§ Brigadier-General CROFTasked the President of the Board of Trade whether for years past it has been customary for the Prudential Insurance Company to declare bonuses on policies each year; whether this was done to induce members to increase their policies; whether the amount due as bonuses was placed on the policies by the superintendent or his assistant as an amount due and payable when death occurred, and without any reservation of time limit; whether, after paying these bonuses for years, the company now refuses to pay them and repudiates the acts of its superintendents and salaried officials; and whether the inquiry now being held will take more ample evidence with regard to the matter?
§ Mr. BRIDGEMANBefore the War it was customary for the Prudential Assurance Company to declare bonuses on policies in each year. In many cases the amount allotted as bonuses was placed on the policies by the representatives of the company, and the legal effect of this remains to be determined. I am informed by the company that the discontinuance of bonus distribution to their industrial branch policy-holders has been entirely due to the War. The attention of the Committee appointed to inquire into industrial life assurance has been drawn to this question, and the matter is receiving their further consideration.