report quarterly on the first days of January, April, July and October of each year to the Insurance Commissioner a list of such investments as may be made by them, and the Insurance Commissioner may, if such investments, or any of them, seem injudicious to him, require the sale of the same.

Sec. 200. "Insurance corporations may purchase, hold, own and convey real and personal property as follows:

(a) "The lot with the building thereon in which the corporation conducts and carries on its business.

(b) "Such property, real and personal, as may have been mortgaged, pledged, or conveyed to it in good faith in trust for its benefit by reason of money loaned by it in pursuance of the regular business of the corporation, and such real or personal property as may have been purchased by it at sales under pledges, mortgages, or deeds of trust for its benefit on account of money loaned by it, and such real and personal property as may have been conveyed to it by borrowers in satisfaction and discharge of loans made by the corporation to them; Provided, however, That any real estate purchased by said corporation in payment or by reason of any loan made by said corporation shall be sold by the corporation within five years after the title thereto has been vested in it.

(c) "Bonds and other evidences of debt of the Government of the United States or of the Philippine Islands or of the city of Manila or of any municipality in the Philippine Islands authorized by law to issue bonds at the reasonable market value thereof, and such other securities as may be approved by the Insurance Commissioner."

LICENSES—Every company is required to secure a license from the Insur

ance Commissioner, which license shall expire on June 30, and must be renewed annually by a company continuing business in the Philippine Islands.

LIMIT ON A SINGLE RISK-Ten per cent of net assets, unless excess risk is reinsured simultaneously.

LLOYDS-Insurance Law, Sec. 170. "For the purposes of this chapter, unless the context otherwise requires, the terms 'company' or 'insurance company' shall include all corporations, associations, partnerships, or individual engaged as principals in the insurance business, excepting fraternal and benevolent orders and societies."

Sec. 202. "No person, partnership, or association of persons shall engage in the business of insurance in the Philippine Islands except as agent of a person or corporation authorized to do the business of insurance in the Philippine Islands, unless possessed of the capital and assets required of an insurance corporation doing the same kind of business in the Philippine Islands and invested in the same manner; nor unless the Insurance Commissioner shall have granted to him or them a certificate to the effect that he or they have complied with all the provisions of law which an insurance corporation doing business in the Philippine Islands

is required to observe. Every person, partnership, or association receiving any such certificate of authority shall be subject to the insurance laws of the Philippine Islands and to the jurisdiction and supervision of the Insurance Commissioner in the same manner as if an insurance corporation authorized by the laws of the Philippine Islands to engage in the business of insurance specified in the certificate." MISCELLANEOUS-Insurance Law, Sec. 171, authorizes the Insurance Commissioner to issue such rulings, instructions and orders as he may deem necessary to secure the enforcement of the insurance law, subject to the approval of the Secretary of Finance and Justice.

MUTUAL COMPANIES-Provision is made for the organization of mutual companies. See "Capital" and "Domestic Companies."

PRELIMINARY DOCUMENTS-Before engaging in business, a company must file with the Insurance Commissioner certified copy of its last annual statement or a verified financial statement showing its conditions and affairs; if a domestic company, a certified copy of its articles of incorporation and by-laws, with amendments; if a foreign corporation, a certified copy of its articles of corporation and by-laws, with amendments, and a certificate from the proper officer of the State or county where such company is located that it is authorized under the laws of such State or country, and has the amount of capital stock or assets and legal reserve required by the insurance law of the Philippine Islands; if not incorporated, a certificate stating the nature and character of the business, its location, the names of the persons and all those composing the company, firm or association; the amount of actual capital employed or to be employed therein, and the names of those managing its affairs; the appointment of the resident as attorney, the Insurance Commissioner being authorized to act in his absence. PUBLICATION—Annual statement, when approved, must be published in two papers of general circulation in Manila, one published in English and one in Spanish.

RECIPROCAL INSURANCE—All reciprocals and inter-insurers are required to have the same capital and be governed by all laws which govern stock companies. See "Lloyds."

REINSURANCE RESERVE-Fifty per cent of gross premiums received on policies or risks having not more than a year to run, and pro rata on all gross premiums received having more than a year to run. For marine risks, fifty per cent of premiums written in policies upon yearly risks, and the full amount of the premiums written in the policies upon all other marine risks not terminated. TAXES-There is a documentary stamp tax levied upon all policies of insurance or other instruments by whatever name the same may be called, by which insurance shall be made or renewed upon property of any description, including rents or profits, against perils by sea or on inland. waters, or by fire or lightning, or each four pesos ($2) or fractional part thereof, of the amount of premium charged, two centavos (I cent).

A tax of one per cent upon the total premiums collected during each calendar year, whether paid in money, notes, credits, or any substitute for money, less premiums refunded within six months after payment to persons insured, must be made to the Collector of Internal Revenue; "nor shall any tax be paid upon reinsurance by a company that has already paid the tax." This tax is due on July 1, for the preceding calendar year; and if it remains unpaid for fifteen days thereafter the amount shall be increased by twenty-five per cent. No credit allowed for reinsurance in unauthorized companies.

TAX STATEMENTS-Must be rendered on or before April 1, yearly, to the Collector of Internal Revenue.

VALUED POLICY-Insurance Law, Sec. 164. "Whenever the insured desires to have a valuation named in his policy, insuring any building or structure against fire, he may require such building or structure to be examined by the insurer and the value of the insured's interest therein shall be thereupon fixed by the parties. The cost of such examination shall be paid for by the insured. A clause shall be inserted in such policy stating substantially that the value of the insured's interest in such building or structure has been fixed. In the absence of any change increasing the risk without the consent of the insurer or of fraud on the part of the insured, then in case of a total loss under such policy the whole amount so insured upon the insured's interest in such building or structure, as stated in the policy upon which the insurers have received a premium shall be paid, and in case of a partial loss the full amount of the partial loss shall be so paid, and in case there are two or more policies covering the insured's interest therein, each policy shall contribute pro rata to the payment of such whole or partial loss. But in no case shall the insurer be required to pay more than the amount thus stated in such policy. This section shall not prevent the parties from stipulating in such policies concerning the repairing, rebuilding, or replacing buildings or structures wholly or partially damaged or destroyed."

CALENDAR-PHILIPPINE ISLANDS

Tax statement must be filed.

Annual statement must be filed (for calendar year; or four
months after end of fiscal year).

Statement must be published.
Company license must be obtained.
Agents' licenses must be procured.
Tax statement must be filed.

AGENTS DEFINED-Act of March 7, 1912. Sec. 2. "That the term 'agent,' as used in Sections 66 and 67 of the Civil Code, as used in this Act, and elsewhere unless the context otherwise requires, shall, when referring to the representative of any insurance company, corporation, association, partnership or individual doing insurance business, be deemed to mean any person who shall receive or transmit applications for insurance, other than for himself, or receive for delivery bonds, policies or certificates of suretyship or insurance founded on applications from this Island or otherwise procure, other than for himself, insurance or suretyship to be effected by them on bonds, policies or certificates of suretyship or insurance, or the bonds, policies or certificates of suretyship or insurance given to persons or corporations in Porto Rico." Penalty for acting for an unlicensed company, a fine of not less than the amount of all premiums paid by or through him, or imprisonment for not less than thirty days nor more than two years, or both.

ANNUAL STATEMENTS-Must be filed in the office of the Secretary of Porto Rico at San Juan, not later than March 15. Copies must also be filed in January in the office of the Treasurer of Porto Rico. ANTI-REBATE-Act of March 7, 1912. Sec. 18. "No company, corporation, association, partnership or individual doing an insurance business in Porto Rico, or any agent or representative thereof, shall pay or allow directly or indirectly, or offer to pay or allow, as inducement to insurance, any rebate or premium payable on the policy, commission or brokerage on any insurance made in Porto Rico, to any but an authorized agent or representative of a company legally authorized to do business in Porto Rico. Any violation of this section shall be punished by a fine of not less than $100 nor more than $500 for each separate offense." ATTORNEY-A resident must be appointed to receive service of process. COMMISSION TO NON-RESIDENTS-Payment of commission or brokerage on any insurance made in Porto Rico to any but an authorized agent or representative of a company legally authorized to do business in Porto. Rico, is prohibited. Penalty for violation, fine of $100 to $500 for each offense. DEPOSITS-All authorized companies which were doing business in Porto Rico March 7, 1912, and continued business therein were required on or before July 1, 1912, to make a deposit valued at at least $50,000, and to increase such deposit up to $150,000, if original deposit is deemed insufficient by the Treasurer of Porto Rico. Foreign companies entering Porto Rico for business after July 1, 1912, must make an initial deposit of $100,000, which, if subsequently found insufficient, must be increased to a maximum of $200,000. Provided, that the Executive Council may accept, in lieu of all but $10,000 of such deposits, of any insurance company, a certificate issued under the hand and official seal of the auditor, comptroller or general fiscal officer of any State of the United States that such company has on deposit

in such State for the benefit of all the policyholders of the corporation in the United States and Porto Rico the lawful amount of securities required by such State and of the actual cash value of not less than two hundred thousand ($200,000) dollars.

DOMESTIC COMPANIES-Provision is made for the organization of domestic companies.

FEES—Act of March 7, 1912. Sec. 63a. "The Secretary of Porto Rico shall charge and collect, for the use of the people of Porto Rico, the following fees, which in all cases must be paid in internal revenue stamps, affixing the stamps to the documents and cancelling the same: (1) For receiving and filing the charter or articles of incorporation of any company or corporation, foreign or domestic, organized for pecuniary profit, he shall charge and collect the sum of 15 cents on each $1000 of authorized capital stock; provided, however, that no company or corporation shall pay a filing fee of less than $25 nor more than $500 for filing its charter or articles of incorporation; and provided, further, that for every certificate of increase of authorized capital stock he shall charge and collect the sum of 15 cents on each $1000 of such increase, and the total amount so paid for filing the charter or articles of incorporation and for filing any certificate of increase of authorized capital stock shall not exceed $500. (2) For recording a charter or articles of incorporation, or amendments thereto, 20 cents for each 100 words. (3) For issuing each certificate of registration or of corporate existence, $3. (4) For filing and recording notice of appointment of agent, $5. (5) For filing and recording a resolution of the Board of Directors for removal of principal place of business under the provisions of section 17 hereof, $5. (6) For filing certificate of increase or of decrease in authorized capital stock, $5, in addition to the fee provided for increase of authorized capital stock. (7) For issuing certificate of increase or decrease of authorized capital stock, $5. (8) For filing certificate of discontinuance of existence, $3. (9) For issuing certificate of discontinuance of existence, $3. In addition, companies are required to pay to the Treasurer of Porto Rico an annual license fee of $25. INVESTMENTS PRESCRIBED-The deposits required must be made in

the following named securities: Bonds of the people of Porto Rico or bonds for which the good faith of the people of Porto Rico is pledged, or bonds of the United States, or good local interest-bearing or dividend-paying securities in Porto Rico, or other good securities acceptable to the said Treasurer and to be approved by the Executive Council; provided that at least $10,000 of said securities shall be in local public utility, banking, industrial, or agricultural securities in Porto Rico, or bonds of the people of Porto Rico, or bonds for which the good faith of the people of Porto Rico is pledged, such securities to be acceptable to the Treasurer of Porto Rico.

LIMIT ON A SINGLE RISK-Act of March 7, 1912. Sec. 13. "No fire insurance company, corporation, association, partnership, or individual writ