§ Mr. GINNELLasked the Attorney-General for Ireland what action, if any, he has taken, and with what result, since his attention as director of public prosecutions in Ireland was directed to the policies and methods of the so-called Irish Provident Assurance Company; whether he has seen any of the agents who did life assurance business for that company, and the pretence, on the head of its policies, of a capital of £100,000, by means of which weekly payments were obtained from large numbers of poor people, having been found to be groundless, why it has not been treated as a false pretence within the meaning of the Criminal Law; whether he has examined, or will examine, the policies and methods of the three other companies of the same character now obtaining money from people in Ireland by similar means; and what action he proposes to take for the protection of the public?
§ The ATTORNEY-GENERAL for IRELAND (Mr. Redmond Barry)I have taken no action in relation to the company referred to by the hon. Gentleman, and no facts have been brought to my notice calling for intervention on my part. I have not seen any of the agents of the company, and it is no part of my duty to do so. If any definite evidence be submitted showing a breach of the criminal law it will be carefully considered. It is not for me, nor within my power, to initiate investigations into the methods and policies of the other companies alluded to by the hon. Gentleman.
§ Mr. GINNELLIs it or is it not a criminal offence for a company to contract life insurance business without complying with the previous requirements of the statute?
§ Mr. REDMOND BARRYI should have to consider all the circumstances carefully.
§ Mr. O'SHAUGHNESSYIn the interests of public safety should not steps be taken when a company like this is being formed to see that they do not exceed their powers as a company? They have done so in this case.
§ Mr. REDMOND BARRYThe hon. Gentleman must be aware that this company and its affairs are actually the subject of investigation in a court in Dublin at the present time, and if anything criminal has taken place I have no doubt whatever that it will be reported to me.
§ Mr. GINNELLI beg to ask the right hon. Gentleman how he expects to hear? Will he accept as evidence a book used as a life insurance book by the agent of this company? If not, what sort of evidence does he want?
§ Mr. REDMOND BARRYI will consider any matter that is submitted to me.
§ Mr. GINNELLasked the Secretary to the Board of Trade whether the Board takes any measures to prevent persons without capital, by pretence of having capital, trading as insurance companies on the credulity of poor people in Ireland; whether the Board, or its representative in Ireland, verified the pretence of £100,000 capital by means of which the so-called Irish Provident Assurance Company obtained people's money; whether the Board made itself acquainted with the instances in which that company was compelled to refund certain life premiums improperly obtained, and with contemporary comments upon its action; whether the Board is aware of the three other companies of the same character now obtaining money from people in Ireland by similar means; whether the Board will make good the loss sustained by persons insured with the company named to the extent of the £20,000 which that company should have been compelled to deposit; by whom is the Board of Trade represented in Ireland; and when, and in what Vote, does his salary come under discussion in Parliament?
§ The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Tennant)The Life Assurance Companies Acts, 1870 and 1872, provide that companies carrying on life assurance business shall deposit a sum of £20,000 and shall render certain returns from time to time to the Board of Trade, which can be inspected by the public. By the Assurance Companies Act, 1909, the principle of the Life Assurance Companies Acts was extended to other insurance transactions. The object of all these Acts was to protect insurers, and outside their provisions the Board of Trade has no powers. Any company registering under the Joint Stock Companies Acts has power to register any amount of nominal or authorised capital it thinks fit; but Section 12 of the Assurance Companies Act, 1909, provides under penalty that where any notice, advertisement or other official publication of the company contains a statement of the amount of the authorised capital of the company, the publication shall also contain a statement of the amount of the capital which has been subscribed and the amount paid up. The Board has no information that since this Act was passed this provision has been contravened by the company. The Companies (Consolidation) Act, 1908, provides that every company shall make a return to the Registrar of Joint Stock Companies of the amount of capital authorised, subscribed and paid up, and this return is open to inspection by the public. The attention of the Board has been called to an action in which the company was ordered by the Irish Courts of Law to refund certain premiums on endowment policies, the ground of the judgment being that these policies were outside the powers contained in the memorandum of association of the company. I am not aware to what companies the hon. Member refers as "three other companies of the same character," but if he will supply me with particulars of any supposed infringement of the Assurance Companies Act, 1909, the matter shall be carefully inquired into. The information supplied to me by the hon. Member since my reply to him on the 26th July last, goes some way to show that the company at some period of its existence may have carried on life assurance business, but the information is not conclusive. If life assurance business is being carried on without the deposit of £20,000 having been made, the company could be prosecuted and could, if convicted, be fined, but as the fines would only 373 reduce the assets of the company available to pay creditors, I doubt if this course would be advisable. The Board of Trade are represented by the President in Ireland as well as other parts of the United Kingdom.
§ Mr. GINNELLWhy does not the Board of Trade inquire into the working of this company, and not leave it as a matter for this House to find information for them?
§ Mr. TENNANTI must ask for notice of that question.
§ Mr. O'SHAUGHNESSYMay I ask what action the Board of Trade took in those cases where the companies were compelled to refund the premiums?
§ Mr. TENNANTI cannot answer offhand, and I must have notice of that question.