§ Sir THOMAS ESMONDEasked the President of the Board of Trade if the attention of the Board of Trade has been called to the operations of the National United Assurance Society, Limited, a society formed since the Assurance Companies Act, 1909, and which company has been and is carrying on life assurance; whether such society has lodged the sum of £20,000 to entitle it to carry on life business; and whether the society is endeavouring to transfer its liabilities to another society called the National Assurance Friendly Society, Limited; and what steps the Board of Trade intend to take in the matter?
§ Mr. TENNANTMy attention has been called to the operations of the National United Assurance Society, Limited. So far as I know the society has not carried on life assurance business, but I am informed that at one time it carried on another form of assurance business under the Assurance Companies Act, 1909, namely, bond investment business. The Board of Trade have for some time past been conducting inquiries into the matter, and if they are so advised proceedings will be taken for the recovery of penalties for the non-payment of the deposit under the Assurance Companies Act. I have been told that individual policy-holders have transferred their policies to the National United Provident Friendly Society, but the Board of Trade have no control over any contracts which individual policyholders may like to make.