Sir SEYMOUR KINGasked the Under-Secretary of State for India whether the attention of the Secretary of State for India has been directed to the increasing number of new life insurance companies formed in India; what supervision is exercised by Government over them; and whether he will take into consideration the advisability of insisting on an adequate deposit being made before such companies are allowed to commence business?
The MASTER of ELIBANKThe answer to the first part of the question is in the affirmative. At present the only supervision to which life assurance companies in India are subject is that provided for joint stock companies generally by the Indian Companies Act. The question of securing more adequate control over life assurance companies in accordance with the system in force in this country is engaging the consideration of the Government of India.