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most companies can pass it, the tendency then being
for them to be content with the bare passing of the
test and not endeavour to establish a stronger and
more reliable financial position, which is what is
almost invariably done when publicity and freedom arc
the only factors used. A case in point occurs to me.
Two years ago one of the largest and most popular
British Life Offices voluntarily passed its bonus for
the express purpose of strengthening its financial
position and valuing its reserves on a much more
stringent basis. The result has been a large increase
in its reserves and an enormously increased bonus
earning power which will benefit its policy holders.
There was never any question of its solvency and it
would undoubtedly have passed any of the ordinary
standard tests of solvency. Had there been any much
test it is more than probable that this office in
common with others would have been content with satis-
-fying the test instead of taking a strong and politic
stap from which its policy holders will reap great
benefit in the future.
2nd. Government control implies to some extent at any rate
Government guarantee, and the public are apt to look
to the Government for greater protection than the
latter are prepared to afford.
3rd. By the application of one Standard test of solvency
many of the various useful schemes cannot be carried
on, and the tendency is to restrict the issue of policies to the simplest contracts under whole life
plan and Endowment Assurances. This is clearly shown!
by the results of the recont investigations by com-
missions in Canada and America. In consequence of
these, several companies have given up the issue of such policies as the 5% debenture policies, guaranteed
income
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