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with the provisions of this act, and receive from the Secretary of State his certificate of same.
What Counted as Capital.
3799. [Sec. 7.] The capital stock of such foreign insurance company, doing fire, river, marine, or inland navigation insurance business in this State, or any such company hereafter admitted to such business in this State, shall, for all the purposes of this Act and of the general insurance laws of this State, be the aggregate value of such sums or securities as such company shall have on deposit with the Secretary of State and other insurance departments of the other States of the United States, for the benefit of policy-holders in any of such States, or in the United States; and all bonds and mortgages, for money loaned on real estate in this State, or any State of the United States; provided, such loans have been made in conformity with the laws of such States, providing for the incorporation of insurance companies therein, and the investment of their capital and all other assets and property in the United States, in which fire, river, marine, or inland navigation insurance companies organized under the laws of this State may, by the laws thereof, invest; provided, such bonds and mortgages, assets and property shall be vested in and held in the United States by trustees and citizens of the United States, for the general benefit and security of all its policy-holders and creditors in the United States, after taking from such aggregate value the same deductions for losses, debts and liabilities in this and the other States of the United States, and for premiums upon risks therein not yet expired, as is authorized or required by the laws of this State or the regulations with respect to fire, river, marine, or inland navigation insurance companies, organized under the laws of this State. The said trustees are hereby authorized to invest in and hold and convey real estate to the same extent, and subject to the same restrictions, rules and regulations to which companies incorporated in this State are subject.
Statement of Items of Capital.
3800. [Sec. 8.] To determine the amount of such capital the agent or attorney of such foreign insurance company doing fire, river, marine or inland navigation insurance business in this State, shall, within four months after the passage of this Act, and in the month of February of every year thereafter,
render to him a detailed statement of the items making up the said capital, and of the deductions to be made therefrom, subscribed and verified by the oath of said agent or attorney, and said Secretary of State shall have authority to make such examinations in respect to such assets and liabilities as he shall deem proper, and upon compliance with the requirements of this Act, it shall be his duty thereupon and from year to year thereafter to issue to such foreign insurance company a certificate of the amount of its so determined capital, and that the requirements of this Act have been complied with, upon which capital it may transact business in this State, but subject to all the restrictions and limitations of the laws regulating fire, river, marine, or inland navigation insurance companies, incorporated under the laws of this State.
3801. [Sec. 9.] The trustees referred to in the seventh section of this Act shall be appointed directly by the board of managers or directors of such foreign insurance company, and a duly certified copy of the vote or resolution by which they were appointed shall, together with a certified copy of the trust deed or instrument under which they are to act be filed with the Secretary of State.
What Subject to Taxation.
3802. [Sec. 10.] The capital of any fire, river, marine, or inland navigation insurance company, so determined and certified, shall be subject to taxation, the same as the capital of fire insurance companies organized under the laws of this State, to be levied, assessed and collected as prescribed by the laws of this State, at such place in this State as such foreign insurance companies shall have its principal office.
3803. [Sec. 11.] Any violation of any of the provisions of this Act shall subject the party so violating to a penalty of five hundred dollars for each violation, recoverable by the State, which shall be sued for by the Attorney General or District Attorney, and recovered before any court of competent jurisdiction, and said fine, when recovered, shall accrue to the benefit of and be paid to the Charity Hospital of New Orleans.
"Foreign Insurance Co." Defined.
3804. [Sec. 12.]
[Sec. 12.] The term "foreign insurance company," as used in this Act, includes any company, corporation, association, partnership or individual of any foreign government, doing fire, river, marine, or inland navigation insurance business in this State, whether incorporated or not.
What Must File With Secretary of State.
3805. [Sec. 13.] [Sec. 13.] No foreign insurance company shall be admitted to transact a fire, river, marine, or inland navigation insurance business or take any risks through any agent, agents or attorney, until they shall have filed with the Secretary of State a copy of their charter, officially verified, a certified copy of a statement of their affairs, a certified copy of the vote or resolution by which their agent or agents were appointed in the United States, and this State, together with a certified copy of the trust deed or instrument under which they are to act, defining their powers, and if the agent or agents' appointment in this State is derived from the general agent for the United States, said agent or agents shall be further vested. "That service of legal process, original mesne or final on such agent shall be taken and held as valid as if served on the company, and that acknowledgment of service of such process by him, for or on behalf of such company, shall be obligatory on it, and that judgment recovered on such service or acknowledgment shall be conclusive evidence of the indebtedness of the company."
Withdrawal from State.
3806. [Sec. 14.] Neither the deposit nor certificate of deposit required by this Act (Secs. 1 and 2) shall be withdrawn by any foreign person or company until after. the Secretary of State shall, for a term of sixty days, give notice in one newspaper having the largest circulation published in New Orleans and the State official journal, addressed to all residents of this State, holding policies issued by said person or company, to come forward and judicially assert any demands they may have arising from said policies.
MARINE INSURANCE COMPANIES.
Penalty for Insuring in Unauthorized Company.
3807. [Act 66, 1894, p. 77.] Any person, firm or corporation who shall fill up, sign or issue in this State any certifi
cate of insurance under an open marine policy, or who in any manner whatever does any act in this State to effect, for himself or for another, insurance on property, then in this State, in any marine insurance company which has not complied in all respects with the laws of this State, shall be subject to a fine of one thousand dollars, for each offense, which shall be sued for in any competent court by the Attorney General for the use and benefit of the Charity Hospitals in New Orleans and Shreveport.
State vs. Allgeyer, 48 A. 104.
3808. [Act 112, 1902, p. 181.]
Whenever any number of individuals, citizens of the United States, associate themselves within this State or elsewhere, for the purpose of doing a marine insurance business upon the plan known as Lloyds, whereby each associate underwriter becomes liable for a proportionate part of the whole amount insured by a policy executed by them, shall deposit with the Treasurer of the State of Louisiana or with some similar authority in the State where it is domiciled, or with any bank or trust company of the United States, approved by the Secretary of State of this State, one hundred thousand dollars in cash or securities approved by the Secretary of State of this State, for the security and benefit of the holders of policies issued by them, and shall cause a report to be made under oath of the financial standing and of the character and value of their assets, which report shall be attested by the general manager or attorney in fact of said individuals, together with a statement of the business done by them during the year next preceding such statement, in the same manner and form and at the same time as is now required by law of marine insurance companies organized under the law of this State and other States and countries; providing, that if such organization shall be possessed of cash on hand and guarantee subscriptions of the underwriters after deducting all liabilities, except reinsurance reserve, of a sum not less than one hundred thousand dollars, and that the reinsurance reserve be calculated on a basis of fifty per cent. of the premiums in force, and that evidence shall be furnished to the Secretary of State, that the underwriters are men of good financial standing, responsible for their obligations, and that the organization does not issue policies of insurance on any one risk in greater sums than one-fifth of the aggregate of the subscription of the several underwriters or the amount to which they may become liable,
the Secretary of State shall license them under similar requirements as are now prescribed for the admission of marine and inland insurance companies organized under the laws of other States of the United States, so far as they may reasonably apply.
3809. [Sec. 1, Act 41, 1894, p. 45.] Any corporation duly incorporated under the laws of this or any other State of the United States for the purpose of transacting the business of guaranteeing the fidelity of persons holding places of public or private trust; guaranteeing the performance of contracts other than insurance policies, and executing and guaranteeing bonds or undertakings required or permitted in actions or proceedings by law allowed, and having a paid-up cash capital of not less than $250,000 and which has complied with and is qualified under the provisions of this Act and which has assets allowable as such under the laws of this State, or under the laws of the State in which it is incorporated, in excess of its capital stock, its outstanding debts, and a premium reserve on all outstanding risks as herein provided for, may be accepted as sole and sufficient surety upon any bond, undertaking or obligation, required, or permitted to be made, given, tendered or filed with surety or sureties, by any law of this State, or the ordinances, rules, or regulations of any municipality, board, body, organization, or public officer in lieu of any surety or sureties now required by law; and such execution by such company of such bond, undertaking or obligation shall in all respects be a full and complete compliance with all the requirements of such laws, ordinances, or regulations that such bond, undertaking or obligation shall be executed by one or more sureties, or that such sureties shall be residents, or freeholders, or either, or both, or possess any other qualifications. And such company shall be subject to all the liabilities and have all the rights of sureties under the provisons of law relating thereto, it being the true intent and meaning of this act to enable corporations created for the above purposes to become and be accepted as sole surety on all bonds, undertakings or obligations required or permitted by law or the rules, ordinances or regulations of any municipality, board, body, organization or public officer.