ENGLISH INSURANCE COMPANIES

Otago Daily Times, Issue 23335, 29 October 1937, Page 12

ENGLISH INSURANCE COMPANIES

OPERATIONS IN NEW ZEALAND ATTITUDE OF GOVERNMENT (From Our Parliamentary Reporter' WELLINGTON, Oct. 28. The attitude of the Government towards English insurance companies operating in New Zealand was the subject of an inquiry by Mr J. G. Coates (Opposition, Kaipara) in the House of Representatives today. Mr Coates is asking the Prime Minister (Mr M. J. Savage) whether the Government intends to introduce legislation for the purpose of preventing New Zealand nationals from attempting either as principals or agents to place insurance business in England without first making the large deposits demanded of the insurance companies under the Insurance Deposits Act, and also whether the Government intends to stop such persons fr.om acting as brokers in New Zealand? It was rumoured. Mr Coates said, that legislation along those lines was to be introduced. " The Insurance Deposits Act was enacted to ensure that insurance claims made in New Zealand should be met," Mr Coates said. "For years representatives of English brokers have visited New Zealand and secured offers for insurance which they have placed in England. Legislation could not successfully prevent New Zealanders from insuring abroad if they so desire, and the effect of preventing New Zealand nationals from acting as brokers would merely limit this class of business to itinerant brokers domiciled beyond the Dominion."