FIRE INSURANCE.

Auckland Star, Volume XLI, Issue 274, 18 November 1910, Page 5

FIRE INSURANCE.

MELBOURNE, November 17. In the Federal House of Representatives this afternoon the report of the insurance commissioners was tabled. It recommends the enactment of a Federal law dealing with the subject of fire insurance only, the administration of the Act to be entrusted to Commonwealth insurance commissioners. The report makes a number of other important recommendations. (Received 9.45 turn.) MELBOURNE, this day. The insurance commissioners' report recommended that all companies be required to register with the Commissioner, take out a license, appoint a permanent resident in the Commonwealth as Australian representative with plenary power, lodge with the Government approved securities of tbe value of £20,000, furnish annual revenue account and bal-ance-sheet distinguishing between Commonwealth and extra-Commonwealth items, and a further return showing the amount of unexpired risks on the books. The Commissioner should have power to inspect the books and other records. The principle of reinsurance is regarded as essential to successful insurance. The issue of valued policies undertaking to pay. a specified sum irrespective of the amount of loss sustained, is considered undesirable. From the data available State fire insurance was undesirable. Government property should be insured, and the levy on companies for the maintenance of fire brigades should be discontinued. A specified number of adjoining householders should be entitled to obtain an inquiry into the cause of any fire, the expenses of the inquiry being borne by the Crown. It should be an offence to employ an unregistered assessor in the adjustment of claims over a specified amount.