ART. 42. ] INSURANCE COMPANIES.

361

appoint an actuary for his said insurance department, and also to
employ such clerical assistance as he may deem necessary to the
proper discharge of the duties and efficiency of his department,
provided, however, that the salary and pay of such actuary and

Actuary

clerks shall he paid out of the fees of said insurance department;
and provided further, that he shall not exceed the sum of five thou-
sand dollars for the pay of such clerical assistance.

Clerks.

2. It shall be the duty of the insurance commissioner:
First —To see that all laws of this State relating to insurance
or insurance companies are faithfully executed, to keep on file in
his office copies of the charter, declaration of organization, or deed
of settlement of every insurance company, including partnerships,
joint stock associations, and corporations organized under the laws
of this State, or organized under the laws of some other State or
nation, and applying to do business in this State, which copies shall
be duly certified in accordance with law by the secretary of state,
or other proper officer of the State or nation wherein such companies
are organized; and the insurance commissioner shall, upon applica-
tion of any such company or association, furnish them with certified
copies of their charter so filed in his department.

1878, c 106
Duties of com-
missioner.

Second. — To furnish in December of each year to the companies
required by this act to report to him, the necessary blank forms for
the statement required; and as soon as practicable, in each year, he
shall cause to be calculated by the actuary of his department, under
his supervision, the net value, on the thirty-first day of December of
the previous year, of all the policies in force on that day in each life
insurance company doing business in this State, organized by au-
thority of this State, and of every other life insurance company
doing business in this State, that shall fail to furnish him, as here-
inafter provided, a certificate of the insurance commissioner of the
State by whose authority the company was organized, or of 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 foreign government, or by any State not
having an insurance department, giving the net value of all policies
in force in the company on the thirty-first day of December 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 pre-
mium which will at that time effect the insurance, less the value at
that time of the future net premiums payable upon the policy, as
determined by the table of mortality and rate of interest desig-
nated above.

Calculation of
value of polities
in force in life
insurance com-
panies

Third — The insurance commissioner shall accept the valuation
made by the insurance commissioner of the State under whose au-
thority a life insurance company is organized, or that of the State
in which it may elect to have its policies valued, when such valu-

Valuation of
policies of for-
eign life insur-
ance companies.