ANALYSIS OF INDEX.

ALPHABETICAL and CLASSIFIED LIST of the PRINCIPAL HEADINGS in the following INDEX, with the Paging at which they will be respectively found.

IN D E X.

[N.B.-In this Index the Numerals following Rep. refer to the page of the Report; the Figures following the Names of the Witnesses refer to the Questions of the Evidence; and those following App. to the Page of the Appendix.]

ABANDONMENT of Policies. Remarks relative to the losses incurred by the public by the relinquishment of policies from a feeling of the insecurity of the offices in which they are assured; many of the offices do not give anything for such policies, and those that do purchase them only give two-thirds of the value, Edmonds 1263-1281--Frequency of parties abandoning their policies from want of confidence in assurance offices, ib. 14371441--The abandonment of policies by assurers is a gain to the office, but if the office anticipate its future policies, then it would lose by the dropping of an assurance, Ingall 1855-1859.

Absolute Security Life and Fire Assurance Company. Reference to "The Absolute Security Life and Fire Assurance Company," projected by R. W. Morris, Pateman 3050. Accountant-General of the Court of Session, Scotland. Remarks relative to the appointment of the Accountant-general of the Court of Session; nature of his duties; the appointment of this officer has been very beneficial, Thomson 1066–1069. Accounts. With respect to the state of the accounts of a life assurance office, witness considers it is a matter which concerns either the shareholders of a proprietary company, or the members of a mutual society, Downes 1141-Generally speaking, the accounts of assurance societies are drawn up in an intelligible and satisfactory form, Neison 2261, 2262. 2268, 2269--The cash statement of receipts and disbursements at present prepared by the companies might be discontinued altogether, Higham 2439, 2440- -The accounts of the older assurance companies are made out in a clear and intelligible manner; four of these handed in, Pateman 3129.

2. Importance of establishing some test for ascertaining the Qualifications of Actuaries.

1. Generally:

Very little advantage would result from the appointment of an official actuary to give an opinion as to the accuracy of the companies' accounts, as he would be obliged to assume all the data placed before him to be correct, Downes 1114-1117-Large number of actuaries of life assurance offices who are not members of the Institute; testimonial obtained by them from other actuaries on their appointment to an office, Jellicoe 2119, 2120--Intricate and important nature of the calculations undertaken by actuaries, Neison 3711-3717.

2. Importance of establishing some test for ascertaining the Qualifications of Actuaries:

Observations of the Committee with regard to the formation of an incorporated society of actuaries, with a view to the advancement of that important science, and also with a view to the issue of diplomas or certificates to persons qualified to practise as actuaries, Rep. vii., viii.—-Opinion that if any effort should be made to induce Parliament to grant such an incorporation, it will be worthy of consideration, but further investigation would be needful before such measures should be adopted, as considerable difference of opinion prevails on the subject among actuaries themselves, ib. viii.It is most essential that some test should be required from actuaries as to their fitness to practise, Jellicoe 2011– 2018; Farren 2682-2689--Great importance of the proper qualifications of the actuary in the conduct of the office; the whole foundation of the office must depend on whether

Report, 1852-53-continued.

ACTUARIES-continued.

2. Importance of establishing some test, &c.-continued.

the calculations are made on an accurate or inaccurate basis, Jellicoe 2071-2092. 21072109. 2157-2169--How far the actuaries, as a body, would be willing to submit to an examination, as a proof of their qualification, ib. 2085-2089.

Remarks relative to the Bill prepared by the Institute of Actuaries, with a view to carry out the proposition that some test should be required from actuaries as to their fitness to practise; preamble and heads of the several clauses of this Bill read, Jellicoe 2116-2118-It would be very desirable that the Government should have the regulation of the persons practising as actuaries, and that no person should be enrolled until he had satisfied such conditions as the Government thought sufficient, ib. 2138-2145. 2150, 2151- -Suggestion that Government should have a veto as to the appointment of actuary to every office, Farren 2679-2681--Remarks on the subject of establishing an institute of actuaries; desirability of such an institution as a means of testing the qualifications of any person, and as some security to the public that those professing to be actuaries really understand their business; part to be taken by Government in the establishment and working of the proposed Institute, Neison 3706-3732--How far it should be imperative that all actuaries, whether of eminence or otherwise, should undergo an examination as to their qualifications in the proposed Institute, ib. 3718-3732.

See also Audit of Accounts.
Valuation of Assets.

Government Audit, 1.

Institute of Actuaries.

Agents. The agents appointed by fraudulent societies are generally imposed upon by the promising appearance of the prospectus, and the tempting commission offered them, Pateman 3055-3058. 3060. 3073--The usual commission is five per cent. annually on the premium, and some offices propose allowing a higher rate; it would be well, if possible, to limit the amount of commission, Farr 3355-3380--In the accounts rendered by the companies, the expenses of agency should be kept distinct from the ordinary expenditure, ib. 3381-3384--Reference to the system of agency and commission adopted by assurance companies in the German states, Neison 3660, 3661. Amendment of the Law. Opinion of the Committee, that the present state of the law, as established by the Act of 1844, requires some amendment, Rep. iv. —— Great difficulties which surround the question of what alterations should be made in the law, ib. iv., v. -Suggestions with respect to amending the Act of 1844, Taylor 382. 456-459; Pateman 3114 et seq.-All the provisions of a merely general character, which are usually inserted in the deeds by which the companies are constituted, should be thrown into an Act of Parliament, on the principle of the Companies Clauses Consolidation Act, Taylor 382-384.

See also Actuaries, 2. Frauds. Joint Stock Companies Act, 3. Scotland.

Anchor Life Assurance Company. Balance-sheet of the Anchor Life Assurance Company, from 1 October 1849 to 30 September 1853, as returned to the registrar, Pateman 3127, and App. 381-Imperfect nature of this return, Pateman 3127-3129.

Annual Accounts. Form of annual account best calculated to give the actual condition of the insurance offices, which should be returned to the registrar, Taylor 318 et seq.; Ansell 726-743; App. 352-355--Opinion that the annual balance-sheet to be furnished by insurance offices should not be open to the public, but confined to the knowledge of the auditor and the Government, Thomson 909, 910-All annual accounts of receipts. and expenditure of assurance companies should be registered, with a view of satisfying the members that their business is being conducted on a satisfactory principle, Downes 1094--There would be no objection on the part of the old companies to publish annual accounts, but such accounts would give very imperfect information; they would not show the state of things so fully as periodical accounts, Edmonds 1301-1312--Witness considers it a very important element of any account to be annually returned, that the amount of premiums should be clearly set forth, as well as the amount of all expenditure, Ingall 1840-Suggestion that every company should return to Parliament, on its own responsibility, an annual account of all receipts and expenditure, and a further account of its assets and liabilities; the public would soon derive much benefit from an examination of the relative merits of these returns, which should be framed as simply as possible, Ryley 2861-2883.

See also Balance-sheet.

New Offices.

Publication of Accounts, 1. 2.

Annual Bonus Life Assurance Society. Prospectus of "The Annual Bonus Life Assurance Society;" fraudulent character of this society; proceedings at law have been taken against the promoter, Pateman 3051-3054. 3104, 3105.

Ansell,