I, of the Civil Code applicable thereto; and every person neglecting to comply with such requirements is subject to the fines and penalties therein prescribed. § 627. All statements, estimates, percentages, payments, and calculations, required by this chapter to be made, either by the Commissioner or persons engaged in the business of fire or marine insurance, must be in gold coin of the United States. § 628. The annual salary of the Insurance Commissioner is three thousand dollars. [Amendment in effect July 1, 1880.] § 629. The annual salary of the deputy of the Insurance Commissioner is eighteen hundred dollars. [Amendment in effect March 4, 1887.] § 630. The Commissioner may procure rooms for his office at a rent not to exceed seventy-five dollars per month, and may provide a suitable safe and furniture therefor; he may also provide stationery, fuel, printing, and other conveniences necessary for the transaction of the business of his office. Out of the funds paid into the State Treasury by the Insurance Commissioner, there shall be set aside and reserved each and every year the sum of two thousand dollars, as a special fund to be called the Insurance Commissioner's Special Fund. All expenditures authorized in this section must be audited by the Board of Examiners, who must allow the same and direct payment thereof to be made, and the Controller shall draw warrants therefor on the State Treasury for the payment of the same to the Insurance Commissioner out of the said Insurance Commissioner's Special Fund. [Amendment in effect March 4, 1887.] § 631. The Commissioner must keep his office in the City of San Francisco. § 632. The Commissioner must execute an official bond in the sum of ten thousand dollars. § 633. No person shall in this State act as the agent or solicitor of any life insurance company doing business in this State until he has produced to the Commissioner, and filed with him, a duplicate power of attorney from the company, or its authorized agent, authorizing him to act as such agent or solicitor. Upon filing such power, the Commissioner shall issue a license to him to act as such agent or solicitor for such company, if such company has received a certificate of authority from such Commissioner to do business in this State. Such license shall continue in force twelve months from the date thereof, but may be, and shall be, sooner revoked upon application of the company or its authorized agent. Such license may be renewed from time to time, for an additional period of twelve months, on production by the holder to the Commissioner of a certificate from the company that such person's authority as such agent or solicitor continues. For each such license, or renewal thereof, the Commissioner shall receive the sum of one dollar. The Commissioner shall keep an alphabetical list of the names of the persons to whom such licenses shall be issued, with the date of the license and renewal, and the name of the company for whom such person is working. If any person shall, under a false or fictitious name, procure, or attempt to procure, a license to act as agent or solicitor of any life insurance company, he shall be guilty of a misdemeanor. Every person who, in this State, procures, or agrees to procure, any insurance for a resident of this State from any insurance company not incorporated under the laws of this State, unless such company, or its agent, has filed the bond required by the laws of this State relating to insurance, and obtained from the Commissioner a certificate of authority to do business, and every person who solicits or procures any life insurance, without having been duly licensed so to do by the Commissioner, shall be guilty of a misdemeanor, and upon conviction thereof shall be punished accordingly. The Insurance Commissioner must require as a condition precedent to the transaction of life insurance business in this State, that every life insurance corporation or company created by the laws of any other State, or of any foreign country, must file in his office the name of an agent, and his place of residence in this Statę, on whom summons and other process may be served in all actions or other legal proceedings against such corporation or company. All process so served gives jurisdiction over such corporation or company. The agent so appointed must be the principal agent of such corporation or company in this State. Any such foreign corporation or company shall, as a further condition precedent to the transaction of insurance business in this State, and in consideration of the privilege to transact such insurance business in this State, make and file with the Insurance Commissioner an agreement or stipulation, executed by the proper authorities of such corporation or company, in form and substance as follows: The (giving name of corporation or company) does hereby stipulate and agree that in consideration of the permission granted by the State of California to it to transact insurance business in this State, that if at any time such corporation or company shall, under the existing provisions of law in this State in relation to insurance companies, be without an agent in this State on whom summons or other legal process may be served, service of such summons or other legal process may be made upon the Insurance Commissioner, such service upon the Commissioner to have the same force and effect as if made upon the corporation or company. Whenever such service of summons or other legal process shall be made upon the Insurance Commissioner, he must, within ten days thereafter, transmit by mail, by registered letter, a copy of such summons or other legal process to the corporation, addressed to the president or secretary thereof, at its home or principal office; such copy must be certified by the Commissioner, under his hand and official seal, and the sending of such copy by the said Commissioner shall be a necessary part of the service of summons or other legal process. [Amendment approved March 9, 1893.] 123 Cal. 111. § 634. It shall be lawful for any company or corporation, transacting the business of life insurance in this State, to register with the Insurance Commissioner, such of its policies as may be agreed upon by the company and the insured: such registration to consist in a written or printed list of such policies filed with the Commissioner, showing the name and age of the insured, number and date of the policy and the kind and amount of insurance in each case. Such list must be filed with the Commissioner within thirty days after the issuance of the first registered policy, and must contain all such policies issued up to date of filing. After that date, the company must, within three days after the first day of each calendar month, file a statement embracing all its registered policies issued since the filing of its last preceding list. Upon filing such lists of policies, from time to time, the company must deposit with the Commissioner, as a special deposit for the benefit of such registered policies, securities of the denominations stated in section four hundred twenty-one of the Civil Code as permissible for the investment of the capital and accumulations of insurance companies. Such deposits must be in an amount equal to the full net value of all policies registered up to the time of making the deposit, and must, at all times, be equal to such net value of all registered policies. Upon receipt of such securities the Commissioner must immediately deposit them in the State Treasury, in accordance with the provisions of section six hundred and eighteen of the Political Code, where they must remain as a special security for the benefit of such registered policies. Such company may, at any time, withdraw any excess of securities above the net present value hereinbefore specified, upon satisfying said Commissioner by written proof that such excess exists, and shall be allowed to receive the interest on all securities deposited and to exchange such securities by substituting other securities of the character in which, by the laws of this State, it may invest its funds. [Amendment approved March 18, 1905; in effect in sixty days.] 128 Cal. 537. BOND INVESTMENT COMPANIES. SEC. 635a. Investment company defined. 6356. Investment companies licensed. Deposit with State Treasurer. 635c. Articles of incorporation, where filed. Statement and fees. 635d. Duty of Treasurer and Attorney-General. 635e. Deposit withdrawn, when. 635f. Right to substitute securities for cash. 635g. Amount of money to be loaned out of reserve fund. 635h. Reserve fund. 635i. Duty of Attorney-General. 635j. Penalty for violation of provisions of these sections. 635l. Law to apply to what corporations. § 635a. Every person, corporation, company, association, co-partnership or individual in the State of California now engaged in or that shall hereafter engage in the business of placing or selling bonds, debentures or certificates of investment by whatsoever name said bonds, debentures or certificates of investment may be known or designated, when such business is conducted on the partial payment or installment payment plan, or in placing or selling any species of bonds, debentures or certificates of investment, on the partial payment or installment plan, wherein or whereby the holder or holders of said bond, debentures or certificate of investment are or may become entitled to claim and receive from such person, corporation, company or association a return, either at a definite or indefinite time, in cash, or in merchandise, or any property, for the partial payments or installments of money so paid, and wherein or whereby the holder may be subject to a fine or forfeiture as a penalty for non-payment of said partial payments or installments, is hereby declared to be an investment company under the provisions of this Act. [New section; approved March 18, 1905; in effect in sixty days.] § 6356. Every corporation, company, association, co-partnership or individual, now engaged in, or that shall hereafter engage in business in this State as an investment company as herein before defined and not licensed by nor under the supervision of the Bank Commissioners, Building and Loan Commissioners or Insurance Commissioner, that shall place or sell any bond or bonds, debenture or debentures, certificate or certificates of investment on the partial payment plan whereby the holder or holders of such bond, or bonds, debenture or debentures, or certificate or certificates of investment are or may become entitled to claim and receive from such corporation, company or association, a return, either at a definite or indefinite time, in cash, or in merchandise, or in property, for the partial payments or installments of money so paid, and wherein or whereby the holder may be subject to a fine, or penalty of forfeiture for non-payment of said partial payments or installments, is hereby required to deposit within sixty days after the passage of this Act, in cases of corporations, persons, companies or associations now existing and doing business, or before commencing business in cases of persons, corporations, companies or associations not now engaged in business, for the security of the holder or holders of the bonds, debentures or certificates issued by it, with the Treasurer of the State of California, in cash, or in securities to be approved by said Treasurer, the sum of five thousand dollars ($5,000), and in addition thereto shall deposit semi-annually, with the Treasurer |