Mr. David Adamsasked the Chancellor of the Exchequer whether his attention has been called to the fact that there are many insurance clubs, known as slate clubs, paying sick and death benefits to their members which, in the event of war, would have no reserves from which to meet additional claims, as it is the practice of these clubs to distribute the balance of their funds at the end of each year, and no reserves being accumulated their members would in time of war be without benefits for which they are now paying; and what action he proposes in the matter?
581W
§ Sir J. SimonIf any unforeseen contingency should arise it would be for clubs themselves, such as the hon. Member has in mind, to seek actuarial advice with a view to the adjustment of contributions or benefits or both to meet the altered circumstances. No action by the Government seems to be possible or to be required.