.- ~-%.
L
11' - 340 , I Ing premium reduction coupons maturing
.' said year, paid to policyholders withill worth at least fifty per cent more than the sum
' invented or loaned thereon; provided, that no
ate either in cash or applied in abate- water right application made to the United r reduction of premiums due. during the States for a water right under any United
r year next precedinu; pwvided, that if States reclamation service project shall be con-any
Insurance company shall have paid a prop- ntrued, under this section, to be an encum-rrty
tax during said year. it shall be entitled brance on the real estate therein described;
to deduct from the tax herein provided for the provided further, that all taxes, accrued inter-nmount
of such property tax paid for general est and due assessments or installments on tho state purposes. The taxes and fees as provided naid water right application are fully paid;
herein shall be in lieu of all other state, county ptovided frrt. tke~.. that any lien created under
and municipal lirense~ a nd fees of every kind or pursuant to the statutes of Utah or of any
and character. ' . ' other date of tho United States relating to
drainage, irrigation or water districts to secure the payment of bonds issued by said drainage, Whenever the laws of any other state of the irrigation or water districts or the annual
United States or foreign country shall require maintenance charges within such districts shall
from insurance companies organized under the not be construed to constitute an encumbrance laws of this state and doing business in suri~ within the purview of this section. Domestic
other state or country any deposit of securities insurance companies may, after complying with
for the protection of their policyholders or oth- the provisions of this title, invest their addi-erwiae,
or any payment of tnxes, fines, penal- tional surplus or other funds in such wcuri-ties,
fees for certificates of authority, license fees ties, or may loan upon or purchase renl estate
or otherwise, in larxer amounts or at hi~ hera tes or mortgage bond^ of railroad companies or-than
required by the lawn of this state for the uanized under the laws of said states or tho
same purposes from similar companies organized District of Columbia. or any of them, or oper-
under the laws of such other state or country ated therein, or the stock, bonds, securities
and doinn huainesu in this state, or whenever or evidences of indebtedness created by any : any conditionu precedent to the right to do corporation or corporations created under the laws of the United States or of this or any business in such other state or country are imposed by the laws thereof beyond those im- other state, except the stock of mining com-
'* , posed by the laws of this state, then all such panies; provided, that no loan shall be made I
similar companies of such other states or coun- or retained on any of the above mentioned
tries doing business within this state shall securities, except the bonda or stocks issued
comply with the same conditions precedent, or created by the United States or this state.
exceeding ninety per cent of the market value
and shall make deposits with the commissioner and shall pay in this state taxes, fines, penaltier, thereof; provided further, that no loan shall
fees for certificates of authority, license fees or be made by any company on its own stock.
otherwise, as a condition to the issue of a li- ' ; cense to them, computed upon the = me basis 11-
All bonds or other evidences of debt having . , as those provided by the laws of such other
state or country. a fixed term and rate of interest held by any ' , insurance company, assessment life associa- I
tion or fraternal beneficiary association aU-Mutual
and assessment companies shall, un- thorized to do business in this state may, if amply less otherwise specified in this title, be required sinetceurreesdt, abned vnaloute din ads effoaluloltw as: s Itfo ppurirncchiap~ ael doa rt
to pay the same fees and be under the same par, at the par value; if purchased above or supervision ant1 authority of the commissioner below par, on the basis of the purchase price
as stock companies which are engaged in the adjusted so as to bring the value to par at ma-mme
kind of insurance buainean; and shall turity and po as to yield in the meantime the
E
comply with this title, unless otherwise pro- ; effective rate of interest at which the purchase
' i d 4 and be suhject to the penalties provided was made; provided, that the purchase Price @ hall in no case be taken at a higher figure 11
than the actual market value at the time of ! proaidcd furtker, that the Corn-
No insurance company shall transact busi- missioner of insurance shall have full discre- , ' / nesn in this state unleas it is possessed of the tion in determining the method of. calculatinR : , R~ tuala mount of capital or guaranty funds as , ralues according to the foregoing rule. i 5
required in sections 3. 6 and 6 of this chapter
- - - - j ~ c a s h , o r invesMin bonds or publlc stock ,: - - - - 12- , ,, issued or created by the United States, or by F~~ the plirpoae of making valuations of life. . , this state, or by any other stnte of the United insurance policies and of determining the re- :( States or the District of Columbia, or by any required to be maintained therefor under
or either of them. or by any of the incorporated the provi~ ions of this title the rate of interest
eitics, counties, townships, or other municipal shall be per cent per annum, and
Corporntions thereof, or in bonds or notes se. the rate of mortality shnll be established by
: cured by mortgages or trust deeds on unen- the table known an the " American Experiencd
cumbered real cstnte located within said stntes Table of ~ ~ r t ~ l i tfoyr" p nlicien issued after
or Llle District of Columhin, or either of tl~ enl,
1
