PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 819

be based upon present values of all future payments, and all
proposed premium assessments shall be filed in the State In-

surance Department and shall not take effect until approved
by the State Insurance Commissioner, after such investigation

as he may deem necessary. All funds of the association and
the contingent liability of the members thereof shall be available
for the payment of any claim against the association.

154-E. The Board of Directors may, from time to time, fix
and determine the amount to be paid as a dividend upon policies

expiring during each year after retaining sufficient sums to pay
all the compensation and other policy obligations which may be
payable on account of injuries by accident and other disabilities
sustained and expenses incurred. Any such association may
hold cash assets in excess of its liabilities, but such excess shall
be limited to one hundred per centum of its reserves for losses
and expenses incurred, and may be used from time to time in
payment of losses, dividends and expenses.

154-F. Such association shall be required to maintain the
same reserves for the protection of policy-holders and employees
who may have a right of action directly against such association
as are required to be maintained by stock insurance companies
in relation to the same class of insurance, except that reserves
for liability for insurance of compensation under the workmen's
compensation law shall be the same reserves as provided by the
State Industrial Commission for the Accident Insurance Fund
established in pursuance to said workmen's compensation law,
and the State Insurance Commissioner may suspend or cancel
the certificate issued by him authorizing said association to trans-
act such insurance business at any time when in the judgment of
the State Insurance Commissioner the reserves of said association
are insufficient to insure and secure the payment of its policy
obligations, and the State Insurance Commissioner may rein-
state or renew said certificate whenever by assessment or otherr
wise said reserves have been increased to a sum sufficient, in
his judgment, to insure and secure the payment of the policy
obligations of such association.

154-G. Every such association shall make reports to the
State Insurance Commissioner at the same time and in the
same manner as are required from stock insurance companies
transacting the same kind of business, and the State Insurance
Commissioner may examine into the affairs of such association
at any time, either personally or by any duly authorized ex-
aminer appointed by him but he must make such an examination