Page:United States Statutes at Large Volume 48 Part 1.djvu/1158

 1132 73d C ONGRESS. SESS. II. CH. 672 . JUN E 19, 1934. such company and thereafter no new insurance business shall be tr ansact ed by the compan y or its a gents until the Superi ntend ent shall issue a new certificate of authority to the company. Notice of proposed The Superintendent shall not revoke the certificate of authority of revocation. any company until he has given the company not less than thirty days' notice of the proposed revocation and of the grounds alleged therefor and has afforded the company an opportunity to show that notice. pension w ithout its ce rtificate of aut hority should no t be revoked. When the further transaction of business would be hazardous to the policyholders of any company, the Superintendent may suspe nd the certificate of auth ority wi thout gi ving noti ce as ab ove requ ired. Annual statements. SEC. 7. ANNUAL STATEMENT FORMS TO BE FURNIS HED BY SUPERIN- Forms to be f ur- TENDENT .-The Superintendent shall, annually, in the month of nisbed. Dece mber, fu rnish to each of the comp anies au thorized to do b usiness in the District and required to ma ke an annual statement to the Department two or more blanks in form adapted for such statements, and which shall conform as nearly as may be practicable to the form of s tatement from ti me to tim e adopte d by the nationa l conven tion of insu rance commi ssion ers. Requirement of filing. SEC. 8. ANNUAL STATEMENT.-Every company doing business in the District shall file with the Superintendent before March 1 in each year a fin ancia l sta tement for the y ear en ding Decem ber 31 , immediately pre ce din g, on forms furnished by the Superintendent. Verific ation. Such statement shall be verified by the oaths* of the president and secretary of the company, or, in their absence, by two other principal eS Sttaatement of alien officers. The statement of an alien company shall embrace only its condition and transactions in the United States and shall be verified by the oath of its resident manager or principal representative in Penalty, failure to the U nited States. In case a comp any s hall fail to make and file tee. its ann ual stat ement wi thin the time he rein pre scribed its auth ority to transact business in the District shall'thereupon terminate. a1 yalsestatement ;pen- SEC. 9. PENAL TY FOR FALS E ST ATEM ENT .-A directo r, officer, agen t, or employ ee of any company who willfull y and know ingly sub- scrib es, m akes, or co ncurs in ma king or publishing any annual or other statement required by law, containing any material statement which is false, shall, upon conviction thereof, be punished by im- prisonment in the penitentiary for not less than two nor more than ten years. A person who willfully and knowingly makes oa th to any such false statement shall be guilty of perjury. mDe cept veestate- SEC. 10. DECEPTIVE STATEMENTS PROHIBI TED .- N o company doing business in the District or agent thereof shall state or represent by advertisement in any newspaper, periodical, or magazine, or by any sign, ci rcular, card, po licy of i nsurance, or cer tificate of rene wal thereof or otherwise that any funds or assets are in possession of such company which are not actua lly p ossess ed by it and available for the payment of losses and claims and held for the protection of its policyholders and creditors. Advertisements, con- SEC. 11. CONTENTS OF ADVERTISEMENTS. -E v er y advertisement or public announcement and every sign, circular, or card issued by any domestic, foreign or alien company doing business in the District representing its financial standing shall exhibit the amount of the capital stock actually paid up in cash, the assets owned, the liabilities, i ncludi ng th erein the p remiu m and loss reser ves r equire d by law, and the amou nt of surplus, and shall correspond to the next pre- ceding verified statement made to the Superintendent by such com- Ali encomp anies. pany. Every advert iseme nt or publi c ann ounce ment a nd ev ery s ign, circular, or card issued by an alien company doing business in the District, representing its financial standing shall exhibit as capital stock and assets only the capital stock and assets held by its United