HC Deb 21 November 1973 vol 864 cc457-8W
Sir H. Harrison

asked the Secretary of State for Trade and Industry what would be the cost of acquiring all life insurance schemes.

Sir G. Howe

The information is not readily available. Life assurance is provided by proprietary insurance companies, both specialist and composite, by mutual insurance companies and by friendly societies and by industrial and provident societies. The value of the share capital in the proprietary companies varies from day to day and for composites that part of the value relating to life assurance would have to be computed. Mutuals have no share capital, however, and belong entirely to the policy holders, so that it is not clear how the business could be acquired. Friendly societies and industrial and provident societies also present problems of valuation and could not be acquired without dispossession of members.