GIPE-PUNE-OIIOI2 - DSpace@GIPE

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20 PRI~CIPLES . OF COXIROL OVER
with the Schweizerische Nationalbank (central bank,
note-bank). These cannot be exchanged or recovered
without the permission of the A mt (1921 , art 12).
5" Porluga'l
The law of 1929 compels foreign companies to publish
two statements, one on the total business and the other
on the business done in Portugal. Both the statements
are to be published in the Portuguese language.
Cautionary deposits are demanded of all companies,
home and foreign, at the following rates; for life, 500;000
es~udos; for workmen's compensation 300,000 escudos;
for other classes 250,000 escudos (J esc. = Rs. 3).
In addition to this guarantee deposit foreign como
panies are required to hold a specified reserve:,
1. In the case of Jife and workmen's compensation
this isOto amount to the exact mathematical reserve.
2. In regard to fire, accident and other business extending
over one year the reserve is to be 33Yl per cent
()f the net annual premium income.
3. In regard to 0 marifie and other short· term business
the reserve is specified to be 1 n per cent of the
premium income.
6. Poland
In Poland. as in Italy 0 and Switzerland, the law
demands that the chief offici~ of foreign insurance companies
transacting business in the country is to°be a Polish
citizen. He is bound to carry 011 the office work in Polish
language. The appomtment of this official is as elsewhere
suPjeet to the control of the highest authority inOregard to
ipsurance matteI'S, and that is the ministry of nnance.