§ MR. J. P. FARRELL (Longford, N.)
I beg to ask the Secretary to the Board of Trade whether his attention has been called to allegations of fraud against the Equitable Life Assurance Society of the United States; whether any return is made under the Insurance Acts by this society to his Department; whether, in order to enable this society to operate in Great Britain and Ireland, any guarantee sum has been lodged under the Insurance Acts in this country; if so, where, and 85 the names of the trustees, if any; and whether, with a view to protecting policy holders in Great Britain and Ireland, the Board of Trade will require the lodgment of this guarantee sum if the same has not been already lodged.
§ THE PARLIAMENTARY SECRETARY TO THE BOARD OF TRADE (Mr. BONAR LAW,) Glasgow, Blackfriars
My attention has been called to the case of the Equitable Life Assurance Society of the United States. The returns required by Sections 5, 7, and 8 of the Life Assurance Companies Act, 1870, from companies transacting life business in the United Kingdom have been duly deposited and are included in the Life Assurance Companies Return presented annually to Parliament. The society commenced business in the United Kingdom in 1869 and did not make any deposit, such deposit being required only from companies commencing business in the United Kingdom after the passing of the Act of 1870.
§ MR. J. P. FARRELL
asked whether there was any power now to require this company to make a deposit.