STATE FIRE INSURANCE.

Auckland Star, Volume XXVII, Issue 157, 6 July 1896, Page 3

STATE FIRE INSURANCE.

THE GOVERNMENT BILL.

(BY TELEGRAPH.—PARLIAMENTARY BE-

PORTER.)

Wellington, this day. The State Fire Insurance Bill introduced on Friday proposes the establishment of & State Fire Insurance Department, to be undercharge of a manager who will be a corporation sole and bold office afc • the Governor's pleasure, a general board consisting of the manager, Colonial Treasurer, Commissioner of Taxes and two competent persons chosen by the Governor-in-Council. In order to provide capital for the. Department the Governor is em* powered to raise ■ loans not to exceed £250,000, which may be raised in the colony, the rate of interest paid on tbeao loans nob to exceed three and a half per cent. A sinking fund to be provided for repayment of the loan will be paid to ibo P.ublic Trustee, and surplus profib in the business will be applied in two moieties, first the creation of a reserve, second the payment of bonuses to insurers. Tho second parb of the Act is proposed to be permissive, and may be adopted by a poll of ratepayers of boroughs or counties. A roll' will be prepared on the adoption of tho Act, and every building deemed to ba insured to its full insurable value in the Governmeob Office, provided it is not) elsewhere insured. Although insurance it tto be compulsory, the manager may decline any building if ha considers the risk too great.