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Life Insurance".
133
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He deals again with the question of a
standard of solvency, pointing out first, that the Actuaries'
Table is obsolete and though quoted in the Act of 1872, has
never been used in actual practice and has been superseded by
the Institute of Actuaries' Table. (I would here point out that
though the Actuaries's Table is mentioned in the Act of 1872,
it is not mentioned as being in any way a standard of solvency,
but merely as a means of ascertaining the relative claims of
policy holders.)
He then deals with the main question of
whether the introduction of a standard of solvency is wise,
stating that, "I, however, think, and all British Actuaries
"are of the same opinion, that to have a standard of solvency
"is a mistake, and has the effect not of securing the per-
"-manence of companies, as set forth in the objects and reasons
"of the Hongkong Ordinance, but enforcing really sound Companies
"into liquidation. If that is to be avoided, then the standard
"of solvency must be so low as to be mischievious in other ways,
"because there is always a tendency for companies where there is
"a low standard of solvency to be content with that standard,
"and not to do as British Companies do, namely, very greatly
"increase their reserve"
Mr. King goes on to point out the sufficien-
-cy of the pretection to policy holders obtained by the English
Acts of 1870 and 1872 as they stand, and finished with the
sentence, "and we shall certainly never introduce the standard
of solvency."
"Vitored dan lag vérbit në qfesti az hezmebaco vifcererlum onsd
SILI
On the bottom of Page 5 he says:- "A
"Company charging high rates of premium can afford without
"being insolvent to have smaller reserve than a company charg-
"-ing low rates, and looked at from the point of view of
"solvency alone, with-profit policies require smaller reserves
"than non-profit". In other words, Mr. King points out that
what