§ 9. Sir Granville Gibsonasked the President of the Board of Trade the total amount of the premiums paid to date by traders under the compulsory provisions of the War Risks Insurance Act, 1939; and whether it is the intention of His Majesty's Government to refund the premiums paid in the event of no loss, or the amount of the difference between the premiums received and the compensation eventually paid?
§ Mr. StanleyThe total amount of the premiums paid up to Monday, 9th October, in respect of policies issued under the commodity insurance scheme was about £8,750,000. This amount includes the proportion of premiums for the period to 2nd December which may become available to policy holders under the concession which I announced on 5th October in reply to a question by the hon. Member for South-West Bethnal Green (Sir P. Harris). As regards the second part of the question, I can only refer to my reply to the hon. Member for Exeter (Mr. A. Reed) on 20th September, and re-affirm that it is the intention of the Government so to adjust the rate of premium from time to time in the light of developments as to furnish a fund 141 which will not be more than sufficient to meet claims and expenses, and to take due account of any existing surplus in making such adjustments.
§ Mr. A. ReedCan the right hon. Gentleman say what part of this £8,750,000 represents expenses?
§ Mr. StanleyNot without notice.
§ Mr. ManderWill the right hon. Gentleman say what happens to any surplus there may be after the payment of all claims?
§ Mr. StanleyObviously I could not say that now. The object of the Government is to avoid any surplus in the end by adjusting premiums so as to meet claims.
§ Mr. LoganIs any special consideration being given to those shopkeepers who are losing and who have paid an exorbitant rate?
§ Mr. StanleyNobody has paid an exorbitant rate.
§ Mr. LoganIs the right hon. Gentleman not aware that representations have been made about cases where it has been proved that there has been a loss, and is nothing being done in regard to those cases?
§ Mr. StanleyIf the hon. Member has in mind a special case which he communicated to me, I am looking into the matter; but I shall not deal with it on the footing of whether a trade makes a loss or not, but whether the special circumstances of the trade take them to some extent out of the purview of the system.
§ Sir G. GibsonIs it the intention of the Government to raise or to lower the premium charges?
§ Mr. StanleyI do not think I can add to what I said last night. This matter was very fully discussed in the House last night and I gave the essential information.
§ Mr. Benjamin SmithCan the Minister arrange that shopkeepers shall not be allowed to put forward continually the excuse that the rises in price which come to them from the wholesalers are brought about by this war risks insurance?
§ Mr. StanleyI dealt with that point in the debate last night.