§ 22. Mr. HUNTasked the Chancellor of the Eexchequer, if he will state how industrial insurance companies comply with Clause 23, Section 2, Sub-section (2), of the National Insurance Act?
§ Mr. MASTERMANNo industrial insurance company carried on for profit has been or can be approved by the Commissioners. Separate sections of such companies have, in accordance with the proviso to Sub-section (1) of Section 23, received approval; and in these cases the Commissioners have required that the rules of the section should provide for the reference of any question decided at any general meeting either to a poll of all the members or to special and general meetings of the society if within a given period a requisition therefor, signed by a specified number of members is forwarded to the secretary of the section.
§ Mr. HUNTIn view of the fact that this insurance company is an approved society and is carried on for profit, how can it be legally approved when the Act lays down that no society can be approved that is carried on for profit?
§ Mr. MASTERMANThe Prudential Insurance Company is not an approved society under the Act. A section of the Prudential has been formed which is approved as a section under the Act, and it cannot be carried on for profit.
§ Mr. MASTERMANWhat the hon. Member sees in the Library does not alter the truth of what I have said.