Report of the Royal Commission on Insurance; Minutes of Evidence [March 5-Nov. 24, 1906] Volume 1

Report of the Royal Commission on Insurance; Minutes of Evidence [March 5-Nov. 24, 1906] Volume 1

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907 edition. Excerpt: ... which we keep on file, that we arrive at it in that way. Q.--Now those stocks and bonds in this pamphlet were all at that date in the possession of the company? A.--Absolutely. O.--Had not been disposed of? A.--No., .--And in some instances the blocks of stock and bonds held by the company of particular securities were pretty large, considerable blocks? A.--Well, the general principle we follow now is not to put more than 5 per cent, of the assets into any one. Q.--5 per cent of the assets of what? A.--Of the company's assets. Q.--But 5 per cent of the company's assets might buy a very considerable block of stock? A.--Yes. Q.--You would take in your statement which value, in your statement of assets? A.--The market value. We enter all three. Q.--But when you are making up a statement of assets and iiabilities, which of these values do you calculate for your assets? A.--For the annual meeting? Q.--For the statement that is sent out? A.--The statement to p'io Government gives all three. Q.---For the statement u, your shareholders, or policy-holders? J'--Well, this is a statement to our shareholders and policyholders. Q.--I see vou take the market value. JUDGE Mactavish: Supposing you were calculating on 5 per cent, 18th day, May 2nd, 1906 and going to invest the full a: nount in seaurities. A.--That would ije the cost. Q.--In that case it would bo the ledger value? A.--For instance supposing we were buying $100,000 bonds at a premium of 10 per cent., paying 110 for them, 1 would consider that if the total amount of that business came to o per cent, of our assets, that we certainly should not go above that figure. As a matter of fact I don't think we have ever gone as high as that. MR. McLAUGHLIN: The Insurance Department requires the more

Product details

  • Paperback
  • 189 x 246 x 33mm | 1,134g
  • United States
  • English
  • black & white illustrations
  • 1236991265
  • 9781236991263