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Section 9:-
Paragraph 3 states that portions of the
deposits may be withdrawn from time to time on satisfying
the Registrar that the amount of the securities left on
deposit equals in value "the amount of the monies insured"
by the policies outstanding. This can only mean equal to
the face value of the policies, which is an impossibility.
The most that can be asked is that the deposit shall equal
the Reserve value of such policies.
This is but one example of the crude and
non-actuarial manner in which certain portions of the
ordinance have been framed.
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This I consider to be the section most open
to objection and for three reasons.
1st.
2nd.
3rd.
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It imposes a fixed Standard of Solvency.
It provides that any company that fails to
pass this test shall be wound up on the
application of one or more policy holders.
The Standard of Solvency laid down is
obsolete and inapplicable to local compani-
-es.
The subject of a fixed Standard of Solvency
I have already touched on in my remarks
above, and pointed out the inadvisability of
such a measure.
The provision which forces a weak company
into liquidation upon the petition of one or
two dissatisfied policy holders is most un-
-wise and may cause untold misfortune to a
large number of policy holders.
Apart from the fact that it gives a weak
company no opportunity of recovering it- -self and placing itself on a sound basis
or of being transferred to a stronger
company without loss to its policy holders,
it
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