HC Deb 01 March 1955 vol 537 c241W
58. Mr. Hector Hughes

asked the Financial Secretary to the Treasury if he is aware that some industrial insurance societies, as distinct from other insurance companies registered under the Companies Acts, place difficulties in the way of policy holders surrendering life policies; that he has an example of this in a letter from the hon. and learned Member for Aberdeen, North; that this procedure inflicts hardship and expense on poor policy holders who, owing to the increased cost of living, cannot maintain their policies; and if he will take steps to alter the law under which such industrial insurance societies are registered, which law permits the raising of these difficulties.

Mr. H. Brooke

I am aware that the practice of industrial life offices in granting discretionary surrender values is not uniform, but I would refer the hon. and learned Member to the answer I gave him on 8th December. I am not at present satisfied that further legislation is called for.