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each parcel, and if any portion thereof be occupied by the company the rental value thereof, a statement of any certificate issued by the superintendent extending the time for the disposition thereof, and all purchases and sales made since the last annual statement, with particulars as to dates, names of vendors and vendees, and the consideration.
(2) The amount of existing loans upon the security of real property, stating the amount loaned upon property in each State and foreign country.
(3) The moneys loaned by the corporation to any person other than loans upon the security of real property above mentioned and other than loans upon policies the actual borrowers thereof, the maturity and rate of interest of such loans, the securities held therefor, and all substitutions of securities in connection therewith, and the same particulars with reference to any loans made or discharged since the last annual statement.
(4) All other property owned by the company or in whch it has any interest (including all securities, whether or not recognized by the law as proper investments), the dates of acquisitions, from whom acquired, the actual cost, the value at which the property is carried upon the books, the market value, the interest or dividends received thereon, during the year; also all purchases and sales of property other than real estate made since the last annual statement, with particulars as to dates, names of purchasers and sellers, and the consideration; and also the income received and outlays made in connection with all such property.
(5) All commissions paid to any persons in connection with loans or purchases or sales of any property, and a statement of all payments for legal expenses, giving particulars as to dates, amounts and names and addresses of payees.
(6) All moneys expended in connection with any matter pending before any legislative body or any officer or department of government, giving particulars as to dates, amounts, names and addresses of payees, the measure of proceeding in connection with which the payment was made, and the interest of the corporation therein.
(7) The names of the officers and directors of the company, the proceedings at the last annual election, giving the names of candidates and the number of votes cast for each and whether in person, by proxy or by mail.
Abstract of Report Must Be Published.
3698. [Sec. 2.] The life insurance companies authorized to do business in this State, when making their annual report to the Insurance Department shall furnish an abstract of the information required by Section one of this Act, signed and sworn to by the president and secretary, in accordance with a form prepared by the Secretary of State, which must be published by the general agent of the company, at the expense of the company, in two newspapers published in the city of New Orleans and in the offical journal of the State, for the period of time required by the laws of this State for legal advertisements.
INDUSTRIAL LIFE INSURANCE.
3699. [Sec. 1, Act 65, 1906, p. 101.] Industrial life insurance is hereby defined to be that insurance for which the stipulated premiums, advance assessments or dues are regularly payable and collectible every four weeks, tri-weekly, bi-weekly, weekly, semi-weekly or at any other stated terms less than a month apart, and the policies or benefit certificates for which are for sums of five hundred dollars or less on a single life on which policies or benefit certificates provide a weekly cash benefit for disability, caused by sickness or accident, of twenty dollars per week or less, or which provide for the attendance of a physician or supplying of drugs, or furnishing a funeral.
3700. [Sec. 2.] All corporations, societies, relief organizations, fraternal orders or associations, with or without capital stock, and having or not having a ritualistic form of government whether operating under the present insurance laws as insurance companies, or operating under the laws governing fraternal beneficiary orders, and issuing policies or benefit certificates and carrying on their business in the manner and within the meaning and definition set forth in Section 1 of this Act, shall be held and deemed to be doing an industrial life insurance business and shall be subject to this Act and all the other laws of this State, not repugnant to this Act, regulating the business of life, health and accident insurance in this State.
Must Comply With General Insurance Laws.
3701. [Sec. 3.] Any corporation, association, society or fraternal order organized under the laws of this State, whether organized upon the mutual assessment plan or as a stock com
pany, for the purpose of doing the business of industrial life insurance, as in this Act defined, shall, before commencing to do business in this State, comply with the laws of this State, regulating the manner in which other insurance companies shall be authorized to do business in this State.
Companies Under Laws of Other States.
3702. [Sec. 4.] Any corporation, association, society or fraternal order organized under the laws of any other State upon the mutual assessment plan or as a stock company for the purpose of doing business of industrial life insurance as in this Act defined, shall be authorized to do business in this State upon complying with the other laws of this State regulating the manner, in which foreign insurance companies shall be authorized to do business in this State, and filing with the Insurance Commissioner of this State, a certificate from the officer having supervision of the Insurance Department of the State under the laws of which such corporation, association, society or fraternal order was chartered or elects to make its deposit, that such corporation, association, society or fraternal order has deposited with said State a sum of not less than five thousand dollars ($5,000.00) in such securities as are required to be deposited by insurance companies in said States.
3703. [Sec. 5.] The provisions of this Act shall in no way apply to any company, organization or association or society which does not collect its premiums or dues every four weeks, tri-weekly, bi-weekly, semi-weekly or at any stated terms of days less than a month apart, but any company, organization, association, society or fraternal beneficiary order, with or without a ritualistic form of government which collects its dues or premiums every four weeks, tri-weekly, bi-weekly, weekly, semiweekly or at any stated terms of days less than a month apart, shall come under the provisions of this Act.
3704. [Sec. 6.] All officers, directors, managers, employees and agents of foreign and domestic corporations, relief organizations, societies and fraternal orders, who shall conduct or attempt to conduct the business of industrial life insurance without having first complied with, or who in any manner violate, or refuse or neglect to comply with the provisions and requirements of this Act shall be deemed guilty of a misdemeanor, and
upon conviction before any court of competent jurisdiction shall be fined not less than fifty dollars ($50.00) or more than two hundred dollars ($200.00), or be imprisoned in the parish jail (parish prison in the city of New Orleans) not less than thirty (30) or more than ninety (90) days.
3705. [Sec. 7.] No law, hereafter passed, shall be held or deemed to refer to the business of industrial life insurance unless the same is expressly referred to in said law.
Must Comply With Act 105 of 1898.
3706. [Sec. 1, Act 246, 1908, p. 366.] Industrial Life Insurance Companies, as defined by Act 65 of 1906, shall in addition to complying with said act be organized under the provisions and terms of Act 105 of 1898, except as hereinafter modified.
Capital of Stock Companies.
3707. [Sec. 2.] All Industrial life insurance companies organized as stock companies must have a capital stock of ten thousand dollars fully paid up in cash before beginning business. May Borrow Organization Expenses.
3708. [Sec. 3.] All companies organized on the mutual plan shall have an initial fund of five thousand dollars in cash in the treasury before beginning business. A mutual company may borrow or assume liability for the payment of a sum of money sufficient to defray the reasonable expenses of its organization and to provide the amount of the initial fund 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 its liabilities and to maintain intact its initial fund, 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 conditons.
3709. [Sec. 4.] All industrial life insurance companies, whether organized on the stock plan or mutual plan, shall make a deposit with the State Treasurer of one thousand dollars where the membership is one thousand or less and for every additional one thousand members or fraction of one thousand added to the membership, an additional deposit of five
hundred dollars until the total sum of five thousand dollars has been deposited. Such deposit shall be made with the State Treasurer of this State in such securities as are now required of surety companies, and shall be held subject to any claim, liens, or judgments that may be judicially obtained against them in the courts of this State or Federal courts of this State, or arising from any contract of insurance or indemnity entered into in this State and to be liable to seizure and sale at the instance of any judgment creditor of such companies under judgment obtained in any court of this State or of the Federal Courts in this State against them.
State ex rel. Accident Co. vs. Secty. State, 124 La. 558; State ex rel. Ins. Co. vs. Secty. State, 121 La. 350.
3710. [Sec. 5.] No industrial life Company shall be authorized to do business in this State until it shall obtain from the Secretary of State a certificate that it has been organized in compliance with the laws of this State and has complied with the provisions of this Act, and such certificate shall be a license to begin business and make contracts of insurance.
3711. [Sec. 6.] [Sec. 6.] Corporation, associations, partnerships and individuals are prohibited from carrying on an industrial life insurance business without first organizing as a corporation in compliance with the terms of this Act and first obtaining the certificate of authority or license as hereinabove provided. That if any corporation, association, partnership or individual shall conduct or attempt to conduct an an industrial life insurance business without first obtaining a certificate of authority and license from the Secretary of State, as herein provided, the Secretary of State shall in the name of the State of Louisiana, on motion in the proper courts as provided in the Constitution, and which shall be without deposit or advance cost, take a rule on the party or parties doing such business to show cause on the fifth day, exclusive of holidays after the service thereof, which may be tried out of term times and in chambers, and shall always be tried by preference, why said party or parties should not be enjoined from further pursuit of said business until after having obtained a certificate of authority and license, as herein provided, and in case the court shall find that said party or parties, against whom the rule has