ARTICLE 2. Registration of Life Policies [10450. - 10463.]
Article 2 enacted by Stats. 1935, Ch. 145.
§§ 10450–10463 · 15 sections
- § 10450 Any insurer transacting life insurance in this State on September 30, 1939, may register its policies with the commissioner in the manner and subject to the…
- § 10450.5 An insurer which is not registering its policies pursuant to the provisions of this article on September 30, 1939, shall not thereafter be permitted to…
- § 10450.6 Any insurer registering its policies pursuant to this article on June 30, 1939, which fails prior to September 1, 1941, to file with the commissioner an…
- § 10451 When an insurer elects to register any of its policies, it shall register every policy thereafter issued by it until it discontinues registration.
- § 10452 Such registration shall in each case show the name and age of the insured, number and date of the policy and the kind and amount of insurance.
- § 10454 An insurer registering policies shall maintain a special deposit of securities with the commissioner for the benefit of such registered policies. Such…
- § 10455 The commissioner shall give his receipt for the securities and the State shall be responsible for the custody and safe return of any securities so deposited.
- § 10456 Such deposit shall be maintained in an amount equal to the full net value of all policies registered up to the time of making the deposit, less the amount…
- § 10457 Upon receipt of such securities, the commissioner shall immediately deposit them in the State Treasury in accordance with the provisions of Sections 940 to…
- § 10458 Such insurer may at any time withdraw any excess of such securities above the required amount upon satisfying the commissioner by written proof that such…
- § 10459 If such insurer owns the building in which it has its principal office and the land upon which it stands, or if it owns other real property located in this…
- § 10460 Such mortgage may be deposited in the State treasury as part of the securities required by this article. Such mortgage is withdrawable in like manner with…
- § 10461 The commissioner may release any such mortgage or may foreclose it in case such foreclosure becomes necessary.
- § 10462 Should any insurer thus registering policies become insolvent, the commissioner may reinsure all or any part of such registered policies, using the securities…
- § 10463 The commissioner shall require in advance, in lawful money of the United States, as a fee for registering each policy as provided by this article, twenty-five…