Page:United States Statutes at Large Volume 48 Part 1.djvu/1160

 1.134 73d C ONGRESS. SESS. II. CH. 672. JUNE 19, 1934. opinion of the Superintendent would be required from stock com- panies of comp arable s ize. In no case shall the deposit of a domestic company be less than $25,00 0. Certificate of deposit; If such deposit is made with an official other than the Superin- t tdent certificate of deposit from said official shall b filed with tendenen ae the Superintendent showing the character of the deposit before a deposits. license may be issued. If the securities so deposited are not of the class authorized by this Act for investments of companies, the Superintendent may require an additional deposit in approved securities. general SEO. 17 . HOLDING OF GENERAL DEPOSITS By DI STR ICT A UDI TOR AND SECRETARY TO BoARD of COMMISSIONERS .-When any company is requ ired by the laws of the Dist rict, or of any Stat e or cou nty, or by other competent autho rity, to make a deposit with an insur- ance supervising official, or other financial officer, and where said deposit is made by the company in bonds or other evidence of indebt- edness of the United States, or of any State of the United States, or of any county or incorpo rated city of any State of the United States, the said securities shall be delivered to the Secretar y to the Boa rd of C ommi ssi oner s of the Dist rict of Colum bia, and the Auditor of the District of Columbia, who shall receive and ho ld the sa me, subject to the lawful orders of the Superintendent of Insurance, and who shall be responsible for the safekeeping of all securities deposited or delivered under the authority of this section, so long as the company continues solvent and complies with the laws of the United States and of the District of Columbia, and it may in that event collect the income on such securities. The co mp any shall have the right to substitute therefor oth er se curi ties, req uired by this section as lawful investment, provided such subs titu te se cur- ities are of the character, amount, and value called for by this section and are approved by the Superinten dent of Insurance. If the value of the securities deposited by any company shall decline below the amou nts so r equi red, the com pany shall make a further deposit and maintain the deposit in the amount and value so required. SEC. 18. WITHD RAWAL OF GENERAL DEPOSITS .-When a company determines to discontinue its business or to cease to do business in the District and desires to withdraw its deposit made in the District pursuant to this Act the Superintendent shall, upon the application of the company, and at its expe nse, giv e notice of such intenti on in a newspaper of general circulation in the District once a week for three consecutive weeks. After s uch publ ication he shall deliver to such company or its assigns the securities so deposited when he is satisfied upon examination and investigation ma de by him or under his authority and upon the oaths of the president and secretary or other chief officers of the company that all debts and liabilities of every kind due and to become due which the deposit was made to secure are paid and extinguished : Prov ided , Th at the Superintend- ent may require any co mpa ny so withdrawing from the District to furnish bond to cover any undisclosed or contingent liabilities. Upon a company being wholly reinsured the Superintendent may deliver t o it or to its assig ns all sec urities depos ited by it upon coin- pliance with th e follow ing cond ition : Th e re insu ring com pany sha ll assume and agree to discharge all liabilities of every kind due and to become due which the deposit of the reinsured company was made to secure. Such reins uring c ompany shall have a deposit in t he District or with some State official in the United States in securities recognized by this law as lawful investments of the company in an amount and value not less than the deposit required of the reinsured company. The deposit of the reinsuring company shall be such th at Addit iona l Holding of deposits Delivery of securities. Responsibility for safekeeping. Subst ituti on o f sec u- rities . Requirement of addi- tional deposit. General deposit. Withdrawal, upon discontinuance of busi- nes s. P ublic atio n of inten - tio n. Delivery of securities. Conditioned upon debts and liabilities being secured. Proviso. Bond to cover undis- closed liabilities . Deliv ery o f de posit ed securities, co mpany be- ing reinsured. Condi tion s.