security for debts
of less than $200, to be valid, must be accepted in writing by the
employer, consented to by the assignors, and filed in a public office.
Such a requirement deprives neither the borrower nor the lender of his
property without due process of law.[320]

Insurance

The relations generally of those engaged in the insurance business[321]
as well as the business itself have been peculiarly subject to
supervision and control.[322] The State may fix insurance rates and
regulate the compensation of insurance agents.[323] It may impose a fine
on "any person 'who shall act in any manner in the negotiation or
transaction of unlawful insurance * * * with a foreign insurance company
not admitted to do business [within said State].'"[324] It may forbid
life insurance companies and their agents to engage in the undertaking
business and undertakers to serve as life insurance agents.[325] Nor
does a Virginia law which forbids the making of contracts of casualty or
surety insurance, by companies authorized to do business therein, except
through registered agents, which requires that such contracts applicable
to persons or property in the State be countersigned by a registered
local agent, and which prohibits such agents from sharing more than 50%
of a commission with a nonresident broker, deprive authorized foreign
casualty and surety insurers of due process.[326] And just as all banks
may be required to contribute to a depositors' guaranty fund, so may all
automobile liability insurers be required to submit to the equitable
apportionment among them of applicants who are in good faith entitled
to, but are financially unable to, procure such insurance through
ordinary methods.[327]

However, a statute which prohibits the assured from contracting directly
with a marine insurance company outside the State for coverage of
property within the State is invalid as a deprivation of liberty without
due process of law.[328] For the same reason, a State may not prevent a
citizen from concluding with a foreign life insurance company at its
home office a policy loan agreement whereby the policy of his life is
pledged as collateral security for a cash loan to become due upon
default in payment of premiums, in which case the entire policy reserve
might be applied to discharge the indebtedness. Authority to subject
such an agreement to the conflicting provisions of domestic law is not
deducible from the power of a State to license