28. It shall he the duty of the Insurance Commis-
sioner:
First. To see that all laws of this State respecting
insurance companies are faithfully executed, to file
in his office every charter or declaration of or organ-
ization of a company, with certificate of the Attorney
General, and on application of the corporation to
furnish them certified copies thereof.
Second. He shall, as soon as practicable in each
year, calculate or cause to be calculated the net value
on the thirty-first day of December of tie previous
year, of all the policies in force on that day in each
life insurance company doing;; business in tins State,
organized by authority < 1 . this State: and of every
other life insurance company doing business in this
State that shall fail to furnish to him, as hereinafter
provided, a certificate of the Insurance Commissioner
of the State by whose authority the company was
organized, or by the State in which it may elect to
have its policies valued and its deposit made, in case
the company is chartered by the Government of the
United States, or by any State not laving an insur-
ance department, giving the net value of all policies in
force in the company on the thirty-first day of De-
cember of the preceding year, which calculation of
the net value of each policy shall be based upon the
"American Experience Table of Mortality," and
four and one-half per cent. interest per annum; and
the net value of a policy at any time shall be taken
to be the single net premium which will at that time
effect the insurance, less the value at that time of the
future net premiums called for by the table of mor-
tality and rate of interest designated above.
Third. In case it is found that any Life Insurance
Company doing business in this State has not on
hand the net value of all its policies in force, after all
other debts of the company and claims against it,
exclusive of capital stock, have been provided for,
it shall be the duty of the Insurance Commissioner
to publish the fact that the then existing condition
of the affairs of the company is below the standard
of legal safety established by this State; and he shall
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Duty of Commissioner
To see that
laws are
executed
To calculate
net value of
policies
Net value
shall be taken
to be
Below stand-
ard of legal
safety.
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