HC Deb 24 November 1909 vol 13 cc281-2

Where a company carries on fire insurance business this Act shall apply with respect to that business subject to the following modifications:—

  1. (a) It shall not be necessary for the company to cause periodical investigations to be made into its financial condition by any actuary or to prepare any statement of its fire insurance business in accordance with the Fourth and Fifth Schedules to this Act:
  2. (b) Such of the provisions of this Act as relate to deposits to be made under this Act shall not apply with respect to the fire insurance business carried on by the company if the company has commenced to carry on that business within the United Kingdom before the 25th day of May, 1909:
  3. (c) Such of the provisions of this Act as relate to deposits to be made under this Act shall not apply where the company is an association of owners or occupiers of buildings or other property which satisfies the Board of Trade that it is carrying on, or is about to carry on, business wholly or mainly for the purpose of the mutual insurance of its members against damage by or incidental to fire caused to the houses or other property owned or occupied by them:
  4. (d) It shall not be necessary to make a deposit in respect of fire insurance business where the company has made a deposit in respect of any other class of assurance business, and where a company, having made a deposit in respect of fire insurance business, commences to carry on life assurance business or employers' liability in- 282 surance business the company may transfer the deposit so made to the account of that other business, and after such transfer, the deposit shall be treated as if it had been made in respect of such other business:
  5. (e) So much of this Act as requires an assurance company transacting other business besides assurance business or more than one class of assurance business to keep separate funds into which all receipts in respect of the assurance business or of each class of assurance business are to be paid shall not apply as respects fire insurance business:
  6. (f) The provisions of this Act with respect to the amalgamation of companies shall not apply where the only classes of assurance business carried on by both of the companies are fire insurance business, or fire insurance business and accident insurance business, and the provisions of this Act with respect to the transfer of assurance business from one company to another shall not apply to fire insurance business.

Mr. CHURCHILL

moved, in paragraph (a), after the word "company" to leave cut the words "to cause periodical investigations to be made into its financial condition by an actuary or."

Amendment agreed to.

Mr. HART-DAVIES

moved, in paragraph (b), to omit the words "before the 25th of May, 1909," and to insert instead thereof the words "passing of this Act."

Mr. CHURCHILL

The object of inserting the date in the Bill was to prevent the growth of mushroom companies; but now that the Bill is drawing towards completion, and is likely to receive the Royal assent in a day or two, there is no danger of mushroom companies, and consequently I shall accept the Amendment of the hon. Member for North Hackney.

Mr. HART-DAVIES

Does that apply to the similar Amendment of which I have given notice in other Clauses.

Mr. CHURCHILL

Yes.

Amendment agreed to.

Clause, as amended, ordered to stand part of the Bill.

Clause 33 (Application to Accident insurance Companies), agreed to, with drafting Amendments.