HC Deb 11 February 1942 vol 377 cc1539-40W
Mr. Mander

asked the Secretary of State for Burma particulars of the commodity war risks insurance scheme in operation in Burma?

Mr. Amery

The Burma commodity war risks insurance scheme limits insurance to goods held by sellers for sale, or by Banks pending transfer of title to importers. The scheme does not apply to certain commodities, the principal of which are mineral oils and their products, timber, mineral ores and precious metals. Insurable goods are divided into two classes; Part I goods, being imported goods and the following goods produced in Burma, namely: salt, sugar, matches, yarn and products of breweries and distilleries; and Part II goods comprising all other insurable goods.

The scheme derives its income from fees and premiums. Fees alone give no cover and are compulsorily collected at 2 per cent. of value, the basis in the case of Part I goods being value at import plus customs or excise duties, or the value at issue from factory; and, in the case of all exported Part II goods, the value at export. Insurance is monthly, and cover is obtained by payment of monthly premiums at ⅜ per cent. for Part II goods wherever held, and at 1 per cent. and ⅛ per cent. for Part I goods held in the Rangoon area and elsewhere respectively; the object of the difference in the case of Part I goods being to promote dispersal of imports from Rangoon. Apart from fees, the scheme is voluntary except for sellers holding Part I goods valued at over Rs.15,000 in the Rangoon area; but those who wished to enter had to register before 31st January, 1942, insuring fully all Part I or Part II goods held by them, and thereafter must remain in the scheme until it is wound up.

The scheme was introduced as from 23rd December, 1941.