Dáil Éireann debate -
Wednesday, 1 Apr 1936

Vol. 61 No. 5

Insurance Bill, 1935—Money Resolution. - Committee on Finance.

Minister for Industry and Commerce (Mr. Lemass)

I move:—

That it is expedient to authorise any charges on the Central Fund or the growing produce thereof and any payments (including any loan) out of moneys provided by the Oireachtas that are necessary in carrying into effect any Act of the present Session to make further and better provision in relation to assurance business and persons carrying on that business or any branch thereof, to make provision for the formation and registration of a company having for its principal object the reinsurance of insurance business, and to make provision for other matters connected with the matters aforesaid.

Mr. Dillon

I want to ask the Minister a question on the money resolution. The amalgamation proposals contained in the Minister's draft Bill, and contained in the Bill as it will be amended after the Government amendments are adopted, if they are adopted, seem to have given rise, and I think legitimately, to considerable anxiety in Irish insurance circles. A great many people interested in this problem feel that the amalgamation proposals put forward by the Minister are not going to meet the situation they are designed to deal with. I would be glad, therefore, if the Minister on this money resolution would state in principle whether he is prepared to consider alternative amalgamation schemes which may be brought under his attention between now and the Recommittal Stage of the Bill. It is a futile procedure in my view to attempt to redraft the amalgamation proposals by amendment of the existing scheme, because following that cumbersome procedure would result in a half-baked scheme emerging which might not be efficient for any purpose. But if the Minister indicated his readiness to consider on its merits any independent proposal put up by the Irish insurance companies I believe such proposal would be forthcoming and the purpose of the Opposition certainly would be to co-operate in any way in making alternative proposals that would be more acceptable to all those interested, effective in the Act as finally emerging from the Oireachtas. I would like to know from the Minister if he feels that schemes of the kind I suggest might be profitably pursued for consideration.

Mr. Lemass

I must say that I am prepared to consider any proposals put to me, but I do not know that any proposals bearing upon the amalgamation scheme, as the Deputy calls it, are likely to be forthcoming which I have not already seen. I am certainly very doubtful whether I am likely to get any proposals preferable to those contained in the Bill. But, on the narrow question whether I am prepared to consider such proposals, I certainly am.

Mr. Dillon

The difficulty has been this so far, I think, that discussions were going on and it was desired to bring under the attention of the Minister a proposal which would command the unanimous support of all the existing Irish companies. It was felt better, however, not to trespass upon his time with any scheme assuming that there was a prospect of getting a unanimous suggestion; but, in the event of the insurance companies failing to be unanimous on any given scheme, I understand from the Minister now that he would be interested to see a proposal proceeding from any one of them, or any group of them, with a view to dealing with the problem we have under consideration.

Mr. Lemass

Certainly.

Question put and agreed to.

Resolution reported and agreed to.