§ 90. Mr. Gledhill
asked the Parliamentary Secretary to the Board of Trade what is the total amount received as premiums under the War Risk Insurance Act, 1939; the amount of claims and expenses to date; and whether any proceedings have been commenced against firms not complying with the terms of the Act?
The Parliamentary Secretary to the Board of Trade (Major Lloyd George)
The total net amount received as premiums to date under Part II of the War Risks Insurance Act, 1939, is £16,162,971 after allowing for refunds of premium made under the concession in regard to September premiums which was announced on 5th October, and in respect of goods which have been declared to be 386 uninsurable. Claims aggregating about £7,000 have been received. Discussions have been in progress between the Departments concerned and representatives of the insurers, who are the agents of the Board of Trade for the purposes of the commodity insurance scheme, with a view to determining the amount payable by way of expenses to the latter and it is expected that a decision on this matter will be reached in the course of the next few days. As regards the last part of the Question, the Board of Trade are taking steps with a view to ensuring compliance with its provisions, but no proceedings have yet been commenced under the Act.
§ Mr. Gledhill
In view of the large accumulation of funds, is it not time now to announce a further reduction in the rate of premium?