Description: The paper discussed the reasons for a stock company's mutualization detail the mutualization process itself consider actuarial, legal, and other problems that arise and review a recent case history.

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.