Page:United States Statutes at Large Volume 48 Part 1.djvu/1163

 73d C ONGRESS. SESS. II. CH. 672 . J UNE 19, 1934 . For the purpos e of this section the Superintendent shall have power, subject to the approval of the court, to make and prescribe such rules and regulations as to him shall seem proper. The Superintendent shall transmit to the Commissioners, in his annual report, the names of the companies so taken possession of, whether the same have resumed business or have been liquidated, and such other facts as shall acquaint the policyholders, creditors, stockholders, and the public with his proceedings under this section and, to that end, the special deputy superintendent in charge of any such company shall file annually with the Superintendent a report of the affairs of such company similar to that required by section 8 of this chapter. The court may require corporate surety b ond f rom the S uper inte nden t or any ass ista nt appointed by him , in suc h amount as it may deem necessary, the cost of which bond shall be paid as other expenses provided under this section. SEC. 21. WHEN COMPANY TO BE DEEMED INSOLVENT .-Every insur- ance com pany who se asset s and cr edits ar e not suf ficient to reins ure its outstanding risks in a solvent insurance company, shall be deemed insolvent and may be proceeded against as an insolvent company. SEC. 22. REINSURANCE BY SUPERINTENDENT .-The Superintendent may rein sure all of the policy o bligatio ns of any domesti c insura nce company, of which he is a receiver, in any solvent company author- ized to do business in the District, if the assets of the company are sufficient to effect such reinsurance. If such assets are insufficient for that purpose, the Superintendent, upon like consent, may rein- sure a percentage of each outstanding policy obligation of such com- pany to the extent that its assets may be sufficient for that purpose. No con tract of r einsur ance shall be en tered into by th e Sup erin- tendent, except in pursuance of an order of the court in which he was appointed receiver directing the reinsurance and establishing the general form of the contract for the same. SEa. 23 . AMOR TIZA TION. -All bon ds or ot her evid ence s of deb t having a fixed term and rate held by any company authorized to do business in the District, if amply secured and if not in default as to principal or interest, shall be valued as follows : If purchased at par, at the par value ; if purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield meantime the effective rate of interest at which the purchase was made : Provided, That the purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase : Provided further, That the Superin- tendent shall have full discretion in determining the method of cal- culating values according to the foregoing rule, and the values found by him in accordance with such method shall be final and binding : And pr ovided furth er, T hat any su ch com pan y may return suc h bonds or other evidences of debt at their market value or their book value, but in no event at an aggregate value exceeding the aggregate of the values calculated according to the foregoing rule. SEa. 24. ATTORNEY FOR SERV ICE OF PROCESS .--Every domestic com- pany not having its home office in the District and every foreign or alien company now or hereafter transacting business in the Dis- trict, and every foreign or alien company now or hereafter soliciting, selling, or writing insurance on any resident of the District, through the medium of the United States mails, shall file with the Superin- tendent a duly executed instrument appointing and constituting him and his successors the tr ue and lawful attorney of such company upon whom all lawful process in any action or legal proceeding agains t it may be served and therein shall agree that any l awful process against it which may be served upon its said attorney, as S6637 - -n4--72 Ante, p. 1132. Amortization. Provision. Purchase price. Calculation of values. 1137 Ru les and reg ula- tions. Ann ual report. Names of liquidated companies, etc., to be included. When company to be d eemed ins olven t. R einsu ranc e by Su- per intendent. O rder of c ourt re- qui red. Valuation of bonds, etc. Return of bonds au- thorized . Attorney for service of process . Appointment by companies. Agreement to recog- nized service.