Mr. Cave's Bill for the better regulation of Insurance Offices,
-which comes on on Wednesday, is a capital bill for honest offices. It compels all Companies to keep their " life " funds separate, to publish annual reports of income and expenditure, and to employ an actuary at stated periods who shall investigate all affairs, -and publish a statement of them in a form fixed by the Bill. This form has been drawn up with great care, and will enable any 'expert to tell in half-an-hour the true position of any company. The actuary will be liable for a false statement to fine and imprisonment. [He ought to be licensed like an Attorney, and be liable to be struck off on conviction.] Further, no amalgamation alkali be legal without the written consent of half the policyholders, —the first clear recognition of their equitable claim. We should 'still prefer to see the actuary a Government officer, but the Bill would completely prevent an explosion like that of the Albert. It needs one more clause, giving the policyholders one seat in every Board of direction.
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