§ 61. Mr. GINNELLasked why the Board of Trade have never ascertained the number of life insurance policies illegally issued by the persons calling themselves the Irish Provident Assurance Company, as judicially ascertained in the case of Flood against that company; whether the Board have any jurisdiction over the illegal issue of life policies; whether the illegal policies which those persons selected and transferred to themselves, trading as the London and Provincial Assurance Company, were thus rendered legal life policies; whether the Board recognise this as legitimate life insurance business; and, if not, what action the Board will take in the matter?
Mr. BUXTONThe Board of Trade did not obtain any information as to the number of policies issued by the Irish Provident Assurance Company, Limited, because an Order was made by the Irish Court for winding up the company before the Returns required by the Assurance Companies Act, 1909, had become due. Even if the Returns had been received they would not have been required to contain the information desired by the hon. Member. The Board have no jurisdiction to prevent the issue of policies of assurance which are not authorised by the Memorandum of Association of a company. The London and Provincial Assurance Company, Limited, has made a deposit of £20,000 in respect of life assurance business, in accordance with the Assurance Companies Act, 1909, and is entitled to issue life assurance policies.
§ Mr. GINNELLWill the right hon. Gentleman answer the latter part of the question whether illegal contracts can become legal in the manner described?
Mr. BUXTONI have dealt with the particular facts with regard to a particular company, and if the hon. Gentleman desires further information perhaps he will put a question down.
§ Mr. GINNELLThese are questions with regard to this particular company which have appeared on the Paper not for the first time.