LIFE INSURANCE.

Taranaki Daily News, Volume LIII, Issue 304, 18 May 1911, Page 4

LIFE INSURANCE.

SHOULD IT BE A STATE MONOPOLY. Christehurch, Mav 1(1. The Mayor (Mr. T. E. Taylor," M.P.) has had brought under his notice objections to the remarks he made on Saturday in support of a State monopoly of the 'life insurance business. To-day, when discussing the objections, he said the question was far too big to b/e settled in a series of brief conversations, but the fact could not be denied thai under the present competitive system the cost of obtaining new policies B*bsorbed from 80 to 100 per cent, of the first year's premium income. When it was remembered that palatial offices maintained a great staff of canvassers for life business to canvass throughout the Dominion it seemed to be a moral impossibility that a State monopoly would not enable premiums to be largely increased. He was aware of the fundamental difference between fire insurance and life insurance, as he had been directly connected with the management of concerns in that line. He was aware also that the financial interests behind one or two large life insurance companies were very powerful, but in spite of the way hi which some of the offices deprecated the scheme of a State monopoly he felt sure it would not be many years before aucji «• monopoly would exist in New Zealand, and it would be upon a thoroughly good system of sick and invalidity insurance like that which Mr. Lloyd George was now placing before the United Kingdom.