LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. [CH. 83 SEC. 2. In effect. This act, being deemed of immediate importance, shall take effect and be in force from and after the date of its publication in the Register and Leader and the Des Moines Capital, newspapers published in the city of Des Moines, Iowa. Approved March 27, A. D. 1907. I hereby certify that the foregoing act was published in the Register and Leader and the Des Moines Capital, March 29, 1907. W. C. HAYWARD, CHAPTER 82. FOREIGN FRATERNAL ACCIDENT INSURANCE ASSOCIATIONS. H. F. 32. AN ACT amending section seventeen hundred ninety-four (1794) of the code, relative to fraternal accident associations. Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Authority to transact business. That section seventeen hundred ninety-four (1794) of the code be and the same is hereby amended by adding thereto the following: "The provisions of this section shall apply to fraternal beneficiary associations doing exclusively an accident insurance business, and upon compliance with the provisions of this chapter, and the provisions of chapter eight of title nine of the code, so far as the same are applicable, such associations may be authorized to transact business within this state.' SEC. 2. In effect. This act, being deemed of immediate importance, shall take effect and be in full force from and after its publication in the Register and Leader and the Des Moines Capital, newspapers published in the city of Des Moines, Iowa. Approved February 9, A. D. 1907. I hereby certify that the foregoing act was published in the Register and Leader and the Des Moines Capital, February 12, 1907. W. C. HAYWARD, CHAPTER 83. ASSESSMENT LIFE ASSOCIATIONS. H. F. 48. AN ACT to provide a method whereby assessment life associations may be reincorporated as legal reserve life insurance companies. [Additional to chapter seven (7) of title nine (IX) of the code.] Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Future organization or authorization prohibited-valuation of policies of existing associations. No life insurance company or association, other than fraternal beneficiary associations, which issues contracts, the performance of which is contingent upon the payment of assessments of call CH. 84] LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. made upon its members, shall do business within this state except such companies or associations as are now authorized to do business within this state and which shall value their assessment policies or certificates of membership as yearly renewable term policies according to the standard of valuation of life insurance policies prescribed by the laws of this state. SEC. 2. Reincorporation as legal reserve company. Any existing domestic assessment company or association may, with the written consent of the auditor of state, upon a majority vote of its trustees or directors, amend its articles of incorporation and by-laws in such manner as to transform itself into a legal reserve or level premium company, and upon so doing and upon procuring from the auditor of state a certificate of authority, as prescribed by law, to transact business in this state as a legal reserve or level premium company, shall incur the obligations and enjoy the benefits thereof, the same as though originally thus incorporated, and such corporation, under its charter as thus amended, shall be a continuation of such original corporation, and the officers thereof shall serve through their respective terms as provided in the original charter, but their successors shall be elected and serve as in such amended articles provided; but such amendment or re-incorporation shall not affect existing suits, rights or contracts. Any assessment company re-incorporated to transact life insurance business, shall value its assessment policies or certificates as yearly renewable term policies according to the standard of valuation of life insurance policies prescribed by the laws of this state. SEC. 3. In effect. This act, being deemed of immediate importance, shall take effect from and after its publication in the Register and Leader, and the Des Moines Capital, newspapers published at Des Moines, Iowa. Approved March 21, A. D. 1907. I hereby certify that the foregoing act was published in the Register and Leader and the Des Moines Capital, March 23, 1907. W. C. HAYWARD, CHAPTER 84. DISBURSEMENTS OF DOMESTIC LIFE INSURANCE COMPANIES. H. F. 47. AN ACT regulating disbursements of domestic life insurance companies. [Additional to chapter eight (8) of title nine (IX) of the code.] Be it enacted by the General Assembly of the State of Iowa: Disbursements-vouchers-affidavit. SECTION 1. No domestic life insurance company shall make any disbursement of one hundred dollars or more unless the same be evidenced by a voucher signed by or on behalf of the person, firm, or corporation receiving the money and correctly describing the consideration for the payment. If the expenditure be for both services and disbursements the voucher shall set forth the services rendered and an itemized statement of the disbursements made. When such voucher cannot be obtained the expenditure shall be evidenced by an affidavit of some officer or agent of said company describing the character and object of the expenditure and stating the reason for not obtaining such voucher. Approved March 12, A. D. 1907. LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. CHAPTER 85. MISREPRESENTATIONS BY LIFE INSURANCE COMPANIES. H. F. 275. [CH. 85 AN ACT to prohibit misrepresentations by life insurance companies. [Additional to chapter eight (8) of title nine (IX) of the code.] Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Misrepresentations prohibited. No life insurance corporation doing business in this state and no officer, director or agent thereof shall issue, circulate, or use, or cause or permit to be issued, circulated, or used, 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 share of surplus to be received thereon, or shall use any title of any policy or class of policies misrepresenting the true nature thereof. SEC. 2. Penalty. Any person violating the provisions of this act, shall be deemed guilty of a misdemeanor and shall be punished accordingly. Approved March 28, A. D. 1907. CH. 86] LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. CHAPTER 86. RATES OF FRATERNAL BENEFICIARY ASSOCIATIONS. AN ACT relating to rates of fraternal beneficiary societies. [Additional to chapter Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Mortuary assessment rates. No fraternal beneficiary society not admitted to transact business within this state prior to the passage of this act, shall be incorporated or given a permit or certificate of authority to transact business within this state, unless it shall first show that the mortuary assessment rates provided for in whatever plan of business it has adopted, are not lower than is indicated as necessary by the following mortality table: NATIONAL FRATERNAL CONGRESS MORTALITY TABLE. Provided, however, that nothing in this act shall be construed to apply to any association organized solely for benevolent purposes and composed wholly of members of any one occupation or guild. Approved March 15, A. D. 1907. LAWS OF THE THIRTY-SECOND GENERAL ASSEMBLY. CHAPTER 87. [CH. 88 PURCHASE OF REAL ESTATE FOR HOME OFFICE BY FRATERNAL BENEFICIARY ASSOCIATIONS. S. F. 267. AN ACT to permit fraternal beneficiary societies, orders or associations to purchase and own real estate; to erect a building thereon and to occupy and rent the same. [Additional to chapter nine (9) of title nine (IX) of the code.] Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Acquisition of real estate-erection of building-conditions. Any fraternal beneficiary society, order or association organized under the laws of this state, accumulating money to be held in trust for the purpose of the fulfillment of its certificates or contracts, shall be permitted to invest not to exceed ten per cent (10%) of the aggregate amount of such accumulation in such real estate in this state as is necessary for its accommodation as a home office, and in the purchase or erection of any building for such purpose it may add thereto rooms for rent; provided that before any association shall invest any of its funds in accordance with the provisions of this sub-division it shall first obtain the consent of the executive council. Any company or association so investing its funds shall convey the real estate thus acquired to the auditor of state by deed, such property to be held by him in trust for the benefit of the members of such association, the value thereof to be determined from time to time by the auditor of state. Provided, that nothing in this act shall be construed to permit the officials or board of directors of such society, order or association to make such investment without authority specifically granted by the said society, order or association through its grand or supreme lodge or convention. Approved April 4, A. D. 1907. CHAPTER 88. INVESTMENT OF FUNDS OF FRATERNAL BENEFICIARY ASSOCIATIONS. S. F. 22. AN ACT to provide for the investment of the funds of fraternal beneficiary societies, orders or associations. [Additional to chapter nine (9) of title nine (IX) of the code.] Be it enacted by the General Assembly of the State of Iowa: SECTION 1. Investment of funds-securities deposited. Any fraternal beneficiary society, order or association organized under the laws of this state, accumulating money to be held in trust for the purpose of the fulfillment of its certificates or contracts, shall invest such accumulations in the following securities and no other. 2. Bonds of this or of any other state, when such bonds are at or above par. 3. Bonds or other evidences of indebtedness of any county, city, town or school district within the state or any other state, or drainage bonds of any drainage district in the state of Iowa where such bonds or other evidences of indebtedness are issued by authority of and according to law and bearing interest, and are approved by the executive council. |