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its assets exceed, to the amount of such payment, the amount of its paid-up capital stock and all its liabilities, including its reinsurance reserve, computed upon the basis of the so-called "Actuaries or Combined Experience Table of Mortality," with compound interest at four per cent. per annum; and no payments shall be made to the policy-holders of any such company, except for matured claims and in the purchase of the surrendered policies, unless its assets exceed to the amount of such payments, its liabilites, including its reinsurance reserve, computed as above, in this section provided; but for all purposes the reinsurance reserve of every such company shall be computed upon the basis of the so-called "American Experience Table of Mortality," with interest at four per cent. per annum.
3650. [Sec. 4.] Any officer or director of any such company who votes or assents to any payment either to stockholders or policyholders, in violation of any of the provisions of the preceding section, shall forfeit to the State the sum of five thousand dollars, to be recovered in action brought in the name of the Secretary of State.
3651. [Sec. 5.] The Secretary of State shall, at least once in two years, visit each life insurance company incorporated by this State, thoroughly examine its financial condition and ascertain whether it has complied with all the provisions of law.
Examination of Foreign Companies.
3652. [Sec. 6.] [Sec. 6.] He shall in like manner examine any life insurance company not incorporated by this State, but doing business therein, whenever he has reason to doubt its solvency, and may employ such assistants as may be necessary in making the examination; and all the expenses of an examination without the State shall be borne by the company examined.
[Sec. 7.] [Sec. 7.] For such purpose the Secretary of State shall have free access to all books and papers of any life insurance company doing business in this State and may examine under oath its officers or agents relative to its condition. And if any company not incorporated by this State, or its officers or agents, refuse to submit to such examination, or to comply with
any provision of this section, the authority of such company to do business in this State shall be revoked.
3654. [Sec. 8.] No life insurance company incorporated by this State shall issue policies until upon examination by the commissioner it shall have been found to have complied with the laws thereof, nor until he shall have issued his certificate setting forth such fact and authorizing such company to issue policies. No Discrimination Among Policy Holders.
3655. [Sec. 9.] No life insurance company doing business in the State of Louisiana shall make or permit any distinction or discrimination in favor of individuals between insurants of the same class and expectation of life in the amount or payment of premiums or rates charged for policies of life or endowment insurance, or in any manner of the terms and conditions of the contract it makes; nor shall any such company or agent, subagent, broker, or any other person, make any contract of insurance or agreement as to such contract other than is plainly expressed in the policy issued thereon; nor shall any such company or agent, sub-agent, broker, or any other person, pay or allow, or offer to pay or allow, as inducement to insurance, any rebate or premium payable on the policy, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement whatever not specified in the policy contract of insurance.
Provided, however, that nothing in this section shall be construed to prevent agents accepting on their own responsibility notes for the first premium.
Any violation of this section to which the assured is a party shall annul the contract ipso facto; the agent or solicitor making the rebate shall have his certificate of authority forfeited and shall not be eligible to receive a certificate of authority to do business in the State for a period of three (3) years.
Discrimination on Pretense That Assured Is Agent Prohibited.
3656. [Sec. 1, Act 210, 1908, p. 314.] It shall be unlawful for any life insurance company, operating within the State of Louisiana, to discriminate between its policy-holders by allowing, or agreeing to allow any policy-holder, whether as an individual or as a member of a class, a portion or per cent of any premium or premiums collected by said company from any policy-holder
or policy-holders on the pretense of making such policy-holder an agent of the company, either as an individual, member of a firm or partnership, or stockholder in an agency, corporation, or otherwise, unless such policy-holder regularly qualifies as agent of the company under the laws of Louisiana governing the same, and is instrumental in actually securing business for the company, as evidenced by his name appearing on the application or applications of other policy-holders, as soliciting agent, and his compensation for such services being limited to a reasonable commission on the business thus secured by that company through his instrumentality.
3657. [Sec. 2.] Any company which violates any provisions of this Act shall be guilty of a misdemeanor, and upon conviction thereof, shall be fined in any sum not less than one hundred dollars nor more than three hundred dollars for each offense, and shall have its license to do business within this State revoked; and any agent who acts in this State by selling or offering such contracts or inducements for such corporation violating this Act shall be guilty of a misdemeanor and upon conviction thereof shall be fined in any sum not less than one hundred dollars or not more than three hundred dollars for each offense, or shall be imprisoned for not less than thirty days or not more than ninety days.
No Discrimination To Be Made Against Residents.
3658. [Act 96, 1906, p. 162.] Every policy of life insurance and every benefit contract issued by any life insurance or benefit company, or corporation domiciled in any other State or country, if the assured or the beneficiary named therein is a citizen or resident of this State at the time the policy is issued, shall as to all rights, privileges or duties of the insurer, the insured, or the beneficiary therein be so interpreted, performed and enforced, as to give, accord and extend to such assured or beneficiary named therein and all parties legally representing or claiming through such original parties, the benefit of all legislative or legal enactments of any sort within the State or country where the company or corporation issuing such policy or benefit contract is domiciled.
Accident Policies May Be Issued by Life Companies.
3659. [Sec. 10, Act 114, 1898, p. 161.] Any company chartered and now doing business in this State, and empowered to make contracts contingent upon life, is hereby authorized to issue policies or certificates insuring or protecting persons against loss of life or personal injury resulting from any cause, which polices or certificates shall state on their face the agreement with the persons receiving the same, and when executed in accordance with the charter and by-laws of said company, shall be binding upon the same.
Life Companies May Improve Real Estate.
[Sec. 11.] Life insurance companies chartered by this State may improve any real estate obtained in conformity to law, whether said estate is situated in this or in any other State.
3661. [Sec. 12.] Any life insurance company organized out of this State, before being admitted to do business in this State, and on or before the first day of March annually, shall furnish to the Secretary of State a certificate of the proper officers of the government by whose authority it is organized, setting forth a full copy of its report of its conditions on the preceding thirty-first day of December, a valuation of its policies by said officers by a standard equivalent to that provided in Sections 2 and 3, and that it has complied with the laws of such. government, and is authorized to transact business therein. If said Secretary of State be satisfied with said certificate, and if said company shall have complied with all other provisions of law he shall thereupon issue his certificate of authority to it to transact business in this State, which shall continue in force as provided in Section 14, unless sooner revoked for cause; but no such certificate of authority shall be issued unless such certificate is furnished, nor unless such government shall license life insurance companies incorporated by this State to transact business therein, upon a similar certificate from the Secretary of State until such company makes the report required from companies incorporated by this State, and until a valuation of its policies shall have been made by the Secretary of State.
Companies Must Be Licensed.
3662. [Sec. 13.] No person shall issue or deliver in this State any policy or contract of insurance of such life insurance
company which is without a license or after revocation of its license.
3663. [Sec. 14.] All certificates or licenses issued by the Secretary of State to companies or associations of this State or companies or associatons existing under the laws of any other State or foreign government, or to any agent of any such company or association, shall continue in force until the thirty-first day of March, inclusive, next following their issue, unless the same be sooner revoked.
ASSESSMENT OR CO-OPERATIVE INSURANCE.
Assessment Companies Must Be Authorized.
3664. [Sec. 15.] It shall not be lawful for any corporation or association organized under other authority than the laws of this State, for the purpose of furnishing life or accident insurance or indemnity upon the assessment plan, to do any business within this State as agent in soliciting, procuring, receiving, or transmitting any application for membership or insurance in or on behalf of any such corporation or association unless such corporation or association shall be authorized to do business in this State, and such agent shall have received a certificate of authority from the Secretary of State, as hereinafter provided.
3665. [Sec. 16.] Any corporation or association organized under the laws of any other State of the United States for the purpose of furnishing life or accident insurance or indemnity. upon the assessment plan, or that is carrying on the business of life or accident insurance upon the assessment plan, shall receive from the Secretary of State of this State a license stating that it has complied with the provisions of this act, and is authorized to do business in this State whenever such corporation or association shall deposit with him a certified copy of its charter or articles of incorporation, a copy of its statement of business for the year ending the thirty-first of the next preceding December, sworn to by the president and secretary or like officers thereof, setting forth the number and amount of certificates of membership or policies in force, and a detailed account