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Session Laws, 1920
Volume 539, Page 1097   View pdf image (33K)
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such members as are liable to assessment in proportion to
their several liabilities expressed in their policies. Each
member shall be liable only on account of losses azid expenses
incurred while his policy was in force, and he shall be noti-
fied of such assessment within one year after the termination
of such policy; provided, that the State Insurance Commis-
sioner by written order, may relieve the company from an
assissment or other proceeding to restore such assets during
the time fixed in such order; and provided, that any domestic
company which shall be deficient in providing the unearned
premium reserve required hereby, may, notwithstanding such
deficiency, come under this Act on the condition that it shall
each year thereafter reduce such deficiency by at least fifteen
per cent of the original amount thereof, and in such case it
may increase its assessments accordingly.

154J. Any director, officer or member of any such com-
pany, or any other person, may advance to such company any
sum or sums of money necessary for the purpose of its busi-
ness, or to enable it to comply with any surplus requirements,
or any other requirements of the law, and such moneys, and
such interest thereon as may have been agreed upon, not
exceeding six per cent per annum, shall be payable only out
of the surplus remaining after providing for all reserves and
other liabilities, and shall not otherwise be a liability or claim
against the company or any of its assets. No commission or
promotion expenses shall be paid in connection with the
advance of any such money to the company, and the amount
of such advance shall he reported in each annual statement.

154K. Any mutual insurance company organized outside
of this State and authorized to transact the business of insur-
ance on the mutual plan in this State, shall be admitted and
licensed, subject to the approval of the State Insurance Com-
missioner, as aforesaid, to transact the kinds of insurance
authorized by its charter or articles of incorporation to the
extent and with the powers and privileges specified in this
Act, and when it shall be solvent under this Act and shall
have complied with the following requirements:

(a) Filed with the State Insurance Commissioner a certified
copy of its charter or articles and a certificate of the super-
vising insurance official of that State, district or territory in
which it is incorporated, that it is there organized and an-


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Session Laws, 1920
Volume 539, Page 1097   View pdf image (33K)
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