§ Mr. BOTTOMLEYasked whether the last published accounts of the Prudential Assurance Company, Limited, show that in its Industrial Branch, out of 1,397,675 policies which lapsed during the year 1911, only 140,617 received any benefit, and these to the extent only of one-third of the amounts of premiums paid in; whether the President of the Board of Trade will take steps to ascertain the sum received and retained by the company in respect of the balance of 1,257,058 forfeited policies; and whether he will consider the desirableness of introducing legislation to compel industrial assurance companies to disclose in their accounts the amounts received by them in respect of lapses, with a view to the same being either handed over to the Public Trustee or specially taxed for the benefit of the poor?
Mr. BUXTONThe Returns filed by the Prudential Assurance Company, Limited, show that the number of paid-up policies granted by the company in the Industrial Branch during the year 1911 to policy-holders who desired to discontinue their payments was 140,617, as stated by the hon. Member, and that the total number of policies in respect of which payments ceased during the year was 1,538,292. I have no information as to the extent of the benefits obtained by the persons who received paid-up policies. It would not be practicable to obtain particulars as to the amounts received by a company in respect of lapsed policies, as this information is not required by the Assurance Companies 575 Act, 1909. As at present advised, I do not propose to introduce legislation to modify the requirements of that Act.
§ Mr. BOTTOMLEYWill the right hon. Gentleman explain what he means when he says "as at present advised." Advised by whom?