Page:United States Statutes at Large Volume 48 Part 1.djvu/1202

 1176 73d C ONGRESS. SESS. II. CH. 672 . JUN E 19, 1934. after the commencement of the disability covered by the disability clause or contract allowing such money income benefit. Of group life incur- SEC. 17. EXEMPTION OF GROUP LIS'E-INSURANCE POLICIES FROM EXE- an ce , Cu'rION .-No policy of group life insurance, nor the proceeds thereof when paid to any employee or employees thereunder, shall be liable to attachment, garnishment, or other process, or to be seized, taken, appr opriat ed, or appli ed by any le gal or equita ble pr ocess or ope ra- tion of law, to pay any debt or liability of such employee, or his beneficiary, or any other person who may have a right thereunder, either before or after payment ; nor shall the proceeds thereof, when not made payable to a named beneficiary, constitute a part of the estate of the employee for the payment of his debts. False statements. SEC. 18 . FALSE STATEMENTS .-Any agent, broker, examining phy- sician, or other person who shall knowingly or willfully make any fals e or f raudul ent st atemen t or r epresen tation in or with refere nce to any application for life insurance, or who shall make any such statement for the purpose of obtaining any fee, commission, money. or benefit from or in any company transacting business under this Act shall be guilty of a misdemeanor. Proceeds of certain SEC. 19. PROCEEDS OF CERTAIN POLICIES TO BE HELD IN TRUST BY LIFE policies to be held in trust by company. COMPANY .-Any life company licensed under the laws of the District shall have power to hold the proceeds of any policy issued 'by it under a trust or other agreement upon such terms and restrictions as to revocation by the policyholder and control by beneficiaries and with such exemptions from the claims of creditors or beneficiaries other than the policyholder as shall have been agreed to in writing by such company and the policyholder. Such insurance company shall not be required to segregate funds so held, but may hold them as a part of its general corporate assets. When actual premi- SEC. 20.-WHEN ACTUAL PREMIUM FOR LIFE POLICY IS LESS THAN NET um for life policy is less than net premium. PREMIUM .-When the actual premium charged for an insurance pol- icy by any company is less than the net premium on the basis adopted by the company for the valuation of such policy under chap- ter V, section 1 of this Act, such company shall be charged as a separate liabilit y with a deficienc y reserv e equal t o the tot al presen t value of the future deficiencies in the actual premium calculated according to the table of mortality and rate of interest employed by the company for the valuation of such policy. Penalties ; Constitu- tionality. Penalty provisions. Testimony ; produc Lion of books. CHAPTER VI-PENALTIES ; CONSTITUTIONALITY Sec.1. Penalties ; con stit ution alit y. Sec. 2 . Testimony ; production of books. See. 3 . Constitutionality. See. 4. Repeals. Se e. 5 . Effective date of act. SECTION 1. PENALTIES ; CONSTITUTIONALITY .-Any person, partner- ship, or company who violates any of the provisions of this Act, or fails to comply with any duty imposed upon him or it by any pro- visio n of this Act, for which vio latio n or failu re n o pen alty is elsewhere provided by the laws of the District, shall be fined not exceedi ng $50 0 for each a nd eve ry vio lation. SEC. 2. TESTIMONY ; PRODUCTION OF BOORS.-No person shall be excused from testifying or from producin g books, accounts, and papers in any proceeding based upon or growing out of any viola- tion of the provisions of this Act, on the ground or for the reason that the testimony or evidence, documentary or otherwise, required of him may tend to incriminate him or subject him to penalty or