Untitled Texas Attorney General Opinion ( 1942 )

OFFJCE OF THE ATTORNEY GENERAL OF TEXAS
AUSTIN
Eonorablo 0. P. Lookhart, Ohalrmn
BosrdOS Zzmmmie Coa!hsiOner#
Dear Sir;
Tour nquemt ior op
eardully conridered by thir 4
to urmuuest l8 r0u0w81
-..-.. --..--.. - m..-.w.,_.-
Bonorabl. 0. P, Lo&hart, Pagr 2
““I” .a
UUND .Th. Board paaaed thla order baoauas of
ita aonrlatlon that the order wa s louud baaed
pi
on lx p o r loin a in8uran08 fl8ia and alao
nothe
baaauae- than I. a lia lla r roriaion In the km
swatrIoting ,th. ~x5mm 11s ! lllty whloh am ba
laaumad by mother trpa OS inauranoa or%a&a-
tlon - a lloyba .- in Artiol. 5020. The r.-
atrlotlon in this artiola we8 gonarally folloud
by the Board in 1aauInng tha Or(ler cii Xay 25
‘.WIll
y o u:
p ia ir .
l6r isa is, l& o ur opinion,
the Board was within ita right. 1x1 iaaulng ths or-
6er or Ufty 20, 1941; ana If th. aompanlea affratod
are rrguind to obaeno Jha order.*
31:
ifi: &tie&. 4982, iarnon’a .¬atrb ~Ta&a Civil
Itatntra, raaaa aa r0um.t ~c
.
%ni .paraonor lr8ooiatlon or parabna,~
any Stata bhkl.ug aorporatlon or any other
domestlo oorporatlon, or anr borporatlon or-
uanlzsd unUer the law8 of any other State,
protlaed auoh forsign oorporation ooapllea
With ths lawa of, thia Btata rrlatine to lnaur-
am. othar thein llr. ma ylx a r o la She
a iollou-
tie power8 by .oapl& rlth the pXOVisiOa8 Of
Vii. lubdIrlaIon;
-1, Qualify as &rbian, airator, err&-
hr, ahmlniatrator, 888f.gnOei raobivar, tIUata8
b rlppoiutmmt or a ny
ooart or under will;
-or
Wo8itary of money la oqurt, without glring
b0.b aa luahr ; -
.~
‘m2* &OO~S rt$ii.``atlntor oi 8uiity‘ln Or .~
Ron cw bona nqulraa to be gl~n unde? the '.
l&r or this state, ‘tif other ltatuta to the
)ontrarr notwithatan>``* ,JI&daraooriug o\ira)
‘:
,E 2onorable 06 P. &ok&Art, Pa&e 3
1
“1. Deposit with the 8tata~Troaaurar
fifty thouaaud dollar8 oonaIrtIng of eaah,
treasury not08 of the Vnltaa Btatoa; or goreti-
mant, Stats, aounty, munlolpal or other bonba,
aotaa, or Bobanturaa, aacuraa by rlrat nort-
gag08 or aaaaa.0r trust or mortgagor or aooaa
of trwt on unanoumbarad real oatato ln Taxaa
worth at least double the amount loaned tharaon,
or euah other first ala88 laaurItloa am the.
CommIaaIonar may .approm. Sal& bona8 or aoau-
rltlaa &all not. be rooolvod or ho14 at a rata
above par but it thalr market value l# ldae
than per &hey ahall not be hold abort their aatual
market ralua . The State Troasuror #hall require
any auah dapoaltor fro raplaoaany laourItloa ao
aoposltoa on wbln h the lntoroat ahall not be pal4
dthln air pontha attar naturltp, by other
aeourItisa *qua1 In afcount to thorn0ruuovarl,
upon which the $ntoraat ham not been (teraultad.
The tunas ti doposltab ahall be rlmarllyliable
for the obllgatI6ns Of the dopoa Iptir ln mg
oapao.lty heroin luthorlssa, and ahall not be
llablo ror any other debt or obllgatlon of the
6opoaltor wtll all 8uch truat lIabIlItlaa
have boa &laohargeA.
-2. Sotlafy
the Comrrlaslonar of It8
mlvenoy. The ComaIaaIonor 8hall laaua any
Bush depositor, when 8atIaflob It la lolrant
ma ham mat the repulroa aapoait, a oortlflaato
~uwing auoh faotar
“3. Xa,lntaIn a pramhamreaarvo oi the
mount roqulrod to ralnaura all outatanUlng
rlskr, to be atttrminaa bp.takinS r ir ty per lant
Qf the pread*rms 08 all unarplra4 rlaka that
hayelose than one year td mn, anb a pro rata
Qf all gross premiuma on rlaki that bats norm
tJm one fear to run. f *
.I .
. Eononblo 0, P. LoaUart, Pago 4
‘4. file with the Uomia~Ionor, wlthln ~’
rlrty daya artor the .tIrat day or laoh January,
a nport sworn to by lta la lr la aa nt looratar~
or br two of Ita prlnolpa F oirIoara, as to the
luroty’ aml bond burinosa &no br the mm8 during
.&a .poaatllng year*
"5. Pay taxoa an ita lu r o ty
and bon6 bwl-
name am ro@rod of other luratr lomganIaa.*
~tiolt ,502oVoman~r Annotated hua Clrll
8tctuta8, roaaa am r0,4 uwat -
30 lttoiney.ror ttabarwrltora at a Uoyd’r
ihalllaawnm ony one Inauranoo *Irk lxoaoUng-
0r
o ne-tenth th e wtount o f th e net l8aata OS
the unasrwrltrra am delino& la this ahaptor
mb. the lhlltloaal llablllty aaauma4 by the ,,
Lndi~ia~i arkaarwrltar4 in the clrtlalaa of
agreement ana In the polloloa or aontraota or
In``.n``~uuloaa ruoh lxoo~a oh~ll be prompt4
,
mi0it 5023 vtmon~r lanotatoa Tuaa Qitll
(Wutea, raaaa am r0 li ewe:
vaoept am hi&In protiara no other inmu&
an00 law or thla State ahall lp p 4 to inauranoa
on ths Lloyd~a plan unloaa it lm lpdrloa4
80proriaaa inma oohth ela
r w
that th e
a a m
a h.a ll
k lpplIaabla.~
It 1. &r.o&lon that A&la18 5020” ‘r r’ 0 61,
@ma, applIra only to Uord’a Plan &ouranaoDOo&Ia~
mai06 for by Chapter 19, Tit10 78, 8. C., 8.
We quote $rom 24 Taxer turiapru6mao, page 1322,
” ~0llw.r
.
. . . :Tho ‘Xnauranoo Oo5mIa~ion may
Wrolar only the lthorlty rxproaa~ atim&
.’
) -...
.,
5m
onorable 0, P. Uokhart, Page 5
by law; the mtatutee aonterring auuh authority
em ~etrlatly oonstrued. . , . *
In the oa8e oi Oommemoial standard Life In-
nmanoe Company va. Boar4 or Xneuranoe Oominiaeionsre,
)!+6. x. (2a) 343, the Ootvt held lnralld an order or
tb a08;ca riring 0ormPissionr to b0 paid fire inmranoe
tgsnte. 'rie quote from the Oourt'8opinion a8 follower
*The oc3,y manner In whioh that oan be done
16 by M ape88 ~a0t 0r the Legmtttur8 imir.
The Boer4 oafi oreraise only the ruttrority oon-
ferred updn it by lean in oloar an& unnistakeab3e
tenim, end will not be dearnab to be (llren by ia-
pliaetLon, nor oan It bo extenbod by Fnrerenoa,
but must be 8triotlJ oonatrumLw
We hen bean unable to ilnd uv- ltetutory
mtharfty, either srpnm or by implioatio%, whloh
WUU authorize the Board to pasr the above quoteb
araw.
It IS thereron, ‘our opinlon t.hat meld ‘or&
lITaid tit¶ the 8iie0t8d 00+miOa Km mt m$IitOd
to obmrve or follow auoh Orbor.