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3.
it opens the door to the possibility of un-
-scrupulous agitators levying blackmail on
a weak company. To a weak company on the
borderland of insolvency according to the
test but with great hope of retrieving its
position the temptation to "buy off" a
threatening agitator would be very great
indeed.
The Standard of Solvency is laid down as the
Combined Experience at 4%.
It may be at once stated that the combined
experience or "seventeen offices experience" is an
absolutely obsolete table which has never been much in use,
and that very few tables have been calculated on its basis.
It is evident that it is adopted in the ordinance because
it is mentioned in the 1872 Act as being the basis on
which the policies are to be valued in the case of a
company being wound up, but I venture to think that had
the framers of the ordinance consulted any British Actuary
on the subject this table would not have been adopted. For
many years past the generally accepted Tables of Mortality
used by British Life Offices have been the Institute of
Actuaries Tables and those have to a certain extent been
ed more recently supplanty by the newer experience OM. The
Institute tables however are certainly better suited to
such a test than the obsolete seventeen offices experience
which has several well founded objections to it, and I
believe, though I cannot speak with certainty on this
point, that despite the provisions of the Acts this table
has never been published in England but that the Courts
have sanctioned the use of the Institute Tables in cases
where a winding up order has been made. I believe however
that some Valuation Tables based upon it at 4% were
published at Boston in 1871.
Further