Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1909-07-08
No. 415, 81 Published May %. 1903.
CHAPTER 2O9, LAWS OF 1909.


AN ACT to amend section 1850 of the
statutes, and 70 create sections 1950a,
l950b. and 1850 Of the statutes, pro-
vIdlng standards of mortality and inter
est and for the valuation OF policies of
life insurance and annuities.
The people OF the State of Wisconsin, rep
resented In Senate and Assembly, do srs
act follows:
Section l. Section 1850 of the statutes
Is amended, and three new sections are
Section 1850. /. Every life insurance
company doing business In this state or hav-
ing in force in this state, policies issued
~ secured to provide for its reserve liabil-
ity over and above all its other liabilities,
which reserve liability shall bs determined
oy the state follows;
a. ALI policies issued by a domestic COM
pany after the year 1909 shall be valued
according to the expense charges assumed,
the table OF mortality adopted and the rate
of interest assumed.
b. Any policies Issued by q foreign COM
pany after the year 1909 may be valued as
provided In subsection a, provided the as
conform to the requirements OF subsectiOns
l aud 2 Of section 1880, and provided the
that resulting from a valuation under the
laws Of the state or country where the home
office OF said company Is located.
G All policies issued before the year
1910, on any plan not providing in every
year for full net Level premium reserves
may be valued upon such plan and on the
basis of either the American Experience or
the Actaaries Table of Mortality. and a
rate OF interest not higher than that as
sumed nor higher than four and one-haIr
per centum per anDum.
g. All policies for which no other meth
Cd Of valuation Is provided shall except as
hereafter provided be valued on a net level
premium reserve basis computed on either
the American Experience or Actuaries
Table of Mortality and q rate of interest
for policies issued before the year 1910 not
higher than that assumed nor higher than
four and one-haf per centum per annum,
and for policies issued after the year 1909.
not higher than that assumed nor higher
than four per centum per annum.
e. Any policies mentioned In subsections
b, c and d may be valued to produce ag-
gregate reserve liabilities in excess of those
required by said subsectlOns but not greater
than such as would result from valuing
the same on the basis Of the table Of NOR
tally adopted with interest at three per
+. The commissioner of insurance may
vary the standards OF interest and mortal
ity in the case of corporations Of foreign
countries as TO contracts issued by such
corporation in other countries than the
United States and in particular cases Of in
valid lives and other extra hazards. and
value policies In groups and use approx
mate averages for fractions of year.
2. In every case in which the actual
premium charged for an insurance is less
than the net premium for such insurance,
required according to the table
Of mortality adopted and rate of interest
assumed the company shall also
be charged with the present value of an
annuity the amount OF which shall equal
the deficiency by reason of the
premium charged being less than
Inc net premium required
3. In every case where the premium
stipulated in any policy shall provide for
an expense charge exceeding in any year
the provision for expenses in such year the
valuation shall include liability computed
on the basis of the excess of such expense
charge.
i The valuation annually made and &C.
cepted by the insurance department Of any
other state of the United States or any
other country of any policies of q com
pauy located in such other state or coun-
try. if such valuation shall be certified as
true and correct by the insurance commits
Sicner, or like officer of such state or cOun-
try shall be received and accepted by the
commissioner of insurance of this state
and no further valuation shall be required
or be made by him for the year for which
such valuation shall be so certified. pro-
mined shall not be less than the liability
resulting from a valuation made under the
laws OF this state
5 The valuation by the department OF
authorized by any law thereof OF env pol
icies of q company located outside of this
state II conforming TO the aforesaid pro-
visions TO valuation by the commission
ers or Ike officers OF such other states or
countries shall be received and accepted IN
6 Except as aforesaid the commission
or Of insurance shall annually make OF
standing policies. additions thereto. and
other obligations OF every such company
mentioned in subsection !.
! The commissioner of insurance shall
annually after the year. 1909, upon the re-
quest u any domestic company. without sd-