Ch. 73) Authorize Investments 179 which has not defaulted in the payment of interest on any of its bonds, warrants or securities within three years, and which shall not be estimated above their par value nor their current market value; or, Third-In legally issued bonds or notes secured by first mortgage on real estate in this or any of the other states of the United States worth with the improvements thereon at least double the sum loaned thereon. Where buildings or other improvements constitute a material part of the value of the mortgaged premises, they shall be kept insured against loss or damage by fire in a reasonable amount for the benefit of the mortgagee. Fourth-The residue of the capital, together with the surplus and other funds of every such company, may be invested in or loaned on the pledge of any of the above securities; or in any bonds of drainage district or irrigation districts within the State of Nebraska or other state within the United States of America, or bonds issued by any farm loan bank doing business under authority of the United States of America, but such funds shall not be invested in or loaned upon any other bonds or obligations which shall not be secured by adequate collateral security or where more than one-third of the total value of the collateral security therefor shall consist of shares of stock: Provided, the amount loaned on real property or mortgages thereon does not exceed fifty per cent of the reasonable cash market value of such property, and the requirements as to keeping the improvements thereon insured is observed. Said funds may also be loaned by a life company on any of its policies, not exceeding the legal reserve thereon. Sec. 2. Repeal. That said original Section 3175, Revised States for 1913, is hereby repealed. Approved, April 25, 1917. CHAPTER 74. (House Roll No. 599.) [Introduced by Mr. Mills.] AN ACT to amend Section 3178 of the Revised Statutes of Nebraska for 1913, and to repeal said section as now existing. Be it Enacted by the People of the State of Nebraska: Section 1. Amendment. That Section 3178 of the Revised Statutes of Nebraska for 1913 be, and the same hereby is, amended to read and be as follows: 3178 Sec. 42. Insurance-domestic companies-deposit of securities. Every domestic company, excepting fire, lightning and tornado, assessment associations, shall deposit all of its investment securities, not including premium notes, with the insurance board, for the benefit of its policy holders until they aggregate the sum of one hundred thousand dollars, and thereafter keep such amount of its securities deposited with the board and no more, as near as may be practicable: Provided, any domestic insurance company desiring to transact business in any other state may deposit with the insurance board securities to the amount and value required by such other state as a condition to the permission to do business therein by such company. As long as the company remains solvent, it may collect the interest on all of its securities so deposited and it may withdraw any of them by depositing others of equal value. The board shall give to each company a receipt for every security deposited. Every such company shall, on or before the third day of January and July each year, file with the board a true list of all its securities not so deposited with the board, held by such company on the last day of the preceding month. The board may, as often as it is deemed advisable, cause an examination to be made of the securities held by any such company. Sec. 2. Repeal. That said original Section 3178, Revised Statutes of Nebraska for 1913, is hereby repealed. Approved, April 25, 1917. AN ACT to amend Section 3181, Revised Statutes of Nebraska for 1913, and to repeal said original section. Be it Enacted by the People of the State of Nebraska: Section 1. Amendment.-That Section 3181 of the Revised Statutes of Nebraska for 1913 be amended to read as follows: 3181 Sec. 45. Insurance companies-annual statement.Every insurance company doing business in this state, unless otherwise provided or excepted in this chapter, must make and file with the board on or before the first day of March of each year, a statement under oath for the year ending December 31st immediately preceding upon a form to be prescribed and furnished by the board, which form shall at least include the substance of that required by what is known as the "convention blank form" adopted from year to year by the national convention of insurance commissioners, and shall also include the salaries and compensation of the officers and any other information required by the board. The board shall not issue any license to any company either domestic or foreign until the said company has complied with all the provisions of this section. Sec. 2. Repeal. That said original Section 3181, Revised Statutes of Nebraska for 1913, is hereby repealed. Approved, April 25, 1917. CHAPTER 76. (House Roll No. 365.) [Introduced by Mr. Liggett.] AN ACT relating to licensing insurance agents, and to amend Section 3193 (Sec. 57, Art. 2, Chapter 31) of the Revised Statutes of the State of Nebraska for the year 1913, to repeal said original section. Be it Enacted by the People of the State of Nebraska: Section 1. Amendment.-That Section 3193 (Sec. 57, Art. 2, Chapter 31) of the Revised Statutes of the State of Nebraska. for the year 1913 be and the same is hereby amended to read as follows: Sec. 57. Insurance agents-application for license.No license shall be issued to any agent, except upon the application of the company upon a form to be furnished by and filed with the insurance board and no license shall be issued for any broker's license until such applicant shall have filed in the office of the board an application therefor upon a form furnished by the insurance board. The insurance board shall furnish to each insurance company application blanks to be filled out and signed by the agent applying for the license. The application blanks shall require the agent to state his name, residence, the name or names of any insurance companies he may have worked for, or solicited insurance for in the past, together with their address, and whether or not be was discharged or voluntarily left the employment of such other company or companies; it must also show how long applicant has been engaged in the insurance business and in what branches. The agent shall also state in said application whether or not be owes said insurance company or companies any money, for premiums collected by him and not turned over to said company, or for money advanced by said company or companies and not paid back. He shall also state whether he violated any of the insurance laws of the state while he was in the employ of said company or companies. The statements and answers made in the applications shall have the same force and effect as if sworn to. If said application of said agent shows that such applicant owes any insurance company money for premiums collected or money advanced, or that said applicant violated any insurance laws of this state or of any state where he may have been employed as an insurance agent, then in that case it shall be the duty of said insurance board to withhold the license applied for. It shall also be the duty of the insurance board to withhold any license applied for when it is satisfied that the principal use of such license is to effect insurance upon the property, life, health, or liability of such person, his employer, or employee, or to circumvent the enforcement of the anti-rebate law. If a license shall be granted to said applicant and the application, or any statement therein contained, is found to be untrue, then in that case the insurance commissioner shall at once cancel said license. Upon the filing Ch. 76, 77) Agents Licenses 183 of an affidavit, duly verified by two residents of the state of Nebraska that an agent holding such a license has misrepresented the provisions of any policy of insurance in the solicitation or sale of such a policy, alleging the facts constituting such misrepresentation, the insurance board shall file such affidavit in the office of the county judge of the county in which such misrepresentation is alleged to have been made and upon the filing of said affidavit a cause shall be docketed as in other civil cases in county courts, the agent being designated the defendant. A summons shall be issued for the defendant, which summons may be served in any county in this state where the defendant may be found, and upon the return day of the summons, if a continuance be not granted, a trial shall be held to the court without a jury at the conclusion of which the court shall make a finding of the facts and law. In case the finding of the court is that said complaint is sustained, the judgment of the court shall be that the defendant's license be canceled and that the defendant pay the costs, and if the finding be that the complaint is not sustained, the action shall be dismissed at the cost of the complainants. Provided, further, that either party may appeal to the district court, by giving bond, as in other civil cases. Sec. 3. Repeal. That said Section 3193 (Sec. 57, Art. 2, Ch. 31) of the Revised Statutes of the State of Nebraska for the year 1913, as heretofore existing, be and the same is hereby repealed. Approved, April 21, 1917. CHAPTER 77. (House Roll No. 257.) [Introduced by Mr. Trumble.] AN ACT to amend Section 3215, Subdivision 12, Revised Statutes of 1913, being Section 79, of Chapter 31 of said Revised Statutes, and to repeal said original Subdivision twelve of Section 3215. Be it Enacted by the People of the State of Nebraska: Section 1. Amendment.-That Section 3215, Subdivision 12 |
