EMERSON C. HARRINGTON, GOVERNOR. 721

Such valuation shall be certified by a competent accountant
or actuary; or, at the request and expense of the association,
verified by the actuary of the department of insurance of the
home State of the association, and shall be filed with the Com-
missioner within ninety days after the submission of the last
preceding annual report. The legal minimum standard of
valuation for all certificates, except for disability benefits, shall
be the National Fraternal Congress Table of Mortality as
adopted by the National Fraternal Congress August 23, 1899,
or, at the option of the association, any higher table; or, at its
option, it may use a table based upon the association's own
experience of at least twenty years and covering not less than
one hundred thousand lives with interest assumption not more
than four per centum per annum. Each such valuation report
shall set forth clearly and fully the mortality and interest basis
and the method of valuation. Any association providing for
disability benefits shall keep the net contributions for such
benefits in a fund separate and apart from all other benefit and
expense funds and the valuation of all other business of the
association; provided that where a combined contribution table
is used by an association for both death and permanent total
disability Benefits, the valuation shall be according to tables
of reliable experience, and in such case a separation 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 association,
but each association shall be held to be legally solvent so long
as the funds in its possession are equal to or in excess of its
matured liabilities.

Beginning with the year 1917 a report of such valuation and
an explanation of the facts concerning the condition of the as-
sociation thereby disclosed shall be printed and mailed to each
beneficiary member of the association not later than June 1st
of each year; or, in lieu thereof, such report of valuation and
showing of the association's condition as thereby disclosed may
be published in the association's official paper, and the issue
containing the same mailed to each beneficiary member of the
association. The laws of such association shall provide that if
the stated periodical contributions of the members are insuffi-
cient to pay all matured death and disability claims in full and
to provide for the creation and maintenance of the funds
required by its laws, additional, increased or extra rates of
contribution shall be collected from the members to meet such
deficiency; and such laws may provide that, upon the written