asked the Minister for Industry and Commerce whether he proposes to amend the Insurance Act, 1936, so as to make provision for (a) ascertaining the amount of the cash surrender value of an ordinary life assurance policy, and (b) the submission of disputes in respect of such policies to him for determination, as is the case in regard to industrial life policies.
Ceisteanna—Questions. Oral Answers. - Amendment of Insurance Act, 1936.
3.
I am not aware of any considerations which would justify an amendment of the law relating to insurance business in the respects advocated by the Deputy.
Is the Minister aware that there is a great feeling of dissatisfaction among policy-holders, who for some personal reason or other, may have to surrender their policies prior to the lapse of the full period? In such cases, the cash surrender value is very small. For example, a man who paid £210 in a period of ten years recently found that when, for personal and family reasons, he had to get money quickly, he was offered £124 by the Irish Assurance Company as surrender value. In view of the fact that the Minister for Finance is the largest shareholder in the Irish Assurance Company——
The Deputy is making a speech, not asking a question. That is obvious.
With all due respect to the Chair, I am not. This is an important matter and it is necessary——
If it is necessary, the Deputy should put down a motion rather than make a speech on a question.
In view of the fact that machinery is already available in connection with industrial insurance, would the Minister not agree that similar machinery is desirable and should be set up in respect of this type of insurance?
We have no complaints in respect of the matters raised by the Deputy in ordinary life assurance business.