DOMINION LIFE OFFICE

Evening Post, Volume CXII, Issue 87, 9 October 1931, Page 9

DOMINION LIFE OFFICE

PARLIAMENT'S RECOGNITION.

BOTH HOUSES PASS BILL,

A decision of national importance connected with life assurance laws was made in the House of Representatives last evening, when the Dominion ;Lif c Assurance Office of New Zealand Linuted Bill was accorded its third reading and passed into law, having previouslybeen passed by the Legislative Cbnncil. The Dominion Life Assurance Office is the only life assurance company in New Zealand which has been granted the distinction of being incorporated by a special Act of Parliament, and in granting this charter Parliament was no doubt influenced by a strong desire to give some measure of preference and protection to a purely New Zealand institution. The Dominion Life is the only life company which confines its operations' to New Zealand and retains all of its assets within the Dominion. The Dominion Life Assurance •. Bill has received the closest scrutiny by Parliament, and'in both the Legislative Council and the House of Bepresentatives was referred to a Select Committee of experts for consideration and the taking of evidence. A great deal of expert advice was tendered- by the Government Departments concerned, including the Treasury, Crown Law Department, Registrar of Companies, Public Trustee, and the Government Life Insurance Commissioner. The Government Actuary, as technical adviser to the Government, was called to testify 'as to the financial stability and standing of the company. All of the evidence proving in every way favourable to the company, the Select Committees appointed by both Houses recommended to Parliament that the Bill ihould be passed, and that no amendments were necessary. In moving the third reading in the Legislative Council, the Hon. A. F. Hawke said that the.company had been carrying on business for some years and was in a very sound financial position. All of the company's directors were New Zealanders and the whole of its business activities were conducted solely in the Dominion. In supporting the Bill, tho then Attorney-General, Sir Thomas Sidoy, pointed out that the Treasury and other financial' departments of the' Government had reported favourably upon the Bill and said the measure had his full support. The Hon. J. A. Hanan, a.member of the Select Committee, reminded members that when the Bill was before the committee no evidence whatever was tendered in .opposition to it, but on the other hand Government officials, such as the Registrar, of Companies and tho Parliamentary Law Draftsman, had reported that they could see no good and sufficient reason why the Bill should not bo passed into law. Mr. Hanan said he knew many of the men con-nected-with the company. All of them were men of the highest standing in the community, and he was confident therefore that the control of the company was in good hands. Security wa3 a most important matter in a life assurance institution and the constitution of the Dominion Life gave a sufficient guarantee of that.

In replying to the debate, Mr. Hawko repeated that tlio company's financial position was very sound, and that it was tho only, life company which eon"fined its operations entirely to New Zealand and retained all of its assets within tho Dominion.—(Published by Arrangement.)