New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-02-23

cerncate OF incorporation in such special act
general law TO the contrary Notwithstanding and
every foreign HE insurance corporation doing busi-
ness within the State shall provide in every noliry
issued on or AFTER January 1907 that the proper
lion OF the surplus accruing upon the said motley
shaIl be escertained and distributed annually and
not otherwise.
CRoh december 81 Of each year, or as soon there
AIter as may be practicable every such corporation
shau Wen and truly ascertain the surplus earned
oy such corporation during said year After set
uhs ASIDE from such surplus such sums as may be
required for the payment Of authorized dividends
upon the capital stock. If any, and for a oontIn-
Sony reserve not In excess Of the amount pre-
scFDeo In this article. every such corporation shall
sepAiateiy determine the aggregate amount of the
remaining surplus. which shall be eouitahlv amor
tohAole TO all policies issued on or after January
- 4'O'' anu snail apportion such amount to said
Poicies according TO their respective shares The
snare OF the surplus so apportioned shall bs nav
able TO the holder CT the policy in cash. or at his
option. shall be permitted 10 accumulate To the
creot or the policy at such OF interest as shall
De aHowed by the company, and. with such interest.
snail be payable upon the maturity of the policy.
or shau be withdrawable in cash by the holder
or the policy on any anniversary OF the date
OF issue thereof or shall be applicable 10
the payment OF any premium or premiums
upon said policy, or to the purchase OF a paid
up addition thereto. Such corporation may re-
quire the holder OF the policy to elect the manner
IN winch saio dividends shall be applied as above
PROVIDED by mailing written notice Of the amount
OF the said dividend and the options available as
aforesaid TO the policyholder IN a sealed envelope
IN the manner required by the provisions OF this
chapter for notices Of premium payments, and in
case the policyhoder shall fail to notify the oon1-
AFTER the date OF mailing said notice the surplus
paid-up addition to the sum insured. The divI-
denGs declared as aforesaid shall be payable. re-
specuvely either upon the anniversary OF the pol
ICY next aIter said December 81 or upon day
to the rules e 6e s and GATE The 9
the policy, and upon the solo condition that the
Upon said pecember 81 shall have been Completed
ms section shall not aPply TO any stock life in
1907. shall transact and shall represent itself as
mutual basis and shall after said date issue only
non-partic!pating policies"
VALUATION OF CONTRACTS.
It is provided that the legal minimum valuation
Of all contracts issued after January 1907.
shall be "in accordance with the select and ulti-
mate method" No policy issued after December
81 1908, shall be valued as term insurance unless
policy with level premiums Issued after said date
shall be valued as term insurance for the first pol
icy year.
The State Superintendent Of Insurance. soon
as practicable. after January !. 1907 is directed
tx LEGAL minimum standards for the valuation OF
SECTION s. OF the Insurance law is repealed.
tain contingency reserve out Of the surplus after
January J. 1901 not exceeding respective percent
ing to the legal minimum standard prescribed.
These percentages are described follows
cent thereof or % or SheVer IS the 81 PfT
when said net values greater than 100000. the
serve shall decrease ons-af Of per cent for each
s $1,000 gR to 3 & 0nshaf II OF q per cent for
per cent for each additional ss5ooOo5 up 10 so:
nS to o6sh fer Of si0P per oeht fol
each additional 600 up to S0oooo69o; one-hait
!
al s00oOl6Oo up to 100000 and If said net value
contingency reserve shall not exceed 2 per cent
values OF the said policies increase and the maxi
Eun percentage measuring the contingency reserve
tngency reserve already accumulated hereunder
maximum percentage herein prescribed but NAV
not add to the contingent reserve when the addi-
II Is further provided that corporation having
fn5 surpiqs fnnd or CONTINGENT reserve
shal be entitled at any time 10 accumulate env
additional contingency reserve under this section
except to the extent that the aggregate Of such
receives s ana FUNDS is less than the contingency
the rates above mentioned, If computed upon the
ne, XsIues OF the the total policies then outstanding
render values for four-hfths OF the reserve era
less the pollcvholder elects 10 take the bs1a1+ ~
some other option in his policy Under the present
reserve end the Insurance companies are given dis
cises hts discretion 'Ao
No premiums on any policy issued after January
year higher in amount than the premium for term
other form OF policies issued by such corporatiors
favor OF individuals Of the same class.
VOTE FOR PoLICYHoLDERs
At every election Of directors in anv domestic
mutual life insurance company whether fncorno-
rated by special act under general law and
anything 10 the contrary in its charter certificate
Of Incorporation or bylaws Notwithstanding every
policyholder whose insurance shall be in force for
least one year prior thereto shall be entitled 20
vote without other qualifications. He shall be en-
titled 70 vote in person. by proxy or by mail At
least five months prior 10 election each company
shall file two lists of the names and postofioe ad-
dresses Of all holders OF least 81 900 OF tnsur-
ance whose insurance was in force twelve months
prior 10 the election. The names are 10 be ar
ranged alphabetically and shall be classified by
States, Territories and possessions of the United
States and foreign countries The lists are also TO
be on file at general agencies Of the company in
every State. Territory and possession Of the United
States and foreign countries. They may be in
spected by any policyholder his authorized rep
The board Of directors OF each company at least
four months prior 10 the date Of an election shall
fned. and they shall constitute what shall be
described as the t1aa ticket They
shall be fled with the State Superintendent of In
siiTance and al every general agency Of the com
pany. Any one hundred or more qualified voters
6f the corporation may nominate a ticket with an
a appropriate title 10 distinguish 1t from the ad-
r5i1istration ticket and other nominations No
limit is made on the number of these Independent
tickets The company shall mail. at least two
months prior to election. the names of candidates
nominated and the persons appointed to receive
proxies 70 all polIcyholders eligible 10 vote.
me return of the vote, and blank for the desg-
marion of proxies. Proxies shall be valid IN
less executed within two months prior TO the cleo
ton, and shall be used only al such election or
an adjournment thereof. and may be revoked by
the polcyholder at any time prior 10 the opening