Application of American legislation to assurance companies in the United Kingdom

Abstract

It appears that in public opinion British law on the subject is not in a satisfactory state, and that no provision exists for the guidance of reasonable and prudent men in their dealings with Life Assurance Companies in the United Kingdom. Under these circumstances, one is naturally led to inquire whether the laws of other countries provide for the want which is thus felt in our own country. Since writing my former paper, I have obtained a full copy of the laws of the States of New York and Massachusetts, and I now beg to state, for the information of this Society, how those laws deal with the solvency or insolvency of an Assurance Company; on which question, according to the Echo, we must not look to the English Court of Chancery for aid.