§ 31. Mr. KELLYasked the President of the Board of Trade whether he is aware that assets of a British insurance company recently wound up were certified in its last balance sheet as being worth £100,000, but realised on sale less than £100; and what steps under the 1935 Assurance Companies Act he has taken to test the correctness of valuations of assets certified by directors of insurance concerns domiciled in the United Kingdom?
§ Mr. RUNCIMANI am not aware of the company to which the hon. Member refers. The returns of all insurance companies deposited with the Board of Trade are carefully examined by reference to the statutory powers and duties vested in the board, including those conferred by the Assurance Companies (Winding-Up) Acts, 1933 and 1935.
§ Mr. KELLYIn any of the tests which were made was there discovered such a set of circumstances as are related in the question?
§ Mr. RUNCIMANWe have not been able to identify the company. If my hon. Friend would give me some means of identifying the company, I might be able to answer the question.
§ Mr. PALINGDid not the right hon. Gentleman indicate some time ago that he was taking steps to look into this matter; and has anything been done?
§ 32. Mr. KELLYasked the President of the Board of Trade in how many cases he exercised his powers in 1934 to ascertain 1539 that the total liabilities and the correct market values of assets were published in the balance sheets of foreign and Colonial insurance concerns doing life and annuity business in the United Kingdom?
§ Mr. RUNCIMANThe form of balance sheet to be deposited by insurance companies with the Board of Trade is prescribed in detail in the Third Schedule to the Assurance Companies Act, 1909, to which I would refer the hon. Member. All balance sheets deposited with the Board of Trade in 1934 have been examined to ensure that they have been compiled in strict accordance with the statutory requirements.