Chap. 75.—An ACT to amend and re-enact the 68th section of chapter
34 of the Code of 1873, in relation to the deposit of securities to be
made by foreign insurance companies as a prerequisite to obtaining
license.

Approved February 13, 1877.

1. Be it enacted by the general assembly of Virginia, That
section sixty-eight of chapter thirty-four of the Code of
eighteen hundred and seventy-three, be amended and re-
enacted so as to read as follows:

§ 68. No insurance company. which has not been incorpo-
rated 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 manner prescribed by law, and
no such company shall receive such license until it shall have
deporited 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, Lynchburg, Norfolk, Ports-
moutb, Alexandria, Danville or Staunton, or first mortgage
railroad bonds of a railroad company chartered by this state,
or bonds of individuals, residents of this state, executed for
money loaned by said company since the third day of Febru-
ary, eighteen hundred 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 trea-
surer, or bonds of municipal 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 or assets 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 thousand dollars; and no
company shall be required to deposit such securities to an
amount exceeding, in cash value, fifty thousand dollars: pro-
vided, further, that the provisions of this section shall not be
construed as applying to foreign insurance companies doing
exclusively a marine insurance business in this state. The
treasurer shall have power to call upon any such insurance
company to make good any reduction in the value of the
securities deposited by it 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 ascertaining whether any of them have become depreciated.
2. This act shall be in force from its passage.