Page:United States Statutes at Large Volume 31.djvu/1344

1292 FIFTY-SIXTH CONGRESS. Sess. II. Ch. 854. 1901. collector of taxes before March first of each year a sum equal to one and one-half per centum of said premium ieceipts of the last preceding calendar year, in lieu of all other taxes, except taxes upon real estate and any license fees rovided for in sections six hundred and fifty-four and six hundred an<l)fifty-five; and upon the failure of any company to pay said taxes before March first, as aforesaid, the license of said company shall be revoked and a penalty of eight per centum per month shall be charged against said company, which, together with said taxes, shall be collected before said company shall be allowed to resume business." miggsggggfgggortfo SEc. 651. SUPERINTENDENT T0 MAKE ANNUAL EEroE*r.—The superintendent of insurance shall re ort annually to the Commissioners of the District, on or before the thirty-iirst day of March, the iinancial condition of each insurance company and association doing business in said District, as of the thirty-first day of December next recedin . trggggggggego Dis SES. 652. INQUIRIES AS TO Dxsrmcr COMPANIES.-It shall be the guty Iof the said superintendent of insurance to ascertain whether the capital required by law or the charter of each insurance company or associa— » tion organized under the laws of the District of Columbia has been actually paid up in cash and is held by its board of directors subject to their control, according to the provisions of their charter, or has been invested in property worth not less than the full amount of the capital stock required by its charter; or, if a mutual company, that it has - received and is in actual possession of securities, as the case may be, Sworn s¤m¤¤¢¤t of to the full extent of the value required by its charter; and the presi- °E`°m°f°°mp°m°` dent and secretary of such company or association shall make a declaration under oath to said superintendent, who is hereby empowered to administer oaths when hereby required, that the tangible assets exhibited to him represent bona iide the property of the company or association, which sworn declaration shall be filed and preserved in the office of said superintendent; and an y such officer swearing falsely in regard to any of the provisions hereof shall be deemed guilty of perjury and shall be sub]ect tc all the penalties now prescribed by law in the District of Columbia for that crime. Agsesggzggg mag- SEc. 653. AASSESSMENT COMPANIES.-1USl1I'H.llC6 companies or associapan °S' Ptions transacting the bnxiness of life insurance on the assessment lan, organized under the la s of the District of Columbia or of any State of the United States, and doing business in said District, shall not be , required to comply with the provisions of the next preceding section —¤w<>¤¤ ¤¤¤¤¤¤•=¤t- in regard to its assets; but such assessment companies or associations shall be required, as a condition of license to do business in said District, to iile annually in the month of January with said superintendent a sworn statement Setting forth that they are paying, and for the twelve months next preceding have paid, the maximum amount named in their policies or certificates of membership when and as the same become due and payable, and that one assessment upon their members is sufiicient to pay the maximum amount for such certificate or policy issued, —cer¤i¤c¤¤ef gis w and such other information as he may require. Such assessment com- °m°rg°H°y uipanies or associations shall also furnish said superintendent evidence that they hold an emergency or surplus fund as a guaranty for the pay- ment of future death claims when the same is required by the charter or constitution of the company or association; and any such company or association licensed to do an insurance business refusing or neglecting to furnish such certificate shall have its license to do business in the District of Columbia revoked; but the provisions of this section shall apply only to associations transacting life insurance upon the assessment plan. Hggiglemucs ¤8€¤*·*’ Sec. 654. INSURANCE AGENTS.-··NO person, firm, or corporation shall ` act as agent for any insurance company or association, or act as insurance broker or agent for procuring or placing insurance for commis-