§ Mr. Cantasked the Secretary of State for Trade and Industry whether he will seek to set up a tribunal of inquiry to investigate whether any of his officials were negligent in the case of the Competitive Insurance Company Limited, and whether damage was caused to policyholders thereby.
§ Mr. RidleyNo.
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§ Mr. Cantasked the Secretary of State for Trade and Industry whether his relevant official will make a report to the court in relation to the case of the Competitive Insurance Company Limited, that will enable the court, if it thinks fit, to order a public examination under Section 270 of the Companies Act, 1948.
§ Mr. RidleyNo. Section 270 of the Companies Act, 1948, does not apply to companies in voluntary liquidation.
§ Mr. Cantasked the Secretary of State for Trade and Industry (1) on what dates it came to the notice of his Department that the Competitive Insurance Company Limited appeared to be in contravention of specific requirements of the Companies Acts or the Insurance Companies Acts; and what requirements were involved on each such date;
(2) under what Sections of the Insurance Companies Acts. 1958, and 1967, other than 68, 80 and 109, his Department considered taking action in respect of the Competitive Insurance Company Limited;
(3) on what date his Department first ceased to be satisfied that the Competitive Insurance Company Limited had the statutory solvency margin;
(4) on what date it first came to the notice of his Department that the Competitive Insurance Company Limited might have failed to satisfy an obligation to which it was subject by virtue of the Insurance Companies Acts, 1958 and 1967;
(5) on what date his Department ceased to be wholly satisfied about the position and control of the Competitive Insurance Company Limited;
(6) whether, in connection with his Department's duties under the Insurance Companies Acts, 1958 and 1967, it ever appeared to it that the Competitive Insurance Company Limited was so conducting its business that there was a risk of the Company's becoming insolvent; and what was the first date that it so appeared;
(7) up to what date his Department was satisfied that the Competitive Insurance Company Limited was not conducting its business in a manner which gave rise to a risk of the Company's becoming insolvent.
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§ Mr. RidleyI have nothing to add to the answer which I gave to the hon. Member on 10th November.[Vol. 825, c.184–5.]
§ Mr. Cantasked the Secretary of State for Trade and Industry (1) what consideration his Department has given, and when, as to the applicability of Section 89 of the Companies Act, 1967, to the position of the Competitive Insurance Company Limited;
(2) on what date his Department first considered the applicability of Section 37 of the Companies Act, 1967, to the position of the Competitive Insurance Company Limited.
§ Mr. RidleyOn the information available Sections 89 and 37 of the Companies Act, 1967, have not been regarded as applicable to this case.
§ Mr. Cantasked the Secretary of State for Trade and Industry (1) what was the date on which consideration was first given by his Department to using Section 109 of the Companies Act, 1967, in respect of the Competitive Insurance Company Limited;
(2) what was the date upon which a recommendation was first made in his Department for the use of Section 109 of the Companies Act, 1967, in respect of the Competitive Insurance Company Limited;
(3) what was the date upon which the decision was made in his Department to use Section 109 of the Companies Act, 1967, in respect of the Competitive Insurance Company Limited.
§ Mr. RidleyI have nothing to add to the Answer which I gave to the hon. Member on 10th November.—[Vol. 823, c.181.]
§ Mr. Cantasked the Secretary of State for Trade and Industry on what dates his Department received reports or complaints that the Competitive Insurance Company Limited was not paying claims satisfactorily.
§ Mr. RidleyUntil April. 1971 no complaints were received of a kind justifying doubts about the satisfactory settlement of claims by the company.
§ Mr. Cantasked the Secretary of State for Trade and Industry on what date 427W it first appeared to his Department that the Competitive Insurance Company Limited's statistics and ratios did not measure up to the industry norms; what action he then took to investigate the position; and with what results.
§ Mr. RidleyThe company did not resume insurance business on a substantial scale until July, 1969. The application of tests of the kind suggested by the hon. Member to companies just starting business is of doubtful value.
§ Mr. Cantasked the Secretary of State for Trade and Industry on what dates his Department received police or other official reports in respect of the Competitive Insurance Company Limited.
§ Mr. RidleyNo police or other official report was received.
§ Mr. Cantasked the Secretary of State for Trade and Industry on what dates the Competitive Insurance Company Limited supplied his Department with satisfactory run-off statements in response to his exercise on 22nd April, 1971, of his powers under Section 109 of the Companies Act, 1967.
§ Mr. RidleyThe inspectors were obtaining the information they required of the company up to the time of its going into voluntary liquidation.
§ Mr. Cantasked the Secretary of State for Trade and Industry on what date his Department took action against the Competitive Insurance Company Limited or its associates under Sections 82 and 83 of the Companies Act, 1967.
§ Mr. RidleyI am not aware of any infringement of the Sections in respect of the company or of its holding company.