Table of installments. Title. Extension of provisions. Provisions not allowed. Forfeiture for Limiting time for commencing action. Sections repealed. Form of policy subject to approval by commissioner. Eleventh. A table showing the amounts of installments, if any, in which the proceeds of the policy may be payable. Twelfth. A descriptive title on the first page of the policy. Any of the foregoing provisions or portions thereof relating to premiums not applicable to single premium policies, shall to that extent not be incorporated therein. 2. On and after the first day of January, nineteen hundred and eight, no policy of life insurance shall be issued by any domestic company, or be issued or delivered within this State to any resident thereof by any foreign company, if it contain any of the following provisions: First. A provision for forfeiture of the policy for failure to repay any loan on the policy or to pay interest on such loan while the total indebtedness on the policy is less than the loan value thereof; or any provision for forfeiture for failure to repay any such loan or to pay interest thereon, unless such provision contain a stipulation that no such forfeitures shall occur until at least one month after notice shall have been mailed by the company to the last known address of the person to whom said loan was made. Second. A provision limiting the time within which any action at law or in equity may be commenced to less than five years after the cause of action shall accrue. 3. Sections twenty-five, twenty-six, twenty-seven, twenty-eight, twenty-nine, thirty and thirty-one of the act to which this is supplementary be and the same are hereby repealed. 4. No form of policy of life insurance shall be issued by any domestic company, or be issued or delivered within this State to any resident thereof by a foreign life insurance company, until after such form shall have been filed with the Commissioner of Banking and Insurance. If the commissioner shall at any time notify any company of his disapproval of any such form, as contrary to law, specifying particulars, it shall be unlawful for such company thereafter to issue any policy in the form so disapproved. Such disapproval of the commissioner may be reviewed by a writ of certiorari. 5. No provision of this act regarding the contents of policies shall apply to a policy of life insurance issued or delivered in this State by a company operating in this State but organized outside of this State when such provision is inconsistent with any law of the State, Territory or country in which such company was organized, and no such provision shall apply to a policy of life insurance issued by a company organized in this State and delivered in any other State, Territory or country when such provision is inconsistent with any law of such other State, Territory or country. 6. This act shall not apply to annuities or to corpora- To whom this tions or associations operating on the assessment or fra- act applies. ternal plan, and the first, second, sixth, eighth, ninth, eleventh and thirteenth provisions of section one of this act shall not apply to industrial policies. 7. No domestic life insurance company shall make any disbursement of one hundred dollars or more unless the same be evidenced by a voucher, signed by or on behalf of the person, firm or corporation receiving the money, and correctly describing the consideration for the pay Vouchers as disbursements. evidence of legislative If the expenditure be for both services and disbursements the voucher shall set forth the services rendered and an itemized statement of the disbursements made. If the expenditure be in connection with any Regarding matter pending before any legislative or public body, or expenditure. before any department or officer of any State or government, the voucher shall correctly describe, in addition, the nature of the matter and the interest of such company therein. When such voucher cannot be obtained, the expenditure shall be evidenced by an affidavit describing the character and object of the expenditure, and stating the reason for not obtaining such voucher. limited. 8. No domestic life insurance company shall pay any Salaries salary, compensation or emolument to any officer, trustee or director thereof, nor any salary, compensation or emolument amounting in any year to more than five thousand dollars to any person, firm or corporation unless such payment be first authorized by a vote of the board of directors of such life insurance company. No Annual such life insurance company shall make any agreement with any of its officers, trustees or salaried employes agreements. Proviso. No pensions. Penalty for misrepresenta tion. Solicitors con of company. whereby it agrees that for any service rendered or to Provided, nothing herein shall be construed as pre- 9. Any officer or agent of any insurance company doing business in this State and issuing or circulating, or causing or permitting to be issued or circulated, any estimate, illustration, circular or statement of any sort. misrepresenting the terms of any policy issued by such company, or the benefits or advantages promised thereby, or the dividends or shares of surplus to be received thereon, or using any name or title of any policy or class of policies misrepresenting the true nature thereof, shall suffer a penalty of five hundred dollars for each such offense, to be recovered by the Attorney-General for the use of the State. 10. Any person who shall solicit an application for sidered agents insurance upon the life of another shall, in any controversy relating thereto between the insured or his beneficiary and the company issuing any policy upon such application, be regarded as the agent of the company, and not as the agent of the insured. Insurance of children. II. A person liable for the support of a child of the age of one year and upward may take a policy of insurance theron, the amount payable under which may be made to increase with advancing age and which shall not exceed the sums specified in the following table, the ages wherein specified being the age at the time of death, for an amount not exceeding the sum specified in the table: When minors may contract, etc., insur ance. Insurance companies to of business. Between the ages of twenty and In respect of insurance heretofore or hereafter issued. upon the life of any person not of the full age of twentyone years, but of the age of fifteen years or upwards, for the benefit of such minor, or for the benefit of the father, mother, husband, wife, child, brother or sister of such minor, the assured shall not, by reason only of such minority, be deemed incompetent to contract for such insurance, or for the surrender of such insurance, or to give a valid discharge for any benefit accruing, or for money payable under the contract. 12. On or before the first day of September, nineteen elect character hundred and seven, every domestic stock life insurance company shall, by resolution of its board of directors, elect whether it will carry on its life insurance business in the form of participating or non-participating business, and shall file with the Commissioner of Banking and Insurance a duly attested copy of such resolution; and after the thirty-first day of December, nineteen hundred and seven, such company shall conduct only the kind of life insurance which it shall have so elected to do; and it shall not be lawful for such company to thereafter conduct both the participating and non-participating forms of life insurance. Approved April 15, 1907. |
