§ Mr. GINNELLasked the President of the Board of Trade whether the five directors of the so-called Irish Provident Assurance Company, having transferred from that company to themselves, as directors of the London and Provincial Assurance Company, some of the life policies illegitimately contracted with the former company, will, if allowed to retain those policies, be required by the Board of Trade to respect the obligations incidental to them; whether he is aware that the latter company has discontinued the practice hitherto followed of having the weekly premiums collected by an agent, and, without any sort of notice to the insured persons, now treats their policies as lapsed and their money as forfeited; and whether the Board will take immediate action to restore and protect the rights of those persons?
Mr. BUXTONThe hon. Member's questions are all based on the assumption2238W that the Board of Trade has statutory powers of control over the business of assurance companies. I have endeavoured throughout to explain to the hon. Member that the Board of Trade has no such powers, and in particular the Board of Trade has no power of interference in any of the matters referred to in the hon. Member's question.