During the discussion of Mr. Barrand's paper on the 1909 Act (J.I.A., vol. xlv, p. 257), the opinion was expressed that it would be desirable, at some future date, to consider in fuller detail some of the features of the Act which seemed at first sight to stand in need of revision.

The present paper is intended to initiate such a discussion, but it only deals with the Act from the Life standpoint; and it also omits all questions arising solely out of the annual accounts, these having been fully dealt with by Dr. A. E. Sprague in “Insurance Companies’ Accounts.”