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DIV
139
a standard of solvency to be content with that standard, and not
to do as British Companies de, namely, very greatly to increase
their reserves.
I have already written on many occasions
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on this very point, and I send you herewith two copies of a
paper I read before the Institute of Actuaries many years ago,
and which has been accepted as the Text Book on the subject, and also a copy of a report I made to the Canadian Companies last year, where the same subject was discussed. I will send you two
more copies of my Institute paper, and one more of my Canadian
Report by next mail,
The standard of solvency is discussed at
page 4 of my Institute paper, and at page 19 of my Canadian
Report, and I have nothing to add and nothing to retract. I need only say that the British system of liberty with publicity
has continued to work admirably, and that since my Institute paper net a single Company in the United Kingdom has failed in such a way as to bring loss to the assured. Several have had to be wound up, but only the shareholders have suffered, and
the policy helders have been completely protected. In my
evidence before the Committee of the House of Tords last year,
if I remember right, I also dealt with the question much in the same way, but I have not a copy of that Committee's report beside me. I gather, however, from the letters of Mr. Neill that you possess one to which you can refer. In this country the question of amending the Life Assurance Companies Acts has recently been much discussed, but I do not think anything will be done yet awhile, and whenever we have new legislation, only miner improvements in the Law will be introduced in so far as Life Assurance Companies are concerned, and we shall have no drastic changes. Everyone here is so well satisfied with present system that no one would think of materially altering the laws, and we shall certainly never introduce a standard
selvency.
our
of
Then
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