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representative within the limits of his district, whenever information against such person, agent, solicitor or representative has been properly filed with him.
Agents May Divide Commissions.
3632. [Act 198, 1908, p. 292.] It shall be lawful for any duly authorized agent or solicitor of an insurance company, which has complied with the laws of this State, to divide his commissions or compensation from the premiums collected on policies, or other forms of contracts of insurance, covering on property located in the State of Louisiana, with any agent or solicitor who has been duly authorized under the laws of other States to act as agent or solicitor in such other States; provided that nothing herein shall be construed so as to permit companies to write business except through the duly authorized resident agents of this State.
Bond That Insurance Companies Must Give.
3633. [Sec. 1, Act 172, 1908, p. 232.] All fire, life, accident and other kinds of insurance companies other than fidelity and surety and fraternal societies and insurance companies insuring against the breakage of plate glass only organized under the laws of other States, in addition to requirements now prescribed by law, shall annually give a bond in favor of the State of Louisiana, with at least three good and sufficient sureties, resident of this State, and approved by the State Treasurer, in the full sum of twenty thousand dollars ($20,000), or a bond of a surety company authorized to do business in this State, conditioned for the prompt payment of all claims arising and accruing to any person during the term of said bond by virtue of any policy issued by any such corporation upon the life or person of any citizen of this State, or upon any property situated in this State, and such bond shall be annually renewed, and the old bond will become cancelled by the acceptance of the new bond by the State Treasurer, such acceptance being full authority to the Clerk of Court where the old bond is recorded to make such cancellation on his records. Provided that no bond shall be cancelled, or withdrawn, unless a new bond has been substituted as above provided, or satisfactory evidence has been submitted to the insurance department that the company has discharged all of its obligations and liabilities in this State, and that it has no liabilities whatever outstanding in this State.
This Act Is Additional Requirement.
3634. [Sec. 2.] The requirement of this Act shall not be construed to relieve any insurance company of the several duties now required by law, but the requirements of this Act shall be held to be and are intended to be in addition to the duties and requirements now prescribed by law. Provided that the provisions of this Act shall become effective from and after March 1, 1909, when the present authority of companies now in the State will expire.
When Insurance Company May be Sued.
3635. [Act 71, 1914, p. 187.] In all suits on a policy of fire, life, marine, or accident insurance or sick benefit insurance, the defendant may be sued at the domicile of the insurance company, or in the place where its principal agency is established, or in the parish where the loss occurred, or in case of life insurance, at the domicile of the deceased or his beneficiary, or in the case of accident insurance, at the domicile of the insured, or in the parish where the accident occurred, or in the parish where the accident policy was written, and in case of sick benefits at the place where the claimant resided at the time of his sickness.
Lesseps vs. Ins. Co., 120 La. 614; Cole vs. Ins. Co., 129 La. 704.
LIFE, HEALTH AND ACCIDENT COMPANIES.
Must Pay in Thirty Days.
3636. [Sec. 1, Act 310, 1910, p. 527.] No life, health or accident insurance company shall write policies or contracts of insurance, in this State, insuring any person against loss on account of sickness or accident, wherein payment of or indemnities shall be deferred longer than thirty days from written notice, and proof to the company, by the attending physician, in the form required by the terms of such policy or contract of insurance, informing the company of such sickness or accident, entitling the assured to payment under the terms of such policy or contract.
3637. [Sec. 2.] Payment by such companies to the assured shall not be delayed for a longer period than thirty days from due notice and proof of disability, without just and reasonable grounds such as to put a reasonable and prudent business man on his guard.
Penalty for Delay.
3638. [Sec. 3.]
The insurance company guilty of such delay in payment, unless upon just and reasonable grounds, shall pay to the assured, as a penalty, double the amount due under the terms of the policy or contract, during the period of delay, with attorney's fees to be determined by the tribunal before whom suit is instituted.
Court at Domicile of Claimant to Have Jurisdiction.
3639. [Sec. 4.] The court of the parish where the claimant lives or his domicile shall have jurisdiction to try such cases.
Claims Must Be Paid Every Thirty Days.
3640. [Sec. 5.] After notice provided for in Section 1 of this Act shall have been given, it shall be the duty of the insurance company, thereafter, to make payment every thirty days, to the assured during that part of the period of his disability, covered by such policy or contract of insurance during which the assured is entitled to recovery.
Misdemeanor for Delay; Penalty.
3641. [Sec. 6.] Any life, health or accident insurance company, in this State, violating the provisions of this Act shall be deemed guilty of a misdemeanor and upon conviction thereof, in addition to the penalty prescribed in Section 2 of this Act, pay a fine of not less than One Hundred and Fifty Dollars nor more than Five Hundred Dollars, at the discretion of the court, for the first offense, and upon conviction of a second offense shall have its license to do business in this State revoked.
What Companies Cannot Claim Forfeitures by Reason of Misrepresentation as to Health.
3642. [Act 97, 1908, p. 139.] Whenever life, health or accident insurance companies, which issue policies or contracts of insurance to the assured without a medical examination of the assured by a physician, it shall be presumed (whenever it appears that the agent of the company has had an opportunity to ascertain the true condition of the health, habits or occupation of the assured, and has certified to the company the desirability of the risk), that the knowledge acquired, or which might have been acquired with reasonable diligence by the agent of the company in securing the application, as to the health, habits or occupation of the assured, has been disclosed to his principal; and
it shall also be presumed that the company has waived its rights to claim a forfeiture of the policy based on the ground that the assured did not make true and full answers in the application as to the health, habits or occupation whenever it shall appear that the agent of the company knew, or might have ascertained with reasonable diligence, the true condition of the applicant's health or the real facts as to his habits or occupation, knowledge of the agent of the company in writing the application, or of the collector of the company in collecting the premiums from the assured, shall be imputed as notice to the company, as to the health, habits or occupation of the assured.
Amount Necessary to Begin Business.
3643. [Sec. 1, Act 169, 1908, p. 228.] No stock life insurance company hereafter organized under the laws of this State shall be permitted to transact any business until at least one hundred thousand dollars of its capital stock has been fully paid up in cash, or, if a mutual company, until at least two hundred persons have subscribed in the aggregate for at least five hundred thousand dollars of insurance upon their lives and shall each have paid in one full annual premium in cash upon the insurance subscribed for, nor in either case until it shall have deposited with the State Treasurer one hundred thousand dollars in the securities now required by law from surety companies. Mutual Company May Borrow Organization Expenses.
3644. [Sec. 2.] A mutual corporation may borrow or assume liability for the repayment of a sum of money sufficient to defray the reasonable expenses of its organization and to provide the amount to be deposited with the State Treasurer, as aforesaid, upon an agreement that the same with interest at a rate not exceeding eight per cent. per annum shall be repaid only in the event that after such repayment with interest the corporation shall be left possessed of sufficient assets to meet all of its liabilities and to maintain a full legal reserve against its policies; and such agreement shall provide that the corporation shall have the option to make such repayment whenever it shall be able to do so in accordance with the aforesaid conditions.
Stock Companies Now Organized.
3645. [Sec. 3.] Stock life insurance companies already organized may be permitted to reduce the amount of their capital
stock to the sum of fifty thousand dollars and that they shall be permitted to do business on that amount of paid in cash capital upon depositing, within one year from the passage of this Act. with the State Treasurer, twenty-five thousand dollars in the securities now required by law from surety companies.
State Holds Securities for Protection of Policy Holders.
3646. [Sec. 4.] The securities deposited pursuant to this Act shall be held by the State Treasurer in trust for the benefit and protection of and as security for the policy holders of the corporation making the deposit.
3647. [Sec. 1, Act 114, 1898, p. 161.] Every life insurance company chartered by this State shall, on or before the first day of March in each year, render to the Secretary of State a report, signed and sworn to by its president and secretary of its condition upon the preceding thirty-first day of December, which shall include a detailed statement of its assets and liabilities on that day; the amount and character of business transacted, monies received and expended during the year; a descriptive list of all policies and contracts of insurance in force on that day; and such other information as the Secretary of State may deem necessary.
Valuation of Policies.
3648. [Sec. 2.] Upon receipt of such report the Secretary of State shall make a valuation of the policies of each company, and ascertain the reinsurance reserve and surplus of every such company, computed upon the basis of the so-called "Actuaries or Combined Experienced Table of Mortality," with compound interest at four per cent. per annum; and also upon the basis of the so-called "American Experience Table of Mortality," with compound interest at four per cent. per annum, or such other rate of interest as may be prescribed as the legal rate of reserve at the domicile of the corporation, provided always, said rate is not greater than four per cent. per annum; and he shall value only net premiums.
When Dividends May Be Paid.
3649. [Sec. 3.] Payments in the form of dividends, or otherwise, shall not be made to its stockholders by any life insurance company organized under the laws of this State, unless