C. 1. An. DERIVED FROM DEPOSIT WITH FRENCH GOVERNMENT, PER RESOLUTION* nts taken for the present interest-rate calculation, as representing the status June 30, 1908, of the Company's deposit with the French Government: French Investments [French Bonds] American Securities Policy Loans outstanding Real Estate Book Values. $5,993,475 18,699,088 2,115,676 1,300,000 II. Net Effective Interest taken for the calendar year 1908: One year's gross effective interest on French Bonds, 3.3089% of $5,993,475.. Net Effective Interest on remainder of the deposit, 4.238% of $22,114,764.... $28,108,239 $198,317 11,238 $187,079 937,224 $1,124,303 III. Net Effective Rate of Interest is equal to III; or, $1,124,303 $28,108,239 4.00%. This rate, derived from deposit with the French Government, per Resolution of the Board of Trustees December 9, 1908, is applicable to all insurances issued within the territory subject to the French Insurance Law of March 17, 1905. *Resolved, further-in view of the opinion that the new French Law creates and establishes a new class made up of the French and Algerian policy-holders giving to that class the benefit of any additional security created by the investments and deposits which must be made in compliance with the provisions of said law-that from the date of the deposit of the securities by the Company, pursuant to the requirements of the French Government, the participating policy-holders heretofore insured or hereafter to be insured in France and Algeria shall, as regards interest earnings only, be placed by the Officers of the Company in a Special Class to be known as the French Class; and in calculating the profits or dividends to be hereafter apportioned and paid to members of that class, the rate of interest used shall be the rate actually yielded by the investments forming the deposit under the provisions of the French Law, provided that until 1912, on that portion of the Company's reserves deposited with the French Government represented by American securities, by real estate and by policy loans, the interest rate used in calculating such dividends shall be the average interest rate on the Company's invested assets excluding the French Investments [French Bonds] already referred to. ASSESSMENT OF EXPENSES, 1908. (Without deduction of Re-Insurance Premiums or Commissions.) A. PRELIMINARY CALCULATION FOR GAIN AND LOSS ACCOUNTS OF I. Insurance Expenses chargeable to Annual Premiums, consisting of the following: Deduct. VIII. Premiums-Renewal with Commission, Renewal with Collection Fees, and Renewal without charge (not including renewal premiums on deferred annuities)....... 72,173,007 $77,561,492 TAXES PAID BY THE NEW-YORK LIFE INSURANCE COMPANY IN 1910. Alabama. Total taxes, $10,100.75 made up as follows: On premiums less dividends @ 2%, $9,101.92; State licenses $111; State fees $10; Agents' licenses, State $168; Local $639.02; Personal property tax $25.99; City premium tax $44.82. Arizona.-Total taxes, $5,263.67, made up as follows: On premiums @ 2%, $5,087.87; Territorial license $5; Territorial fees $7.50; Agents' licenses, Territorial $132; Local $20; Personal property tax $11.30. Arkansas. Total taxes, $7,218.87, made up as follows: On premiums less losses, endowments and commissions @ 22%, $7,092.12; State license $2; State fees $60; Agents' licenses, State $58; Personal property tax $6.75. California. Total taxes, $21,499.57 made up as follows: On premiums @ 1%, $19,728.23; State licenses $20; State fees $98.25; Agents' licenses, State $228; local $543; City premium tax $789.10; Personal property tax $92.99. Colorado. Total taxes, $14,209.65 made up as follows: On premiums @ 2%, $13,964.19; State license $5; State fees $61.80; Agents' licenses, State $134; Personal property tax $44.66. Connecticut.-Total taxes, $5,569.72 made up as follows: On premiums less annual dividends @ 1%, $5,548.56; State license $10; State fees $10; Agents' licenses, State $1.16. Delaware.-Total taxes, $1,570.15 made up as follows: On premiums @ 2%, $1,453.15; State license $27; State fees $15; Agents' licenses, State $75. Dist. Columbia.-Total taxes, $3,700.37 made up as follows: On premiums less dividends @ 12%, $3,549.79; District license $10; District fees $6; Agents' licenses, District $134.58. Florida. Total taxes, $10,075.42 made up as follows: On premiums @ 2%, $9,288.42; Idaho. Total taxes, $3,426.49 made up as follows: On premiums less losses and endowments @ 2%, $3,221.49; State licenses $50; State fees $20; Agents' licenses, State $135. Illinois. Total taxes, $57,404.07 made up as follows: On premiums less annual dividends @ 1%, $56,630.51; State licenses $1; State fees $115; Agents' licenses, State $560; Personal property taxes $97.56. Indiana.-Total taxes, $20,454.50 made up as follows: On premiums less death-losses @3%, $20,130.81; State licenses $5; State fees $75; Agents' licenses, State $207; Local $34.50; Personal property tax $2.19. Iowa. Total taxes, $21,872.23 made up as follows: On premiums @ 22%, $21,676.96; State license $2; State fees $20; Agents' licenses, State $142; Personal property taxes $31.27. Kansas. Total taxes, $12,780.73 made up as follows: On premiums @ 2%, $12,454.59; State fees $100; Agents' licenses, State $114, Local $110.75; Personal property taxes $1.39. Kentucky. Total taxes, $16,695.26 made up as follows: On premiums @ 2 %, $15,743.51; State license $1.00; Agents' licenses, State, $220, Local $385.33; City premium tax $276.44; Personal property tax $68.98. Louisiana. Total taxes, $16,047.80 made up as follows: On premiums @ 6/10 of 1%, $7,740; State license $10; State fees $303.80; Agents' licenses, State $220, Local $352.40; City premium taxes $7,320; Personal property taxes $101.60. Maine. Total taxes, $4,617.37 made up as follows: On premiums @ 12%, $4,492.57; State license $20; Agents' licenses, State $94; Personal property tax $10.80. Maryland. Total taxes, $11,244.44 made up as follows: On premiums @ 12%, $10,642.83; State license $300; State fees $105.80; Agents' licenses, State $178; Personal property taxes $17.81. Massachusetts.-Total taxes, $42,882.06 made up as follows: On reserve @ 4 of 1%, $42,404.72; State fee $20; Agents' licenses, State $428; Personal property tax $29.34. Michigan. Total taxes, $20,703.67 made up as follows: On premiums @ 2%, $20,688.63; State fees $5; Personal property tax $10.04. Minnesota. Total taxes, $15,506.27 made up as follows: On premiums @ 2%, $15,153.83; State license $2; State fees $153.86; Agents' licenses, State $152; Personal property tax $44.58. Mississippi. Total taxes, $4,752.40 made up as follows: On premiums first-year @ 2% and on premiums-renewal of policies issued since March 5, 1902, @ 1/10 of 1%, $2,274.48; State licenses $250; State fees $26; Agents' licenses, State $1,386.92, Local $815. Missouri. Total taxes, $43,979.33 made up as follows: On premiums @ 2%, $43,112.11; State license, $1.00; State fees $40; Agents' licenses, State $354, Local $435.10; Personal property tax $37.12. Montana. Total taxes, $11,242.24 made up as follows: On premiums @ 2%, State $6,921.79; County @ 3.16%, $4,109.37; State fees $35; Agents' licenses, State $155, Local $13; Personal property tax $8.08. Nebraska. Total taxes, $8,811.79 made up as follows: On premiums @ 2%, $8,704.47; State license $2; State fees $26; Agents' licenses, State $68; Personal property tax $11.32. Nevada. Total taxes, $145.90 made up as follows: State license $100; State fees $20; Agents' licenses, Local $20; Personal property tax $5.90. New Hampshire.-Total taxes, $3,073.67 made up as follows: On premiums less deathlosses @ 2%, $3,033.67; State license $5; State fees $15; Agents' licenses, State $20. New Jersey.-Total taxes, $7,791.02 made up as follows: On premiums less annual dividends @ 1%, $7,535.32; State fees $20; Agents' licenses, State $226; Personal property tax $9.70. New Mexico.-Total taxes, $2,867.88 made up as follows: On premiums less dividends @2%, $2,806.88; Territorial license $2; Territorial fees $20; Agents' licenses, territorial $24, Local $15. New York. Total taxes, $119,819.08 made up as follows: On premiums less annual dividends @ 1%, $119,424.59; State fees $315; Agents' licenses, State $79.49. North Carolina.-Total taxes, $9,447.59 made up as follows: On premiums @ 22%, $9,119.59; State license $250; State fees $27; Agents' licenses, State $51. North Dakota.-Total taxes, $9,324.43 made up as follows: On premiums @ 22%, $8,908.69; State license $2; State fees $353.90; Agents' licenses, State $44; Personal property taxes $15.84. Ohio. Total taxes, $57,565.32 made up as follows: On premiums @ 22%, $57,130.87; State license $2; State fees $134.18; Agents' licenses, State $277; Personal property tax $21.27. Oklahoma.-Total taxes, $11,036.02 made up as follows: on premiums less dividends @2%, $10,771.02; State license $200; State fees $20; Agents' licenses, State $45. Oregon. Total taxes, $1,304.33 made up as follows: On premiums less dividends and policy claims @ 2%, $770.33; State license $100; State fees $29; Agents' licenses, State $365, Local $40. Pennsylvania.-Total taxes, $85,012.14 made up as follows: On premiums @ 2%, $84,456.14; State license $2; State fees $20; Agents' licenses, State $468, Local $66. Rhode Island. Total taxes, $5,397.23 made up as follows: On premiums @ 2%, $5,320.52; State fees $34; Agents' licenses, State $36; Personal property tax $6.71. South Carolina.-Total taxes, $23,288 made up as follows: State tax on premiums lessdividends @ 2%, $8,117.38; County taxes (for 1907-1908 paid in 1910 under law since repealed) on premiums @ 1.53%, $14,085.58; State license $150; State fee $100; Agents' licenses, State $20.50, Local $807.50; Personal property tax $7.04. South Dakota.-Total taxes, $5,473.56 made up as follows: On premiums @ 22%, $5,227.06; State license $2; State fees $194.50; Agents' licenses, State $50. Tennessee. Total taxes, $18,134.88 made up as follows: On premiums less dividends used in reduction of premium-payments, @ 22%, $17,544.88; State fees, $25; Agents' licenses $565. Texas.-New-York Life Insurance Company is not transacting business in this State, on account of oppressive laws. Utah. Total taxes, $5,351.41 made up as follows: On premiums @ 12% less State tax on personal property, $5,203.11; State license $5; State fees $65; Agents' licenses, State $58; Personal property tax $20.30. Vermont. Total taxes, $4,773.10 made up as follows: On premiums less dividends @ 2%, $4,650.10; State licenses $55; State fees $20; Agents' licenses $48. Virginia. Total taxes, $8,129.95 made up as follows: On premiums @ 1 1/10% $6,730.44; State licenses $76.67; Agents' licenses, State $79, Local $1,221.25; Local premium taxes $17.44; Personal property taxes $5.15. Washington.-Total taxes, $15,549.93 made up as follows: On premiums, less dividends @2%, $15,129.22; State license $10; State fees $85; Agents' licenses, State $280; Personal property tax $45.71. West Virginia.-Total taxes, $7,441.49 made up as follows: On premiums @ 2% $7,026.20; State license $10; State fees $20.75; Agents' licenses, State $270, Local $30.50; Local premium tax $84.04. Wisconsin. Total taxes, $10,287.96 made up as follows: On premiums less annual dividends @ 1%, $10,150.96; State fees $25; Agents' licenses, State $112. Wyoming. Total taxes, $4,315.77 made up as follows: On premiums @ 22%, $4,248.47; State license $25; State fees $15.30; Agents' licenses $27. Porto Rico, Hawaii, Philippines and Alaska.-Total taxes, $6,145.81. United States.-Corporation Excise tax 1% of net income, $106,411.02. Foreign Countries.-Total taxes, $144,928.67. Total Taxes, licenses and fees, all countries, $1,073,962.79. FROM THE LAWS OF NEW YORK. Insurance Law. § 6. Fees. Every corporation or person to whom this chapter shall be applicable shall pay the following fees to the superintendent, unless remitted by him. For filing the declaration and certified copy of charter required by law, thirty dollars. For filing the annual report required by law, twenty dollars. For each certificate of authority and certified copy thereof, and for each certificate of deposit, valuation or compliance, not exceeding five dollars. For every copy of any paper filed in his office, ten cents per folio; and for affixing the official seal on such copy and certifying the same, one dollar. All fees, perquisites and moneys received by the insurance department, or any officer thereof, from or on account of any insurance corporation, shall be paid into the state treasury monthly. Source.-Former § 6, as amended by L. 1893, ch. 725. § 7. Expenses of examinations. The expense of every examination or other investigation of the affairs of an insurance corporation, pursuant to the authority conferred by the provisions of this chapter, shall be borne and paid by the corporation so examined, unless remitted by the superintendent. No charge shall be made for any examination of an insurance corporation by the superintendent or his deputy personally, or by one or more of the regular clerks of the department except for necessary traveling and other actual expenses. All charges for making any examination and all charges against an insurance corporation by an attorney or appraiser of the department shall be presented in the form of an itemized bill approved by the superintendent, audited by the comptroller, and paid on his warrant drawn in the usual manner on the state treasurer, to the person making the examination. The corporation examined on receiving a certified copy of such bill so approved, audited and paid, shall repay the amount thereof to the superintendent of insurance, to be by him paid into the state treasury to replace the money drawn out as above provided. No insurance corporation, or any officer or director thereof, shall either directly or indirectly pay by way of gift, credit or otherwise, any sum of money or other valuable thing to the superintendent or any clerk or employe of the insurance department or any examiner for extra service or for purposes of legislation, or by way of a loan, or on any other pretense whatsoever. Source. Former § 7, as amended by L. 1898, ch. 171; L. 1906, ch. 326, and L. 1909, ch. 301. Amended by L. 1910, ch. 634. $ 16. Investment of capital and surplus. The cash capital of every domestic insurance corporation required to have a capital, to the extent of the minimum capital required by law, shall be invested and kept invested in the stocks or bonds of the United States or of this state, not estimated above their current market value, or in the bonds of a county or incorporated city in this state authorized to be issued by the legislature, not estimated above their par value or their current market value, or in bonds and mortgages on improved unencumbered real property in this state worth fifty per centum more than the amount loaned thereon. The residue of the capital and the surplus money and funds of every domestic insurance corporation over and above its capital, and the deposit that it may be required to make with the superintendent, may be invested in or loaned on the pledge of any of the securities in which deposits are required to be invested or in the public stocks or bonds of any one of the United States, or in bonds and mortgages on improved unencumbered real property in this state worth fifty per centum more than the amount loaned thereon, or except as in this chapter otherwise provided, in the stocks, bonds or other evidence of indebtedness of any solvent institution incorporated under the laws of the United States or of any state thereof, or in such real estate as it is authorized by this chapter to hold; but no such funds shall be invested in or loaned on its own stock or the stock of any other insurance corporation carrying on the same kind of insurance business. Any domestic insurance corporation may, by the direction and consent of two-thirds of its board of directors, managers or finance committee, invest, by loan or otherwise, any such surplus moneys or funds in the bonds issued by any city, county, town, village or school district of this state, pursuant to any law of this state. * Every such domestic corporation doing business in other states of the United States or in foreign countries, may invest the funds required to meet its obliga * * |