§ MR. COWANasked the Secretary of the Treasury whether it was the intention of the Government, during the present Session, to introduce any measure affecting life insurance companies, in conformity 1952 with the recommendation of the Select Committee which reported on this subject in 1853?
§ MR. WILSONreplied, that last year he stated that the Government had no intention of legislating on the subject until the whole subject of joint-stock companies had been decided upon, and an Act thereon introduced. That had now been done; but he still was not prepared to say, at present, that the Government would, in the present Session, introduce any measure with respect to life insurance companies. It was a most difficult subject to determine how to establish restrictions which, while apparently offering security to the public, would not be easily evaded. Therefore, the Government thought that, unless they could offer some measure which would give reasonable security to the public and would not be easily evaded, they had better do nothing rather than give to the public what might seem some security, but which, in point of fact, would be no security at all. The inquiry which took place three years ago had had, however, the effect of materially improving these associations.