and surp us (prescribed under section 3 of this S,,Y,Q$“°“‘ °°""°‘ Act for the writing of various kin s of insurance; and, if a company s£·v¢==¢¢<iS·¤v¤¤*¤r without capital stock or au interinsurance exchange, that it has a ` surplus of assets, invested according to the laws of the State under which it is organized, over all its liabilities, of $100,000; or if a mgfuwel. ¤¢¤¤r ¢h¤¤ mutual eompang other than a life insurance company that it has a skipping, surplus over lia ilities amounting to $100,000, or in lieu thereof a s1u·plus amounting to $10,000 and an additional contingent liability _ of its policyholders equal to not less than the cash premium expressed ,,§;;‘2§§_°‘°‘°‘g"G°" in the policies in force; or if a com any organized imder a foreign `_ggq>i,¤¤;· tg; wig; Government, Province, or State, that it has a surplus of assets sims. invested according to the laws of the District or of the State in the United States where it has its deposit, held in the United States in trust for the benefit and sec1u·itv of all its olicyholders in the United States, over all its liabilities in the United States, of at least $150,000, and, if writing more than one class of insurance as enumerated and _ _ allowed under section 3 of this Act, an additional $75,000 for each ,,§;P§1§,;’,,§‘*;Q'QQj`§ such additional kind of insurance written; and such com any so organized under the laws of a foreign Govemment or State sliall also
 * ¤¤¤¤>¤¤¤ °¤¤¤P•¤*¤S- classes of insurance, shall be required to have an aggregate capital and