§ 116 and 117. Mr. CHARLES DUNCANasked the Secretary to the Treasury (1) whether the National Insurance Commissioners have had before them for approval the terms of the contract entered into between the six Prudential approved societies and the Prudential Assurance Company with respect to the administration of the functions of the approved societies; whether it is the duty of the Commissioners to inspect any such contract, or whether it will only come under review at the time of valuation; whether the six approved societies have contracted to pay the Prudential Company a sum of half-a-crown per member per annum in payment for administration; and (2) whether he is aware that by Rule 33 of the Prudential Approved Society for Men a member has the right to inspect the books, subject to an order to that effect from the committee of management, and should such an order be refused the member may then appeal to the Commission; whether he is aware that a member of the society referred to has been refused permission to inspect, that he has since applied to the Commission on several occasions and has only received formal acknowledgments; and whether he is prepared to take action to secure the right of a member to inspect the books of the society?
§ Mr. MASTERMANI am aware of the rule referred to in the second question. The Commissioners have received applications from a member to inspect the agreement made by the Prudential approved societies with the Prudential Company with regard to their administrative work under the Act, which was approved by the Commissioners. The Commissioners have had the applications to inspect the agreement under their consideration. They understand, however, from the Prudential approved societies that they intend to publish the full terms of the agreement, showing the conditions and the rate agreed for the first six months.
§ Mr. C. DUNCANWhen will it be published?
§ Mr. MASTERMANI think very shortly.
§ Mr. JOHN WARDWill the auditors inquire in detail into the expenditure of the Prudential Company to find out whether the money granted in a lump sum has really been expended on this work?
§ Mr. MASTERMANI think that the Prudential Company will have to satisfy us that the money is being expended on charges connected with the insurance work.