1806 ARTICLE 48A.

1922, ch. 492, sec. 26.

25. Investment of Reserves. Every insurance company, domestic or
foreign, authorized to do business in this state, must have and continually
keep an amount equal to its entire reinsurance reserve and all other debts
and claims against it, exclusive of capital stock, invested in the bonds,
coin or treasury notes of the United States, or interest, or dividend-paying
bonds or stocks of this or any other state of the United States, or of any
county, incorporated city or other corporation of this or any other state
having legal authority to issue the same, and not in default, or in real
estate for the office or business purposes only of said company; provided,
however, that they shall have the right to purchase and hold real estate
under a foreclosure of their own mortgages for a period of not more than
five years, and for five years longer if, in the judgement of the insurance
commissioner, it is advisable so to do; or it may be invested in ground
rents, or loaned upon first mortgages on unincumbered fee simple, or
improved leasehold, real estate, in this or any other state of the United
States, to an amount not exceeding sixty per cent, of the fair market value
of such fee simple, or improved leasehold, real estate. Whenever such loans
are made upon fee simple, or improved leasehold, real estate which is
improved by a building or buildings, the said improvements shall be insured
against loss by fire, and the fire insurance policies shall be duly assigned to
the mortgagee as additional security for the said loan; or it may be loaned
on pledges of any security named in this section, or on the policies of the
company in force, provided, that each loan is less than the net reserve
of the policy on which the loan is made, according to the standard of valu-
ation prescribed in this article; and provided, that the current market
value of such pledged securities, other than the bonds and stocks of this
State, or of the United States, shall be at all times during the continuance
of such loans, at least ten per cent, more than the sum loaned on them. All
such loans shall be subject to the power of the company to terminate the
same in case of the depreciation of the securities below that limit. In all
investments made upon mortgage securities, the evidence of the debt shall
accompany the mortgage or deed of trust, and the insurance commissioner
shall have the authority, when any of the securities mentioned in this
section and held by any insurance company reporting to him are of doubtful
market value, or without any ascertainable value on the exchange, to cause
the same to be appraised by two disinterested and competent persons, whose
estimate of the value of such securities shall be taken to be the value thereof,
unless the company, by placing some of them upon the market, and obtain-
ing a bona fide offer therefor, shall so establish for them a different value.

1922, ch. 492, sec. 27.

26. Business Shall be Conducted in Own Name. Every insurance com-
pany, foreign or domestic, shall conduct its business in this state in its own
proper or corporate name, and the policies or contracts of insurance issued
by it shall be headed or entitled only by its proper or corporate name.