asked the Minister for Industry and Commerce whether he has received representations regarding the grave inconvenience caused by the prohibition on mutual provident societies under the 1935 Insurance Act, and whether he will take steps to permit of such provident societies functioning in Ireland, irrespective of their domicile, in the absence of such facilities from any Irish insurance body if necessary by the introduction of proposals for legislation.
Ceisteanna—Questions. Oral Answers. - Mutual Provident Societies.
There is no prohibition on mutual provident societies as such under the Insurance Act, 1936. Before such a society could carry on insurance of a kind to which the Act refers, however, it would have to be licensed byme. The Act, however, does not empower me to grant a licence to a foreign society unless that society carried on business here on the 31st October, 1935.
I have received representations to the effect that insurance companies and mutual provident societies controlled from outside the country should be permitted to transact insurance against medical and hospital expenses arising through personal illness. I am advised that this class of business contitutes accident insurance for the purposes of the Insurance Act, 1936, and I have, therefore, no power to grant a licence to a foreign company or society unless that company or society carried on accident insurance business here on the 31st October, 1935.
All the companies at present licensed to transact accident insurance may, within their licences, transact insurance against expenses arising from personal illness.