The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1909-07-29
No. 4I5: 81 Published May 2s, 1909.
CHAPTER 200, LAWS OF 1909.


AN ACT to amend section 1860 of the
statutes. and to create sections 1960a,
1950b, and 1O5Oc OF the statutes, pro-
vding standards OF mortality and inter.
cot 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 en-
act as follows: -, i
Section /. Section 1850 of the statutes
is amended. and three new sections arc
added to the statutes, to read:
Section 1860. l. Every life Insurance.
company doing business in this state or hay-
Ing in force La this state. policies issued
therein. shall hold funds properly and safe
y secured to provide for its reserve llabil-
which reserve liability shall be determinsd
BY the state as follows: r.
a. All policies Issued By domestic CON-
pany after the year 1sos IS, shall Dc valued
the table Of mortality adopted and the rate
OF interest assumed.
b. Any policies issued by a foreign COM
pany after the year 1909 may be valued az
provided In subsection a. provided the az
Sumptions as to mortality and interest shall
conform to the requirements Of subsections
/ and Of section 10000, and provided the
aggregate liability shall not be less than
that resulting from a valuation under the
laws Of the state or country where the home
Office Of said company Is located .sa
G All policies issued before the year
year year for fuh net level premium reserves ssss
basis OF either the American Experience or
the Actuarles Table Of Mortality. and a
rate Of interest not higher than that as
sumed nor higher than four and one-half
per centum per annum. ~ ~
d. All policies for which no other. meth
cd Of valuation s provided shall except as.
hereafter provided be valued on net level
the American Experience or Act9aries
Table of Mortality and a rate Of interest,
for policies issued before the year 1910, not
higher than that T, assumed saa n, nor higher than
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 may be valued to produce ag-
gregate reserve liabilities in excess Of those
required by said subsections but not greater
the same on the basis Of the table of NOR
tally adopted with interest at three per
centum per annum. ''*
tf.'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
valid lives and other extra hazards. and
value policies In groups and use sapproxir
mate averages for Fractions of a year. So l.
2. In every case In which the actual
premium charged for an insurance is less
than the net premium for such Insurance.,
=
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
premium charged being less than,
the net premium required =, : go &
3. In every case where the premium
stipulated in any policy shall provide for
an expense charge exceeding in 'aAy year
the provision for expenses in such year the
valuation shall include liability computed
On the basis Of the excess OF such expense
cepted by the insurance department of any
other state Of the United States or any
other country of any policies of 3 COM
pany located In such other state or coun-
true and correct by the insurance commits
sioner. like officer, OF such state or coan-
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-
vided that the aggregate liability So deter.
mined shall not be less than the liability.
resulting from a valuation made under the,
laws of this state. -
8. The valuation by the department Of
commerce and labor OF the United States,
authorized by any law thereof. of any pol
state if conforming to the aforesaid pros
visions as to valuation by the commission
ers or like officers OF such other states or
countries, shall be received and accepted ain.
like manner. so
g. Except as aforesaid the commission
er Of insurance shall annually make or
cause to be made valuations of all OUT
standing policies. additions thereto. and
other obligations of every such ~9npany
mentioned in subsection !,
T. The commissioner of insuran,,e shall
annually after the year 1909, upon the re-
quest OF any domestic company. without ad-