fied in section seventy of this chapter, it has deposited with the superintendent of insurance, for like purposes, such amount as may be required of domestic insurance corporations doing the same kinds of business. The deposits heretofore made with trustees by marine insurance corporations, shall, within six months after this chapter takes effect, be transferred to the superintendent of insurance, and shall amount to at least the sum of two hundred thousand dollars; and such trustees shall thereby be discharged from all liability in regard to the funds so transferred. If the deposit is of bonds and mortgages, it shall be accompanied by full abstracts of titles and searches, and the fees for examination of title by counsel, to be paid by the corporation making the deposit, shall not exceed twenty dollars for each mortgage, and for an appraisal of property, five dollars to each appraiser, not exceeding two, besides expenses for each mortgage.

§ 29. Copy charter and verified statement to be filed.-No foreign insurance corporation shall transact any business of insurance in this state until it has filed in the office of the superintendent of insurance a certified copy of its charter or deed of settlement with a verified detailed statement of all the items, matters and other information in regard to its affairs required by law to be stated in the annual report of a similar domestic insurance corporation, made as of such date as the superintendent may require, and an agreement under its corporate seal that it will not, while authorized to do business in this state, transact any business therein which a similar domestic insurance corporation is prohibited from transacting.

§ 30. Appointment of attorney; removal of cause to federal courts. No foreign insurance corporation shall transact any business of insurance in this state until it has executed and filed in the office of the superintendent of insurance a written appointment of the superintendent to be the true and lawful attorney of such corporation in and for this state, upon whom all lawful process in any action or proceeding against the corporation may be served with the same effect as if it was a domestic corporation. Service upon such attorney shall thereafter be deemed service upon the corporation.

If any such corporation, having authority to do business in this state, admitted since May twenty-seventh, eighteen hundred and eighty, shall apply to remove into the United States court any action brought against it in any court of this state, its

authority to transac. the business of insurance in this state shall cease, and the superintendent shall revoke the certificate of authority of any such corporation to do business in this state, and notify its agents to discontinue the issuing of any new policy thereunder when it shall appear to him that the corporation has made such application, and thereafter the agents of the corporation shall discontinue the issuing of new policies in this state.

§ 31. Certified copy of superintendent's certificate and of statement to be filed in the clerk's office.-No agent of any foreign insurance corporation shall transact any business of insurance in this state until he has filed in the office of the clerk of the county where he resides, a certified copy of the superintendent's certificate of authority to do business and a certified copy of the statement required by this chapter to be filed in the offices of the superintendent, and until he has published in a paper at Albany, in which notices by state officers are authorized by law to be published for four successive weeks after such filing, a copy of such certificate and statement, and filed in the office of the superintendent within thirty days thereafter proof of such publication, by an affidavit of the publisher of the newspaper, his foreman or clerk.

8 32. Renewal of certificate of authority.-The certificate of authority granted by the superintendent of insurance, pursuant to the provisions of this chapter, to a foreign insurance corporation to do business in this state, shall not remain in force for a longer period than one year. The statements and evidences of investment required by this chapter to be filed in the office of the superintendent before a certificate of authority is granted to a foreign corporation, shall be renewed from year to year, in such manner and form as the superintendent may require, with an additional statement of the amount of premiums received and losses sustained in this state during the preceding year so long as such authority continues. If the superintendent is satisfied that the capital, securities and investments remain secure, and that it may be safely intrusted with a continuance of its authority to do business, he shall grant a renewal of such certificate of authority. (As amended by chap. 725 of 1893, § I.)

§ 33. Reciprocal requirements.-If, by the existing or future laws of any state, an insurance corporation of this state having agencies in such other state or the agents thereof, shall be required to make any deposit of securities in such other state for

the protection of policy-holders or otherwise, or to make payment for taxes, fines, penalties, certificates of authority, license fees or otherwise, greater than the amount required by this chapter from similar corporations of such other state by the then existing laws of this state, then and in every such case, all insurance corporations of such state established or heretofore having established an agency or agencies in this state shall be and they are hereby required to make the like deposit for the like purposes in the insurance department of this state, and to pay the superintendent of insurance for taxes, fines, penalties, certificates of authority, license fees and otherwise, an amount equal to the amount of such charges and payments imposed by the laws of such other state upon the insurance corporations of this state and the agents thereof. The superintendent of insurance may remit any of the fees and charges which he is required by law to collect, except such as he is required to collect by virtue of this section; but no discrimination shall be made in favor of one corporation over another from the same state or country. Whenever it shall appear to the superintendent of insurance that permission to transact business within any foreign country is refused to a company organized under the laws of this state, after a certificate of the solvency and good management of such company has been issued to it by the said superintendent and after such company has complied with any reasonable laws of such foreign country requiring deposits of money or securities with the government of such country, then and in every such case, the superintendent shall forthwith cancel the authority of every company organized under the laws of such foreign government and licensed to do business in this state, and shall refuse a certificate of authority to every such company thereafter applying to him for authority to do business in this state, until his certificate shall have been duly recognized by the government of such country. (As amended by chap. 23 of 1896, § 1.)

34. Taxation of foreign corporations.-The capital of any insurance corporation incorporated under the laws of any state or country outside of the United States, to the extent employed in the transaction of business in this state, and as determined and certified as prescribed by section twenty-seven of this chapter, shall be subject to taxation the same as the capital of a like domestic insurance corporation, to be levied, assessed and collected, as prescribed by law, at such place in the state as

it shall have its principal office. Upon satisfactory proof to the superintendent of insurance that any foreign insurance corporation has neglected or refused to pay any tax levied and assessed under the laws of this state, he shall revoke any certificate of authority granted by him to such corporation to do business in this state, and it shall thereafter be precluded from doing business herein. Every life, health or casualty insurance corporation incorporated by or organized under the laws of any government outside of the United States engaged in the transaction of the business of life, health or casualty insurance in this state shall annually on or before the first day of March, pay to the superintendent of insurance, a tax of two per centum on all premiums received in cash or otherwise by their attorneys or agents in this state during the year ending on the preceding thirty-first day of December, upon which a tax on premiums has not been paid to any other state. If any such corporation shall neglect or refuse, to pay such tax, the superintendent shall collect the same out of the interest on the stocks or securities deposited in the insurance department. The agent of every corporation, association or individual not incorporated by the laws of this state to effect insurances against marine risks, shall annually, on or before the first day of February, pay to the superintendent of insurance a tax of two per centum upon the amount of all premiums upon insurances against marine risks which have been received by such agent or any person for him or have been agreed to be paid for any such insurance effected or agreed to be effected or procured by him, within this state, for the year ending the thirty-first day of December preceding; but in collecting such tax from a foreign marine insurance corporation, the superintendent of insurance shall deduct therefrom all other taxes paid by such corporation under the laws of this state. In ascertaining the amount of premiums upon which said two per centum tax is to be levied, there shall be deducted from the premiums aforesaid, on account of reinsurances, such portion of the premiums upon said reinsurances as may have been paid to companies that are subject to the payment of the tax hereby provided for. (As amended by chap. 725 of 1893, § 1.)

$35. Superintendent to forward process.-Whenever lawful process against an insurance corporation shall be served upon the superintendent of insurance under the provisions of this

chapter, he shall forthwith forward a copy of such process by mail, prepaid and directed to the secretary of the corporation, or in the case of corporations incorporated under the laws of any foreign government, to the resident manager or last appointed general agent of the corporation in this country.

For each copy of process the superintendent shall collect the sum of two dollars, which shall be paid by the plaintiff at the time of such service, to be recovered by him as part of the taxable disbursements if he succeeds in the suit.

§ 36. Officers and directors not to receive compensation for negotiating loans. -No director or officer of an insurance corporation doing business in this state shall receive any money or valuable thing for negotiating, procuring or recommending any loan from any such corporation, or for selling or aiding in the sale of any stocks or securities to or by such corporation.

Any person violating the provisions of this section shall forfeit his position as such director or officer, and be disqualified from thereafter holding any such office in any insurance corporation.

8 37. Corporations heretofore formed. Any domestic insurance corporation heretofore incorporated or extended under the provisions of any general or special law of the state is hereby brought under all of the provisions of this chapter relating to such corporation, except that its capital may continue of the amount named in its charter during the existing term thereof, unless it extends to other kinds of insurance, and it shall be entitled to all privileges granted by such charter not authorized by this chapter. A greater number than a majority of the directors of any such specially chartered corporation shall not be required to be residents of this state notwithstanding the provisions of any special law.

38. Fiduciary capacity of agents.-Every person appointed or acting in this state as agent of any insurance corporation who receives or collects any moneys as such agent, shall be responsible in a trust or fiduciary capacity to such corporation therefor.

$39. Examiners and examinations.-The superintendent of insurance shall, as often as he deems it expedient, appoint one or more competent persons not officers of or connected with, or interested in any insurance corporation doing business in this state, other than as a policy holder, as examiners to examine into the affairs of any such corporation. Such examiners may examine under oath the officers and agents of any such corporation and