Description: The objective of this paper is to demonstrate that the long-term trends in the rate of company expansion affect policyholder costs and estimate the amount of the impact. Followed by several discussion papers submitted

Description: This discussion looks at principles which should govern the determination of the respective proportions of earnings to be allocated to policyholders and stockholders, the level of contingency reserves and surplus which should be maintained, and looks at the extent to which the mandatory Security Valuation Reserve should affect the level of unassigned surplus.