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letters or terms identifying the special form of contract, together with the year of adoption of such form, and whenever any change or modification is made in the form of contracts, policy or bond, the designating letters or terms and year of adoption thereon shall be correspondingly changed.

The superintendent shall prepare and keep such registers thereof as will enable him to compute their value at any time. Upon written proof attested by the president or vice president and secretary of the company which shall have issued such policies or annuity bonds, that any of them have been commuted or terminated, the superintendent shall commute or cancel them upon such register. The net present value of every policy or annuity bond, according to the standard prescribed in the laws of this State for the valuation of policies of life insurance companies, when the first premium shall have been paid thereon, less the amount of such liens, not exceeding such value as the company may have against it, shall be entered opposite the record of said policy or annuity bond in the register aforesaid at the time such record is made. On the first day of January of each year, or within sixty days. thereafter, the superintendent shall cause the registered policies and annuity bonds of each company to be carefully revalued, and the actual value thereof at the time fixed for such valuation, less such liens, not exceeding such value as the company may have against it, shall be entered upon the register opposite the record of such policy or bond, and the superintendent shall furnish a certificate of the aggregate of such value to the company. It shall be the duty of the superintendent to cancel mutilated policies and annuity bonds issued by said companies, and register in lieu thereof other policies or bonds of like tenor and date.

§ 2. This Act shall take effect and be in force on and after January I, 1908.

APPROVED May 20, 1907.

LIFE INSURANCE-DEPOSIT OF RESERVE AND REGISTRATION-3.

§ 1. Adds section 11 to Act of 1899.

(SENATE BILL No. 508.

§ 11.

Discontinuance of deposit of reserve on Jan. 1, 1908-prior reg istration not affected.

APPROVED MAY 20, 1907.)

AN ACT to amend an Act entitled "An Act to provide for the deposit of reserve and the registration of policies and annuity bonds by life insurance companies of this State," approved April 18, 1899, in force July 1, 1899, by adding a section to be known as section II.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That an Act entitled "An Act to provide for the deposit of reserve and the registration of policies and annuity bonds by life insurance companies of this State," approved April 18, 1899, in force July 1, 1899, be and the same is hereby amended by the addition of a section, to be known as section 11, as follows:

§ 11. Any company making deposits and registering its policies and annuity bonds pursuant to this Act may on January first, 1908, cease to deposit the reserve upon and to register its policies and annuity bonds issued on and after said date. Such discontinuance must commence to take effect on January 1, 1908, and not thereafter. Nothing in this section contained shall be construed to extend to or affect any policy or annuity bond registered prior to said date, nor the obligation of the company issuing the same to maintain and increase the deposit thereon, in accordance with the provisions of this Act.

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AN ACT to amend section 14 of an Act entitled "An Act to organize and regulate the business of life insurance," approved March 26, 1869, in force July 1, 1869.

SECTION I. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That section 14 of an Act entitled "An Act to organize and regulate the business of life insurance," approved March 26, 1869, in force July 1, 1869, be and the same is hereby amended so as to read as follows:

14. Life insurance companies doing business in this State which do business upon the principle of mutual insurance, or the members of which are entitled to share in the surplus funds thereof, may make distribution of such surplus as they have accumulated. In determining the amount of the surplus to be distributed, there shall be reserved an amount not less than the aggregate net value of all outstanding policies, computed in accordance with the provisions of section 10 hereof. APPROVED May 23, 1907.

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AN ACT to amend section 16 of an Act entitled "An Act to organize and regulate the business of life insurance," (approved March 26, 1869, in force July 1, 1869.)

SECTION I. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That section 16 of an Act entitled "An Act to organize and regulate the business of life insurance," (approved March 26, 1869, in force July 1, 1869,) be and the same is hereby amended to read as follows:

§ 16. Every life insurance company incorporated by or organized under the laws of any other state of the United States or of any foreign government, before being authorized to transact business in this State, shall deposit with the Insurance Superintendent in his official capacity, securities of the amount and character required of similar companies incorporated under the laws of this State, or in lieu thereof shall furnish a certificate of deposit from the State official having custody of the securities showing to the satisfaction of said Insurance Superintendent that the corporation has the amount of funds required by this Act to be deposited by companies incorporated in this State invested in securities deposited with the superintendent of the insurance department, State Treasurer or other proper official of the state in which it is incorporated, if incorporated in the United States, or if a foreign corporation, then in some one of the states of the United States, and that the same are held for the benefit and security of the policyholders of such corporation in the United States, which certificate shall be renewed annually. The company depositing such securities as aforesaid shall have the right to receive the income thereof and at any time to exchange the same or any part thereof for other securities to be approved by the Insurance Superintendent.

APPROVED May 20, 1907.

§ 1.

What stocks, bonds, etc., may be
purchased or held as collateral
security-loans regulated-pro-
hibits certain transactions and

LIFE INSURANCE-INVESTMENTS AND REAL ESTATE HOLDINGS.
Real estate holdings regulated.

§ 2.

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agreements.

§ 4.

Repeal.

(SENATE BILL NO. 169.

APPROVED MAY 20, 1907.)

AN ACT to regulate the investments of the funds and the real estate holdings of life insurance companies.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That on and after January 1, 1908, any life insurance company of this State, for the purpose of investing its capital, surplus and other funds, or any part thereof, may purchase and hold as collateral security or otherwise, and sell and convey any bonds or public stocks issued or created by the United States, or by this State, or by any of the other states of the United States or the District of Columbia, or any or either of them, or by any of the incorporated cities, counties, townships or other municipal corporations thereof, or bonds authorized to be issued by any commission appointed by the Supreme Court of this State, or invest said capital, surplus and other funds, or any part thereof, in bonds or notes secured by mortgages or trust deeds on unencumbered real estate located within said states, or the District of Columbia, or either of them, worth at least double the sum invested or loaned, or lend on or purchase mortgage bonds of railroad companies organized under the laws of said states, or the District of Columbia, or either of them, or operated therein, or

the capital stock, bonds, securities or evidences of indebtedness created by any corporation or corporations created under the laws of the United States, or of this or any other state, except the stock of mining companies and the stock of manufacturing companies commonly known as "industrials:" Provided, that no loan shall be made or retained on any of the above mentioned securities, except the bonds or stock issued or created by the United States or this State, exceeding ninety per centum of the market value thereof: And provided, further, that no purchase shall be made by any life insurance company of the stock of any other life insurance company, and that no loan shall be made by any company on its own stock; and any life insurance company of this State may, in addition to the foregoing, purchase for its own benefit any policy of insurance or other obligation of the company and any claims of policyholders, and may lend to the holders of policies of the company a sum not exceeding the reserve value of the policies at the time the loan is made, for the payment of which loan the policies and all profits thereon shall be pledged.

No investment or loan, except policy loans, shall be made by any such life insurance company, unless the same shall first have been authorized by the board of directors, or by a committee thereof charged with the duty of supervising such investment or loan. No such company shall subscribe to or participate in any underwriting of the purchase or sale of securities or property, or enter into any transaction for such purchase or sale on account of said company jointly with any other person, firm or corporation; nor shall any such company enter into any agreement to withhold from sale any of its property, but the disposition of its property shall be at all times within the control of the board of directors.

2. Every such life insurance company may acquire, hold and convey real property only for the following purposes and in the following

manner:

First-Such as shall be requisite for convenient accommodation in the transaction of its business.

Second-Such as shall have been mortgaged to it in good faith by way of security for loans previously contracted or for moneys due. Third-Such as shall have been conveyed to it in satisfaction of debts previously contracted in course of its dealings.

Fourth-Such as shall have been purchased at sales on judgments, decrees or mortgages obtained or made for such debts.

All such real property specified in sub-divisions 2, 3 and 4 of this section, which shall not be necessary for its accommodation in the convenient transaction of its business, shall be sold and disposed of within five years after the company shall have acquired title to the same, or within five years after the same shall have ceased to be necessary for the accommodation of its business, and it shall not hold such property for a longer period unless it shall procure a certificate from the Insurance Superintendent that its interests will suffer materially by the forced sale thereof, in which event, the time for the sale may be extended to such time as the Insurance Superintendent shall direct in such certificate.

83. This Act shall apply to all investments of the funds of domestic life insurance companies of every kind and character.

§ 4. All Acts and parts of Acts inconsistent herewith or in conflict with the provisions of this Act are hereby repealed. APPROVED May 20, 1907.

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AN ACT to prohibit misrepresentations by life insurance companies. SECTION I. Be it enacted by the People of the State of Illinois, represented in the General Assembly: That no life insurance company doing business in this State and no officer, director or agent thereof shall issue or circulate or cause or permit to be issued or circulated, any estimate, illustration, circular or statement of any sort misrepresenting the terms of any policy issued by it or the benefits or advantages promised thereby, or the dividends or shares of surplus to be received thereon, or shall use any name or title of any policy or class of policies misrepresenting the true nature thereof.

§ 2. Any company or individual violating any of the provisions of this Act shall be subject to a penalty of not less than twenty-five dollars nor more than five hundred dollars, to be recovered in any court having jurisdiction thereof in any action brought in the name of the People of the State of Illinois by the Attorney General, Insurance Superintendent or State's attorney of the county in which such violation occurs, said penalty when recovered to be paid into the county treasury of the county in which such recovery is had.

§ 3. All Acts and parts of Acts inconsistent herewith are hereby repealed.

APPROVED May 20, 1907.

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