HC Deb 20 June 1938 vol 337 cc697-8
45. Mr. De la Bère

asked the Prime Minister whether he will consider the setting up of a Royal Commission to inquire as to whether the present rates for life and other insurance charged by the various insurance offices to-day are equitable and in the interest of the public, having regard to the extent of the accumulated reserves of these tariff offices; and as to whether these large reserves have been accumulated on account of the excessive margins charged?

Sir J. Simon

No, Sir. My right hon. Friend the Prime Minister is not disposed to question the wisdom of accumulating sufficient reserves in this class of business, in which security is a paramount consideration, and sees no necessity for an inquiry of the kind referred to.

Mr. De la Bère

Is my right hon. Friend not aware how desirable it is that young people should be able to effect life insurance, and that they are often precluded by the very high rates charged? Does he not, in view of that, consider that the whole matter should be investigated?

Sir J. Simon

One of the most important considerations in regard to insurance is that there should be security, and that the benefits should be paid.

Mr. Macquisten

Is it not also a fact that if you insure the very young you get a much lower rate?