asked the Minister for Industry and Commerce whether his attention has been drawn to the winding-up of the City Life Assurance Company, Limited, and the effect this may have on Irish policy-holders; and whether his Department can take any steps to ensure that the interests of these policy-holders will be safeguarded.
CEISTEANNA—QUESTIONS. [ ORAL ANSWERS. ] - CITY LIFE ASSURANCE CO., LTD.
The attention of the Ministry has been directed to the wind-ing-up of the City Life Assurance Company, Limited. The company is registered in England, and the compulsory liquidation commenced before it became obligatory to make separate deposits in this country for the security of policy-holders. Irish policy-holders will, however, share as creditors in the available assets of the Company. The Ministry is following developments closely, and will take any steps within its powers to safeguard the interests of Irish policy-holders.
Is the Ministry following closely the affect of that new regulation upon policy-holders? I hope the Ministry is keeping its eyes wide open in that respect.