Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1909-07-14
No. AIS. 81 Published MAY 2s. 1909
CHAPTER 2O9. LAWS OF 1905.

AN ACT TO amend section 1880 OF the
statutes. and 70 create sections 1950a,
Yiding standards Of mortality and inter
est and for the valuation OF policies OF
life Insurance ard annutles
The people of the State OF Wisconsin rep
resented In Senate and Assembly. do en-
act as follows;
Section /. Section 1860 of the statutes
is amended, and three new sections are
added TO the statutes, to read
Section 1850 l. 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
~ secured TO provide for Its reserve liabll-
ity over and above all its other liabilities,
which reserve liability shall be determined
by the state as follows
q. All policies issued by a domestic com.
pany after the year 1900 shall be valued
according TO the expense charges assumed
the table OF mortality adopted and the rate
Of interest assumed
b. Amy policies issued by a foreign com
pany after the year 1909 may be valued as
provided in subsection a, provided the as
sumptions as 10 mortality and interest shall
conform TO the requirements or subsections
l and Of section 1880. and provided the
aggregate liability shall not be iess than
that resulting from a valuation under the
laws Of the state country where the home
ONCE Of said company is located
c. All policies issued before the rear
1910. on amy plan not providing In every
year for full net level premium reserves
may be valued upon such plan and on the
Experience ar
the Actuaries Table Of Mortality. and a
rate Of interest not higher than thai sg
sumed nor higher than ioAF sud one half
per centun 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 OF Actuafes
Table of Mortality ana n rate Of interest
for policies issued before the year 1910, not
higher than that assumed nor higher than
four and one half yer centum per annum
and for policies Issued after the year 1909
not higher than that assumed nor higher
than four per centnm per aBnum.
=. Any policies mentioned Ia subsections
b, e and q may ~ valued 10 produce aR-
gregate reserve liabilities 10 excess Of those
required by said subsections but not greater
than such as would result from yaluing
the same on the basis Of the table Of NOR
tality adopted with interest at three per
centum per annum.
f. The commissioner Of Insurance may
vary the standards Of interest and mortal
lty 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 approxi-
mate averages for fractions Of a year.
.. 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
Interest
assumed the company shall also
he 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
3. In every case where the premium
stipulated IN any policy shall provide Tor
al expense charge exceeding IN any year
the provision Tor expenses In such year the
valuation shall include d liability computed
on the basis Of the excess Of such expense
4. The valuation annually made and se-
eepte1 by the Insurance drpar n n8ent Of any
other state Of ne United States or any
pany located In s8ch other state or coun-
Try. II such valuation shall be certified a.
rrue and correct by the insurance commits
sioner. or Ike officer. u such state or 1oun.
try shall be received aud accepted by the
commissioner ~ Insurance Of this state.
and no further valuation shall be required
OF be made ~ BIN for the yeer for which
such valuation shall be- 10 certified, pro
vioed that the aggregate liability no deter.
roired shall NOT " less than the Liability
resulting from 8 Yaluarion made Under he
laws OF this state
3 The Valuation ~ the department Of
rotCfnsTcc and ialyJr o. tbe United States
authorized hy ans lew thereof q nny Dol.
letas OF a cong sav located outside Of fb}g
state. II conforming t. the aforesaid ufs
visions - 20 Valuation by roe eOnmissiOn-
ers ar Ike Officers 81 afi 200 other STATE or
eountrler shall BE- received ahd sccepted In
Ike manner.
g Except D. aforesaid me commission.
er 81 Insurance shall Annually make or
cause % b. made 4Eluatioas Of 81 out
stuACinR policies. additions thereto and
yiher pDfiKhtioBs ~ every gnch c0mpgDv
mentioned iu sJcssrflor 4
Toe fuT8m iSsiouef 81 Insurance shaft
er srtiif afrfr taa Fsae i.G9 lp0T fhe ~.
gues5 y sng domestic c9fp lag. stao4t al