INSURANCE BILLS

Evening Post, Volume CIII, Issue 13, 17 January 1922, Page 4

INSURANCE BILLS

AMENDMENTS TO LAW

Two insurance Bills w«re passed by the House of Representatives last night. When the Insurance Companies' Deposits Bjill was oominittedi, the Leader of the Opposition (Mr. T. M. Wilford.) asked how much money it was expected to obtain from the companies, and what would, be done with it.

The Minister said that it was expected that about three-quarters of a million woxild bo received. It would be held by the Public Trustee, andi would be used, he hoped, for lending to local bodies, power boards, and for mortgagee. The Bill was reported wiuiout amendment*, and passed. The Life Insurance Amendment Bill was also considered. It provides for the payment of deposit* by life insurant© companies, and empowers companies to make refunds of premiums paid by parents to insure the lives of their children.

The Hon. J. G. Ooates, in moving the second reading, said he proposed to move the addition of a clause requiring companies to furnish returns of the insurance done.

The Leader of the Opposition (Mr. T. M. Wilford) said he quite approved of the alteration mad© in regami to policies on the lives of children; but it fell short of what ehould be done by making it lawful to make refunds of premiums. He thought the legislation should! make it compulsory that in cei'tain cases a certain amount of the premium should* be returned. Some companies had acted fairly to parent*, but others had undoubtedly acted wrongly. Mr. F. N. Bartram (Grey Lynn) thought the lesfislafcion regarding child insurance should tie retrospective, as there were thousands of policies arOaady in existence. He considered the Government should take up industrial insurance. ..

! The second reading was agreed to. [ In Ooinraittee, the provision for returns was inserted. .

In reply to Mt. Wilford's contention, that return of premiums should bo made compulsory, the Hon. W. Downie Stewart said that though it was nob compulsory now, it was possible some companies would do it, and parents would insure only with those companies who "would make refunds.

Mr. Wilford said this presupposed that people who paidi 6d or Is a week to insure their children would read the conditions- of the policies. Mr. Cbates eaid that all policies had to be approved by the Government, - Mr. Bartram moved a new clause, to allow companies to make refunds on policies already in existence. Mr. Wilford pointed out that this clause was permissive only, and tome Companies now desired to have the power to make, refunds. Mr. Ooates promised to have a clause drafted and submitted to the Legisla-tive-Council.

Mr. Bartram withdrew his proposal on this condition.

Mr. Jennings moved a new clause, that, in accident insurance, where there were no dependents the policy money shc-uld be paid to the next-of-kin. The Hon. W. Downie Stewart said this would alter the conditions of the polioies, and would mean an increase in the premiums.

After some further discussion, it was pointed out that the proposal related, to accident insurance, wliifc the BiU dealt only with lift insurance.

- Mr. Jennings asked leave to withdraw his amendment on receiving an assurance that the matter to which he had dirawn attention would, be considered by, the Government.

The Bill was reported, andi read a third time.