collected which may be in excess of the amount required
for the payment of losses and for the maintenance of the
required reserve account may be pro rated and returned to
The Insurance Departments of the States of Illinois and
Oklahoma made a joint examination of this exchange as
of December 31, 1918, the report being dated August 18,
1919. This report found the institution in good condition
and the books and records well kept.
The exchange is licensed in Illinois, Indiana, Kansas,
Michigan, Missouri and Oklahoma.
lts statement as of December 31, 1919, is as follows:
Admitted cash assets: Bonds and stocks owned - (book
value), $6,500; interest due and accrued thereon, $57.30;
due from attorney-in-fact, $142; cash in banks and office,
$30,259.07; premiums or deposits outstanding not over three
months due, $7,741.88; assessment accrued on losses and
expenses incurred, $5.734.91; total cash assets, $50,435.14.
Liabilities: Unpaid losses, $4,519.61; unearned premium
deposits, $10,440.76; due attorney-in-fact on uncollected as
sessments, $2,095.71 ; unpaid reinsurance, $750; total lia
bilities, $17,806.08; net cash surplus, $32,629.06; total,
Cash Income, 1919.— Premium deposits written, gross,
$33,442.60; less return premium deposits, $78.45; less re-
insurance, $1,426.80; net, $31,937.35; gross assessments
levied, $48,957.94; fees, $42,371.88; dues, $343.28; interest,
$542.79; deposits for general loss fund, $387.50; total cash
Cash Disbursements, 1919.- Losses paid, gross, $34,-
420.89; less salvage, $829.36; net losses, $33,591.53; paid
to attorney-in-fact for administration expense, membership
fees and dues, $42,206.17; expense of adjustment, $4,385;
legal expense, $413.2.3; taxes, licenses and fees, $3,237.77;
20% account of earned assessments advance deposits, $14,-
418.67: expense of levying and collecting assessments, $1,-
815.69; uncollected assessments charged off, $4,954.40; total
cash disbursements, $105.022.46.
In connection with this report, see important article in
troducing this section.