asked the Minister for Industry and Commerce if he will state (a) the number of foreign insurance companies operating in the Republic of Ireland; (b) the total amount of money collected by them in each of the years 1948, 1949 and 1950, and (c) whether all syndicates doing insurance business are foreign companies.
Ceisteanna—Questions. Oral Answers. - Insurance Companies.
The answer to the first part of the question is 65. In addition 51 syndicates of Lloyd's Underwriters transact insurance business here. The answer to the second part of the question is £6,429,954 in 1948 and £7,210,939 in 1949. The figure for 1949 is provisional and no figure for 1950 is yet available as the statutory returns for that year are not due for submission to me until the end of 1951.
All the syndicates licensed under the Insurance Act, 1936, are groups of non-national underwriters who are members of Lloyd's.
I think the Minister will agree that there is a lot of work to be done there to rectify matters.
I started the good work in 1936.