Page:United States Statutes at Large Volume 42 Part 1.djvu/433

 SIXTY-SEVENTH CONGRESS. Sess. II. Ch. 93. 1922. 405 either deposit with the superintendent seciuities of the amount and value of $150,000 (or such larger amount as may be required by this section if the complany writes more than one class of insurance) and of the classes in w `ch insurance companies are permitted b this Act v_ h _ I to make investments, or with the official of a State of tlie United l 't stm °m°`°` States, authorized by the law of such State to acce t such deposit, securities of the amount and value of $150,000 (or such larger amount · as may be required by this section if the compan writes more than one class of insurance), of the classes in which life insurance companies of such State are permitted to make their investments, and such deposits shall be made for the benefit and security of all the policy- _ holders of such company in the United States, and the company shall P,,(§$‘f§§*§1‘gQh° °°' file with the superintendent the certificate of such official o any such deposit with such official of any such State. Trru; III.—RE1NSURANCE. R"“"“"*“°°· Sec. 6. That every insurance or reinsurance company, authorized ;¤sCiiigii¤If·°Sf>¤1i?¢°g1ii¤Y to transact insurance or reinsurance within the District, may reinsure ‘”d‘“°“°l"s"· any part of an individual risk in another company having power to make such reinsurance, and with the consent of the superintendent ul ms ,,5 may reinsure all of its risks, within any class of insurance as enumer- ‘ ° ns ° ated under the several subdivisions of section 3 of this Act, in another Limit 0,, mdmng company. But no credit shall be taken for the reserve or unearned r¤S·=rv¤,¤¤¤· premium liability on such reinsurance unless the company accepting the reinsurance is licensed by the su rintendent, or imless it is licensed in one or more States in the United States and shows the same standards of solvency as would be required if it were at the time of such reinsurance authorized in the District to insure risks of the same kind as those reinsured. Uneamed premium In case such reinsurance is effected with an insurer so authorized, &‘g¤;WwdQj,“éd;•gdbrg or so recognized for reinsurance in this District, the  insurer eeiviugimum. shall thereafter be cha ed on the gross premium basis with an unearned premium lialiiglity representing the roportion of each obligation retained by it, and the insurer to which the business is ceded shall be charged with an unearned premium liabilit re resenting the proportion of such obligation ceded to it calculated) in the same way. The two parties to the transaction shall together R°°‘°"°°°b°°°"l°°‘ carry the same reserve which the ceding insurer would have carried had it retained the risk. The superintendent shall require schedules of reinsurance to be S°h°"“’“"°”°m°°‘ filed by every insurer at the time of making the annual report and at such other times as he may direct. Trims IV.-—UNEARNED Pimmum Rmsmzvn. ,.§,.‘L`§T““d "'°““““‘ Sec. 7. That with res act to marine insurance risks, the unearned mgmm °! mpi premium shall be found {by computing 50 per centum of the amount of premiums received and receivable on unexpired risks on time policies running one vear or less from date of policy, and 100 per centum of the amount of premiums on all untermmated voyage and transit risks. As a basis for unearned premium reserves, unterminated voyage or transit risks shall be deemed to expire within thirty days on the average. Every insurance comlpany shall so compute such unearned premium in its annual and other financial statements. Trrnn V.—TAxns. ww. Sec. 8. That with the exception of license fees, real estate and  ,g¤¢}_g; pexiisonal property taxes, and a tax on investment mcome derived from in memes umu ds representing reserves,cap1tal stock and surplus as defined by this b;,_Dm"" °‘ °°“‘”`