INSURANCE LEVY

Wairarapa Times-Age, 30 August 1938, Page 7

INSURANCE LEVY

HEAVY CALL ON HOLDERS OF POLICIES LIQUIDATION OF COMPANY TO BE CONSIDERED i (By Telegraph—Press Association.) AUCKLAND, August 29. Policy-holders of the Public Mutual Insurance Company of New Zealand, the head office of which is in Auckland, have been notified by the company of a levy on them of a sum equivalent to two and a half times the current year’s premium on insurance covers. The payment of the levy is demanded by September. Furthermore, policy-holders have been advised of the intention to hold an extraordinary general meeting of the company in Auckland on September 23 to consider'd resolution tfiat the company be wound up voluntarily and that Mr Joyce W. Hyland be appointed liquidator. In an accompanying circular to members it is stated that the. directors had decided to recommend that the company should go into voluntary liquidation. The levy upon policy-holders is in terms of the principle upon which the company was founded, there being no shareholders in the ordinary way. Many taxi-men in Auckland are said to have taken out their comprehensive motor-vehicle insurance with the Public Mutual Insurance Company of New Zealand and, according to an officer of one of the taxi companies, the owners of the taxi fleet in Auckland, have been called upon to contribute about £9OOO in levies under their liability as policy-holders. “Many taxi-owners received an intimation that they must pay in levies about £3O each,” said this officer. The assessments they had received and other intimations by the company were the principal topics of conversation on taxi-stands by drivers. A considerable number of motorists in Auckland are said to be insured against motorvehicle accidents with the company.