Page:United States Statutes at Large Volume 54 Part 1.djvu/1099

 54 STAT.] 76TH CONG. , 3D SESS.-CH. 792-OCT. 9, 1940 equivalent, or to do an act valuable to any other party upon the happen- ing of the hazard or peril insured against whereby the party insured suffers loss or injury or is subjected tolegal liability. "Officer", when used to refer to officer of the company, includes an attorney-in-fact. "Policy writing agent" means any person who is not a salaried employee of a company, and whose residence or principal place of busmess is located in the District, and who is authorized in writing by any company authorized to transact business in the District to counter- sign policies and to solicit, negotiate, or effect contracts of insurance, surety, or indemnity for such company in the District. "Soliciting agent" means any person who is not a salaried employee of a company and whose residence or principal place of business is located in the District, and who is authorized by a company having authority to transact business in the District, or by a policy-writing agent, to solicit in the District contracts of insurance, surety, or indem- nity in behalf of such company or agent. "Broker" means any person who for a consideration acts or aids in any manner in the solicitation or negotiation on behalf of the assured of contracts of insurance, surety, or indemnity. "Salaried company employee" means any person regularly employed by an authorized company, and who is paid a regular wage or salary to perform certain duties and functions authorized by such company. For the purposes of this Act the term "salaried company employee" shall not include employees engaged solely in office duties or in the inspection, rating, or classifying of risks or in the supervision of agents, or any employee not engaged in the solicitation or writing of policies or officers of companies or associations engaged in the performance of their usual and customary executive duties. "Surplus" means the excess of admitted assets over liabilities and capital in the case of a company with capital stock, and the excess of admitted assets over liabilities in the case of a company without capital stock. "Liabilities" means all debts due or to become due, contingent or otherwise, of which the company has knowledge, and includes the reserves required by this Act. "Admitted assets" includes the investments authorized or permitted by this Act, and in addition thereto only the following: (1) Cash in a company's principal or branch offices or in possession of a company or in transit, and cash deposited with the officers of any State or subdivision thereof, or the Dominion of Canada, when such deposit is necessitated by the laws of such State or subdivision thereof, or by the laws of the Dominion of Canada. (2) Cash deposited in sound banks and trust companies. (3) The amount fairly estimated as recoverable on cash deposited in closed banks and trust companies. (4) Bills and accounts receivable collateralized by securities of the kind in which the company is authorized to invest. (5) Bills receivable not past due for risks taken by companies authorized to transact fire and marine business described in section 10 of chapter II of this Act that are not in excess of the unearned premiums thereon. (6) Gross premiums or premium deposits in course of collection not more than ninety days past due, less commissions due thereon to agents. (7) Amounts fairly estimated as recoverable from advances made on contracts under surety bonds. (8) Amounts due from solvent insurance companies, bureaus, or company associations, and amounts fairly estimated as recoverable from insolvent insurance companies. 1065 "Officer." "Policy writing agent." "Soliciting agent." "Broker." "Salaried company employee." Exclusions. "Surplus. " "Liabilities. " "Admitted assets," investments included. Pot, p. 1069.

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