Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1909-07-15
No. AS, S. Published May %, 1909
CHAPTER 2O9, LAWS OF 1909.


AN ACT to amend section 1850 of the
statutes, and to create sections 1950a,
1950b, and 1880 of the statutes, pro-
vidinge 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: i
Section l. Section 1850 of the statutes
is amended, and three new sections are
added to the statutes, to read
Section 1850. /. Every life insurance
company doing business in this state or hav-
therein. shall hold funds properly and safe
ly secured to provide for its reserve liabil-
ity over and above all it's other liabilities,
which reserve liability shall be determined
by the state as follows
a. All policies issued by 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 a 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 subsections
l and of section 1860, 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 OF said company is located.
C.. 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 Actuaries 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 other meth
hereafter provided be valued on a net level
premium reserve basis computed on either
the American Experience or Actuaries
Table Of Mortality and a rate of interest
for oil hn
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
tality adopted with interest at three per
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 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
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
The net premium required =.
g. 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 a liability computed
on the basis of the excess OF such expense
f. The valuation annually made and ac-
cepted by the insurance department of any
other state of the United States any
other country of any policies of COM
pany located in such other state or coun-
try. if such valuation shall be certified as
true and correct by the insurance commits
sioner, 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 pc SO certified, pro
mined shall not be less than the liability
resulting from a valuation made u06sr the
laws Of this state.
commerce and labor of the United States,
authorized by any law thereof of any pol
icies of a company located outside of this
state. if conforming to the aforesaid pro-
ers or like officers of such other states or
countries, shall be received and accepted in
like manner.
s. 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 company
mentioned In subsection J.
T. The commissioner of Insurance shall,
annually, after the year 1909, upon the re-
quest of any domestic company, without ad-