HC Deb 26 January 1937 vol 319 cc742-3
22. Sir Arthur Michael Samuel

asked the President of the Board of Trade whether he will, for the better protection of the public, strengthen the operation of the Assurance Companies (Winding Up) Act of 1935 by requiring companies, firms, societies, or persons transacting compulsory third-party motor car insurance to maintain a specified minimum ratio of reserves to cover estimated liability for current risks and unpaid claims and furnish an annual valuation of assets made by an independent valuer?

Dr. Burgin

The whole question of compulsory insurance business is at present being considered by the Departmental Committee appointed by my right hon. Friend last year under the chairmanship of Sir Felix Cassel. I cannot anticipate the Committee's conclusions.

Mr. Alexander

Will the Parliamentary Secretary ask the Committee to look into the question for the use of insurance funds for speculative investments?

Dr. Burgin

The position of this inquiry, which is a very wide one, is that the evidence has been completed and the Committee are considering their report, but no doubt the question asked by the right hon. Gentleman will not be lost sight of.

Sir A. M. Samuel

What protection have the public against concerns which do not conform with the conditions set out in my question, if such regulations are not complied with in the meantime?

Mr. T. Williams

Will the evidence given at the inquiry be made available to Members of the House?

Dr. Burgin

That is another matter, which must be considered later.

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