HC Deb 06 March 1912 vol 35 c367

asked whether, in the event of the funds of any approved society proving insufficient to pay the ordinary benefits provided for by the National Insurance Act, 1911, the deficiency will be made good out of additional moneys provided by Parliament if such deficiency arises before the first valuation, or if it arises subsequently?


Any overdraft on the society's account with the National Insurance Fund will form part of the deficiency disclosed at the succeeding valuation and will fall to be made good in the manner provided for in Section 38 of the Act. All drafts required by any society for the ordinary benefits of the Act will be met from the National Insurance Fund. No question of deficiency can arise until after the first valuation. If any deficiency is then disclosed it will be made good either by reduction of benefits or increase of contributions. After such deficiency has thus been made good the society may again declare the ordinary or additional benefits at ordinary rates of contribution.