INSURANCE RATES

Manawatu Standard, Volume XLVI, Issue 174, 24 June 1926, Page 7

INSURANCE RATES

OPERATION OF ACT.

POSTPONEMENT DESIRED. > DEPUTATION TO MINISTER. (By Electric Telegraph.—Copyright.) Received June 24, 9.30 a.m. SYDNEY, June 24. A deputation from the Accident Underwirters’ Association of New South Wale 3 waited on the Minister of Labour and Industry, Mr Baddely, and asked that the operation of the Workers’ Compensation Act be postponed for a period of three months. The deputtaion contended that the Act covered cases not previously dealt with. A company required time to work out equitable premiums, so that too heavy burdens would not be placed on the employers. The Minister promised to make a definite announcement on the subject to-day. A deputation of Labour members suggested to Mr Baddely that insurance should be a State monopoly. It stated that it considered the increased premiums charged by private companies excessive.

The Minister, in reply, said that for some time past he had had a committee gathering information about the matter. As soon as lie had anything definite lie would present it to the caucus.—Press Association.

The schedule of rates for insurance under the Workers’ Compensation Act, which comes into operation on July 1, shows an increase of 160 per cent, over the old rates, plus 40s per cent, for sickness. In the case of builders’ employees the rates are increase! from 303 to £5 15s i>er cent.; clerical workers, from 2s 6d to 46s 3d; printers, from 13s 6d to 73s 6d. The rates for other employments are correspondingly increased. The New South Wales employers, generally, consider that the Act will place a heavy burden upon industry in practically every instance. A notable development is the tendency of certain sections of the employers tc form tlieir own insurance companies.