ALBERT C. RITCHIE, GOVERNOR. 1217

cluding those issued within the year for which the report
is filed in cases where the contributions for the first year
in whole or in part are used for current mortality and
expenses. Such report of valuation shall show, as con-
tingent liabilities, the present mid-year value of the prom-
ised benefits provided in the constitution and laws of such
association under certificates then subject to valuation;
and, as contingent assets, the present mid-year value of
the future net contributions provided in the constitution
and laws as the same are in practice actually collected.
At the option of any association, in lieu of the above, the
valuation may show the net value of the certificates sub-
ject to valuation hereinbefore provided, and said net value,
when computed in case of monthly contributions, may be
the means of the terminal values for the end of the preced-
ing and of the current insurance years.

SEC. 168 Standard of Valuation. 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 Commissioner within ninety days after the submis-
sion of the last preceding annual report. The legal mini-
mum standard of valuation for all certificates, except for
disability benefits, shall be the National Fraternal Con-
gress Table of Mortality as adopted by the National Fra-
ternal 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 pro-
viding for disability benefits shall keep the net contribu-
tions 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 ex-
perience, and in such case a separation of the funds shall
not be required.
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