§ Mr. Carterasked the Secretary of State for Trade how many people are currently employed in the insurance section of his Department; and how this compares with the figure for January 1971.
§ Mr. Clinton DavisOn 1st July, 91 staff were employed in the Insurance Division of the Department of Trade. The corresponding figure on 1st January 1971 was 33.
§ Mr. Carterasked the Secretary of State for Trade (1) how many of the insurance 11W companies for which trustees have been appointed are life companies;
(2) how many insurance companies currently have their affairs overseen by trustees appointed by him.
§ Mr. Clinton DavisThe Annual Report on Insurance Business published on 5th July 1974 gave figures of requirements imposed on insurance companies during 1973 and in earlier years to place assets with an approved person. To date requirements under Section 16 of the Insurance Companies Amendment Act 1973 have been imposed on 65 companies, whether newly authorised or otherwise, of which 37 carry on ordinary long-term insurance business. In addition, numerous similar requirements imposed on companies under Sections 65(1)(c) and 80(1)(c) of the Companies Act 1967 before 25th July 1973 are still in force.
§ Mr. Carterasked the Secretary of State for Trade how many insurance companies have failed since the passing of the Insurance Companies Amendment Act 1973; and how many policyholders were affected in each case.
§ Mr. Clinton DavisI assume that my hon. Friend is seeking information concerning insurance companies which have gone into liquidation. Since July 1973 one insurance company that was in difficulty, Bastion Insurance Co. Ltd., has gone into liquidation. The interests of policyholders were protected as an insurance industry consortium made arrangements for meeting their claims. A petition by Nation Life Insurance Co. Ltd. for winding up is to be heard in the High Court on 29th July.
§ Mr. Carterasked the Secretary of State for Trade if he will list by number and area of activity those insurance companies which are late in submitting to him their annual accounts.
§ Mr. Clinton DavisMost insurance companies are due to deposit their returns by 30th June. As in usual in July a number are outstanding, but this is reducing day by day. Only three small companies are now in arrears from earlier dates; two are no longer accepting new business and are simply running off liabilities whilst the third is carrying on property insurance business. Notices12W under Section 22 of the Act have been served on all three companies informing them that my right hon. Friend is considering restricting their business