Up to this point the discussion of the substantive content of state insurance regulation has fallen neatly into two categories: first, regulation fostering the reliability of the insurance institution to perform its insurance obligations and second, regulation focusing on insurer operations to enhance reasonable, equitable and fair treatment of policyholders. Here, discussion will consider illustrative aspects of insurance regulation impacting both insurer financial solidity and insurer treatment of policyholders, including such areas as (1) AIDS, (2) fraud, (3) sound management, and (4) conversions (that is, mutualization and demutualization). Subsequently, consideration will be given to life insurance company affiliations involving acquisitions, mergers and holding companies.