The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1909-07-15

No. o aI Fl ao sa1 nzWs H 81 e. &c., 1909
AN ACT to amend section 1860 of the
statutes, and to create sections 195Oa,
$1,000, 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 en-
act as follows:
Section /. Section 1850 of the statutes
is amended, and three new sections are
added to the statutes. to read:
Section 1850. 1. Every life insurance
company doing business in this state or hav-
ing In force in this state, policies issued
therein, shall hold funds properly and safe
y secured to provide for its reserve liabil-
1ty over and above all it's other liabilities,
which reserve liability shall be determined
by the state as follows
a. An 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 foreign COM
pany. after the year 1909 may be valued as
provided in subsection a. provided the as
sumptions as to mortality and interest shall
conform to the requirements Of subsecthns
1 and Of section 195Oc and provided the
aggregate liability shall not be less than
that resulting from valuation under the
laws of the state or country where the home
office Ct said company Is located.
C
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
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 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 rate of interest,
higher than that assumed nor higher than
four and one-half 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 subsections 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
centum per annum.
f. 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 ED other extra hazards, and
value policies in groups and use approx
mate averages for fractions Of year.
q 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
assumed the H COMPANY ln 81 sb lIfe aiso
be charged with the present value of an
annuity the amount Of which shall equal
the deficiency en- eyyot By reason Of 49,, the
the 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
T. The valuation annually made and ac-
cepted by the insurance department of any
other state Of the United States or any
other country Of any policies of CON-
pany located in such other state or coun-
try if such valuation shall be certified ss
true and correct by the insurance commits
sioner, or IKE 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-
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.
5. The valuation by the department of
authorized by any law thereof, of any pol
fcies of company located outside Of this
state if conforming to the aforesaid pro-
visions as to valuation by the commission
ers or like officers of such other states or
countries, shall be received and accepted in
like manner.
6. Except as aforesaid the commissions
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 company
mentioned in subsection 1.
Z. The commissioner of insurance shall.
annually, after the year 1909, upon the re-
quest Of any domestic company, without adj