HC Deb 25 July 1939 vol 350 c1225
19. Mr. A. V. Alexander

asked the President of the Board of Trade whether such companies as the Special Risks Mutual Association now have to register in the insurance section of the Companies Department of the Board of Trade, and to make a deposit of £20,000 under the Insurance Companies Act, 1909?

Mr. Stanley

I am advised that the business carried on by the association to which the right hon. Gentleman refers and by certain other associations of a similar character is not of a class which falls within the ambit of the Assurance Companies Act, 1909, and they are not required to make any deposit under that Act.

Mr. Alexander

Does not the right hon. Gentleman propose to take some action to prevent the very serious risk of losses to large numbers of people being inveigled into joining such associations?

Mr. Stanley

As the right hon. Gentleman knows well, my right hon. Friend the Chancellor of the Exchequer is setting up a committee to deal with exactly these points.

Mr. Shinwell

Would associations such as that referred to in the question undertake war risk insurance on behalf of the Board of Trade in time of war?

Mr. Stanley

Not except by agreement with the Board of Trade.

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