out to the public that the capital stock of such company is greater than its actual amount, or that the accumulation of such company is greater than its actual cash or market value, every director, officer or agent of such company, guilty of any wilful participation therein, shall be deemed guilty of a misde meanor, and, on conviction thereof, shall be punished by a fine not exceeding one thousand dollars, or by imprisonment in the county jail not exceeding three months, or by both such fine and imprisonment, in the discretion of the court; and if any such company, after any such false advertisement posted or circulated, shall receive any money, note or obligation for the payment of money, from any person, as a consideration for any insurance made, or policy issued or to be issued by such company, such money, note or obligation shall be deemed and taken to have been received without consideration; and the directors of such company, and any officer or agent receiving the same, shall be jointly and severally liable in a civil action for the repayment thereof, and shall also, in like manner, be liable to the person insured for the amount of the premium paid. (1872, c. 1, tit. 3, § 11.)

*§ 297. Annual statement of condition and business. Every insurance company doing business in this state must transmit to the insurance commissioner a statement of its condition and business for the year ending on the preceding 31st of December, which statement shall be rendered within sixty days thereafter, except that foreign companies shall transmit their statement of business, other than that done in the United States, prior to the following 1st day of July; said statement must be published at least three times in some newspaper of general circulation, printed and published either at the capital of the state, or in the county where the state agency of such insurance company is located. Statements for publication shall be made out on the blanks furnished by the insurance commissioner, and under his direction; and the insurance commissioner's certificate of authority to do business in the state shall be published in connection with the said statement of such company doing business in this state. Proof of publication, to wit, the printer's affidavit of the fact, shall be filed with the insurance commissioner in all cases. (Id. § 12, as amended -1874, c. 25, § 1.)

*§ 298. Form and contents of annual statement. The annual statements required by the last section must be in form, and state the particulars as follows:

First.-The amount of the capital stock of the company actually paid in. Second. The property or assets held by the company, specifying:

1. The value, as nearly as may be, of the real estate held by said company. 2. The amount of cash on hand and deposited in banks to the credit of the company, specifying in what banks the same are deposited.

3. The amount of cash in the hands of agents, and in course of transmission.

4. The amount of loans, secured by mortgages and bonds constituting the first lien on real estate, on which there shall be less than one year's interest due or owing.

5. The amount of loans on which interest shall not have been paid within one year previous to such statement.

6. The amount due the company on which judgments have been obtained. 7. The amount of stocks of this state, of the United States, of any incorporated city of this state, and of any other bonds or stocks owned by the company, specifying the amount, number of shares, and par and market valuof each kind of stock on the day of making statement.

8. The amount of stocks held thereby as collateral security for loans, with the amount loaned on each kind of stock, its par value, and market value on day of making statement.

9. Amount of interest due and accrued not paid.

Third-The liabilities of such company, specifying:

1. The amount of losses due and yet unpaid.

2. The amount of claims for losses resisted by the company.

3. The amount of losses incurred during the year, including those claimed and not yet due, and including the probable amount of those reported to the company upon which no action has been taken: provided, that all such losses incurred in the state of Minnesota shall be reported separately and apart from those incurred in any other state or country.

4. The amount of dividends declared and due, and remaining unpaid. 5. The amount of dividends, if any, declared, but not yet due.

6. The amount of money borrowed, and security, if any, given for the payment thereof.

7. All other existing claims against the company.

8. The gross amount of risks taken during the past year.

9. The amount of risks taken in the state of Minnesota during the past

year.

10. The whole amount of risks outstanding.

11. The amount of outstanding risks in the state of Minnesota.

12. The whole amount of unearned premiums on outstanding risks.

13. The amount of unearned premiums on outstanding risks in the state of Minnesota.

Fourth-The income of the company during the preceding year, specifying: 1. The whole amount of cash premiums received.

2. The amount of premiums received on policies issued in the state of Minnesota.

3. The whole amount of interest money received.

4. The amount of interest money received on loans in the state of Minnesota.

5. The whole amount of income received from other sources.

Fifth-The expenditures during the preceding year, specifying :

1. The whole amount of losses paid during the past year, stating how much of the same accrued prior, and how much subsequent, to the date of the preceding statement, and the amount at which losses were estimated in such preceding statement.

2. The amount of losses paid upon risks taken in the state of Minnesota, during the past year, stating how much of the same accrued prior, and how much subsequent, to the date of the preceding statement, and the amount at which losses were estimated in such preceding statement.

3. The amount of dividends paid during the past year.

4. The whole amount of salaries paid officers and agents of the company. 5. The amount of salaries paid officers and agents employed in the state of Minnesota.

6. The whole amount of commissions and fees paid officers and agents. 7. The amount of commissions and fees paid officers and agents employed in the state of Minnesota.

8. The whole amount of all and any other expenses not herein enumerated. 9. The amount of taxes paid, specifying separately and apart the amount paid in this state.

10. The amount of fees of all and every kind paid the treasurer of the state of Minnesota, specifying date, for what purposes, and amount.

Sixth-The number of agents and other officers employed in the state of Minnesota. (1872, c. 1, tit. 3, § 13.)

*$ 299. Commissioner may require statement at any time. The insurance commissioner may require, at any time, statements from any company doing business within

this state, or any of its officers or agents, on such points as he deems necessary and proper to elicit a full exhibit of its business and standing. (1872, c.1, tit. 3, §14.)

$300. Statement, how verified. The statement required under this act must be verified by the signature and oath of the president or vice-president, with those of the secretary or actuary; or by those of a majority of the directors. (Id. § 15.)

*§ 301. No company to do business without statement. No company having neglected to file a statement required from it, within the time and in the manner prescribed, shall do any new business, after a notification by the commissioner, while such neglect continues. (Id. § 16.)

*§ 302. Forfeiture for neglect to furnish statement. Any company wilfully neglecting to make and transmit any statement required, shall forfeit one hundred dollars for each day's neglect. (Id. § 17.)

*$ 303. Penalty for false statement. Any company or person wilfully making a false statement in any report to the commissioner, is liable to a penalty of $500, which sum must be paid to the commissioner, in default of which the certificate of authority shall be revoked. (Id. § 18.)

* 304. Commissioner may defer publication of statement. The insurance commissioner has authority to prevent publication of any part of the statement, made under this article, until his annual report to the legislature is made. (Id. § 19.)

*$305. Receiver or trustee of company to make statement. Every receiver or other judicially appointed trustee of an insurance company of this state, must make the statements required under this article; and all the provisions of this article shall apply to such receivers or trustees. (Id. § 20.)

*S 306. Stipulation as to service of process. No insurance companies not incorporated under the laws of this state shall insure property or do business in this state until it has filed with the insurance commissioner a written stipulation, duly authenticated by the company, stipulating and agreeing that any legal process affecting such company, served on the insurance commissioner, shall have the same effect as if personally served on the company, or its authorized attorney in this state. (1876, c. 20, § 1.)

*$307. Commissioner to receive and file stipulations. The insurance commissioner shall, within three months after the passage of this act, transmit a copy thereof, with proper blanks for such stipulation, to every company authorized to do business in this state, and shall receive and file the stipulations herein provided for, and the same shall be safely kept in his office. (Id. § 2.)

*$308. Stipulation not to be revoked. So long as any liability of such stipulating company to any resident of this state shall continue, such stipulation shall not be revoked or modified, except that another shall be filed according to law. (Id. § 3.)

*309. Service of process. Service of process according to a stipulation provided in this act, shall be sufficient personal service on the company. (Id. § 4.)

*$310. Proof of service. A copy of such stipulation, certified by the insurance commissioner, and a certificate that process has been duly served on him, shall be sufficient evidence thereof. (Id. § 5.)

*$311. Commissioner to notify company of such service. When process against or affecting any company is served on the insurance commissioner, the same shall be by duplicate copies, one of which shall be filed in the office of said commissioner, and the other by him immediately mailed, postage prepaid, to home office of the company, or to the address of the authorized resident attorney in this state, as the company may designate in such stipulation. ( Id. § 6.)

* 312. Meaning of "process." The word "process" in this act shall include any writ, declaration, summons or order whereby any action, writ or proceeding shall be commenced, or which shall be issued in or upon any action, suit or proceeding authorized by law in this state. (Id. § 7.)

*$313. Failure of company to satisfy judgment-revocation of authority. Whenever a judgment for the recovery of money has heretofore been or hereafter may be

recovered in any of the courts of this state, or in any of the courts of the United States having jurisdiction in this state, against any insurance company or against any association, partnership. firm or individual engaged in the business of insurance, and holding a certificate of authority therefor from the state treasurer, under the laws of the state, or from the insurance commissioner under this act, and an execution thereon is issued and duly returned unsatisfied in whole or in part, proof is made by any person, by filing with the insurance commissioner a certified transcript of the docket of such judgment, together with a certificate of the clerk of the court in the county where the judgment roll in said action is filed and the judgment therein is docketed, that an execution has been issued on such judgment to the proper officer of such county and returned unsatisfied in whole or in part, and with the date of issuing and return, the insurance commissioner shall forthwith revoke all authority or license for the transaction of any kind of insurance business within this state conferred upon such insurance company, association, partnership, firm or individual by any certificate therefor granted by said commissioner to such company, association, partnership, firm or individual under the provisions of this act, and shall withhold therefrom any new certificate of authority, such as is contemplated herein, until such judgment so docketed against such company, association, partnership, firm or individual, is wholly paid and satisfied, and proof thereof filed with such commissioner by the official certificate of the clerk of the court in the county where the judgment roll is filed and judgment docketed, showing that the same is satisfied of record, and until the expenses and fees incurred in the case under the provisions of this title are also paid by such company, association, partnership, firm or individual; and the insurance commissioner shall also forthwith cause notice of such revocation of authority to be published in some daily newspaper, printed and published at the capital of the state, for at least one week; and during the time such authority or license remains so revoked, it shall be unlawful for the company, association, partnership, firm or individual holding such revoked certificate of authority, or any of its agents or officers, to issue or renew any policies of insurance, take any risks, or transact any business relating to insurance, except such as is absolutely necessary in closing up its affairs in this state. (1872, c. 1, tit. 3, § 26.)

* 314. Transfer of duties to commissioner. All duties heretofore required to be performed by, or responsibility imposed upon, the state treasurer of this state under the existing laws regulating insurance companies, shall hereafter be performed by the insurance commissioner, so far as such duties and responsibilities are not changed, modified or repealed by this act. (Id. § 27.)

* 315. Payment of percentage of premiums in lieu of taxes, etc. All insurance companies organized under the laws of any other state or nation, doing business in this state under the provisions of this act, shall annually, at the time the certificate of authority is granted, pay the treasurer of state two per cent. on all premiums received in cash and other obligations, except what are denominated insurance deposit notes, representing dividends of the company, by their agents or attorneys in this state, during the year ending on the preceding thirty-first day of December, which sum shall be paid into the general revenue fund, and shall be in lieu of all other taxes or licenses to be collected from said companies in this state, except upon the real or personal property owned by said companies in this state, which shall be taxed the same as like property owned by individuals, and not otherwise. And all companies chartered by the laws of the territory or state of Minnesota, whether life, marine or fire, except upon the business of the latter done upon the mutual plan, shall pay two per cent. upon their premium receipts in the state; and all companies, whether life, marine or fire, shall pay taxes and assessments upon all real estate owned by

them within the state, in like manner and in like amount as real estate owned by individuals is taxed and assessed; and no additional taxes, fees or licenses shall be assessed against said companies, or any of them. (1872, c. 1, tit. 3, § 28, as amended 1876, c. 23, § 1.)

19 M. 267; 21 M. 241.

*§ 316. Responsibility of agents-penalty for embezzlement. Agents or employes of any insurance company doing business in this state, appointed or authorized to solicit for applications for insurance, to issue policies, to collect premiums on the same, to adjust losses, or to transact any other duties or business for such companies, shall be held personally responsible to such company for any moneys or property received by them for such company; and in case any such agent or employe shall embezzle or fraudulently convert to h s own use, or shall take or secrete, with intent to embezzle and convert to his own use, without the consent of such company, any money or other property belonging to such company which he shall have collected, or which shall otherwise come into his possession, or shall be under his care or control, by virtue of such agency or employment, or shall receive any consideration other than such allowed by the company for which he is acting, in the settlement or adjustment or payment of a loss, with intent to defraud either said company or any insurer, he shall be deemed guilty of the crime of larceny, and, on conviction therefor, shall be subject to the fines and penalties provided by statute for the punishment of larceny.

False statements in sworn proofs of loss-penalty. If any person or persons insured in any company doing business in this state, as provided in this act, shall wilfully make any false statement, under oath, in making any claim or proof of loss, as required by said company, they shall be deemed guilty of a felony, and shall suffer the pains and penalties of perjury as provided by the laws of this state. (Id. § 29.)

FIRE-INSURANCE COMPANIES.

*§ 317. Amount of capital required. No joint-stock fire, inland or marine insurance company shall be organized in this state, unless it has one hundred thousand dollars capital. No joint-stock fire, inland or marine insurance company of any other state or nation shall do business in this state, unless it has at least two hundred thousand dollars capital. (1872, c. 1, tit. 4, § 1, as amended 1877, c. 46, § 1.)

§ 318. Surplus required of mutual companies. No mutual fire-insurance company, not of this state, shall do business in this state, unless it shall be possessed of at least two hundred thousand dollars of actual cash surplus, over and above all liabilities, including the reinsurance reserve fund required by the laws of this state. (Id. § 2, as amended 1877, c. 45, § 1.)

* 319. Limitation as to single risks. No fire or inland insurance company of this state, or doing business in this state, shall expose itself to any loss on any one fire or inland navigation risk or hazard, either by one or more policies, to [an] amount exceeding five per cent. of its paid-up capital in case of a fire, or ten per cent. in case of an inland insurance company, whether reinsured or not. (Id. § 3.)

*320. Dividends to be from surplus profits-reserve. No fire-insurance company shall make any dividend, except from the surplus profits arising from its business. In estimating such profits, there shall be reserved therefrom

1. A sum equal to the whole amount of premiums on unexpired risks and policies, which are hereby declared to be unearned premiums:

2. All sums due the company on bonds and mortgages, bonds, stocks, and book-accounts, of which no part of the principal, nor the interest thereon, has been paid during the preceding year, and for which foreclosure or suit has not been commenced, or which, after judgment obtained thereon, shall have re