INSURANCE BUSINESS

Wanganui Chronicle, Volume 80, Issue 257, 29 October 1937, Page 8

INSURANCE BUSINESS

RUMOURED LEGISLATION QUESTION IN PARLIAMENT [ Per Press Association. 1 WELLINGTON, Oct. 28. In a notice of a question to the Prime Minister in the House of Representatives this afternoon, Hon. J. G. Coates asked if it were the intention, of the Government to introduce legislation preventing New Zealand nationals from attempting either as principals or agents to place insurance business in England without first making the large deposits required of insurance companies under the Insurance Deposits Act, or from acting as brokers in New Zealand. Mr Coates added that it was rumoured that legislation to this effect was to be introduced and he said that for years English brokers had visiten New Zealand and secured offers for insurance which they placed in England. The legislation could not successfully prevent New Zealanders from insuring abroad if they so desired 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. Local Bills The House then proceeded to deai with a number of local Bills: The Ngaruawahla Borough Council Empowering Bill (Hon. Lee Martin) giving authority for closing the area of land known as the “Point” and charging an admission thereto on the occasion of the Ngaruawahla regatta was put through all stages and passed. The Auckland Harbour Board Loan and Empowering Bill (Mr Schramm) giving power to raise a sum not exceeding £1,000,000 to be expended on the construction of harbour works, including an export wharf with buildings and equipment for passenger anu tourist vessels, and eastern waterfront reclamation work, was also passed through all stages. A Bill providing for the raising ot a loan to pay for the establishment of an aerodrome at Motueka, the Motueka Borough Council Empowering Bill (Mr Holyoake) was passed through all stages. The New Plymouth Borough Council Empowering Bill (Mr Smith) providing for the expenditure of a sum by the borough council not exceeding £250 per annum on advertising scenic and tourist attractions, also passes all stages.