I just feel odd without a introduction .... anyway my introduction is just two lines saying the memo would be in response to your (Jerry's) questions/concerns in terms of tax and regulatory challenges. Decided to leave out the conclusion section.
Anyway, I think I'm done - 2,400 words, 3 and a half page (Arial pt10 single spaced) ... think i'm quite long winded but since Jerry is someone "without experience in insurance accounting, regulation or taxation", I tried to explain most terms like YRT, put options etc.
Will update you guys again when result is out, bye