Foreign states, valua cies, how ob may be made according to the standards of valuation adopted by the company for the obligations to be valued, provided the total valuation determined by any such standards for the obligations for which they have been adopted shall not be less than that determined by the legal minimum standard herein prescribed, and provided such standards of valuation adopted by the company for the obligations to be valued shall not be less than the standards adopted by the company in computing its premiums and guarantees, but when the laws of any other state of the United States authorize a valuation of life insurance policies, by some designated state officer, according to the standard herein provided, or according to any other standard which makes the value of the policy not less than that of the standard herein provided, the valuation made according to the said standard, by such officer, of the policies and other obligations of any life insurance company not organized under the laws of this state, and certified by said officer, shall be received as true and correct, and no further valuation of the same shall be required of such company by the superintendent of insurance, except that in no case shall the superintendent of insurance accept the certificate of valuation of such officer of another state of the United States, when such officer does not accept, or refuses or fails to accept a like certificate from him of the valuation of the policies of any life insurance company incorporated under the laws of Ohio; or when any such officer of another state is prohibited by law from accepting the certificate of valuation of the superintendent of insurance of this state, the said superintendent shall forthwith require the officers of all companies located in such state to submit to him within a reasonable time, the descriptions of the policies thereof for valuation, and he shall proceed to make, or cause to be made, a valuation thereof according to the standard herein. named, and in case said descriptions are not submitted to the said superintendent within the time fixed by him, he shall revoke the license of such company or companies as Revocation of shall fail to do so and shall refuse to renew the same until such descriptions shall be submitted and a valuation by him shall have been completed. Where by the laws of any other state or country an annual valuation of the policies of life insurance companies of such state or country is required to be made by a state officer of such state or by an officer of such country the valuation so made by such state officer or officer of such country of the policies of any company organized under the laws of the state or country in which such valuation is made in accordar.ce with the standards prescribed by the laws of such state or country may be accepted by the superintendent of insurance of this state, and if so accepted by the superintendent of insurance, such valuation shall stand in the place of any valuation of such policies required to be made by the superintendent of insurance of this state. license. Valuations cepted by may be ac su perintendent. SECTION 2. That said original section 279 be and the same is hereby repealed. [House Bill No. 976.] AN ACT To amend section 3598 of the Revised Statutes, relating to investments of accumulations of home companies. Be it enacted by the General Assembly of the State of Ohio: SECTION I. That section 3598 of the Revised Statutes of the state of Ohio, as amended March 5, 1902, be amended so as to read as follows: Sec. 3598. A company organized under the laws of this state may invest its accumulations as follows, and may sell, change, or re-invest the same, or any part thereof, at pleasure: I. In United States, state, county or city bonds, if the market value of the bonds, at the date of purchase, is at least eighty per cent. of their par value. 2. In bonds and mortgages upon unincumbered real estate, the market value of which real estate is at least double the amount loaned thereon, at the date of the investment, and in bonds and mortgages upon leasehold estates on real estate for ninety-nine years renewable forever, unincumbered, except rentals accruing therefrom o the owner of the fee, the market value of which leasehold estate is at least double the amount loaned thereon at the date of investment. If the amount loaned shall exceed one-half the value of the land mortgaged, or one-half the value of the leasehold estate mortgaged, exclusive of structures thereon, such structures shall be insured in an authorized fire insurance company, or companies, in an amount not less than the difference between one-half the value of such land, or leasehold estate, exclusive of structures, and the amount loaned, and the policy, or policies, shall be assigned to the mortgagee; and the value of such real estate, or leasehold estate, shall be determined by a valuation, made under oath, by two real estate owners, residents of the county where the real estate, or leasehold, is located. 3. In loans upon the pledge of such bonds or mort gages, if the current market value of the bonds or mortgages is at least twenty-five per cent. more than the amount loaned thereon. policies. 4. In loans upon its own policies, not exceeding the Loans upon reserve or present value thereof computed according to the American Experience Table of Mortality with interest at four per cent., or according to such other higher standard or standards as the company may have adopted, the reserve being the amount of debts of life insurance companies by reason of their outstanding policies in gross, and which may be so treated in the returns for taxation made by such companies. This section shall not prohibit any company from accepting any other assets than herein enumerated in payment. of debts due the company, in order to protect its interests, or from acquiring real estate for its own use, or by fore- cepted. closure in accordance with the laws of the state. SECTION 2. That said original section 3598 be and the same is hereby repealed. FREEMAN T. EAGLESON, Debts due company, ex To amend section 3602 of the Revised Statutes relating to the payment of dividends by home companies. Be it enacted by the General Assembly of the State of Ohio: SECTION I. That section 3602 of the Revised Statutes be amended so as to read as follows: Sec. 3602. The directors, managers or officers of any company organized under the laws of this state shall not, directly or indirectly, make or pay any dividend, or pay any interest, bonus, or other allowances in lieu of dividend, to its stockholders, except from the surplus funds after setting aside an amount equal to the reserve on all its outstanding risks and policies, calculating the same by the table known as the American Experience Table with interest at four per cent. per annum, or by such other higher standard or standards as the company may have adopted, and the unearned premium on all personal accident and sickness in surance. Dividends. SECTION 2. That said original section 3602 be and the same is hereby repealed. Annual statemen't. [House Bill No. 978.] AN ACT To amend section 3603 of the Revised Statutes relating to annual reports. Be it enacted by the General Assembly of the State of Ohio: SECTION I. That section 3603 of the Revised Statutes be amended so as to read as follows: Sec. 3603. The president or vice-president, and secretary or actuary, or a majority of the directors, of each company organized under the laws of this state, shall, annually, on the first day of January, or within sixty days thereafter, prepare, under oath, and deposit in the office of the superintendent of insurance, a statement showing the condition of the company on the thirty-first day of December then next preceding, exhibiting the following facts and items, in the following form, to-wit: I. The number of policies issued during the year. 2. The amount of insurance effected thereby. 3. The amount of premiums received during the year. The amount of interest, and all other receipts, specifying the items. 5. The amount paid to policy holders of the company for losses during the year. 6. The amount of all other expenditures and disbursements of the company, specifying such items as the superintendent may call for. 7. Amount of losses unpaid. 8. Whole number of policies in force. 9. IO. Amount insured thereby. Amount of reserve on all policies in force, calculating the same by the table known as the American Experience Table of Mortality with interest at four per cent., per annum, or by such other higher standard or standards as the company may have adopted, and the unearned premium on all personal accident and sickness insurance in force. II. Amount of capital stock, specifying amount paid and unpaid. 12. Amount of dividends unpaid; also amount of all other liabilities. 13. A detailed statement of all the assests of the company, and the manner of their investment. 14. A statement that such company has not violated any provision of an act entitled, "An act to prevent the corruption of elections by corporations, passed Feb. 25, 1908," in the form required by the superintendent of in surance. 15. An exhibit of the policy obligations of the company, which shall include, in the first annual statement, a schedule showing the number, date, age when insured, amount insured, term of policy, term of premium and amount of premium, of all policies issued and schedules of all policies cancelled, revived, changed, reduced or increased and schedule of reinsurances in other companies, and in every succeeding annual statement a schedule of the foregoing items as to all policies issued during the year, and similar schedules of policies cancelled, revived, changed, reduced, or increased during the year, together with schedules of reinsurances in other companies and schedules of additions to policies and a list of all other obligations of the company requiring valuation. Such exhibit of the policy obligations of the company may be required oftener than once a year. SECTION 2. That said original section 3603 be and the same is hereby repealed. FREEMAN T. EAGLESON, Speaker of the House of Representatives. To amend section 1 of an act entitled, "An act relating to life insurance companies doing business in the state of Ohio, passed April 10, 1889, and amended April 27, 1893, relating to rebates and discriminations." Be it enacted by the General Assembly of the State of Ohio: SECTION I. That section I of an act entitled, "An act relating to life insurance companies doing business in the state of Ohio," passed April 10, 1889, as amended April 27, 1893, be amended to read as follows: Sec. 1. No life insurance company doing business in |