THE EIRE AND MARINE INSURANCE BILL.

Otago Daily Times, Issue 7287, 25 June 1885, Page 3

THE EIRE AND MARINE INSURANCE BILL.

{I?2b UaiTES Fasaa Afip-obii'iion,! WsiiiNSTON, June M, , A deputation of gentlemeiij S?6£ifßS6ntin3 Yurioiis insurance companies in Wellington, waited upon Sir. Julius Vogel to ; • protest against soitia of the clauses in tho Fire and Marino Insurance Bill now befpi'n.Parllaraentl and to urge its withdrawal. Sir Julius Vogel said tha bill had been introduced at the instance of colonial offices which wished to be relieved of tKoic unlimited liability, while foreign companies wore Sllowpd to tfado nndp* limited liability. He promised to refer ttie matter to tho Government, if the effect of the bill would be to restrict tho operations of foroign companies. Ho thought the clause requiring a deposit of securities might ba withdrawn, Ho could give no definite answer, however, in the moantime. Tha deputation then withdrew.

A meeting of representatives of firs and marine insurance companies was hold yesterday afternoon to consider the provisions of the bill relating to insurance companies introduced to Parliament by Sir Julius Vogc-1. Tho following resolutions were passed : That clause 6, relating to deposits in the Colony, ought, in tho opinion of this meeting, to be eliminated from the bill, and that tha committee represent the views of tho underwriters, arid submit reasons for tho resolution. That, for the purposes of the bill, accumulated profits or reserves should bo regarded as equivalent to paid-up capital.