Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1911-07-12

did especially effective work along
this line.
INSURANCE.
1O51a. provides for the insurance Of
lives and the granting of annuities in
a state life insurance fund. Policies
may be issued to persons who are resi-
dents of or within the ate, between
the ages OF twenty and fifty years, in
sums of $500 of 81, goo until the Dum-
Der of insurants exceed 1000 when
policies may also be issued in the
amount of 1880 and $4,000; and when
the number of policies reach 5000,
policies may also be issued in sums of
1880 and $4,000
Annuities may be issued in sums of
500, 5000 and 5000 to begin at an age
not earlier than sixty years. ALI ex-
penses must be paid out of the charge
for that purpose made in the premium
and provision is made for creating a
surplus and all savings beyond these
are to be returned to the policyholders
in the form of dividends. The funds
er, who is charged with their invest
ment, and losses and payments are
audited by the secretary of state on
the order of the treasurer, attorney
general and commissioner OF insur-
ance.
On the non-payment of premium.
the sum is charged as a loan against
the reserve so long as the reserve is
sufficient for the purpose. Premiums
and reserves are based upon the
American Experience Table of Nor
tally with interest at 3 per cent per
annum.
The bill providing for the appoint
ment of state insurance commissioner
by the governor passed both houses
and was signed by the governor, who
will appoint the present commissioner,
H. L. Ekern.
Among the many new insurance
laws are the following:
Section 4549g. Chap. 3, cured the
defect in the law relating to collect
ing the expenses of examinations so
as to permit the department to make
examinations as before.
Section 190Sm, Chap. sc. authorizing
the merger or consolidation of fir n
surance corporations of this stat, an
der one of both of the old charters.
Section 1902, Chap 157,provides that
no insurance company may hold real
estate except home office building to
a value not exceeding one-fifth of its
admitted assets, and that other real
estate acquired on mortgages must be
disposed of within five years unless
the time be extended by the commits
sioner.
Section 1908 Subsection 3, Chap.
49, limits the investment in the Sc
eurities of any one corporation to ten
per cent of the admitted assests Of the
insurance company
Section 1896, Chap 1856, provides
that town mutuals may levy an as
sessment at any time for carrying on
the business of the company
Section lS97k, Chap. 1JS. safeguards
the surplus in mutual Companies by
prohibiting the conversion of any mu-
tual company into a stock company
and further prohibiting the managing
officers or other members from receiv-
ing in dividends or on dissolution Of
the company more than the premiums
paid in with G per cent interest.
Section 1919, Chap. 167.authorizing
the directors of city and village mu-
tuals to assess up to four mills at any
time.
Section 1858. Chap, IT'S, amends Ii =
law to make clear the construction
before adopted by the state depart
ment. that a newly organized or new
ly admitted fraternal benefit society
must. in addition to charging rates
not less than the fraternal congress
table of mortality, hold assets to meet
a liability for the reserve on all its
outstanding certificates on the same
or a higher basis. This bill further
requires that every certificate issued
by such society shall contain a state
ment of the table or mortality and
rate of interest and methods in which
the reserve to be computed, and a
statement giving in dollars and cents
for each age during the possible his
tory of the certificates, the charge for
the insurance and the amount of re-
serve or over-payment held on account
of the certificate, and also provide
that on non-payment of any pre-
MUM or assessment. the same shall
be charged against the reserve as a
loan so long as the reserve Is sufficient
for that purpose.
Sectors 1956-7-S-9, Chap. PIG, is
rewriting of the laws regulating
fraternal societies, including the fea-
lures OF the Mobile bill, with the ex
ception of the one requiring a tompul-
sorry increase In rates. The new part
in this law as to Wisconsin, is a def
milton of fraternal socities, and re-
quirement that the certificate Of fra
ternal societies shall be valued. be-
ginning with the year 1912; and that
beginning with the year 1914, socie-
ties shall be required to furnish their
members this information.
Sections 1897. lS97a and 1879 are
amended by Chap. 2T5 to provide for
liability insurance against damage to
property BY accident. Credit insur-
ance is also extended to specifically
cover the insurance or guaranty OF
bank deposit. and a company transact
ing this business can do no other. A
mutual company may be organized
for any purpose. Fire. marine and
casualty companies may do automobile