§ 4304. Licenses to enemy or ally of enemy insurance or reinsurance companies; change of name; doing business in United States

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1917

   Trading with the enemy Act

   Pub. L. 65–106 § 4 · 40 Stat. 411

   Enacted · 50 U.S.C. § 4304

   (Oct. 6, 1917, ch. 106, § 4, 40 Stat. 413.)

   Source evidence

   Code source credit
   (Oct. 6, 1917, ch. 106, § 4, 40 Stat. 413.)

   Enacted provision · exact public law section
   Sec. 4. (a) Every enemy or ally of enemy insurance or reinsurance Enemy insurance companies, etc. To make applications for licenses to continue business in United States. company, and every enemy or ally of enemy, doing business within the United States through an agency or branch office, or otherwise, may, within thirty days after the passage of this Act, apply to the President for a license to continue to do business; and, within thirty days after such application, the President may enter an order either Character of license. granting or refusing to grant such license. The license, if granted, may be temporary or otherwise, and for such period of time, and may contain such provisions and conditions regulating the business, agencies, managers and trustees and the control and disposition of the funds of the company, or of such enemy or ally of enemy, as the President shall deem necessary for the safety of the United States; Revocation, etc. and any license granted hereunder may be revoked or regranted or renewed in such manner and at such times as the President shall determine: Provided, however, That reasonable notice of his intent Provisos. Notice to other companies, of intent to refuse or revoke a license. to refuse to grant a license or to revoke a license granted to any reinsurance company shall be given by him to all insurance companies incorporated within the United States and known to the President to be doing business with such reinsurance company: Provided further, Abrogation of contracts made before the war by American companies. That no insurance company, organized within the United States, shall be obligated to continue any existing contract, entered into prior to the beginning of the war, with any enemy or ally of enemy insurance or reinsurance company, but any such company may abrogate and cancel any such contract by serving thirty days’ notice in writing upon the President of its election to abrogate such contract. For a period of thirty days after the passage of this Act, and further Temporary continuance of German insurance companies. pending the entry of such order by the President, after application made by any enemy or ally of enemy insurance or reinsurance company, within such thirty days as above provided, the provisions of the President’s proclamation of April sixth, nineteen hundred and Post, pp. 1654, 1684. War-risk and marine prohibitions. seventeen, relative to agencies in the United States of certain insurance companies, as modified by the provisions of the President’s proclamation of July thirteenth, nineteen hundred and seventeen, relative to marine and war-risk insurance, shall remain in full force and effect so far as it applies to such German insurance companies, and the conditions of said proclamation of April sixth, nineteen hundred and seventeen, as modified by said proclamation of July thirteenth, nineteen hundred and seventeen, shall also during said period of thirty days after the passage of this Act, and pending the No license for prohibited business. order of the President as herein provided, apply to any enemy or ally of enemy insurance or reinsurance company, anything in this Transmitting funds abroad, etc., unlawful. Act to the contrary notwithstanding. It shall be unlawful for any enemy or ally of enemy insurance or reinsurance company, to whom license is granted, to transmit out of the United States any funds belonging to or held for the benefit of such company or to use any such funds as the basis for the establishment directly or indirectly of any credit within or outside of the United States to, or for the benefit of, or on behalf of, or on account of, an enemy or ally of enemy. Temporary continuance of other enemy business allowed. For a period of thirty days after the passage of this Act, and further pending the entry of such order by the President, after application made within such thirty days by any enemy or ally of enemy, other than an insurance or reinsurance company as above provided, it shall be lawful for such enemy or ally of enemy to continue to do business in this country and for any person to trade with, to, from, for, on account of, on behalf of or for the benefit of such enemy or ally of enemy, anything in this Act to the contrary notwithstanding: Proviso. Transmitting funds abroad, unlawful. Ante, p. 412. Post, p. 425. Provided, however, That the provisions of sections three and sixteen hereof shall apply to any act or attempted act of transmission or transfer of money or other property out of the United States and to the use or attempted use of such money or property as the basis for the establishment of any credit within or outside of the United States to, or for the benefit of, or on behalf of, or on account of, an enemy or ally of enemy. Continuing business without license, unlawful. If no license is applied for within thirty days after the passage of this Act, or if a license shall be refused to any enemy or ally of enemy, whether insurance or reinsurance company, or other person, making Ante, p. 412. Post, p. 425. application, or if any license granted shall be revoked by the President, the provisions of sections three and sixteen hereof shall forthwith apply to all trade or to any attempt to trade with, to, from, for, by, on account of, or on behalf of, or for the benefit of such company Provisos. Payments on account of policies in force, etc., permitted. or other person: Provided, however, That after such refusal or revocation, anything in this Act to the contrary notwithstanding, it shall be lawful for a policyholder or for an insurance company, not an enemy or ally of enemy, holding insurance or having effected reinsurance in or with such enemy or ally of enemy insurance or reinsurance company, to receive payment of, and for such enemy or ally of enemy insurance or reinsurance company to pay any premium, return premium, claim, money, security, or other property due or Existing Insurance not vitiated. which may become due on or in respect to such insurance or reinsurance in force at the date of such refusal or revocation of license; and Claims for insurance money held by custodian. nothing in this Act shall vitiate or nullify then existing policies or contracts of insurance or reinsurance, or the conditions thereof; and any such policyholder or insurance company, not an enemy or ally of enemy, having any claim to or upon money or other property of the enemy or ally of enemy insurance or reinsurance company in the Suit authorized. custody or control of the alien property custodian, hereinafter provided for, or of the Treasurer of the United States, may make application Post, p. 419. for the payment thereof and may institute suit as provided in section nine hereof. (b) That, during the present war, no enemy, or ally of enemy, and no partnership of which he is a member or was a member at the beginning of the war, shall for any purpose assume or use any name other than that by which such enemy or partnership was ordinarily known at the beginning of the war, except under license from the President. Discretionary prohibition on all foreign insurance companies. Whenever, during the present war, in the opinion of the President the public safety or public interest requires, the President may prohibit any or all foreign insurance companies from doing business in the United States, or the President may license such company or companies to do business upon such terms as he may deem proper.

1 of 1 references resolved to an enrolled provision