Some Observations Concerning Fire and Casualty Insurance Company Financial Statements [Discussion]

I must confess to a feeling of disappointment upon reading Paul Otteson’s paper and studying the exhibits, the preparation of which must have taken considerable time and effort. My appetite was whetted in the opening paragraph of his paper when he underlined the words "full and true" in the quotation from the sworn statement contained on page 1 of the annual statement. I am sure that all of us would like the annual statement to be "fuller and truer." Personally I believe that substantial improvement is not only highly desirable but entirely feasible with a substantial bonus in the form of economy in record-keeping. I must seriously question, however, whether Mr. Otteson’s "observations" do much to help a most praiseworthy cause.