§ Mr. GINNELLasked the Attorney-General for Ireland whether the Irish Government inquired into the character and standing of the London and Provincial Assurance Company and the Provincial Homes Investment Company before permitting the persons who run them to obtain money from poor people in Ireland under the name of an Irish provident assurance company; whether, as director of public prosecutions in Ireland, he is watching the winding-up of this latter company; how many persons in Ireland are suffering loss through it; and whether any precautions are to be taken for the protection of the public against such enterprises?
§ Mr. REDMOND BARRYI am not aware that the Irish Government made the inquiries indicated in the hon. Gentleman's question, and to my knowledge the matter was not one under the control of the Irish Government or calling for inquiry on its part. I have not been made aware of any case in connection with the winding-up proceedings referred to which called for my intervention.
§ Mr. GINNELLasked the President of the Board of Trade whether companies making direct appeal to ill-informed poor people, such as insurance companies, are required, before commencing operations, to lodge any deposit or give any guarantee for the indemnification of possible victims; if so, what precaution of this nature has been taken in the case of the London and Provincial Assurance Company, the Provincial Homes Investment Company, and the so-called Irish Provident Assurance Company, respectively, all run by the same persons; when did this latter commence operations; how many persons have been induced to insure with this company; what percentage of the money entrusted to them has been spent in salaries and expenses; what terms are now offered by the liquidator to the insured; and, if the present law is inadequate for dealing with persons trading on the credulity of the poor, whether any amendment of the law is contemplated?
§ Mr. SYDNEY BUXTONAll companies which carry on life assurance business are, under the Assurance Companies Act, 1909, required to make a deposit of £20,000, and all companies formed after the commencement of the Act to carry on one of the other forms of business named in the Act have also to make a like deposit. Of the346W companies named by the hon. Member the London and Provincial Insurance Company, Limited, has powers to carry on life assurance business, and has duly made a deposit. The Provincial Homes Investment Company, Limited, has made no deposit, and is under no liability to make a deposit. With regard to the Irish Provident Assurance Company, Limited, I am informed that it is being wound up by the Irish Courts of Law, an Order to wind up having been made by Mr. Justice Barton on 24th April last. The date of registration of the Irish Provident Assurance Company, Limited, was 6th December, 1900. The winding-up of the company is not under the control of the Board of Trade, but of the Irish courts, and there are no official facts or figures relating to the company in the possession of the Board of Trade. The question whether the law is adequate has engaged the careful attention of each successive President of the Board of Trade, and, as at present advised, I do not contemplate any amendment in the law until the provisions of the Assurance Companies Act, 1909, have had a fair trial.