INSURANCE COMPANIES

Taranaki Daily News, Volume LII, Issue 370, 22 April 1910, Page 5

INSURANCE COMPANIES

SOME DRASTIC PROPOSALS. SAFEGUARDING THE INSURED. By Cable—Press Association —Copyright. Received April 22. 0.50 a.m. Melbourne, Last Night. The Insurance Commission's report suggests a uniform Federal law dealing with insurance companies, founded on the general trend of the English Assurance Companies Act. Such legislation should recognise that assurance and annuity funds held by companies are essentially trust funds. The Commission urges the appointment of a Commonwealth insurance commissioner and the registration of companies under heavy penalties for disobedience; to have permanent residents in the Commonwealth as representatives; and all companies to furnish substantial deposits with the Federal Government—existing companies at the rate of £20,000 for the first year and ,£IO,OOO for each successive year until £IOO,OOO is reached. Amongst a number of recommendations for protecting policyholders of one hundred companies is one suggesting that no policy shall be voided on account of the capital punishment or suicide of the holder, unless in the latter ease the suicide takes place within thirteen months of the date of the payment of the first premium.