§ 32. Mr. GINNELLasked how many persons are now insured with the United National Friendly Assurance Collecting Society, having its head office in Glasgow but working chiefly in Ireland; what financal provision, if any, that body now possesses for its growing liabilities; how many paid agents it has in its employment and where they are operating; and, in view of the facility it derives from the approval of an offshoot under the National Insurance Act, whether he will have that approval reconsidered by the Insurance Commissioners in Great Britain and in Ireland?
§ Mr. MASTERMANIt appears from the annual return of the United National Friendly Assurance Collecting Society for 1911 that the number of benefit members at the end of that year was 7,424. The assets are stated to be cash in bank and in hand, £438 19s. 8d; furniture, etc., £84 l1s. 6d.; stationery, £50; outstanding premiums, less commission, £l,380 13s. 8d. Price of goodwill of business purchased for National United Insurance Society, Limited, £2,111 13s. 3d., a total of £4,065 18s. 1d. Against the last item there appears a liability to the National 344 United Insurance Society, Limited, of £2,083 8s. No investments are stated in the return. I have no information as to the number of paid agents or where they are operating. The operations of the United National Friendly Approved Society are financially separate from those of the United National Friendly Assurance Collecting Society. I am asking that inquiry may be made by the Joint Committee, but I am not prepared to say that action is called for under Section 29 of the Act, which lays down the conditions under which approval can be withdrawn.
§ Mr. GINNELLWill the attention of the Insurance Commissioners be called to these things?
§ Mr. MASTERMANApproval will rest with the Joint Committee of the National Insurance Commissioners, and I will call their attention to the facts put before me.
§ 33. Mr. LUNDONasked whether an approved society has been formed for Ireland, under the National Insurance Act, by the United National Assurance Society of Glasgow; if so, will he give the names of those Irishmen who have been appointed to act as guardians for the insured members; who is the secretary to the approved section; and how many members are enrolled in it?
§ Mr. MASTERMANThe United National Friendly Approved Society is a separate section of the United National Friendly Assurance Collecting Society formed for the purposes of the National Insurance Act; by "guardians" I understand the hon. Member to mean the trustees of the approved society, who are Messrs. Robert Macgregor, James Tinoney and Frank Greenhill; the secretary is Mr. Denis O'Callaghan. The number of members in the approved society cannot be stated until the final returns of the contribution cards have been examined.
§ Mr. LUNDONWill the right hon. Gentleman say if any Irish guardians have been appointed by this society?
§ Mr. MASTERMANI do not quite know what is meant by "guardians." I have given the hon. Member all the information: at my disposal, and perhaps he will put down a further question.
§ Mr. LUNDONMight I ask the right hon. Gentleman whether he is aware that this society has circulated throughout Ireland a statement to the effect that Irish 345 insured members will have their interests protected by Irish trustees, and in view of the extraordinary and shady manner in which this society has conducted its business during the past five years in connection with life assurance, will he cause inquiries to be made on this whole question, and thus prevent insured persons from being robbed as those who invested their money in its life insurance work have been?