HC Deb 08 February 1967 vol 740 cc295-6W
21. Mr. Marquand

asked the President of the Board of Trade whether he will set up an independent inquiry into the methods used by insurance companies in assessing risks and calculating premiums, with a view to the introduce- tion of legislation to ensure that they conform with public policy.

Mr. Jay

No. I am prepared, however, to look into cases in which it is alleged that the methods used do not conform with public policy.

Sir C. Osborne

asked the President of the Board of Trade if he will give details of the representations he has received in recent years from the responsible insurance companies about the dangers inherent in the cut-price small-scale and recently established insurance concerns that are now going or are in danger of going bankrupt; why these representations were disregarded; and why he did not seek extra powers to investigate these matters.

Mr. Jay

It would not be proper for me to reveal details of the suggestions which I have received about the soundness of particular insurance companies. Inquiries made by the Board of these companies have been based partly on the suggestions.

I am seeking in the Companies Bill stronger powers of supervision over insurance companies.

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