§ Mr. JOYNSON-HICKSasked the Secretary to the Treasury whether a new English company, proposing to do reinsurance work only, is compelled to deposit £20,000 before it can secure registration; whether no such deposit is required from foreign companies proposing to do exactly the same work; and whether, in fact, no less than twelve companies of every kind of foreign origin have been permitted to do reinsurance work in London during the last twelve months, none of whom has paid any deposit?
§ Sir A. GEDDESI have been asked to answer this question. A new company registered in England, which proposes to transact reinsurance business of any of the classes referred to in Section 1 of the Assurance Companies Act, 1909, is required to make the necessary deposits in Court in accordance with the Act. A company incorporated outside the United Kingdom, which establishes a place of business within the United Kingdom, is in similar circumstances also required to make the same deposits. If my hon. Friend will furnish me with a list of the twelve companies referred to in his question I will make inquiries.