§ Mr. Kimball
asked the Secretary of State for Trade and Industry whether he has considered the possible effects upon the interests of policy holders of a life insurance company, whose name is in his possession, of the continuing difficulties of the company's majority shareholder, whose name is also in his possession.
§ Mr. Ridley
Yes. Although it appears to me that International Life Insurance Company (U.K.) Ltd. is in a position to meet its liabilities to its policyholders, I am concerned that the operations of the United Kingdom subsidiary should be insulated against the continuing crisis within the parent company, I.O.S. Ltd., and against any threat from any outside body. We have therefore, in exercise of powers under Section 80 of the Companies Act, 1967, required International Life Insurance Company (U.K.) Ltd. to maintain in the United Kingdom assets of 223W equivalent value to the company's domestic liabilities and to place those assets or documents of title to them in the care of an approved custodian. Such assets or documents of title thereto may not be withdrawn from that custody without the written consent of my right hon. Friend.