HC Deb 15 July 1912 vol 41 cc37-8

asked if the Colonial Mutual Life Assurance Society of Australia denied that its practice of lending money to its own directors is one of the causes of its failure to keep its engagements; what evidence it submitted to the Board in support of the denial; if it did not deny the practice, what notice the Board has taken or proposes to take of the practice; what proportion the payments now being made by that society at the end of tontine periods bear to the sums which the society promised through its estimates and agents that persons insuring would be entitled to receive; what proportion they bear to the sums paid in premiums; and whether the Board has called the attention of the Director of Public Prosecutions to this society's methods of obtaining and using money?


I am not aware that the Colonial Mutual Life Assurance Society, Limited, has failed to keep its engagements, as suggested in the hon. Member's question. So far as is known to the Board of Trade, the society has neither admitted nor denied that it lends money to its directors, and the matter is not one in which the Board have power to take any action. The information asked for relating to the proportion which the payments made by the society bear to the estimates, and to the premiums received, is not required to be disclosed in the society's returns, and I am therefore unable to furnish it. The Board have not called the attention of the Director of Public Prosecutions to the business of the society.