§ MR. KENDAL O'BRIEN (Tipperary, Mid.)To ask the President of the Board of Trade whether the investigation into the affairs of the Irish Provident Assurance Company has yet been concluded; and, if so, will he state the result.
(Answered by Mr. Lloyd-George): Certain investigations into the affairs of the company were undertaken by the authorities at Dublin. The Board of Trade have recently learnt that it has been decided that no evidence existed to justify proceedings being taken by the authorities against the company. As a result of the investigation by the Board of Trade, the Department are advised that the company is not empowered to transact life assurance business, but the Board have also been informed that the company proposes that it should transact such business in conjunction with a life assurance company, constituted last year under the Companies' Acts, which has made
§ (Answered by Mr. Lloyd-George.) The following statement gives the information asked for:—
§ the statutory deposit of £20,000. If, however, the hon. Member can bring to the notice of the Board of Trade evidence that the Irish Provident Assurance Company are themselves still carrying on business which could be described as life assurance, the question of taking proceedings against them will be considered.