• At a SOA Annual Meeting maybe 15 years ago or more, a speaker challenged anyone in the audience to tell him that a portfolio illustration was exactly comparable to a new money illustration.
  • He wanted to make it clear, then and there, that anyone who was willing to do that was either ignorant or incompetent or both.
• Now, I am not going to bother doing that because I would guess that everybody here would admit after 15 years of this, that a portfolio and a new money illustration are not comparable.
  • They are both out there, however, and regardless of which system you are on, there is the potential for problems in competition. So those creative types have something to work on.
  • I think both the regulators and the ASB would appreciate a solution.

--  William C. Koenig, s senior vice president of Northwestern Mutual and the incoming chairperson of the Life Committee of the ASB

1996 - SOA - Update on Life Insurance Illustrations, Society of Actuaries - 24p