Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1913-08-22

No. $50, Al Published May 16, 1913.
CHAPTER 251, LAWS OF 1913.
AN ACT-To create subsection 22m OF
section 1869 of the statutes relating
to the valuation of fraternal bene-
fit societies
The people of the State of Wisconsin,
represented in Senate and Assembly. do
enact as follows
ton 1859 Of the statutes a new subs
section to read: (Section 1859 22m.
(D (a) In lieu of the valuation re-
quirements of subsection 20 of this
section, any society accepting in ita
laws the provisions Of this section may
value it's certificates on a basis, here
in designated accumulation basis" by
crediting each member with the net
amount contributed for each year and
with interest at approximately the ret
rate earned, and by charging him with
his share of the losses for each year,
herein designated cost of Insurance."
and carrying the balance, If any, to
his credit.
CD The charge for the cost of in
surance may be according to the ac-
tual experience Of the society applied
to table of mortality recognized by
the law Of this state, and shall take
into consideration the amount at risk
during each year, which shall be the
amount payable at death less the
credit to the member.
Co Except as specifically provided
in its articles or laws or CONTRACTS. no
charge shall be carried forward from
the first valuation hereunder against
any member for any past share OK
losses exceeding the contributions and
credit
(d) If, after the first valuation. any
members share Of losses for any year,
exceeds his credit including the contri-
button for the year, the contributions
shall be Increased to cover his snare
Of the losses.
(e) Any such excess share Of losses
chargeable to any member may ba
paid out Of q fund or contributions es~
pecially created or required for such
CD Any member may transfer to,
any plan adopted by the society with
net rates on which tabular reserves
are maintained, and on such transfer
shall be entitled to make such app!i-
cation of his credit as provided in the
laws of the society.
CD Certificates issued, rerated, or
readjusted on a basis providing for
adequate rates with adequate reserves
to mature such certificates upon as
symptoms for mortality and interest
recognized by the law. Of this state.
designated the Tabular basis" pro-
vided that If on the first valuation UNI
der this section a deficiency in reserve
shall be shown for any such certlh.
cate, the same shall be valued on tina
accumulation basis.
ca (a) Whenever in any society
having members upon the tabular ba-
sis and upon the accumulation basis.
the total Of all costs of insurance pro-
vided for any year shall be lnsuIn-
cient to meet the actual death and dis
ability losses for the year the ded~
cheney shall be met for the year from
the available funds after setting aside
all credits In the reserve, or from in
creased contributions or by an In
crease in the number Of assessments,
applied to the society as whole orr
to classes Of members. as may be
specified in it's laws.
(b) Savings from a lower amount
Of death losses may be returned IN
like manner as may be speclhed In itaI
laws.
(5) If the laws Of the society so pro-
vide, the assets representing the re-
serves of any separate class OF MEM
bers may be carried separately for
such class as If in an independent
society, and the required reserve ac-
emulation Of such class SO set apart
shall not thereafter be mingled with
the assets of other classes OF the
society. -
(6) A table showing the credits to
Individual members for each age and
year of entry and showing opposite
each credit the tabular reserve re-
quired on the whole life or other plan
Of insurance specified in the contract,
according to assumptions for MORTAL +
ity and interest recognized by the laws
Of this state and adopted by the So
ciety, shall be filed by the society
with each annual report and also DO