HC Deb 08 February 1967 vol 740 cc299-301W
48. Mr. Tuck

asked the President of the Board of Trade what steps he proposes to take by legislation or otherwise to stop insurance brokers placing motor

as at 1st January, 1967; what was the value invested in the United States of America, Europe and the Commonwealth, respectively; how much has been invested, respectively, in these areas in 1965 and 1966; and what forecast he will make of the trend of investment for the current year.

Mr. Jay

The latest estimates available are as follows:—

policies with companies of doubtful resources.

Mr. Jay

I believe that the provisions in the Companies Bill on insurance companies will reduce the scope for placing motor insurance policies with companies of doubtful resources. I am prepared to consider any specific proposals for controlling insurance brokers which seem to be desirable in the public interest and acceptable to the various interests involved.

51. Mr. St. John-Stevas

asked the President of the Board of Trade if, in view of public concern, he will make an interim report on his Department's investigation into the state of the motor insurance industry.

Mr. Jay

The Board of Trade are not making a general investigation of the motor insurance industry. Such enquiries as appear appropriate from the scrutiny by the Board of the accounts of insurance companies are being made of them. In addition, the affairs of certain insurance companies are being investigated under the Companies Act, 1948.

72. Mr. Lipton

asked the President of the Board of Trade is he will introduce legislation to require all motor insurance companies to deposit with his Department a schedule of their investments and a copy of all their re-insurance treaties.

Mr. Jay

The Companies Bill would confer on the Board of Trade power to enquire more closely into the investments and reinsurance treaties of motor insurance companies.

Mr. Leadbitter

asked the President of the Board of Trade whether he will set up a motor insurance commission to investigate the methods and financial practices of motor insurance companies with power to recommend safeguards for policy holders and the general public, and terms of reference to examine the feasibility of a national motor insurance scheme.

Mr. Jay

I do not consider that a general investigation such as my hon. Friend has in mind is necessary. Improved powers of supervision are needed and are provided for in the Companies Bill.