GOVERNMENT ACCIDENT INSURANCE.

Otago Witness, Issue 3619, 24 July 1923, Page 9

GOVERNMENT ACCIDENT INSURANCE.

(From Our Own Correspondent.) WELLINGTON, July 19. In the annual report on the Government Accident Insurance Department, the late Commissioner (Mr J. H. Richardson) states that during the whole period of its existence the goal aimed at has been the regulation of the rates charged to the public, and not the accumulation of large profits, and that up to the present this policy has been consistently and successfully carried out. The Department has effected its aim by the conjunction of two methods—first, by scientifically demonstrating the precise net cost of the risk in each class of business; and, secondly, by its active competition with the private insurance companies. “I am able to point to the fact,” states Mr Richardson, “that the rates current in New Zealand, thanks to the Department, are generally lower than elsewhere; that the placing of the rates on this low basis has been effected without friction with the private companies, which, in point of fact, defer to the Department’s scientific assessment : and that a considerable reserve has now been built up against contingencies, rending the branch strong enough to be ablo to contemplate the granting of rebates of premium to the policyholders in accordance with the amendment in the Act already mentioned. Tho question of tho rebates t.o be allowed is now receiving careful consideration, and tho matter will bo dealt with at an early date.”

The discovery of a deposit of shale has been made on Mr Tippet’s farm at Clifden (reports the Orepuki Advocate). A test by the M'Leod process of retorting gives an encouraging return in crude oil.