Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1909-08-13
No, AS, s. Published May 28, 1909.
CHAPTER zoe, LAWS OF 1909

CHAPTER 200, LAWS OF 1909. :.
AN ACT to amend section 1850 Of the
statutes, and to create sections 1050a,
195ob, and 1880 of the statutes, pro-
viding 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 ..-
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 liabil-
ity over and above all its 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 DO 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 an.
sumptions as to mortality and interest shall
conform to tho requirements OF subsections
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
year for fu}l net level psemiuh reserves eEvss
basis Of either the American Experience or
the Actuaries Table of Mortality. and a
rate Of interest not higher than that Sc
sumed nor higher than four and onehalf
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 net ieYel
premium reserve basis computed on either
the American Experience or ActUaries
Table of Mortality and rate Of interest,
for policies issued before the year 1910, not
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 subsectfons
b, c. and may be valued to produce ag
gregate reserve liabilities in excess Of those
than such as would result from valning
the same on the basis Of the table Of NOR
tally adopted with interest at three per
centnm per annum. go:
f. The commissioner of insurance may
vary the standards Of interest and mortal
ity in the case of corporations of foreign
70 fbar +ssuso +bs s9 Sa
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.
q In every case in which the actual
premium charged for an insurance Ia 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
the net premium required ."
8. 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
f. The valuation annually made and ae-
cepted by the insurance department of any
other state Of the United States or any
other country Of any policies Of a COM
pany located In such other state or coun-
try If such valuation shall be certified as
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-
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.
s The valuation by the department Of
commerce and labor Of the United States.
authorized by any law thereof, of any pol
icies of 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
ike manner.
g. Except as aforesaid the commission
er Of insurance shall annually make or
cause to be made valuations of all out
other obligations of every such ~empany
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