§ 47. Mr. John Wellsasked the President of the Board of Trade if he will take steps to see that insurance companies and syndicates issuing motor and other policies are in a financial position to meet their obligations at all times.
§ 49. Mr. Staintonasked the President of the Board of Trade what are his proposals for amending existing legislation to strengthen his powers to supervise insurance companies, particularly new companies transacting motor insurance business on the minimum, or small, capital.
§ 63. Mr. William Wellsasked the President of the Board of Trade whether he will now consider protecting members of the public insuring motor vehicles by introducing legislation to impose more stringent conditions on insurers.
§ 65. Mr. Goodhartasked the President of the Board of Trade what proposals he has for the stricter supervision of insurance companies.
§ Mr. JayWhile supervision cannot provide complete protection against mismanagement of insurance concerns, I consider that the Insurance Companies Act, 1958, needs modernisation. I hope in due course to introduce amending legislation.
§ 70. Mr. Oakesasked the President of the Board of Trade whether he will introduce legislation to increase the minimum of £50,000 authorised capital required for the registration of an insurance company under the Insurance Companies Act, 1958, to a minimum of £250,000.
§ Mr. Oakesasked the President of the Board of Trade how many companies registered under Section 2 of the Insurance Companies Act, 1958, have an authorised capital of less than £250,000 and £100,000 respectively.
§ Mr. DarlingThe total number of companies covered by the Insurance Companies Act, 1958, is 550. Of these 43 companies limited by guarantee and have no share capital; 140 have a paid up share capital of £100,000 or less, 70 a paid up share capital exceeding £100,000 but less than £250,000 and 19 a paid up share capital of £250,000.
The requirement in Section 2 of the Act relates to paid up, not authorised, share capital.