Insurance Companies' Deposits.
(BY TELEGRAPH.) (FROM OUR OWN CORRESPONDENT.) Wellington, September 13. Something akin to consternation has been caused among representatives of Mutual Insurance Companies by tho clause in the Foreign Insurance Companies Deposit Bill, which declares that after the passage of that measure no foreign insurance company with a limited liability shall be allowed to carry on business in the colony. This clause would affect the Colonial Mutual, Australian Mutual Provident, and other companies, whose liability is limited to the amount of policy, and would compel those companion to abandon their New Zealand branches. A deputation of insurance managers to-day waited on the Treasurer and represented the matter to him. Mr Ward, in reply, said that the clause was not intended to apply to mutual companies, but only t° companies whose liability was limited to the amount of shares. If, however, li® found that the wider construction could be put upon the clause, he would undertake to have it altered in committee, so as to make the intention clear.
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Bibliographic details
Oamaru Mail, Volume XIX, Issue 6048, 13 September 1894, Page 2
Word Count
170Insurance Companies' Deposits. Oamaru Mail, Volume XIX, Issue 6048, 13 September 1894, Page 2
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