INSURANCE CO.’S AFFAIRS

Greymouth Evening Star, 20 September 1938, Page 5

INSURANCE CO.’S AFFAIRS

LIQUIDATOR'S APPOINTMENT

[PKH PRESS ASSOCIATION.]

WELLINGTON, September 19

A committee set. up by Wellington policy-holders of the Public Mutual insurance Company of New Zealand met to-day. Representatives of South Island policy-holders were present.

It was decided that Auckland. New Plymouth, Hamilton, Napier, Rotorua, and other centres should each be asked to send a. representative to Auckland to meet on September 22 to discuss the appointment of a liquidator who, in the opinion of the meeting, should bo other than the person appointed as a receiver. The meeting also decided to recommend that a. small committee representing policy-holders throughout New Zealand should be appointed to work with the liquidator when appointed. l.t is hoped that a meeting of delegates will be able, to meet. the directors of the company before the extraordinary general meeting in Auckland on Friday.

GREYMOUTH MEETING

A meeting of the Greymouth policyholders in the Public Mutual Insurance Company was held last evening, there being twenty-five present or represented at the meeting, the total amount which the Company is seeking to levy from them being £570 (two and a-half times the premiums). The matter of the levy was considered at. length, and it was decided to set up a fighting fund, to meet the expenses of an investigation into the affairs of the Company. It was decided that the fighting fund' be made up of a levy of live per cent, of the levy payable to the Company from all local policy-holders, and policy-holders not present at the meeting are requested to communicate with the secretary of the committee.

The following committee was appointed:—Messrs J. Tennent (chairman), S. :A. Coburn, B. Watkin, H. McGlashan, N. Sotheran and W. D. Taylor (secretary). It was decided to recommend to the Christchurch committee that a central committee be appointed a-t Auckland or Wellington to act for and on behalf of all local committees in the Dominion, with the recommendation that the location of the central commitete should' be Wellington. It was also decided to support the Chistchurch committee in any action it might take. The secretary was instructed to interview Mr J. O’Brien, M.P., with the request that he approach Hon. W. Nash a'nd ascertain what action the Government might be prepared to take in the matter.

It was pointed out that the policyholders should regard their present policies as valueless and should insure elsewhere, without delay.

At a subsequent meeting of the committee, the action to be taken was fully discussed.