STABILITY OF COMPANIES.
A WELLINGTON PROPOSAL. WELLINGTON, August 21. Anxiety concerning the operations and financial stability of certain mutual insurance companies, unlimited in liability and catering for business from the general public, which had recently sprung up in New Zealand, was expressed by Mr. M. G. McCaul, vicepresident of the Wellington Chamber of Commerce to-night, at a meeting of the council of the Chamber, when he moved that the following remit be approved for submission to the Associated Chambers of Commerce annual conference:—“That the provisions required by law to ensure the financial stability of English and foreign Insurance companies in their operations in New Zealand should apply to tho.‘V companies, whether mutual or limited, catering for public business which have their origin in New Zealand.” In answer to criticism, Mr. McCaul said he was referring, not to private concerns relating to particular branches of industry, but to those mushroom companies which had arisen and were touting for public business.
As members of the council were anxious to inquire further into the issues raised by Mr. McCaul, his motion was referred to the Legislation Committee, which is to bring down a report at the next meeting of the council.—(P.A.)
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Bibliographic details
Wairarapa Age, 22 August 1934, Page 5
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198STABILITY OF COMPANIES. Wairarapa Age, 22 August 1934, Page 5
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