§ MR. J. MACVEAGH (Down, S.)
I beg to ask the President of the Board of Trade whether he is aware that with some industrial insurance companies in London the practice has grown up of issuing policies on lives other than those of the proposers or payers of the premiums; whether his attention has been called to the fact that these companies are issuing such policies both in England and Ireland; and whether, as the absence of assurable interest generally renders the policies illegal and the amount insured irrecoverable unless as an act of grace, he will cause a warning to be issued to the companies and to the public.
§ MR. LLOYD-GEORGE
I am aware that industrial insurance companies issue policies on lives other than those of the proposers and payers of the premiums, but I am not aware that the practice prevails of their issuing such policies where the insurer has no insurable interest in the life insured. I have no doubt that the companies are aware of the provisions of the law on the subject, and I doubt if it is necessary to issue a warning such as that suggested by the hon. Member. If, however, he has any definite information that he can furnish as to the issue of these illegal policies I shall be glad to consider it.