§ 61. Mr. Leadbitter
asked the President of the Board of Trade how many motor insurance companies have collapsed in the past 10 years: what were the names of these companies; and how many motorists each left uninsured.
§ Mr. Leadbitter
Has not this situation now become nothing less than a national scandal? Have not much frustration, anxiety, and certainly unnecessary risk, been imposed on motorists and public alike? Will my right hon. Friend therefore seek to protect the good name of reputable insurance companies, and, in addition, give to the general public a new era of confidence by setting up a national insurance motor scheme?
§ Mr. Jay
I agree that there is a great deal of concern about this matter. That is why we introduced, in the Companies Bill, very sweeping powers to control the action of such businesses in future. I should like to remind my hon. Friend that those powers operate, in some respects, from the date of the publication of the Bill last autumn. The best way to solve this problem is to get the Bill enacted as quickly as we can.
§ Mr. Frederic Harris
Will the President of the Board of Trade, in view of the very serious strength of feeling among the public about the collapse of the insurance companies, give instructions to his Board of Trade inspectors to hasten forward the cases which they have under consideration at the moment?
§ Mr. Bellenger
The action proposed by my right hon. Friend rather smacks of closing the stable door after the horse has bolted. Does he not already have powers to deal with some of these defaulting companies? Will he bear in mind the remarks made by a representative of the Royal Insurance Company that the Board of Trade was warned for years in the case of one defaulter who has gone 1654 on merrily making money at the public expense?
§ Following is the information:
|Brandaris Insurance Co. Ltd.||80,000|
|American Military International Insurance Association Ltd.||42,000|
|First General Assurance and Guarantee Corporation Ltd.||30,000|
|Fire, Auto and Marine Insurance Co. Ltd.||260,000|
|Coventry Insurance Co. Ltd.||3,000|
|London and Midland Insurance Co. Ltd.||50,000|
|London and Cheshire Insurance Co. Ltd.||100,000|