REPORT OF TIHE COMMISSIONER OF INSURANCE.


101


Liabilities
Unpaid and unadjusted claims ....... .................  $26,522.55
Unpaid commissions due attorney ......................  26,872.55
Reserve for gross annual deposits, amounting to
$652,877.27, less 25% of such deposits for expenses,
at 50%, according to section 1915m, Insurance Laws
of Wisconsin for the year 1913 ......................  244,828.97
Total liabilities, except surplus and reserves.  $298,224.-07
Surplus and reserves belonging to subscribers.      415,094.28
Total liabilities ............. ...................  $713,318.85
COMMENTS ON THE STATEMENT
Income and Disbursements
The items of income are self-explanatory, but mention might
be made of the fact that gross deposit premiums written between
January 1 and May 31, 1913, was $351,520.96; that return de-
posit premiums was $46,0,46.25, leaving a net deposit premium
$2005, 474.71. A considerable amount of return deposit premi-
ums was due to risks cancelled on short term business. It will
be noticed in ledger assets that uncollected premiums from sub-
scribers amount to $105,490.59. This seems like quite a large
amount, but from an examination of the books we found that
this sum had not varied in any considerable amount during the
last several years. The amount of paid losses to subscribers
was $166,573.30. The losses of the subscribers are paid prompt-
ly by the exchange, and we found only one legal contest since
the organization of the exchange. The dividends returned to
the subscribers were $83,388.24, which represent the savings to
the subscribers of the overpayments of deposit premiums above
the cost of insurance. A number of tests were made as to the
division of the savings among the subscribers, and we are of the
opinion that the company's methods are fair and equitable to
each subscriber.
Assets
The cash in office was $35,036-.74, while the amount deposited
in banks was $215,069.13. The cash in office represented the
amount of cash in the hands of the attorney-in-fact which had
not been turned over to the advisory committee. The cash in
bank was reconciled with the bank balances. The reconciliation
was as follows: