lt may be of interest to convey some of the highlights, --- excerpts of these communications follow:

• We could accept the judgment of many, but not all, financial experts that we are now in a "new era" of economics in which interest rates will continue at a relatively high level for many years, if not permanently.
• But, if the experts should prove wrong, this choice would, in time, lead to considerable financial losses to companies under long-term, investment-type policies, assuming a reasonable level of lapse rates.
• The "new era" experts may be right, but they may be wrong, no one knows.
• And, it is of paramount importance to a life insurance company that it continue to be solvent on any reasonable assumptions.

--  THE PROPOSED CHANGES IN THE STANDARD VALUATION AND NONFORFEITURE LAW

• As Recommended by the Joint Actuarial Committee of the Life Insurance Association of America and the American Life Convention - December, 1972

1973-1, NAIC Proceedings