Show i I t h- h INSURANCE LAW ASKED BY UTAH LIFE MEN I. I ft 5 From all al the indications in evidence e at this time it is certain that the tho next legislature wil will enad a law CO covering erin the important question of Life The rhe legisla legislative this live session an car earlier f of i the lie Utah Vt la lb at As Association of Life Underwriters is already actively engaged in il securing data and facts to submit to the Insurance committee of both legislative bodies and hope to secure proposed and favored two wo S lion tOl of the matter mater than two years ago when the rush of business at the last moment resulted in the failure of Plans The rhe life men will wil ask but few changes in il the 11 measure years rears a ago niro o. o as it covers nearly all aU the Llie vital needs and is similar r to those those in many Tunny other states state s. s rl This his is the bill bil L. L th flin of ot Be It en enacted by the tho legislature of or ore the e piLate mate of or ce Utah Section 1 That S Sections O lOS Uth 07 08 IO 10 40 10 Ill HJ 41 41 45 n O 11 and 4 Ho Statutes of or Utah Uth bo M and tho tim isamo arno ae aro hereby amended mended to read a as UI In tho the case ot of mutual insurance ance Enco Oo companies tho trio of ot In Incorporation In- In corporation shall not noL Issue lesue until U It i shall ahall to the tim Insurance Commis Commissioner appear Ihal b by affidavit of or at II three rec of or th tb Incorporators IncorporatOr that at least fifty ot of whom at nt J Icat a t two thirds peron persons State lc si mil shall be bc r residents of or tho tin t havo paid to tho the proper officer of or of tho 10 0 proposed corporation at lout lot Premiums per cent of tho tim annual on nn policies in the thO toP proposed comPanY of or i a 1 million quarter ono d Rg together with wih tho remainder notes of or tho policy holders for the tho er of said premiums which Premiums not nut than titan ten thousand thou- thou shall haU as aggregate sand and shall The Commissioner or of C tilt all out- out valuations ul annually policies additions the thereto Mo Unpaid unpaid un- un paid dividends dividend and nil all nl oth other r obi obligations do- do a athe of lifo insurance rr Thi every business In state for tho pur- pur mg or of life In- In making lre or of under tinder the tho sir Interest t as- as tab rato ot of ot of this act act- the act tour or of be In excess shall not per 4 n 10 per II annum and the mortality shah he established or of rate the tho h by tho the table known as All Table Al shall mado b by him or b by his authority f basis bo be mado upon the net premium ss TIm Tho Commissioner Kg may standards of or Interest and vary ary mortality tho In the tho case caBe of or corporations from foreign countries as to contracts contract other i norl by bv such c corporations In Sl and andIn andIn countrIes than the tho United States e cases case of or Invalid lveR lives and anu In Jn particular lu other extra odra ha hazard h aTI and value policies averages S SOUP us n uso approximate In groups of or of or Insurance of or for fractions a A year other state slate or country Ir if f made mado upon upon upon up up- any and according to tho the Standards on tho basis heroin required In Pi pacO or of ortho valuation herein required if I the the I tho ho officer of oC such State of pr pf country country coun con Insurance and valid for foral sufficient accepts accept fl ns try of or valuation on air tile the certificate of oC alt al tho the purposes Insurance Comm Commissioner or of tl this Is Sta State As s soon toon ns RS practicable niter tim tho loon tt hundred 1st da daY v of oC January nineteen and ol eight ht tho Jn Insurance urance commissioner hall ni minimum standards for shall lix Je legal l Ihal and of Industrial policies tho ho valuation which shall shaH be bo valued In n ae- ae q c therewith Any life Iro Insurance hum 1 ance anco corpor corporation may voluntarily value t. t tc s. s ton or 01 any clas class s thereof ac- ac t lo the rate ato of or Table of or mortality at a tower lower but hut not nol above proscribed Interest t than plo lower than per 3 per percent pCr and with or without cent per pet annum wih cent reference to the select and ultimate of or valuation tie and anI In Iii every overy method methol of or orIs such case shall report nr any mt excess b by bythe bythe computed Its valuation over Is 01 0 minimum standard and I Inlo the said legal also the standards used by hy It In making the same samo to the thc Insurance cr or In Its Us annual nt provided snail soaB that no such standards If It adopted of or orthe consent without the time be lC abandoned he the Insurance Commissioner first obtained ob obtained ob- ob In writing policies Issued upon lif do Pl plans n may mar ho bo the life Itc am nOt for the first Insurance valued as s year par only succeeding time the date of or Issue Issue- of such policies 40 CorporatIons for the purpose of ot furnishing life Indemnity or pecuniary benefits to ICo the wl widows orphans heirs relatives devisee or legatees o of deceased de Je- ceased members member or accident or permanent permanent permanent per per- manent disabilitY indemnity to members mcm- mcm bers thereof the tun funds for the payment nt of oC uch arc aro secured pay upon upon up- up In whole or In hi part b by on time tho 8 surviving members may bo be or- or oy- oy to do business In this State J 8 of or this chapter t liitt-t provided that It shah hal not bo ho 10 r for Hueh corporations to have havo any subscribed subscribed subscribed sub sub- scribed stock but that the certificate of or incorporation snail shall not until I IJ f laJ Corn Com to the time Insurance shall appear missioner It J that a guaranty und tumid of or no not tat in cash dollars loss than live thousand bonds approved cd b by tho the State or n. has bc been 5 deposited deposited with the tiro State of or tho the Treasurer for the policy holders has been beon actually paid paki In in and that bonafide applications navo avo been secured for tor at least t two hundred and 0 fifty orty thousand dollars insurance from not less than one hundred per her son and that two per ler cent on such IOU Insurance has been paid to tho tim treasurer treas treas- uror Q of Qt such corporation Every policy or certificate Issued to toa toa toa a rC resident of or the tho the State of or Utah b by any corporation therein transacting the th business of or life Insurance upon th the as assessment as- as plan or admitted into tills this State under tho the l lows ws of ot Utah shall shah print In I bold typo and in iii red ink In every policy or 0 certificate issued upon tho the life Iro or lives 1 of ot the citizens o of Utah the tho wo words 11 s Issued upon tho thio assess assess- I ment plan All 1 premiums or assessment assess assess- ment calls cAls are arc subject to Increase In number anti and ant amount These o words word shall be printed conspicuously at It tho the top of each policy antI shall hal bo tho the I only words In such uch policy to toe Inc printed print print- ed fd d In red Ink Upon ovary fry n tion ton circular card advertisement ad and other printed document Issued Jated or caused to be circulated b by an any o corporation within this state writing Insurance upon the tho lives of ot citizens thereof upon the assessment plan time the words Issued td upon th the tho assessment Clan shall be printed I In bold type tOpe ant anti and andIn In n i red Ink and no other words shall bo be printed In an any such uch a application on lar mr card carl advertisement or other printed printed print print- ed document In roil red Ink No association or society shall bo be admitted or permitted per per- to do business s within the State of or Utah Flah if Ir It I shall appear to the satisfaction satisfaction sats sats- satis satis- faction of or time the Insurance commissioner loner after ater examination or other evidence o that Its or capital stock or mem mm- Is seriously impaired or de de- de- de croas creasing I n g. g to Annual Statement Statement- It I shall shah ahal beho bo be botho botho tho ho dut duty of ot the tho president or of tho tim vice Ice and tho the secretary of or each corporation doing business In this State as ns an insurance company compan annually before be be- fore roro the first t day of or March to prepare preparo under oath and file le In the tho orico of the Insurance Commissioner a n full ful true and complete statement of or the tho condition or of such corporation on tho the last da day dayot of ot the tho next preceding calendar year which tnt statement melt an 1 tar far as ns conformable conformable conform conform- able with wih the tic plans of or tho the company's organization must exhibit the tho company followIng following follow follow- Jn ing 1 1 The namo name of or tho the corporation anc and where located 2 The Tho names nameR of oC the officers 3 i. Tho The amount of or capital stock of ot tho the corporation 4 Si Tho The amount of or capital paid pall in fn 6 5 Tho property pert or assets held by the time corporation specifying tim tho value as near as ns n may be of or the real roal estate owned h by the corporation the amount of or cosh cesh on hand antI and deposited In banks to the credit of or the thA corporation tho amount of or moneys stocks or bonds londs deposited de do- posited in any State Stain or Territory of tho the United or In su a any foreign country countr for forthe tho the special benefit of or tho ho an assured therein Time Tho TIo amount of or cash In thin hands of or agents and In the tho course of transmission ml slon tho the amount of or loans se secured secured se- se cured cUed h by first mort mortgagee on real estate with thin Iho rate rato of interest thereon specifying tho the location of such audi real estate and Its Is assessed valuation tho tim amount of oC all aJ other bonds and loans Joans anti and how secured with wih the rate of or Interest in interest In- In terest crest thereon time the amount duo the corporation on which jud judgment mont has I I been boon obtained th the amount of stocks and Ind bonds owned b by tho tim corporation specifying tho lie amounts number of or snares and par and marJ market ct value of or each ench kind of or stock the tho amount of or stock hold held 1 by such uch corporation as collateral security for tor loans Jonns with amount loaned on n each kind of or stock Its par and und marcot mar- mar hot cot value the amount of or as assessments on oil stocks and premium notes paid and unpaid the thc amount of Interest actually duo due an and unpaid all al other se securities securities se- se and their value and the amount for Cor which premium notes havo have I been teen given Ahen on which policies havo been 1 issued provided that lint premium notes shall not be bo accepted as ns admitted as as- as Sc sets Is 60 6 That liabilities of t such such corporation corpora corpora- ton tion specifying the losses adjusted and mine losses adjusted anti and riot not duo known losses Josses unadjusted losses in suspense aims sus pense pens and the cause thereof losses toses re resisted resisted re- re Ilsted and In litigation aton divided either cither In scrip or in cash tho the amount required to safely insure all aU outstanding risks the tho amount due duo banks or other creditors tho amount of or money borrowed an and tho tue security I t thereof and all al other claims against tho thin corporation 7 70 The Time Income of the tho corporation luring during tho the previous year ear specifying the amount received from premiums exclusive t I of or premium notes the amount received ed the amount of premium notes a 1 fr ftp 0 r r t the amount re received re- re el cel for assessment calls cals on stocks or n t tP t. t r r r premium notes noles tho lie amount received from all al other sources sources I R. R The Tile expenditure during the preceding preceding pre pre- ceding year specifying tho the amount of losses paid luring during said term stating how much of or the same accrued prior and how much subsequent to tho tue date of or the tho preceding preceding- statement and th the amount at al which losses were estimated In such preceding statement the tho amount paid for tor commissions salaries expenses and other c charges ar of or agents clerks and other the amount paid for salaries fees fres and othor other charges o of officers and directors the tho amount paid for local state national and other taxes and duties dutes the tho amount pail paid for all 01 other expenditures Including printing etc stationery rents furniture 9 Tho The largest amount insured In Inan an any one risk 10 The TIme amount of ot risks rinks written during tho the year Oear then hen ending 11 11 Tho The amount of ot risks In iii force orca having caving ng less lean than ono one year to run l J 12 The amount of or risks risk risk In force having moro more than ono one ne and amid not over throe years Cars to run 13 1 The TIme amount of oC risks having moro more than three years to run ruin 14 H. Tho The amount of or premiums re received ro- ro In this State during tho tIm year 1 i. i 15 Time The amount of ot losses paid In this hula during tho hun year IG The Time following questions must bo answered Are dividends declared on premiums received for risks not tar tor- 17 All other items required by tho Al 1 Insurance Commissioner 18 Is Tho Insurance Commissioner may may In hi his discretion permit tho tim use of ot the tho Annual Statement Blanks adopted bythe bythe by bythe the National Convention of or Insurance Commissioners Commissioner provided such blanks blank contain contin all al time the Information required by this act Publication of oC Statement It I shall be the tho du duty ty of or every Insurance corporation doing business In this State Stat doing or organized under the laws lawn thereof or under tho the laws Jaws of or any other oIlier State Territory Ter Tar or Country to publish annually at Its Us own expense at al least four Cour times Ures In some Rome newspaper having a general circulation In iii the lie State Slate between tho tue first day of ot March on and the limo first day of ot otMa Ma May a statement showing I 1 0 Tho Thu namo name and location of or tho Co company 2 2 Tho The names of or Its Is president and secretary ry 3 i. Tho The amount of Its Is capital stock If it an any and ond the lie amount paid pall up 4 The Tho amount of Its IR assets of or liabilities liabilities- C. C Tho TIme amount 6 G. f. f Tho The amount of ot Its Is Income during durin time the preceding calendar year ear 7 The Tho amount of oC Us its Is expenditures during tho the preceding calendar year ear 5 S. Tim Tho amount of or losses Jal paid during tho lie preceding calendar year 9 0 Time The amount of or risks written durIn during dur- dur In ing the year car 10 Tho The amount of risks in force Corce at atthe atthe the time end of ot the time year car This statement shall be bo prepared by bythe bythe bytho the tho Insurance Commissioner from Crom tim the afore aforesaid lc report and thero there shall bo ap- ap nt- nt that thereto a 0 certificate by ly him hint such Ruch corporation has filed ted In his office a E detailed statement ment of or Its Us condition from which the foregoing statement has been prep prepared rd and has In iii II all aU other re respects respects ro- ro complied with the time laws of oC tho ho relating to insurance At At- Forel Foreign n Insurance Company torney Statements Any Insurance Company desiring to transact any busl- busl n no floss s hv liv any agent or a agents In th this iB I I I ft states tes must appoint ono attorney liT Irr 11 tins the State and amid must tile file with wih the Insurance Insurance ance alice Commissioner Commission or a written Instrument ment mont dul duly sl signed and md sealed authorizing author author- zing izing such attorney of ot such corporation to Izing |