• (p11) - Alan Richards:  Maybe I can make a very brief comment here. There may be some misunderstanding as to the intent of the SEC-sponsored legislation on front-end loads. The front-end load in the strict sense relates only to a contractual plan.
  • The plan is purchased for a fixed period, perhaps ten or fifteen years, and as much as 50 per cent of the first year's payment goes into load.
  • This is the thing that the SEC is really seeking to outlaw. 

1967 - SOA - New-Company Problems, Society of Actuaries - 38p