40 revocation of a broker's license in such manner as he deems proper 41 for the protection of the public. Broker's licenses issued on appli42 cation, as herein provided, may in the discretion of the insurance 43 commissioner, be renewed upon the payment of the proper fees 44 without his requiring anew the details required in the original 45 application. Sec. 2. Any insurance agent who shall accept any contract 2 of insurance from any non-resident of West Virginia not a duly 3 licensed broker, as provided in this act, and who shall pay to said 4 non-resident any commission thereon or accept said contract at 5 lower than the published rate, shall have his certificate of authority 6 revoked for the period of one year. Sec. 3. When by the laws of any other state, district, territory 2 or nation, any tax, fines, penalties, license fees or other obliga3 tions or prohibitions are imposed on agents or brokers residents 4 of this state, the same fines, penalties, license fees or other obli5 gations or prohibitions shall be imposed upon agents or brokers of 6 such other state, district, territory or nation doing business or 7 seeking to do business in this state, excepting that the minimum 8 broker's license fee shall be ten dollars; and provided that noth9 ing in this act shall authorize the licensing of non-resident insur10 ance agents in contravention of the resident agent's law. CHAPTER 128 (House Bill No. 296-Mr. Post.) AN ACT authorizing the valuation of bonds and other securities held by life insurance companies, assessment life associations, and fraternal beneficiary societies, by the amortization method. [Passed April 25, 1921. In effect ninety days from passage. SEC. Approved by the Authorizing valuation of bonds and Be it enacted by the Legislature of West Virginia: Section 1. All bonds or other evidences of debt having a fixed 2 term and rate, held by any life insurance company, assessment 3 life association or fraternal beneficiary societies, authorized to do 4 business in this state, may, if amply secured and not in default as 5 to principal and interest, be valued as follows: If purchased at 6 par, at the par value; if purchased above par or below par, on the 7 basis of the purchase price adjusted so as to bring the value to par 8 at maturity and so as to yield in the meantime the effective rate 9 of interest at which the purchase was made; provided, that the pur10 chase price shall in no case be taken at a higher figure than the 11 actual market value at the time of purchase; and, provided, fur12 ther, that the insurance commissioner shall have full discretion in 13 determining the method of calculating values according to the 14 foregoing rule. CHAPTER 129 (House Bill No. 491-Mr. Dunfee, by request.) AN ACT to amend and re-enact sections fifteen-c and seventy-three of chapter thirty-four of Barnes' code of West Virginia. [Passed April 25, 1921. In effect ninety days from passage. Approved by the Governor May 2, 1921.] SEC. SEC. 15-c. Licensed insurance agent may apply for license for solicitors: duty of insurance commissioner; duty of solicitor; how license 73. cancelled; restrictions on license. Annual license tax of foreign insurance company; disposition of; amount of. Be it enacted by the Legislature of West Virginia: That sections fifteen-c and seventy-three of chapter thirty-four of Parnes' code of West Virginia be amended and re-enacted to read as follows: Section 15-c. Any duly licensed insurance agent for companies 2 other than life may, with the approval of such companies, 3 apply to the insurance commissioner for licenses for not to ex4 ceed two solicitors. If, after due investigation, the insurance com5 missioner finds the person or persons for whom such license is 6 applied, competent and trustworthy and resident in this state, he 7 shall issue such solicitors' licenses which shall be subject to the 8 same law as to revocation, expiration and renewal as the agent's 9 license, and the fee for which shall be one dollar for each license. 10 Each solicitor shall solicit and receive applications for insur11 ance for the appointing agent only, and he shall report all busi12 ness through him. The expiration, cancellation, or revocation of 13 the license of the appointing agent shall automatically cancel the 14 solicitor's license, and the appointing agent may cancel his license 15 at any time by request to the insurance commissioner. 16 In no case shall a solicitor's license be requested when the prin- . 17 cipal use of such license is to effect insurance on the property, 18 person or liability of the solicitor, or to circumvent the enforce19 ment of the anti-rebate act. Sec. 73. Every foreign insurance company doing business in 2 this state shall pay the said commissioner an annual license tax 3 based on the amount of the business done in this state, which 4 license tax shall be paid into the state treasury for the benefit of 5 the state fund. The annual license tax of every such company 6 shall be a sum equal to two per cent of the gross premiums re7ceived by it on the business written or renewed in this state, less 8 premiums returnable for cancellation, and including any so9 called dividends on participating life insurance policies actually 10 applied in reduction of premiums. CHAPTER 130 (Senate Bill No. 241-Mr. Porter.) AN ACT to amend and re-enact section seventy-six-a-three of chapter thirty-four of the code and to add an additional section thereto known as section seventy-six-a-five-and-one-half. [Passed April 26, 1921. In effect ninety days from passage. Governor April 30, 1921.] Approved by the amount; additional deposit, provisions concerning. 76-a-52. Liability defined. Be it enacted by the Legislature of West Virginia: That section seventy-six-a-three of chapter thirty-four of the code be amended and re-enacted, and an additional section added thereto to be known as section seventy-six-a-five and one-half to read as follows: Section 76-a-3. Before a permit to transact business in this 2 state shall be issued by the insurance commissioner to any per3 son, association, or corporation within the purview of section one of this act, the insurance commissioner shall require said appli5 cant to deposit with the insurance commissioner in trust, for the 6 benefit of its contract holders, bonds and securities approved 7 by said insurance commissioner to the amount of one hundred 8 thousand dollars, and in addition to said deposit, said person, 9 association or corporation shall maintain at all times a deposit 10 with the insurance commissioner of bonds and securities approved 11 by said insurance commissioner to an amount equal to one hun12 dred per cent of the liability on all outstanding contracts. 13 Provided, that when, by the laws of any other state, any such 14 person, association or corporation shall have been required to 15 make and shall have made such deposit in said state, equal or 16 greater in amount for the benefit of contract holders in said 17 state; upon the filing of a certificate from the proper officer in 18 said state; with the insurance commissioner of this state, such 19 person, association or corporation shall not be required to make 20 such deposit with the insurance commissioner of this state for the 21 benefit of its contract holders in said state; and, provided, further, 22 that when the laws of any other state require such a deposit less 23 in amount, such a person, association or corporation shall file a 24 certificate from the proper officer in said state with the insur25 ance commissioner of this state showing the amount of the de26 posit made, and shall deposit with the insurance commissioner 27 of this state an amount which, together with the deposit made in 28 said state, shall make up the total amount required by this 29 state to be deposited by said person, association or corporation, 30 and said contract holders in said states shall not be entitled to 31 the benefit of the securities deposited with the insurance commis32 sioner of this state under this act, except so much of said de33 posit which may be made to complete the total amount re34 quired by this act where the law of any other state requires a 35 lesser amount. Said permit shall be issued for one year, or the 36 fractional part of a year, and for issuing same a fee of ten dol37 lars shall be charged. Sec. 76-a-512. One hundred per cent. of the liability on all 2 outstanding contracts as used in this act is hereby defined to 3 mean the total amount which such person, association, or corpo4 ration may be liable to pay in cash to the holders of all con5 tracts under the terms thereof at the time of the deposits. CHAPTER 131 (House Bill No. 363-Mr. Barnes.) AN ACT to establish a state training school for mental defectives, and to amend and re-enact sections four, six, eight, nine, ten, eleven, twelve, thirteen, nineteen, twenty, twenty-three, twenty-seven, twenty-eight, twenty-nine, thirty-three and thirty-four, of chapter fifty-eight of the code of one thousand nine hundred and sixteen. Be it enacted by the Legislature of West Virginia: Section 1. There is hereby established for the treatment and 2 training of mental defectives a state institution to be known as 3 the "West Virginia Training School." It shall belong to that class 4 of institutions mentioned in section three, chapter fifteen-m of the 5 code, and shall be managed and controlled as provided in said chap6 ter, all the provisions whereof shall be applicable to said school 7 except as in this act provided. The chief executive officer thereof 8 shall be a superintendent, who shall be a legally qualified physician, 9 scientifically trained in mental medicine and of not less than five 10 years' experience in the treatment and care of insane persons and 11 mental defectives, and who shall be appointed by the governor 12 with the advice and consent of the senate. |