Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1903-08-03

Insurance Commissioner Host mas re-
fused 10 grant q Wisconsin license to
the Great Hive Ladies' OF the Mod
cru Maccabees because the society
seeks to write insurance in = manner
which the laws of Wisconsin Will nct
allow. and for certain other reasons
which have never been set up by
Wisconsin insurance. commissioner be
fore. lie holds that the company, IN
name. is an imitation. Qf another and q
previously licensed company. he also
bases his refusal On. the ErOunu lna-
the company does not maintain sum
cfsut reserve 90 assure the holders o.
u0Iicies AGAINST loss. his statement
refusing the license. Is, a follows:
The application 81 the Great Hive
Ladies' OF the Modern Maccabees, To-
Gated N Ann Arb0r. Mich, Tor author
ftv Cd transact business .4l4 % iscoa-iA
"a ra.r1aa ser tlla following reasons.
FIRST. The society, under Section
s OF it's laws, permits persons 20 be
come members between 10 and 20
years OF age. The statement OF the So
ciety December 81, 1902, shows that
ia had g5 beneficiary members 16 years
Of age and z05 beneficiary members II
years of age. This. the law Of Wiscon-
SIN Nssj e.J- permit; section l9SSd,
statu-l4 eli 1898. 49,;
Second. The annual report Of the
society fled with its application, shows
that ID had, ON December 81, 1902, the
sum OF So. 5sEgT. balance to protect
contracts, and the aggregate amount
OF one assessment S5I. 37I-Sl, the diff
ference being less than 81, 200. Should
there bee q depreciation in the assets OF
the society. the reserve or emergency
fund. III ii can be called such, would be
reduced % an amount less than that OF
one asgregaJe assessment The law
OF Wisconsin (seCtiOn 1854, statutes
oil 1881 provides that every corpora
ton. society, order or association in
suFiuE lives on. the assessment plan,
shall accumulate and maintain a re-
erve or emergency fund of an amount
not less than the proceeds OF one death
. or disability assessment. My ConsJruc-
ti1u OF the above law is that the so
Cigty must have an amount actually
set aside iu a fund known as reserve
or emergency fund. The report of the
society does not show such a reserve
or emergency fund. 8
Third. I deem the name or title OF
the society too similar 10 one already
appropriated 10y an organization which
. for years has been tTausaCung business
iu this state. and likely TO mislead the
public; section 1851, statutes OF 1898.
Fourth: The society by its laws
(secti0n 1907 and Its certificate OF
membership. Obligates itself to pay the
certificates IN semiauuual installmenJs
in the evCnt-Of the member reaching
the age of 40 years. This is clearly
making the certificate an endowment
iustaIImeut contract. Being a definite
promise for the payment OF a definite
sum OF money at n fixed period, viii re
Quire fer its fuuuimeut the aCcumula-
ton Uf a reserve ON each policy sum
Client Co Fay those iusJallments when
due. irrespective of the assessments OF
the other members. Such necessary
reserve Is not accumulated by the So
ciety.
According TO its statement fled
with this department. the society hal
SIS such anuuitants. Dee. 81. 1902. The
statement also showed nearly 1000
members between 60 and 20 years of
age. who would, during the next nine
years, impose obligations for which no
provision has Leen made"