There will, I venture to think, be no difference of opinion among the members of this Institute as to the advisability of an early and adequate discussion of the many points of difficulty presented by the new Assurance Companies Act. Neither will there be any doubt as to this Institute being the proper place for such a discussion, consisting as it does of an unrivalled body of experts on the subject of life assurance. In these circumstances I have ventured to undertake the task of bringing the matter before the Institute, confident in the fact that however inadequate my treatment of the subject may be, those before whom the paper is to be read are fully competent to make good any shortcomings on my part, and will be both able and willing to correct any errors into which I may have fallen.

During the past twenty years or so, State Insurance in one form or other has been steadily extending, and now appears likely to be established on a broad basis in Great Britain. The problems presented by it are very complex and comparatively little understood either as regards nature or consequences, while socio-political pressure compels the use of approximations where complete solutions are unattainable. In particular the statistical bases and actuarial treatment of these great schemes, which affect the well-being of millions, afford great scope for the utilization of the training provided by the Institute of Actuaries and other scientific bodies of like aims.