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TITLE
"Holding Company Affiliation and the Upstreaming of Capital Among Stock Life Insurers," Journal of Insurance Issues, Devaney, Michael, 1985, Vol. VIII, No. 1: 13-22.

ABSTRACT
In recent years, public policy has emphasized deregulation of financial services. As financial industries have become more competitive, financial firms have sought new opportunities to stabilize and increase earnings. An organizational form especially suited for diversifying into alternative industries is the holding company. A special concern of bank regulators has been the possible "upstreaming of capital" as a consequence of holding company affiliation. This concern is shared by many in the insurance industry, especially if the holding company is a non-insurance-related conglomerate. The major emphasis of regulators has been the welfare of the policy holder. This paper uses multiple discriminant analysis to test the impact of holding company affiliation on stock life insurer performance.