HC Deb 30 July 1925 vol 187 cc660-1W

asked the President of the Board of Trade whether his attention has been directed to the proposed purchase by a mutual life assurance society for the sum of £6,500,000 of 44,000 shares of a fire insurance company with a paid-up capital of £132,000, of which £66,000 only had been directly subscribed by shareholders; and whether, in the interest of the life policyholders whose funds it is proposed to appropriate for the aforesaid purpose, as well as of the fire insuring public, he will authorise the existing Departmental Committee appointed to report on the working of the Assurance Companies Act, 1909, and also to investigate and report on this proposed transaction?


The answer to the first part of the question is in the affirmative. The matter is clearly, I think, one which comes within the terms of reference of the Departmental Committee which is now sitting to consider what amendments are desirable in the Assurance Companies Act, 1909, and I understand that the case which the hon. Member no doubt has in mind has already been brought to the attention of the Committee.