Mahlon Pitney

“ In determining the liabilities upon its contracts of insurance of any insurance company other than life insurance, and the amount such company should hold as a reserve for reinsurance, he shall, for casualty insurance companies, charge one half of the premium on all annual policies written within one year, and on policies written for more than one year he shall charge one half of the current year's premiums, plus the whole of the premiums for subsequent years. ”

“ The act of Congress, on the other hand, deals with reserves not particularly in their bearing upon the solvency of the company, but as they aid in determining what part of the gross income ought to be treated as net income for purposes of taxation. ”

“ The reference in § 9 to 'reinsurance and loss reserves, as above defined,' is limited by what precedes it; and the section deals not alone with 'reserves,' but requires 'all other debts and claims' to be accounted as liabilities. ”