§ Mr. GINNELLasked the right hon. Gentleman if he will explain when and how the so-called Irish Provident Assurance Company, registered in the year 1900 with a memorandum of association by which the power to do life assurance business was expressly excluded, were afterwards allowed to do that business; what the nature of the authority was; how many lives the company insured; what terms are now offered to the insured; and what percentage of the money entrusted to the company has been spent in salaries and expenses?
§ The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Tennant)No authority was given to the Irish Provident Assurance Company to do life assurance business, nor, on the information in my possession, am I satisfied that the company ever in fact carried on life assurance business as denned by the Life Assurance Companies Acts. As the hon. Member has already been informed, there are no official facts or figures relating to the company's business in the possession of the Chief Secretary or of the Board of Trade.
§ Mr. GINNELLFrom whence does the information come that this company has not done life assurance business?
§ Mr. TENNANTThat is the information which has reached the Board of Trade. I cannot tell the exact source. We were informed that the operations conducted by this company did not come within the definition of the Act of 1870.
§ Mr. GINNELLIs the hon. Gentleman in a position to answer the last part of my question?
§ Mr. TENNANTIf it is true, as we believe, that this company does not undertake life assurance business, no terms 1661 could have been offered to persons who wished to insure their lives. That is the answer.
§ Mr. O'SHAUGHNESSYWill the hon. Gentleman look into this matter? I can bring two cases to his notice.
§ Mr. TENNANTI can only repeat the assurance given by a predecessor of mine on this point. If the hon. Member will give me any definite facts to go upon showing that this company undertook life assurance business I will have the matter investigated.
§ Mr. O'SHAUGHNESSYIs the hon. Member aware that the facts prove that life assurance business in connection with this company has come before the courts?
§ Mr. TENNANTI am not aware of it. I am aware that a similar assurance to the one I have just given to the House has been given before, and no facts were forthcoming.
§ Mr. BOOTHIs the hon. Member not aware that this particular company was distinctly a company to carry on short-term endowments, and did not compete with ordinary life assurance at all?
§ Mr. TENNANTYes, Sir. That is my information.
§ Mr. FARRELLIs the hon. Gentleman aware that this company was controlled by two London financiers, one of them being Mr. Harry Stewart, and can he tell me how it was that this company, when under Irish management, was doing well, and failed when it came under London management?