asked the Minister for Industry and Commerce whether he will state what steps, if any, he has taken to review the position of the Irish assurance companies, with a view to their consolidation by amalgamation or other methods.
CEISTEANNA—QUESTIONS. ORAL ANSWERS. - CONSOLIDATION OF ASSURANCE COMPANIES.
I have had the position of Assurance undertakings generally in the Saorstát under review for some time, giving special attention to the situation as it affects the native companies.
But the whole matter of Assurance gives rise to such complex problems that it may take a considerable period before solutions of them can be proposed. There is in the meantime nothing to prevent the native companies consolidating themselves if they consider that course advisable.
May I ask whether the Minister has considered the possibility of the Government taking over the duty of re-insurance in relation to this matter?
I am answering for the Minister for Industry and Commerce, and not as Minister for Finance.
May I ask the Minister to suggest to the Minister for Industry and Commerce that he should take into account the possibility of the State, as a first move in this matter, making itself responsible for re-insurance. That is the crux.