The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-01-06
Law IS
TO Be IMPORTANT
tcontinued from Page l.

and. as contingent assets, the present
mid-year value Of the future net con-
tributions provided in the constitu-
ton and laws as the same are in prac-
tice actually collected. At the option
of n society. in lieu of the above.
the valuation may show the net value
of the certificates subject to valuation
hereinbefore provided. and said net
value. when computed in cas- Of
mean of the terminal values for the
end Of the preceding and Of the cur
rent insurance years.
Such valuation shall be certified by
a competent accountant or aetuary. or.
at the request and expense of the So
ciety, verified by the actuary OF the
department Of insurance of the home
state of the society, and shall be filed
with the commissioner within ninety
preceding annual report. The legal
minimum standard of valuation for all
certificates. except, for disability bene-
fits. shall be the National Fraternal
Congress Table of Mortality as adopt
ed by the National Fraternal Congress
August 90, 1899. or. ut the option of
the society. any higher table: or. at its
the society's W experience of at
least twenty years and covering not
less than one hundred thousand lives
With interest assumption not more
than four e centum per mum.
Each such valuation report shall set
forth clearly and fully the mortality
and interest basis and the method Of
valuation. Any society providing for
disability benefits shall keep the net
contributions for such benefits in a
fund separate and apart from all 9TH
or benefit and expense funds and the
valuation of all other business of the
society; provided. that where a COM
bined contribution table is used by a
society for both death and permanent
shall be according to tables of reliahle
experience and in such cast a separa-
ton Of the funds shall not be required.
The valuation herein provided for
shall not be considered or regarded as
a test of the financial solvency of the
society. but each society shall be held
to he legally solvent so long as the
funds in its possession are equal to or
in excess Of its matured liabilities.
Beginning with che year 1914 a re-
port of such valuation and an explain
'dition Of the society thereby disclosed
shall be printed II mailed to each
beneficiary member of the society not
later than June ! of each year: or.
in lieu thereof. such report Of valua-
ton and showing of the society's con-
dition as thereby disclosed may he
published in the society's official pa
per and the issue containing the same
mailed to each beneficiary member of
the society. The laws of such society
shall provide that if the stated periodi-
cal contributions of the members are
insufficient to pay all matured death
and disability claims III full. and to
provide for the creation and MAIN
tenance of the funds required by its
laws. additional. increased or extra
rates of contribution shall be collected
from the members to meet such dcli-
cheney: and such laws may provide
that. upon the written application or
consent Of the member. his certificate
may be charged with its proportion of
any deficiency disclosed by valuation.
with interest not exceeding five per
centum per annum. -.
Section 2Sa. provisions to Insure
Future Security II the valuation of
the certificates. AS he%reinbefore pro-
vided. or December 81. 1877. shall
show that the present value of future
not contributions. together with the
admitted assets. is less than the pres
ont value of the promised benefits and
accrued liabilities, such society shall
thereafter maintain said financial con-
dition at each succeeding triennial
valuation iii respect OF the degree of
deficiency AS shown in the valuation