Chap. 181.—An ACT.to prescribe the conditions under which industrial insur-
ance companies may be organized or licensed to do business in the State of
Virginia. [S B 78]

Approved March 15, 1920.

1. Be it enacted by‘the general assembly of Virginia, That no
insurance company hereafter incorporated under the laws of this
State, on the stock plan, and for the purpose of transacting the busi-
ness of either industrial sick benefit insurance as defined in section
forty-three hundred and fifty-one, or industrial life insurance on the
weekly or monthly payment plan, or both, shall be allowed to trans-
act such business in the State of Virginia, unless such company shall
be possessed of a cash capital of at least one hundred thousand dol-
lars, fully paid in, and a cash surplus of at least fifty thousand dollars ;
and no insurance company, on the stock plan, incorporated under the
laws of a State, territory, or district of the United States other than
the State of Virginia, which is not now transacting business in this
State and which shall hereafter apply for a license to transact the
business of either industrial sick benefit insurance, as defined in sec-
tion forty-three hundred and fifty-one, or industrial life insurance on
the weekly or monthly payment plan, or both, shall be allowed to begin
to transact, such business in this State, unless and until such com-
pany shall be possessed of a cash capital of at least one hundred
thousand dollars fully paid in, and, in addition, shall have deposited
with the treasurer of the Commonwealth, or with the proper officer
of the State of its incorporation, for the general protection of its
policy holders, the sum of one hundred thousand dollars in the inter-
est paying bonds or stocks of the United States, or of this State, or
of any municipality or county thereof, or in the interest paying State
bonds. or stocks of ‘some other State of the United States, of the
market value of one hundred thousand dollars in the city of New
York, or in bonds and mortgages on unincumbered real estate in this
State, or in the State under the laws of which it was organized of
at least double the value of the amount loaned thereon, or such securi-
ties, stocks, bonds or mortgages as may be accepted by the proper
‘officer of the State of its incorporation as of the value of one hun-
dred thousand dollars..

2. Insurance companies, on the stock plan, incorporated under
the laws of a State, territory or district of the United States other
than the State of Virginia, at present transacting in this State the
business of either industrial sick benefit insurance, as defined in sec-
tion forty-three hundred and fifty-one, or industrial life insurance
on the weekly or monthly payment plan, or both, shall, after April
thirtieth, nineteen hundred and twenty-one, have the same amount
of paid up capital stock and make and maintain such deposit as may
be required, by the then existing laws of the respective States of
their incorporation, of companies of the State of Virginia doing a
similar business in such States, or as would be required of companies
of the State of Virginia if such companies were to apply for.a license
to do a similar business in such States, whether such license be ap-
plied for or not.