Chap. 296.—An ACT to Amend the first Section of an Act Approved
March 25th, 1871, entitled an Act to Amend and Re-enact the first and
‘second Sections of an Act, passed February 3d, 1866, entitled an Act to
Require a Deposit of Securities to be made by Foreign Insurance Com-
panies doing business in this State.

Approved March 29, 1873.

1.: Be it enacted by the general assembly, That the first section
of an act approved March twenty-fifth, eighteen hundred and
seventy one, entitled an act to amend and re-enact the first and
second sections of an act passed February third, eighteen hun-
dred and sixty-six, entitled an act to require a deposit of se-
curities to be made by foreign insurance companies doing busi-
ness in this state, be amended and re-enacted so as to read as
follows, viz:

§ 1. Be it enacted by the general assembly, That no insurance
company which has not been incorporated under the laws of the
state of Virginia, shall carry on its business in this state without
first obtaining a license to transact its business in the man-
-ner prescribed by law, and no such company shall receive such
license until it shall have deposited with the treasurer of the
state, bonds of the state of Virginia, or of public corporations
guaranteed by the state of Virginia, or bonds of the United
States, or bonds of the cities of Richmond, Petersburg, Lynch-
burg, Norfolk or Alexandria, or first mortgaged railroad bonds of
@ railroad company chartered by this state, or bonds of indi-
viduals residents of this state, executed for money loaned by
said company since the third day of February, eighteen hun-
dred and sixty-six, and secured by deed of trust on real estate
in this state, worth double the value of such loan or debt,
together with the policies of insurance upon the property so
mortgaged, approved by the said treasurer, or bonds of mu-
nicipal corporations of this state, secured by deed of trust on
real estate to an amount which shall be equal to five per centum
of the capital stock of the company depositing the same, such
deposit being estimated at the market value thereof at the
time such deposit is made: provided, that in no case shall any
company receive a license to do business in this state without
first making a deposit of securities according to the provisions
of this act, the cash value of which shall be at least ten thous
sand dollars; and no company shall be required to deposit such
securities to an amount exceeding in cash value fifty thousand
dollars: provided, further, that the provisions of this section
shall not be construed as applying to foreign insurance compa-
nies doing exclusively a marine insurance business in this state.
The treasurer shall have power to call upon such insurance
company to make good any reduction in the value of the secu-
rities deposited by if as aforesaid so as to bring their true value
up to the amount to be deposited by it; and it shall be his
duty to examine all securities so deposited with him in the
month of December of every year for the purpose of ascertain-
ing whether any of them have become depreciated.
2. This act shall be in force from its passage.

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