• We have developed model regulations dealing with surplus relief, and we tried to close those loopholes so that the balance sheets are in fact truly stated, perhaps not misleading, but truly stated.

--  John F. Gies (Chief Life/Health Actuary of the Connecticut Insurance Department)

1999 - SOA - Insurance Company Failures of the Early 1990s - Have We Learned Anything?, Society of Actuaries - 25p