§ 29. Mr. Whitaker asked the President of the Board of Trade which motor insurance companies his Department is investigating at present.
§ Mr. DarlingThe following five motor insurance companies are being investigated by inspectors appointed by the Board of Trade:
- Fire Auto and Marine Insurance Co. Ltd.
- Irish-American Insurance Co. Ltd.
- Coventry Insurance Co. Ltd.
- London & Cheshire Insurance Co. Ltd.
- London & Midland Insurance Co. Ltd.
§ Mr. WhitakerIs my right hon. Friend aware that there are a number of other murky insurance companies known in the City and to newspapers but that they are unable to warn the ordinary motorist about them because of the libel laws? Is he aware that there is overwheling support for a State motor insurance scheme?
§ Mr. DarlingWe shall certainly consider the second part of that question. I would prefer not to comment on the first part at this stage.
§ Sir H. HarrisonIs the Minister aware that if his Department had seen whether these insurance companies had the proper amount of assets over liabilities laid down by law these frauds would not have taken place? He is advised by responsible companies to do this.
§ Mr. DarlingThe hon. Member was mistaken in the way he put the question. In the Companies Bill, which is going through the House, we are giving the Board of Trade proper authority to supervise all insurance companies engaged in this kind of business.