Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1907-08-08
No 692, A Published July 16, 1907.
CHAPTER GAG. LAWS OF 1907.


CHAPTER 636, LAWS OF 1907.
AN ACT to create sections 1952a, 1952b,
1850 and 1052d of the statutes, pro-
viding for the annual apportionment and
distribution of surplus and requiring re-
ports thereof
The people Of the State Of Wisconsin, repre-
sented in Senate and Assembly, do enact
as follows:
Section 1. There are added to the stat
utes four new sections to read Section
1952a. Every life insurance company hav-
or delivered in this state upon the mutual
or participating plan, shall annually, as of
the thirty-f1rst day Of December, ascertain
and determine the excess of Its assets over
all reserve liabilities and all other liabili-
ties constituting its profits, savings, earn
ings or surplus, and also the amount OF
unapportioned surplus which 1t Will retain
therefrom as q contingency reserve. After
setting aside such unapportioned surplus
such sums as may be required for the pay
ment Of authorized dividends upon the cap
ital stock If any, and such sums as may
properly be held for account Of existing
deferred dividend policies, the remaining
surplus shall be apportioned equitably to
all other policies entitled to share therein.
Section 1952b On all participating poll
cies Of life insurance heretofore or here
after issued in this state, excepting policies
of industrial insurance or of paid-up or
temporary and and pure , endowment, or other
dered policies and policies under the con-
ditions of which the distribution Of profits,
savings, earnings or surplus Is ueIeFT0u LOT
more than one year from the date of the
policy, and contingent upon the policy be-
Ing in force and the insured living at the
completion of the period for which such
distribution is deferred, the company shall
annually ascertain and credit the share Of
each such policy in the profits, savings,
Section 1880. i. The amount of profits,
savings, earnings or surplus SO ascertained
to be due to each such policy, together
with the interest earnings and accretiOnG
thereto, shall be carried as a distinct and
separate liability to such policy and shall,
except as otherwise provided In contracts
subject to be withdrawn In each policy
year, or be paid upon the maturity or ter
mination Of the policy.
@ Policies which have become payable
before the time when the next distribution
would have been made, and after the date
of the last previous distribution, shall share
in the same equitably and proportionally.
before the first day of March,, after the
year 1907, file with the commissioner Of
Insurance In such form as he may require,
a statement verified by the secretary and
actuary showing the amounts respectively
of the unapportioned surplus, unpaid divi
In section 1952a and other surplus; and
showing fully and In detail the method of
ascertainment and apportionment of profits,
savings, earnings or surplus on the poll
ces within the provisions OF section 1952b !;
the interest, mortality and expense factors
used in making such ascertalnaanent and ap,
portionment, and the rate OF interest at
which dividends left to accumulate have
been improved.
Section 1952d. Not less than thirty nor
more than sixty days prior TO the date OF
| distribution Of the dividend on any policy