207
to stor eris ?nuð er of axustas Ji Tedtre
zvinnunoo tot stoves climaaneconnu at woh biel Jesīstai
no eldoniaddo al desnoční Maid redw tasi oris nt badaiidajan
ath no damndal to odar date a matico gcagnon A about Kionj
4 BC Beyneet ents! Hove verge of unimpen com socb about
ertange pinumoo » Iagnos od bra,eter revol a primise vasqboo
mn you at evelled I dobila ? you to danmetal to edm egersva ne
-gagebedryf na vigas or ni Ma tu suley or
Cue queria Isvevnu
mnist peinsqido uran di Jfraen blwow bra Jued atove# VINY
monch set od vino vom alvow yenen mi dol w tagyfoeul beusfoob
act of neerzod emoabreen oraloob of roletuog a mi ed jud #1
avi qucoo treatme qd bolleilistes dead asr 21 .exobfəri yolfoq to scam enenovs adt neowtna Pel of 25 to mistor a Jant
ziqus al molvaniay at at boerous tacit hun bertso tesnejni
Bovicbet to nona Cuch an ebivony of vino Jon Junioittwe
(isnoleroval hairognos boon s abivong of oala dun bonbupor
to test erit exem of cant destinar el ti oa palec bir .auto2
to enter coat efft veq Da villids edi .0.1 wasemoo e to youevloa
-5% að any tren!
sub emooed yode ca aturitnoo at Ja Grom C
oturomoo & fitu teritumot (urt ek swistloq ens ceq of stiełup-
Ife of what ur Jud visadosum gino ton si eunod yzanolenevAT
.bertsonOO
In America where a standard of solvency was
first adopted in 1866 the table used was English Life Table No.3 Interest at 5%. Later it was changed to the American Experience Table at 44, and I much doubt if ever the average rate of interest earned there could compare with that of a well managed
company out here.
From this it should be abundantly clear
that under present circumstances the test proposed to be applied
by the ordinance to companies established in the Far East is
most unsatisfactory and should be amended with the least
possible delay.
Of course it must be borne in mind that the
rates of interest prevailing out here now may in the future fall
and a severer test be necessary. For this reason it appears to
Bei me to most desirable that no standard test of solvency should
be stated in the ordinance but that it should be left to the
discretion of the Hongkong authorities and their advisers to
decide from time to time according to varying circumstances
what is the, requisite test of solvency.
*
These are I think the principle failings
of the ordinance as it now stands. But I think most British
Actuaries will agree with me in thinking that the ordinance is
a mistake,
sit eoubar of
to nder 998TOTE est enuiw misto deerD KI MJET Kŋetava sila ta tahan al esinuggol etil vd bantse testetni won vonefnet a at event favors ha el mottaufwy to orreas of Torowol maidi airozeṇmab ♬ of bluow JI „Płu to $s of
Jusvioant een teed noitaufgr A a beeang daft vneqroo e døNJ
Jeezedni to otan egeters sit Jant woris of bloo +i ɛasinu
*** wofed eldarubianos nelist bad desq emijemos tot berreo
nottwiler a ed biwow dant doeskog at viloobƒe-oor
Ni neqriod pre vd beonce teetotni to eben opcreva Lertoa eift to
*foxking cow eden atris Juris nwoda sd card ai himor? .Insq ode
tot aber un biros enotalvorg (@wout eft nl beeliser ad of
19% 20V16897 orid malesetont has stør notisular ent aninuber
.otjut ent
The object of the ordinance is stated at
the end, to be the securing of the "Solvency and permanency of
companies carrying on the business of Life Assurance in the
Colony," and with that object not only every Actuary but every
right minded person must be in sympathy, but I fear that in
practice the Ordinance as it now stands will defeat its own
ends; by restricting rather than fostering the principles of
Life Assurance. The idea of the authorities in endeavouring to
protect the insuring public in Hongkong and China from what are
known in America as "Wild Cat" companies is to be highly com-
-mended and will certainly have the support of every thinking
person but in my opinion, and r fancy most experts will be with
me,
Page 210Page 211
No comments yet.
Private notes are available after approval.