AI-assisted research summary: Certain officers or trustees of every life insurance company in the state must file an annual sworn statement with the insurance commissioner.
The president or vice-president, and secretary or actuary, or a majority of the trustees or directors, of every life insurance company organized under the laws of this state, shall annually, on January 1, or within 60 days thereafter, prepare under oath and deposit in the office of the insurance commissioner, a statement of the condition of such company on December 31 of the preceding year, showing: I. Name and where located, the names of the officers, the amount of capital stock, and amount of capital stock paid in. II. The value of real estate owned by such company, the amount of cash on hand, the amount of cash deposited in banks or trust companies, giving names of depositaries, the amount of unreported and deferred premiums, the amount of stocks and bonds, giving names and amounts, with the par and market value of each kind, the amount of loans secured by first mortgage on real estate, the amount of all other loans, and how secured, with the rate of interest, the amount of premium notes on policies in force, the amount of notes given for unpaid stock, and how secured, the amount of interest due and unpaid, and all other assets. III. The amount of losses due and unpaid, the amount of losses adjusted but not due, the amount of losses unadjusted, the amount of claims for losses resisted, the amount of money borrowed and the amount required to safely reinsure all outstanding risks according to the American Experience Table of Mortality, and 31/2 percent interest per annum, or the actuaries' combined experience table with the same rate of interest. IV. The amount of cash premiums and premium notes received, the amount of interest received from all sources during the year, and the amount received from all other sources. V. The amount paid for losses, the amount of dividends paid to policyholders and to stockholders, the amount of commissions and salaries paid to agents, the amount paid to officers for salaries, the amount paid for taxes, and the amount of all other payments and expenditures. VI. The greatest amount insured on any one life, the amount deposited in other states and territories as security for policyholders therein, stating the amount in each state or territory, the amount of premiums received in this state during the year, the amount paid for losses in this state during the year, the whole number of policies issued during the year, with the amount of insurance effected thereby, and total amount of insurance at risk. Source: Source. 1913, 42:3. PL 278:4. RL 328:4.