The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1907-01-11

commissioner =. q. Cooper has rec
commended for passage by the legis-
lature this winter bill affecting the
fraternal insurance societies. This bill
was prepared by Geo. A. Bangs of
Grand Forks. who Is an authority on
fraternal insurance,
The bill is one OF the most important
that will come before the legislature
this winter. and is as follows:
A Bill Entitled IAN Act Regulating
Fraternal BENEFICIARY Societies, Orders
or Associations, Establishing . Stand.
ard Mortality Table Therefor, Requir.
ing Adequate Rates With an Annual
Accounting and Distribution, Providing
for Valuation Of Certificates, Designat.
ing Plans Of insurance and Benefi.
Charles, and Declaring Any Contract in
Conflict Herewith Void.
Be it enacted by the legislative as
sembly of the State of North Dakota:
Sec. /. DOMESTIC FRATERNAI4
BENEFICIARY SOCIETIES. No fra
ternaD beneficiary society shall mere
after be organized in this state which
does not provide for the collection
from its members for mortality pur-
poses Of payments equal to those re-
quired by the American Experience
Table of Mortality, with interest at a
rate not exceeding 31A per centum per
annum.
Sec. 2. FOREIGN FRATERNAL
BENEFICIARY SOCIETIES. No fra
ternal beneficiary society not now
authorized to transact business in this
state shall hereafter be authorized 10
transact business as fraternal bene-
ficiary society In this state which does
not provide for the collection from its
members for mortality purposes of
payments equal to those required by
the American Experience Table of
Mortality with interest at a rate not
exceeding 3h per centum per annum.
Sec. 3. FRATERNAL BENEFICIARY
SOCIETIES NOW LICENSED. No fra
ternal beneficiary society now author
lied to transact business in this state
shall be licensed to transact business
in this state as fraternal beneficiary
society after the expiration Of its IL
cense which may be in force on De-
cember 81, 1908, which does not pro-
vide for the collection of payments
from its members admitted after De-
cember 81, 1908, for mortality purposes
equal to those required by the Amer
lean Experience Table of Mortality
with interest at rate not exceeding
3h per centum per annum.
Sec. 4. ANNUAL ACCOUNTING AND
DISTRIBUTION. Every fraternal
beneficiary society transacting bust
ness in this state and collecting pay
ments from its members based upon
the, American Experience Table of
Mortality shall make an accounting
with its members on the 31st day De-
cember of each year for the purpose
of ascertaining the cost of mortality,
expense and the reserve required upon
the insurance granted upon rates based
upon said table; and If such account
ing shall disclose surplus after pro-
viding for mortality, expense and nee
cessary reserve, equal to or exceeding
one or more periodical or monthly
payment from all members VINO have
made periodical or monthly payments
for one full year before said December
31st, based upon said mortality table,
then such surplus shall be distributed
to such members by crediting one or
more periodical monthly payments as
the case may be, within three months
after December 31st of the year for
which the accounting is had,' and
charging the amount SO credited
against such surplus, and any surplus
not equal to the aggregate of one
periodical or monthly payment of those