Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
61A.43 ACCUMULATIONS; AMENDMENT TO ARTICLES OR BYLAWS.
Any insurance company transacting the business of life or casualty insurance upon the
cooperative or assessment plan under any law of this state may, upon so providing in its articles or
bylaws, elect to ascertain and apportion to its outstanding policies or certificates the respective
accumulations upon each such policy or certificate, and to carry to the credit of each such policy
or certificate the future net premiums or assessments and the accretions thereto, less its equitable
contribution to the death claims and other benefits, and that the premiums or assessments upon
any such policy or certificate may, upon such credit becoming exhausted, be increased as may be
necessary to meet its share of death claims and other benefits, and that the holder of any such
policy or certificate may be granted extended or paid-up insurance or the right to convert into
any other form of policy or insurance then being issued by such company and to have the credit
on such former policy or certificate applied to such new policy or insurance. When making
the ascertainment and apportionment, account shall be taken of the premiums or assessments
theretofore paid and of the death claims and other benefits which should be borne by the policy or
certificate, of the interest earnings and other accretions to the accumulated funds, and of other
matters which should equitably be taken into consideration for the purposes of the apportionment.
Subject to such adjustment as shall be equitable, the experience of the company, or any table of
mortality recognized for the purpose of insurance and any law of this state, may be used as a
basis for the ascertainment and apportionment herein authorized; provided, that any company
availing itself of the provisions of this section shall, in its articles or bylaws, specify the table of
mortality and rate of interest which are to be the basis for the charges thereafter to be made to
the policies or certificates aforesaid; and, provided, further, that when any table of mortality is
specified in any policy that table shall be followed.
History: 1967 c 395 art 2 s 43
Any insurance company transacting the business of life or casualty insurance upon the
cooperative or assessment plan under any law of this state may, upon so providing in its articles or
bylaws, elect to ascertain and apportion to its outstanding policies or certificates the respective
accumulations upon each such policy or certificate, and to carry to the credit of each such policy
or certificate the future net premiums or assessments and the accretions thereto, less its equitable
contribution to the death claims and other benefits, and that the premiums or assessments upon
any such policy or certificate may, upon such credit becoming exhausted, be increased as may be
necessary to meet its share of death claims and other benefits, and that the holder of any such
policy or certificate may be granted extended or paid-up insurance or the right to convert into
any other form of policy or insurance then being issued by such company and to have the credit
on such former policy or certificate applied to such new policy or insurance. When making
the ascertainment and apportionment, account shall be taken of the premiums or assessments
theretofore paid and of the death claims and other benefits which should be borne by the policy or
certificate, of the interest earnings and other accretions to the accumulated funds, and of other
matters which should equitably be taken into consideration for the purposes of the apportionment.
Subject to such adjustment as shall be equitable, the experience of the company, or any table of
mortality recognized for the purpose of insurance and any law of this state, may be used as a
basis for the ascertainment and apportionment herein authorized; provided, that any company
availing itself of the provisions of this section shall, in its articles or bylaws, specify the table of
mortality and rate of interest which are to be the basis for the charges thereafter to be made to
the policies or certificates aforesaid; and, provided, further, that when any table of mortality is
specified in any policy that table shall be followed.
History: 1967 c 395 art 2 s 43
Official Publication of the State of Minnesota
Revisor of Statutes