society agrees to credit all the loading element over the net premiums collected to the reserve fund, except the sum of $1.20 per member per annum. It is also provided in the contract that any rights accruing to any member or beneficiary prior to December 31, 1919, who shall refuse to accept the benefit of reinsurance, the same will be assumed by the reinsuring society by paying over to the National Temperance Life Insurance Society, or its legal representatives, a sum equal to the pro rata portion of the assets transferred representing such members' equity in such assets, as computed by the actuary of the Insurance Department of the State of New York. In a collateral agreement the American Life Society agrees also to pay certain specified expense bills accrued and all liabilities hereafter established on account of disability claims arising before December 31, 1919. The contract of reinsurance having been duly approved by the governing bodies of both societies, it was approved by you, as Superintendent of Insurance, January 23, 1920. It is respectfully recommended that the National Temperance Life Society be now dissolved as a corporation. ORDER SONS OF ZION NEW YORK CITY Examined to ascertain condition as of December 31, 1919. Report dated May 5, 1920. Examiner: J. F. Tucker. Financial Statement The financial condition of the society as of December 31, 1919, was found to have been as follows: The income and disbursements for the year ended December 31, 1919, were as follows: Balance, ledger assets, December 31, 1918.. $104, 452 72 Income $22, 336 24 246 65 8, 240 15 6, 447 07 299 51 4,281 48 922 04 777 43 Disbursements $13, 730 50 254 70 2, 569 93 2,451 00 43, 550 57 $148,003 29 Fifty per cent of first year mortuary assessments is used for expenses. The annual per capita tax was, for the year 1919, $1.60 per member. Each member is also assessed twenty-five cents per year for the "Shekel Fund," which is for the payment of dues to the Zionist organizations. Disability assessments are paid only by those members who wish to participate in the disability benefits. Assessments in Course of Collection Per capita tax and assessments are payable quarterly on the first of January, April, July and October. The insurance of any member who fails to pay by the end of the first month of the quarter automatically lapses, hence there was nothing due for assessments in course of collection on December 31, 1919. Expense Fund The deficiency in the expense fund was created during the year 1918, when a determined effort was made to get new members. Considerable sums were expended for organizers, advertising and propaganda. It was apparently assumed that, fifty per cent of the first year's assessments being used for expenses, the assess ment paid by new members would largely pay the expenses of the campaign. The results appear to have been disappointing. At the end of 1918 the ledger balance in the expense fund was $90.75, and the liability for borrowed money was $17,077.96. After full consideration the executive committee decided, in June, 1919, to waive a quarterly mortuary assessment, and in lieu thereof they immediately called an extra assessment of the same amount for expense fund purposes. As far as the membership was concerned this had the effect of transferring one-fourth of the annual mortuary assessment to the expense fund. The records show that the amount collected on account of this assessment was $6,447.07. Including this. item the total collections for expense fund purposes during 1919 were barely sufficient to pay the bills incurred. The foregoing financial statement shows that the total expense income, exclusive of borrowed money, was $18,863.12, and that the total expenses paid amounted to $18,858.36. A careful reading of the minutes of the conventions and of the meetings of the executive committees leaves with your examiner the impression that this organization is mainly interested in the Zionist movement, and that the greater part of its energy is expended in that direction. The matter of the raising of additional expense funds was taken up at the 1920 convention and is discussed elsewhere in this report. Reserves The by-laws of the society provide for the maintenance of reserves as follows: Section 16, Maintenance of Reserve. There shall be maintainel for all net level rate certificates and all net Joint Life Rate certificates, reserves at least equal to the net reserves by the National Fraternal Congress table and 4% per annum interest, or such higher standard as the Executive Committee may adopt, and each member shall be required to maintain the full reserve upon his own certificate being subject to a lien bearing interest at 4% per annum for any impairment of such reserve until such impairment of such reserve shall have been made good. I find that the valuation heretofore made by the actuary employed by the society has been on the American Experience Table of Mortality and 4 per cent interest. The valuation made as of December 31, 1919, showed the net reserve to be $68,756.60 on all outstanding certificates. I have therefore entered this amount in the statement of liabilities of this report. It will be noted that after charging the reserve on this basis and all other liabilities, the society has still a surplus of $22,193.50. Misstatements of Age In cases where understatements of age are established the order deducts from the death claim payment the difference be tween the rate paid and the correct rate for the number of months of membership. As the order has been in business but a comparatively few years the deductions thus far have not been material. At the last convention of the order, held in January, 1920 the per capita tax was increased from $1.85 to $2.85 per annum. I am informed that over $4,000 was raised by subscription for the purpose of decreasing the deficit in the expense fund and that the management will take up with the various camps the matter of obtaining donations for the benefit of the expense fund. It would appear that the deficiency in said fund will be materially reduced during the year 1920. Officers The present officers of the order are as follows: Grand Master, Hon. Jacob S. Sthrahl. Grand Secretary, Jacob Ish-Kischor. Grand Treasurer, H. D. Isaacson. SERB FEDERATION "SLOGA" NEW YORK CITY Examined to ascertain condition as of December 31, 1919. Examiner: J. F. Tucker. Financial Statement The financial condition of the society as of December 31, 1919, was found to have been as follows: |