andMr. McQuillan asked the Minister for Industry and Commerce if he has completed his consideration of the individual case of industrial assurance referred to by him on 24th May, 1961 and again on 30th May, 1961 in which the President of the High Court, on Monday, 15th May, 1961, held that a number of industrial policies issued by the New Ireland Assurance Company, Limited were illegal and in a reserved judgment directed the repayment of the premiums paid on eight of the policies; and, if so, what action he proposes to take in the matter.
Ceisteanna—Questions. Oral Answers. - Industrial Assurance Case.
24.
I have completed my consideration of the matter. The Insurance Acts provide that an Assurance Company which contravenes or fails to comply with any of the provisions of the Acts shall be guilty of an offence. There is, however, a time limit for the prosecution of offences. Proceedings for an offence may not be commenced more than six years after its commission. It would appear from the particulars reported in the case referred to by the Deputies that the policies in respect of which the High Court made a declaration rendering them null and void were effected outside the time limit.
I am taking steps to secure that the seriousness of effecting policies which do not comply with the provisions of the Insurance Acts will be brought to the notice of the insurers.
Does that mean that the thousands of poor people throughout the country who have over the years taken out insurance policies for funeral expenses, and have been fleeced by this and other insurance companies in the process, will have some hope of being reimbursed?
I am only able to state the Minister is taking the matter up with the insurance companies concerned.
In view of the urgency and importance of this matter, would the Minister state whether a decision on this will be made in a week or a fortnight or can he give any particular date?
I have stated there is a time limit for the prosecution of offences. Proceedings for an offence may not be commenced more than six years after its commission.
Is the Minister in a position at this stage to revoke or hold licences or prevent the issue of licences to insurance companies which insist on producing this type of policy which has been shown by the High Court to be defrauding the public?
There is no foundation for that suggestion.
The court itself made it quite clear, as the Deputy knows, that these insurance policies were issued bona fide. It was indicated quite clearly that the court held that view.
The judge said it was a legal scandal.
Only because there were too many of them.
A man gives in £90 and gets £30 back.