The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-07-15
No. AIS. y Published May 2S. 1909
CHAPTER 200. LAWS OF 1909.


AN ACT to amend section 1860 of the
statutes, and to create sections 195Oa,
19bob and 1850 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:
Section |. Section 1860 of the statutes
is amended, and three new sections are
added to the nI statutes to read; ,..-
company doing business in this state or hsv-
ing in force in this state, policies issued
therein. shall hold funds properly and safe
Y secured to provide for Its reserve liabi-
which reserve liability shall be determined
by the state as follows:
n 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 q 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 subsecth Ions
l and OF section 1880, and provided the
aggregate liability shall not be less than
that resulting from valuation under the
laws of the state or country where the homo
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 Actnaries Table Of Mortality. ana
rate OF interest not higher than that 81
suned nor higher than four and on -half
per >cehtum per annum,
d. All policies for which no other meth.
cd OF valuation IL provided shall except as
hereafter provided be valued on a net level
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
higher than that assumed nor higher tina n
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 b. valued to produce ag-
greGate reserve liabilities In excess Of those
required by said subsections but not greater
than such would result from valuing
the same on the basis Of the table of NOR
tally adopted with interest at three per
centum per aDnum.
t. 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.
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 Is less
than the net premlum for such insurance,
required according to the table
OF mortality adopted ana rate Of interest
be charged with the present value OF an
annuity, the amount Of which shall equal
the deficiency by reason Of the
premium pre- ns, charged ,,,.o, being less than
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 compufe ed
on the basis Of the excess of such expense
4. The valuation annually made and nc
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 off GER 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 30 certified. pro-
vided that the aggregate liability 70 deter
mined shall not BE- less than the liability
resulting from a valuation Hn1D unAAr the
laws OF this state
commerce and labor of the United States
authorized by any law thereof, Of any pol,
icies Of company located outside OF this
state. II conforming to the aforesaid pro-
visions M to valuation by the commission.
ers or like officers of such other states or
countries, shall be received AID accepted in
like manner.
O. Except as aforesaid the commission
cause to be made valuations Of all out.
standing policies, additions thereto, and
other obligations Of every such company
mentioned In subsection !
Z. The commissioner Of insurance shall
annually, after the year 1909. upon the re
quest Of any domestic company without I'd