§§ 47, 48 General Provisions. Art. 1 December next preceding, with their names, locations, amounts of capital, dates of incorporation, and of the commencement of business, and kinds of insurance in which they are engaged respectively. 2. A statement of the insurance corporations whose business has been closed during such year and the reasons for closing the same, with the amount of their assets and liabilities so far as the same are known, or can be ascertained by him. 3. Any amendments to this chapter which in his judgment may be desirable. 4. The names and compensation of the clerks employed by him, the whole amount of the expenses of the department, the amount assessed upon the insurance corporations to defray the expenses of said department, the amount of assessment paid by each corporation, and the amount, if any, for which the treasury shall be in advance during such year. In addition to the usual number of copies for the use of the legislature, there shall be printed and in readiness for distribution by the printer employed to print legislative documents, four thousand copies of such report for the use of the department. Formerly L. 1892, ch. 690, § 46. § 47. Deceptive statements prohibited. No insurance corporation doing business in this state, or agent thereof, shall state or represent by advertisement in any newspaper, periodical or magazine, or by any sign, circular, card, policy of insurance or certificate of renewal thereof or otherwise, that any funds or assets are in possession of any such corporation not actually possessed by it and available for the payment of losses and claims, and held for the protection of its policyholders or creditors. Formerly L. 1892, ch. 690, § 47. § 48. Contents of advertisements. Every advertisement or public announcement, and every sign, circular or card issued by any fire insurance corporation doing business in this state purporting to make known its financial standing, shall exhibit the capital in the United States actually paid in in cash, and the amount of net surplus of assets over all its liabilities actually available for the payment of its losses, and held for the protection of its policyholders, including in such liabilities the fund, if any, reserved for reinsurance of outstanding risks, and shall correspond with the verified statement made by it to the insurance department next preceding the making or issuing of the same. Any such corporation may publish in any policy or certificate of renewal thereof a single item showing the amount of its capital as Art. 1 General Provisions. §§ 49, 50 set forth in its charter, act of incorporation, deed of settlement, or articles of association under which it is authorized to transact business. For every violation of this and the preceding section by any such corporation, it shall forfeit for the first offense to the people of the state the sum of five hundred dollars, and for every subsequent offense the sum of one thousand dollars, which sums, when recov ered, shall be paid into the treasury of the state to the credit of the fund for defraying the expenses of the insurance department. Formerly L. 1892, ch. 690, § 48. § 49. Agents. Every agent of any insurance corporation doing business in this state shall, in all advertisements of such agency, publish the location of the corporation, giving the name of the city, town or village in which it has its principal business office, and the state or government under the laws of which it is organized. "in The term "agent" in this chapter shall include an acknowledged agent or surveyor or any other person who shall in any manner aid in transacting the insurance business of any insurance corporation not incorporated by the laws of this state, and any broker whose business, in whole or in part, is to negotiate for and place risks, deliver the policies covering the same and collect premiums therefor. Formerly L. 1892, ch. 690, § 49. § 50. Agent's certificate of authority. No person or corporation shall act as agent for any foreign insurance corporation in the transaction of any business of insurance within this state, or negotiate for or place risks for any such corporation, or in any way or manner aid such corporation in effecting insurances or otherwise in this state, unless such corporation shall have fully complied with the provisions of this chapter. Every such agent shall, annually, on the first day of January, or within sixty days thereafter, procure a certificate of authority from the superintendent of insurance, who shall file in his office evidence of the issuance of such certificate to the agent aforesaid. Any person or corporation violating the provisions of this section shall forfeit to the people of the state the sum of five hundred dollars for the first offense, and an additional sum of one hundred dollars for each month during which any such person or corporation shall continue to act in violation of this section. This section shall not apply to the agents of corporations transacting business under the provisions of article six of this chapter. Formerly L. 1892, ch. 690, § 50, as am'd by L. 1893, ch. 725, § 1. §§ 51, 52 General Provisions. Art. I § 51. Examination of securities deposited by officers of corporation. Every insurance corporation having securities deposited in the office of the superintendent of insurance, shall, once or more during each calendar year, and at such time or times during the ordinary business hours as the corporation may select, cause such securities to be examined by its president, secretary, actuary, or other officer or agent whom it may designate for that purpose, to be compared with the books of the insurance department, and if found correct, to execute to the superintendent of insurance a receipt or certificate setting forth in the same the different kinds of such securities and the amounts thereof, and that the same are in the possession and custody of the superintendent at the date of such receipt. Formerly L. 1892, ch. 690, § 51. § 52. Reorganization of existing corporations and amendment of certificates. Any domestic corporation existing or doing business on October first, eighteen hundred and ninety-two, may, by a vote of a majority of its directors or trustees, accept provisions of this chapter and amend its charter to conform with the same, upon obtaining the consent of the superintendent of insurance thereto in writing; and thereafter it shall be deemed to have been incorporated under this chapter, and every such corporation in reincorporating under this provision may for that purpose so adopt in whole or in part a new charter, in conformity herewith, and include therein any or all provisions of its existing charter, and any or all changes from its existing charter, to cover and enjoy any or all the privileges and provisions of existing laws which might be so included and enjoyed if it were originally incorporated thereunder, and it shall, upon such adoption of and after obtaining the consent, as in this section before provided, to such charter, and filing the same and the record of adoption and consent in the office of the superintendent of insurance, perpetually enjoy the same as and be such corporation, which is declared to be a continuation of such corporation which existed prior to such reincorporation; and the offices therein which shall be continued shall be filled by the respective incumbents for the periods for which they were elected, and all others shall be filled in the same manner by such amended charter provided. Every domestic insurance corporation may amend its charter or certificate of incorporation by inserting therein any statement or matter which might have been originally inserted therein; and may likewise amend its charter or certificate of incorporation, by inserting therein any powers which, at the time of such amendment, may Art. 1 General Provisions. 852 have been conferred by law upon domestic insurance corporations engaged in a business of the same general character, or which might be included in the certificate of incorporation of a domestic insurance company organized under any general law of this state for a business of the same general character; and the same proceedings shall be taken upon the presentation of such amended charter or certificate to the superintendent of insurance, as are required by this chapter to be taken with respect to an original charter or certificate, and if approved by the superintendent of insurance, and his certificate of authority to do business thereunder is granted, the corporation shall thereafter be deemed to possess the same powers and be subject to the same liabilities as if such amended charter or certificate had been its original charter or certificate of incorporation, but without prejudice to any pending action or proceeding or any rights previously accrued. Upon the reincorporation or upon the amendment of the charter of any life insurance corporation, having a capital stock, in accordance with the provisions of this section, it may by a vote of a majority of its directors confer upon its policyholders or upon such policy. holders as may have a prescribed amount of insurance upon their lives the right to vote for all or any less number of the directors in such manner not inconsistent with any provision of this chapter as may be authorized by a vote of the stockholders representing at least a majority of the capital stock at a meeting of stockholders called for the purpose. Section eighteen of the stock corporation law shall not apply to such a corporation. This section shall apply to insurance corporations organized under or subject to article six of this chapter as well as to insurance corporations organized under a special act or any general law or article two of this chapter. In the case of any corporation organized under or subject to article six of this chapter, which corporation has amended its charter and is now operating under article two of this chapter, all contracts, policies and certificates issued prior to its reincorporation, shall be valued as one year term insurance at the ages attained excepting when such contracts, policies or certificates shall provide for a limited number of specified premiums or for specified surrender values, in which case they shall be valued as provided in article two, section eighty-four of this chapter. But no life insurance corporation shall hereafter be permitted to avail itself of the provisions of this section unless it shall hold for all its outstanding policies or certificates assets equal in value to the minimum reserve required by section eighty-four of this chapter. Formerly L. 1892, ch. 690, § 52, as am'd by L. 1893, ch. 725, § 1; L. 1901, ch. 722, § 1; L. 1903, ch. 574, § 1, and L. 1906, ch. 326, § 13. §§ 53-55 General Provisions. Art. I § 53. General penalties. Any corporation or person violating any provisions of this chapter, except where such violation constitutes a felony, shall, in addition to any penalty otherwise prescribed for such violation, be guilty of a misdemeanor. Formerly L. 1892, ch. 690, § 53, as am'd by L. 1906, ch. 326, § 14. § 54. Conduct of insurance business by persons not incorporated. No person, partnership, or association of persons shall engage in the business of insurance in this state except as agent of a person or corporation authorized to do the business of insurance in the state, unless possessed of the capital required of an insurance corporation doing the same kind of business in the state and invested in the same manner; nor unless he or they shall have made and deposited with the superintendent of insurance securities of the same amount required of an insurance corporation doing business in this state, nor unless the superintendent of insurance shall have granted to him or them a certificate to the effect that he or they have complied with all the provisions of law which an insurance corporation doing business in this state is required to observe, and that the business of insurance specified therein may be safely intrusted to the person, partnership or association of persons to whom the certificate is granted. Every person, partnership or association receiving any such certificate of authority shall be subject to the insurance laws of the state and to the jurisdiction and supervision of the superintendent of insurance in the same manner as if an insurance corporation authorized by the laws of the state to engage in the business of insurance specified in the certificate. No such person, partnership or association shall transact business under a corporate or fictitious name or under any name, style or title other than the true name of such person, or of the persons comprising such partnership or association. Formerly L. 1892, ch. 690, § 54. § 55. Insurance without the consent of the insured prohibited. No policy of insurance shall be issued upon any property except upon the application and in the name of some person having an interest in the property. No policy or agreement for insurance shall be issued upon the life or health of another or against loss by disablement by accident except upon the application of the person insured; but a wife may take a policy of insurance upon the life or health of her husband or against loss by his disablement by accident; an employer may take out a policy of accident insurance covering his employees collectively for the |