the control of any other insurance corporation. The assets of every domestic mutual insurance corporation, to the extent of an amount equal to the minimum capital required of a like domestic stock corporation, shall be invested and kept invested in the same class of securities specified for the investment of the minimum capital of like domestic stock insurance corporations. The residue of the assets of every domestic mutual insurance corporation, over and above said amount, may be invested in, or loaned on the pledge of, the same class of securities or property as specified in this chapter for the investment or loan of the residue of the capital and the surplus money and funds of like domestic stock insurance corporations. § 2. This act shall take effect immediately. Chap. 426 AN ACT to amend the insurance law, in relation to reports of insurance corporations organized outside of the United States. Became a law May 3, 1920, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Section forty-five of chapter thirty-three of the laws of nineteen hundred and nine, entitled "An act in relation to insurance corporations, constituting chapter twenty-eight of the consolidated laws," is hereby amended to read as follows: 8 45. Forms of report to be furnished by superintendent. The superintendent shall cause to be prepared and furnished to every corporation required by the provisions of this chapter to report to him, printed forms of the reports and statements required of such corporations. He may make such changes from time to time in the form of the same as shall seem to him best adapted to elicit from such corporations a true exhibit of their condition in respect to the several matters which they are required to report, or in respect to any other matters which he may deem material. The report of any corporation, the capital of which is composed in whole or in part of notes, shall, in addition to the foregoing, exhibit the amount of notes originally forming its capital, and also what proportion of such notes is still held by the corporation and considered capital. If a corporation, incorporated under the laws of any state or country outside of the United States, such report with respect to the business done and assets held by or for the corporation, shall contain a statement of the business done and assets held by or for it within the United States for the protection of all policyholders residing within the United States, and shall not contain any statement in regard to its assets and business elsewhere, except that such report shall contain a statement of all its insurance transactions outside of the United States with insured corporations, partnerships, associations or individuals resident within the United States, and affecting risks resident, located or originating in the United States, notwithstanding such transactions were not done through an attorney, manager or agent of such corporation within the United States; and such insurance corporation shall as to all such transactions report premiums, pay taxes thereon and hold reserves thereon, and such corporation shall be charged with the same duties and liabilities and its policyholders resident within the United States shall have the same rights as if such transactions had been done through its attorney, manager or agent within the United States. In addition to any other penalty prescribed by law, every insurance corporation failing to make and file the reports and statements required by this chapter or to reply to any inquiry of the superintendent, shall forfeit to the people of the state five hundred dollars for the first offense, and an additional five hundred dollars for every month that such corporation shall thereafter continue to transact any business of insurance in this state. Any violation of this section by a corporation incorporated under the laws of any state or country outside of the United States shall also be sufficient cause for the revocation by the superintendent of the certificate of authority issued to such insurance corporation. § 2. This act shall take effect immediately. AN ACT to Became a law May 10, Chap. 563 amend the insurance law, generally. 1920, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assembly, do enact as follows: Section 1. Section twelve of chapter thirty-three of the laws of nineteen hundred and nine, entitled "An act in relation to insurance corporations, constituting chapter twenty-eight of the consolidated laws," as last amended by chapter ninety-two of the laws of nineteen hundred and thirteen, is hereby amended to read as follows: 8 12. Minimum capital stock. No domestic fire or marine stock insurance corporation shall be hereafter authorized with a smaller capital stock than two hundred thousand dollars fully paid in in cash, but nothing in this section contained shall be understood to relate to the class of corporations provided for in articles nine or ten of this chapter. No domestic stock insurance corporation shall be hereafter authorized to transact the kind of insurance business described in subdivisions one, two, five, six, seven, eight, nine, ten and eleven of section seventy of this chapter with a smaller capital stock than one hundred thousand dollars fully paid in in cash. No domestic stock insurance corporation shall be hereafter authorized to transact the kind of insurance business described in subdivisions three or four of section seventy of this chapter with a smaller capital stock than two hundred and fifty thousand dollars fully paid in in cash if authorized to transact any kind of insurance business described in one of such subdivisions or a smaller capital stock than five hundred thousand dollars fully paid in in cash if authorized to transact the kinds of insurance business de-. scribed in both such subdivisions. Except as to the requirements of a minimum capital stock for the transaction of the kinds of insurance business described in subdivisions three or four of section seventy of this chapter every domestic stock insurance corporation hereafter authorized having power to transact business under more than one subdivision of such section shall, in addition to the minimum capital stock prescribed in this section, have an additional capital stock of fifty thousand dollars fully paid in in cash, for every kind of insurance business more than one which it is authorized to transact. Any corporation to which this section is applicable shall also, at the time of its organization, have a surplus equal to fifty per centum of its capital stock, which surplus shall also be fully paid in in cash; provided that this requirement shall not apply to existing corporations reincorporated. § 2. Section twenty-two of chapter thirty-three of the laws of nineteen hundred and nine, entitled "An act in relation to insurance corporations, constituting chapter twenty-eight of the consolidated laws," as added by chapter three hundred and eightyeight of the laws of nineteen hundred and nineteen, is hereby amended to read as follows: § 22. Reinsurance. Every insurer authorized to issue policies in this state may reinsure in any other insurer any part or all of any risk or risks, other than life, assumed by it; but such reinsurance, unless effected (a) with an insurer authorized to issue policies in this state, or (b) with an insurer similarly authorized in another state, territory or district of the United States and showing the same standards of solvency and meeting the same statutory and departmental regulations which would be required or prescribed of such insurer were it at the time of such reinsurance authorized in this state to issue policies covering risks of the same kind or kinds as those reinsured, shall not reduce the taxes to be paid by or the reserve or other liability to be charged to the ceding insurer; provided that nothing in this section shall be construed to permit to a ceding insurer any reduction of taxes through reinsurance effected with an insurer not authorized to issue policies in this state. In case such reinsurance is effected with an insurer so authorized or so recognized for reinsurance in this state, the ceding insurer shall thereafter be charged on the gross premium basis with an unearned premium liability representing the proportion of such obligation retained by it, and the insurer to which the business is ceded shall be charged with an unearned premium liability representing the proportion of such obligation ceded to it calculated in the same way. Any contract of reinsurance, other than life, whereby an insurer cedes more than seventy-five per centum of the total amount of its outstanding risks shall, if such insurer is incorporated by or, if an insurer of a foreign country, has its principal office in this state, be subject to approval in writing by the superintendent of insurance of this state. Every life insurance corporation doing business in this state may reinsure any part or all of any life risk in any other insurance corporation, but shall only receive credit for the reserve on any policy covering a risk reinsured, if the reinsuring corporation is authorized to transact business in this state and may also receive credit for taxes on the premium paid on any such policy, provided that no domestic life insurance company shall reinsure its whole risk on any individual life except by permission of the superintendent of insurance. Nothing in this chapter contained shall be construed as permitting the reinsurance of a life insurance corporation having over two hundred and fifty million dollars of insurance outstanding and in force. The superintendent of insurance shall require schedules of reinsurance to be filed by every insurer at the time of making the annual report and at such other times as he may direct. Nothing in this section shall be deemed to permit the ceding insurer to receive through the cession of the whole of any risk or risks any advantage in respect to its unearned premium reserve if an insurer other than life, or, if a life company, in the net value of its policies involving life contingencies, that would reduce the same below the actual amount thereof. For the purposes of this section, the word " insurer" shall be deemed to include the word "reinsurer," and the words "issue policies" shall be deemed to include the words "make contracts of reinsurance." § 3. Section twenty-four of chapter thirty-three of the laws of nineteen hundred and nine, entitled "An act in relation to insurance corporations, constituting chapter twenty-eight of the consolidated laws," as added by chapter three hundred and eighty-three of the laws of nineteen hundred and nineteen, is hereby amended to read as follows: |