• Further Resolved, That inasmuch as a number of worthy industrial and commercial corporations are in emergency receivership and a number of corporate bonds are in default as to interest and/or principal by reason of lack of liquidity rather than by reason of lack of underlying value, stocks of corporations in receivership and bonds in default should be valued on the 1931 Convention basis less 30 per cent of the difference between such Convention value and the exchange quotation as of December 1, 1932, unless the value underlying such securities has been heavily depleted or has disappeared to such an extent that a lower value is required by reason of such special circumstances. (p8)
• The Committee on Valuation of Securities

1933-1 volume only, NAIC/ NCIC

This Conveution affirms its confidence in life· insurance as an institu·
tion. It believes that the crisis which necessitated a moratorium is pass·
ing. The pl'ima1·y purpose of life insurance is the payment of death claims,
matured endowments, annuities and disability benefits. Subordinate to
this are the contract provisions relating to the withdrawal of the policyholcler 1$ cash equity. This Convention recognizes that an unrestrained and unjust banking burden should not be allowed to imperil the objectives
which sacrifice and unselfishness have bought. At the same time, full
recognition is given the sanctity of contracts. Any governmental action
affecting the enforcement of a contract must be imperative from the
standpoint of the public welfare. This Convention records itself as favoring, for the present, the continuation of restrictions and conditions on life
insurance companies for the prevention of hoarding, speculation, or the
use of life insurance equities for unnecessaTy investment or banking needs.