System

  • This system of insurance is like a vast machine.
  • Let the parts be constructed by independent artisans without any reference to the labors of each other, and you have no warrant that they will fit together and work in harmony, or produce any kind of useful result.
  • But let the artificers come together and unite their skill; let the different parts be made for each other, and by connecting links be made to work together, and you will have a perfect machine.

18xx - NAIC Proceedings - Vol 1

  • First, for the period 1930 through 1970, the roles taken by various financial institutions in the U.S. could be fairly easily described.
  • The roles of commercial banks, savings and loan associations, stockbrokers, insurance companies, savings banks and merchant banks were separate and distinct.

--  DICK <Richard> MINCK (Executive Vice-President of the American Council of Life <ACLI> Insurance and the newly elected Secretary of the Society of Actuaries)

1984 - CHANGES IN THE CANADIAN REGULATORY FRAMEWORK FOR LIFE INSURANCE, Society of Actuaries