of the policy-holders and the stockholders in the accumulated surplus. It was this requirement which was responsible for the withdrawal of the Union Central Insurance Company of Ohio from Wisconsin. It was fully justified by the subsequent action of the company in apportioning to its stockholders almost half a million dollars of surplus which the courts of Ohio finally held they had no power to prevent.
"This law was also, in part at least, responsible for the withdrawal of the Equitable Life Assurance Society of New York, which, notwithstanding it has in its charter a provision that dividends shall be paid above 7 per cent still finds its one hundred thousand dollars of stock valued in the millions.
"The new law further provides that a statement shall be given to every annual dividend policy-holder every year telling him of the gains and savings of the company during the year from death claims, interest and expenses, and the proportion and amount of each returned to him in dividends in dollars and cents in a manner which he can understand. The interests of deferred dividend policy-holders are safeguarded by requiring an apportionment of the accumulations to any individual policy-holder, and that on request he shall be informed of the amount so apportioned to his credit.
"Provision is also made for a system of electing the directors and officers in mutual companies of the state, which assures the control to the policy-holders, whenever occasion arises for a change of control. The salaries of officers in mutual life insurance companies is limited to $25,000, unless the policy-holders vote a larger amount. Statements are required as to all legislative expenditures and political contributions prohibited. The sale of stock in life insurance companies is prohibited, unless the contract informs the purchaser of the amount of his money to be expended for the pro-