National Benefit Ass'n v. Insurance Commissioner

The question presented by this appeal is whether an assessment life insurance company may through the levying of assessments on its members create and maintain a reserve or surplus fund in addition to the statutory emergency fund required by SDC 31.1903. The question argued and presented by the briefs goes to the power or authority of such companies to create and maintain reserve or surplus funds. Neither argued nor presented is the question of whether appellant company, if it has such power or authority, has followed the required statutory procedure in its by-laws and notices of assessments…