Reports of Casualty Insurance-Loss Reserve Schedules [Discussion]

It was both appropriate and timely that Mr. Lange should bring to our attention the very important inconsistency arising from the fact that, although meticulous care and consideration have been given to the determination of asset values in recent years, the corresponding liabilities or reserves have generally been accepted more or less at face values. His paper should be of particular interest to supervisory authorities and should help to prevent a recurrence, or at least mitigate the severity, of some failures such as have occurred in the last four years.