Der Sonntagsbote. (Milwaukee, Wis.) 1906-1912, 1909-07-11


No d 4lS; I 81 ob bPPu1l'shea May e, 1909
AN ACT to amend section 1850 Of the
statute and to create sections 195Oa,
l95Ob, and 1850 OF the statutes. pro
yiding standards o. mortality and inter
est and for the valuation OF policies OF
life Insurance and annultiea
The people OF the State OF Wisconsin. rep
resented Ia Senate and Assembly, do sn-
act as follows
Section / Section 1850 OF the statutes
is amended. and three new sections are
added TO the statutes, 10 read
section 1880. 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
A. All 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 a foreign CON-
pany after the year 1909 may be valued a.
provided In subsection a., provided the as
sumptions AZ to mortality and interest shall
conform 70 the requirements OF subsections
i and z OF section 1900, and provided the
aggregate liability shall not be lees 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
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 rs.
snmed nor higher than four and one-half
per centum per annnm.
d. All policies for which no other meth
cd Of valuation Is provided shall except as
hereafter provided be valued on Z net level
premium reserve basis computed on either
the American Experience or ActuurieH
Table Of Mortality and a rate Of Interest,
for policies issued before the year frf0. not
higher than that assumed nor hlg 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 cenfum pr annum.
e. Any policies men ,loned In subseetions
b. G. and q may be valued to produce az
gregate reserve liabilities in excess Of those
required by said subsecfi0ns but not greater
than such as would result from vaiuing
the same on the basis Of the table " NOR
tally opted with interest at three per
centum per annum.
+. The commissioner OF insurance may
vary the standards Of interest and mortal
countries as 70 contracts issued By such
corporation Ia other countries than the
United states and 10 particular cases Of In
yaild lives ana other extra hazards. and
value policies In groups and use approx
mate averages for fractions Of q year.
IN every case IN which the actual
premium charged for an insurance IS less
than the net premium for such insurance,
required according 10 the table
u mortality adopted and rate Of interest
Be charged with the present value or IN
annuity, the amount o. which shall equal
the deficiency by reason of the
he net premium required =.
Q, In every case whele the premium
stipulated IN any policy shall provide for
an expense charge exceeding IN ans year
the provision for expenses In such year the
valuation shall include q liability computed
on the basis or the excess Of such expense
q The valuation annually made and ac-
cepted by the insurance department 81 apy
other state Of the United States or any
other country Of any policies Of q ecln-
pnny located ia such other state or coun-
try. n such valuation shall be certified as
flie and rorrert by the Insurance coniuls-
sioner. or Ike ofHeer. Of snch efute or rDaa-
try. shalt lie received and accepted BY the
owmlSElpnef - Insurance Of this state
ana no further yairatiCn shall be required
or 10 made by hisa for the year for which
srch valuation shall BE- - eertiBed. pro-
vided that The aggregate liability ~ detnr
mined shell nei ~ less than the liability
r~esniting from q valuation made under the
laws o. this state.
T. Toe valuation by Tie department ~
and ielyr ~ the Tnifed STAT.
authorized b any law thereof. n any pol
ifies Of a company located outside u This
STRIFE. Z conforming % the Aforesaid pro-
visions rs 20 vaieation - the f~onnisaion-
ers or liFf ofafsrs u auef other states ~
countries sba-i ~ received HBd accepted ID
Ike manner
q EpeFT a. Aforesaid The commission.
~ - Insurance shall annually make ~
-alse a. BE- made vaiustinna ~ r3 nuf
standing policies. additions thereto, and
.tner obligations ~ every sueh company
mentioned IN subsection
T. The r0um sfJns4 ~ Insurance s.eiL
annually afseg tEe ysar 1870 spen ne -
Suest Y any domestic cslpeny. TithOUg 40