24. Mr. WORTHINGTON-EVANSasked whether the sum being accumulated out of the ordinary contributions for the purpose of providing medical benefit to insured persons after the age of seventy is being accumulated by the insurance committees, who at present have to provide the benefit, or by the approved societies or by the Insurance Commissioners; what is the amount of such reserve at any recent date; and whether it is separately invested?
Mr. MASTER MANThe insurance committees receive from societies in any year only the sums necessary to provide medical benefit for that year. The liability to accumulate the sum from which the insurance committees receive payment in respect of medical benefit to persons over the age of seventy rests entirely upon societies. This liability is duly provided for in the actuarial calculations, but no particular part of the reserves of societies or of the contributions received by them is allotted to any one item of benefit.
Mr. WORTHINGTON-EVANSAm Ito understand that the Insurance Commissioners do not make any reserve for future medical benefit, leaving it to the societies only to do that?