« PreviousContinue »
paid by such company or association to the insurance commissioner under the provisions of this section.
Sec. 2. This act shall take effect January 1, 1904, and all of the provisions hereof shall be construed as applying to the business done in the year 1903, and each year thereafter. En. Stats. 1903, 359.
$623. Bonds to be filed. The commissioner must require every company, association, or individual, not incorporated under the laws of this state, and proposing to transact insurance business by agent or agents in this state, before commencing such business to file in his office a bond, to be signed by the person or firm, officer or agent, as principal, with two sureties, to be approved by the commissioner, in the penal sum of two thousand dollars for each insurance company, association, firm, or individual for whose account it is proposed to collect premiums of insurance in this state, the conditions of such bonds to be as follows:
1. That the person or firm, agent, or officer named therein, acting on behalf of the company, association, firm, or individual named therein, will pay to the treasurer of the county, or city and county, in which the principal office of the agency is located, such sum per quarter, quarterly in advance, for a license to transact an insurance business, or such other license as may be imposed by law, so long as the agency remains in the hands of the person or firm, officer, or agent named as principal in the bond.
2. That the person or firm, officer, or agent, will pay to the state all stamp or other duties on the gross amounts insured by them, in the manner and at the time prescribed by law, inclusive of renewals on existing policies.
3. That the person, firm, agent, or corporation named therein, will conform to all the provisions of the revenue and other laws made to govern them. En. March 12, 1872.
$624. Same. Whenever the same person, firm, officer, or agent desires to collect premiums of insurance for more than one company, association, or individual, not incorporated under the laws of this state, the commissioner must require a separate bond, as provided in the preceding section, for each company or association so represented by such person, firm, officer, or agent. En. March 12, 1872.
Cal.Rep.Cit. 74, 122.
8 625. To furnish assessor with certain information. The commissioner must, before the commencement of each fiscal year as fixed in the revenue laws, furnish the assessor of the county in which the principal office of any person or corporation doing the business of insurance is situated, all the data concerning premiums collected by, and all other necessary information in relation to the business of such person or corporation as will assist the assessor in the performance of his duties. En. March 12, 1872.
8 626. Securities. The commissioner must require from every person, before and after engaging in the business of insurance, a full compliance with all the provisions of title II, part IV, division I, of the Civil Code applicable thereto; and every person neglecting to comply with such requirements is subject to the fines and penalties therein prescribed. En. March 12, 1872.
Insurance corporations: See Civ. Code, secs. 414-450.
$ 627. Statement to be based on gold coin values. All statements, estimates, percentages, payments, and calculations required by this chapter to be made, either by the commissioner or persons engaged in the business of fire or marine insurance, must be in gold coin of the United States. En. March 12, 1872.
$ 628. Salary of commissioner. The annual salary of the insurance commissioner is three thousand dollars. En. March 12, 1872. Am'd. 1880, 88.
$ 629. Salary of deputy. The annual salary of the deputy of the insurance commissioner is eighteen hundred dollars. En. March 12, 1872. Am'd. 1880, 88; 1887, 12.
Deputy is an executive officer: Ante, sec. 343.
$ 630. Contingent expenses. The commissioner may procure rooms for his office at a rent not to exceed seventy-five dollars per month, and may provide a suitable safe and furniture therefor; he may also provide stationery, fuel, printing, and other conveniences necessary for the transaction of the business of his office. Out of the funds paid into the state treasury by the insurance commissioner, there shall be set aside and reserved each and every year the sum of two thousand dollars, as a special fund, to be called the insurance commissioner's special fund. All ex. penditures authorized in this section must be audited by the board of examiners, who must allow the same and direct payment thereof to be made; and the controller shall draw warrants therefor on the state treasury for the payment of the same to the insurance commissioner out of the said insurance commissioner's special fund. En. March 12, 1872. Am'd. 1887, 12.
$631. Location of office. The commissioner must keep his office in the city of San Francisco. En. March 12, 1872.
$632. Official bond. The commissioner must execute an official bond in the sum of ten thousand dollars. En. March 12, 1872.
Official bonds: Generally, see post, secs. 947-986.
$633. Conditions precedent to license of agent. No person shall, in this state, act as the agent or solicitor of any life insurance company doing business in this state until he has produced to the commissioner, and filed with him, a duplicate power of attorney from the company, or its authorized agent, authorizing him to act as such agent or solicitor. Upon filing such power, the commissioner shall issue a license to him to act as such agent or solicitor for such company, if such company has received a certificate of authority from such commissioner to do business in this state. Such license shall continue in force twelve months from the date thereof, but may be and shall be sooner revoked upon application of the company or its authorized agent. Such license may be renewed, from time to time, for an additional period of twelve months, on production, by the holder, to the commissioner, of a certificate from the company that such person's authority as such agent or solicitor continues. For each such license or renewal thereof, the commissioner shall receive the sum of one dollar. The commissioner shall keep an alphabetical list of the names of the persons to whom such licenses shall be issued, with the date of the license and renewal, and the name of the company for whom such person is working. If any person shall, under a false or fictitious name, procure, or attempt to procure, a license to act as agent or solicitor of any life insurance company, he shall be guilty of a misdemeanor. Every person who, in this state, procures, or agrees to procure, any insurance for a resident of this state from any insurance company not incorporated under the laws of this state, unless such company or its agent has filed the bond required by the laws of this state relating to insurance, and obtained from the commissioner a certificate of authority to do business, and every person who solicits or procures any life insurance without having been duly licensed so to do by the commissioner, snall be guilty of a misdemeanor, and upon conviction thereof shall be punished accordingly. The insurance commissioner must require, as a condition precedent to the transaction of life insurance business in this state, that every life insurance corporation or company created by the laws of any other state, or of any foreign country must file in his office the name of an agent, and his place of residence in this state, on whom summons and other process may be served in all actions or other legal proceedings against such corporation or company; all process so served gives jurisdiction over such corporation or company. The agent so appointed must be the principal agent of such corporation or company in this state. Any such foreign corporation or company shall, as a further condition precedent to the transaction of insurance business in this state, and in consideration of the privilege to transact such insurance business in this state, make and file with the insurance commissioner an agreement or stipulation, executed by the proper authorities of such corporation or company, in form and substance as follows: The (giving name of corporation or company) does hereby stipulate and agree that in consideration of the permission granted by the state of California to it to transact insurance business in this state, that if at any time such corporation or company shall, under the existing provisions of law in this state in relation to insurance companies, be without an agent in this state on whom summons or other legal process may be served, service of such summons or other legal process may be made upon the insurance commissioner, such service upon the commissioner to have the same force and effect as if made upon the corporation or company. Whenever such service of summons or other legal process shall be made upon the insurance commissioner, he must, within ten days thereafter, transmit by mail, by registered letter, a copy of such summons or other legal process to the corporation, addressed to the president or secretary thereof, at its home or principal office; such copy must be certified
by the commissioner, under his hand and official seal, and the sending of such copy by the said commissioner shall be a necessary part of the service of summons or other legal process. En. Stats. 1873-4, 66. Am'd. 1880, 90, 1893, 116.
Agent upon whom process may be served: See ante, sec. 616.
$ 634. Registry of policies, deposits for security of. It shall be lawful for any company or corporation transacting the business of life insurance in this state to register with the insurance commissioner such of its policies as may be agreed upon by the company and the insured; such registration to consist in a written or printed list of such policies, filed with the commissioner, showing the name and age of the insured, number and date of the policy, and the kind and amount of insurance in each case. Such list must be filed with the commissioner within thirty days after the issuance of the first registered policy, and must contain all such policies issued up to the date of filing. After that date, the company must, within three days after the first day of each calendar month, file a statement embracing all its registered policies issued since the filing of its last preceding list. Upon filing such lists of policies, from time to time, the company must deposit with the commissioner, as a special deposit for the benefit of such registered policies, securities of the denominations stated in section four hundred and twenty-seven of the Civil Code, as permissible for the investment of the capital and accumulations of life insurance companies. Such deposit must be in an amount equal to the full net value of all policies registered up to the time of making the deposit, and must at all times be equal to such net value of all the registered policies. Upon receipt of such securities, the commissioner must immediately deposit them in the state treasury, in accordance with the provisions of section six hundred and eighteen of the Political Code, where they must remain as a special security for the benefit of said registered policies. Such company may at any time withdraw any excess of securities above the net present value hereinbefore specified, upon satisfying said commissioner, by written proof, that such excess exists, and shall be allowed to receive the interest on all securities deposited, and to exchange such securities, by substituting other