Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1909-07-21
No. AS, S. Published May IS 1909.
CHAPTER 2O9. LAWS OF 1909

Ct1APTEiR 209, LAWS OF 1909.
AN ACT to amend section 1860 OF the
195Ob, and 1880 of the statutes, pro-
est and for the valuation Of policies Of
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,
therein. shall hold funds properly and safe
~ secured to provide for It's reserve liabll-
ity over and above all Its other Liabilities,
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 foreign com.
pany after the year 1909 may be valued az
provided In subsection a, provided the as
sumptions as to mortality and interest shall
conform to the requirements Of subsections
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.
c. All policies issued before the year
1910, on any plan not providing In every
n
basis Of either the American Experience or
the Actuaries Table Of Mortality. and
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
ID Of valuation is provided shall except as
hereafter provided be valued on a net level
premium reserve basis computed on either
the American Experience Actuaries
Table of Mortality and rate Of interest,
for policies issued before the year 1910. not
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 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 bass Of the table of NOR
tality adopted with interest at three per.
centum per annum.
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
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 il 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
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 aS 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 COM
pany located In such other state or coun-
try IL 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.
end no further valuation shall be required
or be made nv him for the year for which
such valuation shall be SO certified. pio-
vided that the aggregate liability SO deter
resulting from a valuation made under the
laws of this state
s. The valuation by the department OF
commerce ana labor of the United States.
authorized by any law thereof Of any pol
state II conforming 70 the aioresala pro
Tisions rs to vaIua ton by the commission
ar~ ar like officers of such other states or
Entries shall be received and accepted In
iAH 8 Except as aforesaid the. commission
s,sa 70 be made yalua lions of al out
rsnS5inu policies, additions thereto. anc
cher obligations of every such vnpany
mentioned in subsection /
The commissioner OF insurans-e snail,
.nnus,iv after the wear 1909, upon the re-
anest OF any domestic company. without ad-