2162 ARTICLE 48A

An. Code, 1924, sec. 139. 1922, ch. 492, sec. 136. 1927, ch. 708, sec. 139.

173. (Limit of Liability.) There shall be filed with the Insurance
Commissioner by such attorney, whenever the commissioner shall so require,
a statement under oath of such attorney showing the maximum amount of
indemnity upon a single fire insurance risk, and no subscriber shall assume
on a single fire insurance risk an amount greater than ten per cent, of the
net worth of such subscriber.

An. Code, 1924, sec. 140. 1922, ch. 492, sec. 137. 1927, ch. 708, sec. 140.

174. (Reserves; Impairment of Assets.) There shall at all times be
maintained assets in cash or securities authorized by the laws of the state
in which the principal office is located, for the investment of funds of in-
surance companies doing the same kind of business, an amount equal to
50 per cent, of premiums or deposits collected from subscribers on policies
having one year or less to run and pro rata on those for longer periods, or
in lieu thereof, one hundred per centum of the pro rata unearned premiums
or deposits collected from subscribers. In addition to the assets previously
provided in this section, in the case of employers' liability and workmen's
compensation insurance there shall be maintained a surplus of one hundred
thousand dollars ($100,000) in cash of securities and not less than fifty
thousand dollars for all other kinds of insurance. There shall also be
maintained as a claim or loss reserve, cash of such securities sufficient to
discharge all liabilities on all outstanding losses arising under policies
issued; the same to be calculated in accordance with the laws of the state
relating to similar reserves for companies insuring similar risks. If at any
time the amounts on hand are less than the foregoing requirements, the
subscribers or their attorney for them shall make up the deficiency, and the
funds so advanced shall not be treated as a liability to the exchange and
shall not be withdrawn except with the approval of the supervising insur-
ance official of the state where the Exchange is domiciled, and such ad-
vances shall be repaid only out of the surplus funds of the Exchange.

An. Code, 1924, sec. 141. 1922, ch. 492, sec. 138.

175. (Annual Reports; Examinations.) Such attorney shall, within
the time limited for filing the annual report by insurance companies trans-
acting the same kind of business, make a report to the insurance commis-
sioner for each calendar year, showing the financial condition of affairs at
the office where such contracts are issued, and shall furnish such additional
information and reports as may be required to show the total premium or
deposits collected, and total losses paid, the total amounts returned to sub-
scribers and the amounts retained for expenses. Provided, however, that
such attorney shall not be required to furnish the names and addresses of
any subscribers. The business, affairs, records and assets of such organi-
zation shall be subject to examination by the insurance commissioner at the
expense of the organization examined.

An. Code, 1924, sec. 142. 1922, ch. 492, sec. 139.

176. (All Domestic Corporations Authorized to Exchange Contracts
of Insurance.) Any corporation now or hereafter organized under the laws
of this state, shall, in addition to the rights, powers and franchises specified