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specified at the option of the owner of the policy notice of such option to be contained in the demand hereinbefore required to be made to prevent the forfeiture of the policy. The reserve hereinbefore specified shall include dividend additions actually made, calculated at the date of the failure to make any of the payments above described according to the American experience table of mortality, with interest at four and one-half per centum per an num, after deducting any indebtedness of the insured on account of any annual, semi-annual, quarterly or bi-monthly premium then due, and any loan made in cash on such policy, evidence of which is acknowledged by the insured in writing. The net value of the insurance given for such single premium under this section computed by the standard of this state shall in no case be less than one-half the entire reserve computed according to the rule prescribed in this section, after deducting the indebtedness as speci fied, but such insurance shall not participate in the profits of the corporation. This section shall not apply to any case where the provisions of the section are specifically waived in the application. (Added by chap. 85 of 1898, § 1.)

§ 312. No forfeiture of policy without notice.-No life insurance corporation or association doing business under this article in this state shall declare forfeited or lapsed any policy hereafter issued or renewed unless the same is a term insurance contract for one year or less, nor shall any such policy be forfeited or lapsed by reason of non-payment when due of any premium, interest or installment, or any portion thereof, required by the terms of the policy to be paid unless a written or printed notice stating the amount of such premium, interest or installment or portion thereof due, or to become due, on such policy or certificate, the place where it should be paid, and the person to whom the same is payable, shall have been duly addressed and mailed to the person whose life is insured, at his or her last known post-office address, postage paid by the corporation or by an officer thereof, or persons appointed by it to collect such premium, at least fifteen and not more than forty-five days prior to the day when the same is payable. The notice shall also state that unless such premium, interest, installment or portion thereof when due shall be paid to the corporation or association, or to a duly appointed agent, or person authorized to collect such premium, on or before the day it falls due, the policy and all payments thereon will become forfeited and void, except as

Stipulated Premium Life Insurance.

SS 313-315

to the right to a surrender value or paid up policy as in this article provided. No such policy shall in any case be forfeited or declared forfeited or lapsed until the expiration of thirty days after the mailing of such notice. The affidavit of any officer, clerk, employe or agent of the corporation, or of any one authorized to mail such notice, that the notice required by this section has been duly addressed and mailed by the corporation, association or its representative shall be presumptive evidence that such notice has been duly given. (Added by chap. 85 of 1898, § 1.) 8313. Discriminations prohibited. No life insurance corporation or association subject to the provisions of this article shall make any discrimination in favor of individuals of the same class or of the same expectation of life, either in the amount of premiums charged or in any return of premium, dividends or other advantages. No agent of such corporation shall make any contract for insurance or agreement as to such contract other than which is plainly expressed in the policy issued. No such corporation or association or agent thereof shall pay, or allow, or offer to pay or allow, as an inducement to any person to insure, any rebate or premium, or any especial favor or advantage whatever in the dividends to accrue thereon, or any inducement whatever not specified in the policy. If it shall appear to the satisfaction of the superintendent of insurance, after a hearing by him, upon due notice, that any corporation is issuing policies or making contracts that are in violation of this section, he shall, upon the written approval of the attorney-general, require such corporation, and its officers and agents to refrain, within twenty days, from making any such policy or contract. If any such corporation or association, or officer or agent thereof, shall fail to comply with the provisions of this section, the superintendent shall institute such proceedings at law as may be necessary to restrain such violation of this section. (Added by chap. 85 of 1898, 1.)

314. Personal liability.No person shall incur any personal liability for the losses or liabilities of any corporation or association organized or doing business under this article by reason of being a policy or certificate holder in such corporation. (Added by chap. 85 of 1898, § 1.)

$315. Withdrawals of securities upon relinquishment of business. When any such corporation shall desire to relinquish its business the superintendent shall, on application of such cor

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poration under the oath of its president or principal officer and secretary or actuary, give notice of such intention in a paper published at Albany in which notices by said officers are required by law to be published, at least twice a week for six months. After such publication he shall deliver up to said corporation the securities held by him belonging to it, upon being satisfied by an exhibition of the books and papers belonging to such corporation and on examination made by himself or by some competent person to be appointed examiner by him, and upon the oath of the president or principal officer, and the secretary or actuary of said corporation, that all its debts and liabilities of every kind are paid and extinguished that are due or may become due upon any contract or agreement made by said corporation. The superintendent may also from time to time deliver up to such corporation or its assignees any portion of such securities on being satisfied in the manner and form hereinbefore required, or upon any other competent proof, that all the debts and liabil ities of every kind that are due or may become due are less than the amount or proportion of such securities which he shall still retain. (Added by chap. 85 of 1898, § 1.)

§ 316. Change of beneficiary.-Membership in any such corporation or association shall give to any member thereof the right at any time, with the consent of such corporation or association, to make a change in his payee or payees or beneficiary or beneficiaries without requiring the consent of such payees or beneficiaries. (Added by chap. 85 of 1898, § I.)

8 317. Exemption from execution. The money paid by any such corporation or association to a member or beneficiary shall be exempt from execution and shall not be liable to be seized, taken or appropriated by any legal or equitable process to pay any debt or liability of a member or the widow or minor children of a deceased member of such corporation or association designated as the beneficiary thereof. (Added by chap. 85 of 1898, § 1.)

8 318. Application of certain provisions of article two.—Section seventy-three, seventy-four and seventy-five of article two of this chapter pertaining to special deposits with the superintendent of insurance by domestic life insurance corporations and the registration of insurance policies and annuity bonds of such corporations by the superintendent of insurance, are hereby made applicable to corporations organized under this article. (Added by chap. 143 of 1899.)

Miscellaneous Provisions.

§§ 319-331

§ 319. When the superintendent of insurance may decline to register new policies.-If at any time the affairs of any such depositing corporation shall, in the opinion of the superintendent of insurance, appear to be in such a condition as to render the issuing of additional policies and annuity bonds by the corporation injurious to the public interests, or if at any time the reserve required by law to be held and maintained by any domestic life insurance company incorporated under this article shall be reduced to less than the amount required by law, the superintendent shall decline to register or countersign new policies or annuity bonds until in his opinion public interests will not be jeopardized thereby, and in case of impairment of the reserve, until such impairment has been made good. (Added by chap. 143 of 1899.)

§ 320. Surrender of securities.-Any securities so deposited with and transferred to the superintendent of insurance on account of registered policies or registered bonds as provided under section three hundred and eighteen and not required to make good the reserve on the policies and bonds of such depositing corporation may be surrendered and re-transferred to the company. (Added by chap. 143 of 1899.)

ARTICLE XI.

MISCELLANEOUS PROVISIONS.

SECTION 330. Laws repealed.

331. Saving clause.

332. Construction.

333. When to take effect.

§ 330. Laws repealed. Of the laws enumerated in the schedule hereto annexed, that portion specified in the last column is repealed. Such repeal shall not revive a law repealed by any law hereby repealed, but shall include all laws amendatory of the laws hereby repealed. (As amended by chap. 85 of 1898, § 2.)

§ 331. Saving clause.—The repeal of a law or any part of it specified in the annexed schedule, shall not affect or impair any act done, or right accruing, accrued, or acquired, or penalty, forfeiture or punishment incurred prior to October 1, 1892, under or by virtue of the laws so repealed, but the same may be enjoyed, asserted, enforced, prosecuted or inflicted, as fully and to the same extent as if such laws had not been repealed; and all

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actions or proceedings, civil or criminal, commenced under or by virtue of the laws so repealed and pending September 30, 1892, may be prosecuted and defended to final effect in the same manner as they might under the laws then existing, unless it shall be otherwise specially provided by law. (As amended by chap. 85 of 1898, § 2.)

§ 332. Construction.--The provisions of this chapter so far as they are substantially the same as those of laws existing on September 30, 1892, shall be construed as a continuation of such laws, modified or amended, according to the language employed in this chapter and not as new enactments, and shall be applicable to all corporations formed under laws repealed by this chapter. References in laws not repealed to provisions of law incorporated into this chapter and repealed, shall be construed as applying to the provisions so incorporated. Nothing in this chapter shall be construed to amend or repeal any provision of the Penal or Criminal Code. (As amended by chap. 85 of 1898, § 2.)

333. When to take effect.--This chapter shall take effect on October 1, 1892. (As amended by chap. 85 of 1898, § 2.)

SCHEDULE OF LAWS REPEALED.

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