INSURANCE 2135

1939, ch. 534, sec. 82D.

109. (Burial Societies Now Operating.) In order to continue in the
business of burial insurance any person, association or corporation now
engaged therein, shall comply with the provisions of this article within
sixty days after the taking effect thereof.

1939, ch. 534, sec. 82E.

110. (Burial Insurance Benefits.) All burial insurance benefits shall
be paid in cash to the beneficiary. No person, association or corporation
engaged in the business of burial insurance shall contract to pay or pay
such insurance or its benefits or any part of either, to any official funeral
director, undertaker or to any designated funeral director, undertaker,
funeral directing or undertaking concern or to any particular tradesman or
business man.

An. Code, 1924, sec. 83. 1922, ch. 492, sec. 80. 1937, ch. 379, see. 83.

111. (Valuation of Policies.) As soon as practicable in each year, the
actuary shall, under the supervision of the Commissioner, calculate the
net value on the thirty-first day of December of the previous year, of all
the policies and additions thereto, and all obligations for the payment of
annuities in force on that day of each life insurance company doing busi-
ness in this State organized by authority of this State. Every foreign life
insurance company doing business in this State shall file with the Commis-
sioner a certificate from the Insurance Commissioner or proper official of
the State, territory, district or government by whose authority the com-
pany was organized, or in which it may elect to have its policies valued
and its deposits made, giving the net value of all policies in force in the
company on the thirty-first day of December, in the year nineteen hundred
and two, based upon the American Experience Table of Mortality, and four
and one-half per cent interest per annum; and for all policies issued subse-
quent to said thirty-first day of December, in the year nineteen hundred and
two, and on or before the thirty-first day of. December, in the year nineteen
hundred and eighteen, upon the Actuaries Table of Mortality, and four
per cent interest per annum; and for all policies except industrial issued
subsequent to the thirty-first day of December, in the year nineteen hundred
and eighteen, upon the American Experience Table of Mortality or the
American Men Ultimate Table of Mortality and three and one-half per cent
interest per annum; provided, that the Insurance Commissioner shall,
upon the request of any company, cause all policies of such company issued
subsequent to the thirty-first day of December, in the year nineteen hundred
and eighteen, to be valued in accordance with the terms of the policy con-
tract, but in no case to be less than that determined by the one-year term
method of valuation, as hereinafter modified, on the basis of the American
Experience Table of Mortality and three and one-half per cent interest per
annum. If the premium charged for term insurance under a limited pay-
ment life preliminary term policy providing for the payment of all pre-
miums thereon in less than twenty years from the date of the policy, or
under an endowment preliminary term policy, exceeds that charged for
like insurance under twenty payment life preliminary term policies of the
same company, the reserve thereon at the end of any year, including the
first, shall not be less than the reserve of a twenty-payment life preliminary