Insurance Department, authorized by this act, shall be paid out of the treasury, upon the certificate of the superintendent, in the same manmer as other like expenses: Provided, the amount so paid out shall at no time exceed that collected from the insurance companies as provided for in this act.

SEC. 5. The seal of the Superintendent of Insurance shall be one inch and three-fourths in diameter, surrounded by the words "Superintendent of Insurance of Ohio," with the device prescribed for the seal of the auditor of State and other officers, by the act passed May 9. 1868, to be furnished by the secretary of State; and every certifiicate, assignment or conveyance executed by said superintendent in pursuance of any authority conferred by law, and sealed with his seal of office, shall be received as evidence, and may be recorded in the proper recording office in the same manner and with like effect as a deed regularly acknowledged before an officer authorized by law to take the acknowledgement of deeds; and all copies of papers in the office of said superintendent, certified by him and authenticated by the said seal, shall in all cases be evidence equally and in like manner as the original.

SEC. 6. All books and documents and all other papers whatever, in the office of the auditor of State, relating to insurance, shall, on demand, be delivered and transferred to the Superintendent of Insurance, who shall give to the said auditor of State a receipt for the same, which shall be to the auditor a full release from all responsibility in connection with such documents, etc.; and thereafter such books, papers and documents shall be and remain in the charge and keeping of the said superintendent in his said office.

SEC. 7. It shall be the duty of the Superintendent of Insurance, whenever he shall have good reason to suspect the correctness of any annual statement, or that the affairs of any company are in an unsound condition, to make. or cause to be made, an examination into the affairs of any such insurance company, for the purposes named in this act, incorporated in this State, or doing business by its agencies in this State; and it shall be the duty of the officers or agents of any insurance company doing business in this State, to cause their books to be opened, for the inspection of said superintendent, or the person or persons so appointed, and otherwise to facilitate such examination, so far as it may be in their power so to do.

SEC. 8. For that purpose, the superintendent, or the person or persons so appointed by him, shall have power to examine, under oath, which he or they are hereby empowered to administer, the officers

and agents of any company relative to the business of said company; and whenever the superintendent shall deem it for the interest of the public, he shall publish the result of such investigation in some newspaper printed in Columbus, and of general circulation in the State, and in a newspaper printed in the county where the principal office of the company is located.

SEC. 9. Whenever it shall appear to the said superintendent, from such examination, that the assets of any life insurance company are insufficient to reinsure its outstanding risks as provided by this act, or that the net assets of any insurance company other than life, organized under the laws of this State, are reduced more than twenty per cent. below the capital stock required by this act, or by its charter, he shall require the officers thereof to direct the stockholders to pay in the amount of such deficiency, within such period as he may designate in such requisition, or in default thereof he shall communicate the fact to the attorney general, whose duty it shall then become to apply to the supreme court for an order requiring such company to show cause why the business of such company should not be closed, and the court shall thereupon proceed to hear the allegations and proofs of the respective parties. Any transfer of the stock of any company made during the pendency of any such investigation, shall not release the party making the transfer from his liability for losses which may have accrued previous to the transfer.

SEC. 10. If upon examination it shall appear to the superintendent that the assets of any company chartered on the plan of mutual insurance are insufficient to justify the continuance of such company in business, it shall be his duty to proceed, in relation to such company, in the same manner as is herein required in regard to joint stock companies; and the trustees or directors of such company are hereby made personally liable for any losses which may be sustained upon risks taken after the Superintendent of Insurance shall have issued his requisition for filling up the deficiency in the assets, and before such deficiency shall have been made up.

SEC. 11. In case it shall appear to the satisfaction of said court, that the assets of said company are not sufficient, as aforesaid, or that the interests of the public so require, the said court shall decree a dissolution of said company and a distribution of its effects. The supreme court shall have power to refer the application of the attorney general to a referee, to inquire into and report upon the facts stated therein. After the superintendent shall have issued his requisition as aforesaid, it shall be unlawful for said company to issue any new pol

icies of insurance, or to transact any new business, until the court shall have rendered its decision in the case, and until the Superintendent of Insurance shall have issued to such company a license, which shall be its authority to resume business.

SEC. 12. Whenever it shall appear to the Superintendent of Insurance, from the report of the person appointed by him, or other satisfactory evidence, that the affairs of any company, partnership or association, not organized under the laws of this State, are in an unsound condition, he shall revoke the authority granted to such company to do business in this State, and cause a notice thereof to be published in at least one newspaper published in the city of Columbus, and in the county where the general agency is located within this State, and after the publication of such notice, it shall not be lawful for the agents of such company to procure any new applications for insurance or to issue any new policies. The expenses of any examination made under this act shall be paid by the company examined.

SEC. 13. The Superintendent shall keep and preserve, in permanent form, a full record of his proccedings, including a concise statement of the condition of each company reported, visited or examined by him. The said superintendent shall annually, at the earliest practicable date after the returns are received from the several companies, make a report to the legislature of the general conduct and condition of the insurance companies doing business in this State, with such suggestions as he deems expedient, including also the information contained in the statements required of the said companies, and the result of the official valuations of life policies, to be arranged in tabular form, and prepare the same for printing in two separate reports, one pertaining to life insurance companies, and the other to all insurance companies other than life; three hundred copies of each of said reports shall be printed for the use of the general assembly; two thousand five hundred copies of each for the use of the superintendent, of which five hundred volumes containing both reports shall be bound in cloth. He shall also report the names and compensation of the clerks employed by him, the whole amount of income, the source whence derived, and the expenses in detail during the year ending upon the thirty-first day of the preceding December.

SEC. 14. It shall be the duty of the superintendent, annually, to make, or cause to be made, net valuations of all outstanding policies, additions thereto, unpaid dividends, and all other obligations of every life insurance company transacting business in this State; and for the purpose of such valuations, and for making special examinations of

the condition of life insurance companies, as provided in the laws of this State, relating to life insurance companies, and for valuing all policies of whatever description, and for any purpose whatever, the rate of interest shall be four per cent. per annum, and the rate of mortality shall be established by the tables known as the Actuaries' or Combined Experience Table: provided, that whenever the laws of any other State of the United States shall authorize a valuation of life insurance policies by some designated State officer, according to the standard herein provided, the valuation made according to the said standard, by such officer, of the policies and other obligations of any life insurance company not organized under the laws of this State, and certified by said officer, may by received as true and correct, and no further valuation of the same shall be required of such company by the Superintendent of Insurance.

SEC. 15. The superintendent shall annually, in September, furnish to the insurance companies doing business in this State, two or more printed copies of the forms of statements required by this act to be made by them, and he may make such changes from time to time, in the form of the same, and such additions thereto, as shall seem to him best adapted to elicit from said companies a true exhibit of their condition.

SEC. 16. All securities deposited with the Superintendent of Insurance, pursuant to the provisions of any law of this State, shall be deposited by said Superintendent of Insurance with the treasurer of the State, who, with his sureties, shall be responsible for the safe keeping thereof; and said treasurer shall only deliver such securities, or coupons attached thereto, upon the written order of the Superintendent of Insurance, and upon the warrant of the auditor of State.

SEC. 17. There shall be paid by every insurance company doing business in this State. to the Superintendent of Insurance, the following fees, to-wit: For the filing and examination of the first application of any company, and issuing the license thereupon, the sum of twenty-five dollars: for filing the annual statement required, twenty dollars; for each certificate of authority, or license, and certified copy thereof. two dollars; for every copy of a paper filed in his office, the sum of twenty cents per folio; and for affixing the seal of office, and ertifying any paper, one dollar: Provided that any company may pay to said superintendent the sum of two hundred and fifty dollars for licenses to its agents for the year, and by so doing shall be entitled, without further charge, to licenses for as many agents as it may choose to appoint. There shall be paid, also, by every life insurance

company doing business in this State, annually, by way of compensation for the valuation of its policies, in case no certified valuation of the same has been furnished to the Superintendent of Insurance, as provided in section fourteen of this act, one cent on every thousand dollars insured by it on lives, all of which fees shall be paid by the superintendent into the State treasury. When, by the laws of any other State or nation, any taxes, fines, penalties, license fees, deposits of money or of securities, or other obligation or prohibitions are imposed on insurance companies of this State, doing business in such State or nation, or upon their agents therein, so long as such laws continue in force, the same obligations and prohibitions of whatever kind, shall be imposed upon all insurance companies of such other State or nation. doing business within this State. and upon their agents here.

SEC. 18. It shall be unlawful for any person, company or corporation in this State, either to procure, receive or forward applications for insurance in any company or companies not organized under the laws of this State, or in any manner to aid in the transaction of the business of insurance with any such company, unless duly authorized by such company and licensed by the Superintendent of Insurance, in conformity to the provisions of this act.

SEC. 19. It shall be the duty of every insurance company doing business in this State to publish, at least once a year, in some newspaper of general circulation, in every county where such company has an agent. a certificate from the Superintendent of Insurance that such company has, in all respects, complied with the laws of the State relating to insurance. Said certificate shall also contain a statement. under the oath of the president or secretary of such insurance company, of the actual amount of paid up capital, the aggregate amount of assets and liabilities, together with the aggregate income and expenditures of such company for the year preceding the date of such certificate, a copy of which certificate shall be filed in the office of the recorder in each county in which the company has an agent. Νο other publication than as above provided for shall be required of such companies.

SEC. 20. Any insurance company not organized under the laws of this State may appoint one or more general agents in this State, by resolution of their board of directors or managers, with authority to appoint other agents of said company in this State, a certified copy of which resolutions shall be filed with the Superintendent of Insurance; and agents of such company. appointed by such general agent,